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The DIBS Method... No Free Lunch continues

  • #1,221
  • Jun 5, 2008 1:19pm Jun 5, 2008 1:19pm
Quoting Archiphage
Yep. As expected. Bye bye! Still rockin' long EUR though! (non-DIBS)
Yep, your right about that. I've had euro for a while, but the eur/jpy is the one that's shining based on the monthly of 2 months ago. I didn't think it would take this long though- this is the longest lasting trade I've ever had I think or close to it. That usd/jpy was a dog too lol Oh well, we should have seen that coming as it came off of the resistance area. Next trade please. lol

Good job on the euro trade too man!
I dream, therefore I become.
  • #1,222
  • Jun 5, 2008 2:05pm Jun 5, 2008 2:05pm
Quoting jarroo
Yeah I saw that Swissy tank. Glad to see you held to the end with some profit. Nice Job.

Feel better my brother.
Thanks!

I would call it the "Trichet Tank"...

My wife just got some cheese-bread to the oven... coffee coming next...
Saw Ana Ivanovic at Roland Garros
Got my pills (hey, at least I can treat myself...)
Got my charts all day long...

I think I can live with this kind of flu forever... just kidding...

Cheers!

HT
Many share my views with me. But I don't share them with them...
  • #1,223
  • Jun 5, 2008 3:31pm Jun 5, 2008 3:31pm
Has anyone come up with an EA for this? I have to trade the NY session and I frequently see many good opportunities in the London session that are gone by the time I am up.
  • #1,224
  • Jun 5, 2008 6:24pm Jun 5, 2008 6:24pm
Sorry if I am out of line, but this thread seems to be running off the rails of late. This is meant to be about price action on the 1 hour charts, with a few pairs that we are told work well over the long term with the DIBS guide.

People are now posting with any old pair (presumably their favourite), charts with curvy lines fannying about all over the place, on any old time frame (presumably their favourite again) and now someone wants an EA (sorry bhale and others)! How can an EA read price action, how can you have a daily/4hr chart if you can not set the time the bar forms for the start of the day as per DIBS? Apologies if you can.

People will do as they please, but out of respect for Peter (and jim) trades discussed in this particular thread should be DIBS trades only. There are many other threads on FF about breakouts for your variations, if you do not want to learn to read PA from a 1 hour chart with just a few straight lines on it.
Good Trading
  • #1,225
  • Jun 5, 2008 7:16pm Jun 5, 2008 7:16pm
Quoting aud
Sorry if I am out of line, but this thread seems to be running off the rails of late. This is meant to be about price action on the 1 hour charts, with a few pairs that we are told work well over the long term with the DIBS guide.

People are now posting with any old pair (presumably their favourite), charts with curvy lines fannying about all over the place, on any old time frame (presumably their favourite again) and now someone wants an EA (sorry bhale and others)! How can an EA read price action, how can you have a daily/4hr chart if you can not set the time the bar forms for the start of the day as per DIBS? Apologies if you can.

People will do as they please, but out of respect for Peter (and jim) trades discussed in this particular thread should be DIBS trades only. There are many other threads on FF about breakouts for your variations, if you do not want to learn to read PA from a 1 hour chart with just a few straight lines on it.

I'm pretty sure Peter said that he trades this setup on a 4/6/8 hour setup as well, although he didn't go into full detail...I'll go find the post to make sure that I'm not wrong. People aren't going to change their chart setups just to post a pic because your able to see the price action in it anyways. That makes too much of a hassle. If I'm also correct, although Peter said that he didn't trade any other pairs than the majors, he also said that it could be traded on others. I've had no problem trading this method already with the usd/cad, gbp/jpy, and others. Go where the opportunity is otherwise your cutting yourself short.

I'm sure they both realize that I respect them tremendously for the amount of time and energy they have put into their work and also the amount of time, especially Jim, that they put into helping others here on the forum. As for the EA's, your going to have that, and those people will understand sooner or later that it doesn't work that way. They either work for it or wash out of the markets entirely.

As for staying on track as well, friendly conversation is a good thing man. Without it, you wouldn't have any friends!
I dream, therefore I become.
  • #1,226
  • Jun 5, 2008 7:44pm Jun 5, 2008 7:44pm
Regarding to other TF and EA (just trying to clarify, no offense intended...):

Peter's Post # 39 at Bemac's thread

Quote
Absolutely!

A method is pretty hard to trust if it only works on one timeframe.

For the 4/6/8 hour charts and daily charts you check to see if you are up or down versus last week's close. Take buys if you are above, sells if you are below.

Monthly position can also be checked, depending on how long term you are willing to be. Personally, I am not willing to remain in a trade 1 minute longer than absolutely necessary if it is going against me, but I'm willing to hold for months if a trade is going my way in a larger trend. Swings and all. You do get used to them after you start collecting some gargantuan profits.

.....edited....

And, contrary to some common beliefs, not all breakouts are the same. I know which breakouts have 2 - 5 times the edge of similar-looking breakouts others take, get frustrated with, and likely lose money trading if they don't have perfect skills.
Let's get less hassle and more discussion/learning, fellows... We are still so far from Peter's excellence....

Cheers

HT
Many share my views with me. But I don't share them with them...
  • #1,227
  • Jun 5, 2008 7:45pm Jun 5, 2008 7:45pm
Quoting mike w
As for staying on track as well, friendly conversation is a good thing man. Without it, you wouldn't have any friends!
Many share my views with me. But I don't share them with them...
  • #1,228
  • Jun 5, 2008 7:52pm Jun 5, 2008 7:52pm
hey just wondering all you people fervently using Peter's DIBS method, want to exchange contacts through messenger? so that we could have real time chat on any possible DIBS opportunities and exchange of ideas? =)
  • #1,229
  • Jun 5, 2008 7:52pm Jun 5, 2008 7:52pm
I played with the vm price action indicator a little and really like it's signals that it's giving me and I changed the alert a little. after it signals and I get a alert I draw my own lines (lime up top)(red at bottom) of the inside bar and then keep them highlighted, so if another ib happens, i can just move my lines to the most recent ib. just how i'm trading it with a filter or 2 to show direction and which bar to enter on and have been doing very well trading this way. Won't go into any more detail, not here to add anything to how u want to trade inside bars. Just wanted to post the indicator in case it might help somebody(it's set to only show IB's and pin's)
Attached File(s)
File Type: mq4 VM_Price_Action_vbobv3.mq4   22 KB | 967 downloads
  • #1,230
  • Jun 5, 2008 8:01pm Jun 5, 2008 8:01pm
Quoting HouseTrader
Regarding to other TF and EA (just trying to clarify, no offense intended...):

Peter's Post # 39 at Bemac's thread

Let's get less hassle and more discussion/learning, fellows... We are still so far from Peter's excellence....

Cheers

HT
Hi HT,

I agree, some people are getting way off topic in this thread. It would be nice if we could bring this thread back to the original concept as described by Peter. Let us learn those lessons first before we add every indicator known to mankind. Every one should take notice of the hundreds of system threads
on this forum that evolved into a "lets make an EA for this system thread". I challenge anyone to find one EA posted in this entire forum that is making a profit. When it comes to an EA..all I can say is stop the madess and learn how to trade using price action and support and resistance.
  • #1,231
  • Jun 5, 2008 8:19pm Jun 5, 2008 8:19pm
Quoting ozziedave
Hi HT,

I agree, some people are getting way off topic in this thread. It would be nice if we could bring this thread back to the original concept as described by Peter. Let us learn those lessons first before we add every indicator known to mankind. Every one should take notice of the hundreds of system threads
on this forum that evolved into a "lets make an EA for this system thread". I challenge anyone to find one EA posted in this entire forum that is making a profit. When it comes to an EA..all I can say is stop the madess and learn how to trade using price action and support and resistance.
That's it... In fact there is an powerful EA which fits perfectly to this thread, and I posted it before somewhere...

http://www.wysmu.com/john/files/fun/homer%20brain2.jpg


Just kidding... but not lying... (not saying that mine is working fine......)
Many share my views with me. But I don't share them with them...
  • #1,232
  • Jun 5, 2008 8:29pm Jun 5, 2008 8:29pm
Quoting aud
Sorry if I am out of line, but this thread seems to be running off the rails of late. This is meant to be about price action on the 1 hour charts, with a few pairs that we are told work well over the long term with the DIBS guide.

People are now posting with any old pair (presumably their favourite), charts with curvy lines fannying about all over the place, on any old time frame (presumably their favourite again) and now someone wants an EA (sorry bhale and others)! How can an EA read price action, how can you have a daily/4hr chart if you can not set the time the bar forms for the start of the day as per DIBS? Apologies if you can.

People will do as they please, but out of respect for Peter (and jim) trades discussed in this particular thread should be DIBS trades only. There are many other threads on FF about breakouts for your variations, if you do not want to learn to read PA from a 1 hour chart with just a few straight lines on it.
I don't think your out of line, aud. The DIBS method is still in the practise stages and I welcome different veiws and different perspectives. Seeing successful trades with different pairs on different time frames just validates the method.

Your right aud. I don't see any curvy lines fannying about on Peter's charts. lol. But as we research this method using different tools to filter trades like some EMAs, trendlines, S/R levels, etc. can potentially help our DIBS trades, especially on higher time frames.

Don't get me wrong, if I see a chart full indicators and can't even see the Inside Bar, then we'll have a problem.

I like getting input from other long time good traders like mike w and others. They can only help our cause.

Thanks aud. There is nothing wrong with being reminded to get back to basics and staying with the main premise of the DIBS method.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #1,233
  • Jun 5, 2008 8:40pm Jun 5, 2008 8:40pm
Quoting HouseTrader
That's it... In fact there is an powerful EA which fits perfectly to this thread, and I posted it before somewhere...


Just kidding... but not lying... (not saying that mine is working fine......)

That's the perfect EA House. And the perfect size.

I'm not kidding. Some of us have a tendency to make the DIBS method more complicated then it really is. I include myself with this statement.
Indicators show the past. Price Action "Indicates" the future.
  • #1,234
  • Jun 5, 2008 8:57pm Jun 5, 2008 8:57pm
Quoting f4mnect
I played with the vm price action indicator a little and really like it's signals that it's giving me and I changed the alert a little. after it signals and I get a alert I draw my own lines (lime up top)(red at bottom) of the inside bar and then keep them highlighted, so if another ib happens, i can just move my lines to the most recent ib. just how i'm trading it with a filter or 2 to show direction and which bar to enter on and have been doing very well trading this way. Won't go into any more detail, not here to add anything to how u want to trade inside bars. Just wanted to post the indicator in case it might help somebody(it's set to only show IB's and pin's)

Thanks f4mnect. Your more then welcomed to go in to more detail if you like. I'll check it out.

Oh, by the way. I don't like call these "indicators" because there are not indicators. They are identifiers. They don't indicate anything. Like you said, they identify IBs and PBs.

So, thanks for the identifier.
Indicators show the past. Price Action "Indicates" the future.
  • #1,235
  • Jun 5, 2008 9:12pm Jun 5, 2008 9:12pm
Sorry for the lines and stuff but im not deleting them to make a post.

Here is a possible setup based on teh 4 hour chart on gbp/usd. Last weeks close was around 1.98XX. This would be a solid trade down, except for one thing getting in the way- the higher timeframe bullish bar. Would you consider this to be a trade or no? It really depends on your appetite for risk, but for my purposes, I would say no to it. It would be much better to wait for another opportunity than to possibly lose money on a mediocre setup. Here's a great rule for trading- open your eyes. Anytime my eyes are open, I either preserve capital or earn it.
Attached Image (click to enlarge)
Click to Enlarge Name: possibly a setup.gif Size: 14 KB
I dream, therefore I become.
  • #1,236
  • Jun 5, 2008 9:20pm Jun 5, 2008 9:20pm
My other charting software shows a much better IB on the 4 hour chatr of usd/chf. This is in line with the daily beovb and it's below last week's close. I have an entry waiting at 1.0368 with the stop loss at 1.0389. This 4 hour bar which is closing at 12 o' clock has the potential to close as a pin bar as well, which will only add more weight to the position. Sorry I couldn't post a chart as my metatrader closes at a different time and looks differently- I just use it for screenshots.
I dream, therefore I become.
  • #1,237
  • Jun 5, 2008 9:51pm Jun 5, 2008 9:51pm
well, exxxxcccuuussseee me! -
Price action?? This method isn't based on price action. It's simply a way to get in on the right side on a high percentage basis. Inside bar methods have nothing to do with price action. If you can easily write an idicator that shows inside bar (been done, and looks good), and the direction it should take, then you can damn sure do an EA. I just thought I would ask to see if someone attempted it.
Way before I asked the question, I studied this thread and the original. So yes I understand the reasoning behind the system or I wouldn't have thought about it. I trade it, but as I said, I miss good moves in the London session. And No I am not going to get up every night at 3 AM to trade forex. That's my reasoning behind trying to find something that could do it for me. Believe me it can be done.

Lets see...aud said
"How can an EA read price action, how can you have a daily/4hr chart if you can not set the time the bar forms for the start of the day as per DIBS? Apologies if you can. "
aud - you can. What in the world would prohibit you from using set variables that define your system? It's all numbers and the MT4 API is quite sophisticated.

And to ozziedave who said "I challenge anyone to find one EA posted in this entire forum that is making a profit." You are wrong. I have one that is regulary profitable I posted last year. I still use it, but like all methods, there are times when it just doesn't work. I'm always looking for more ways to win, and this method looks promising.

As I understand it, DIBS method is very straightforward, with definable, finite parameters, and this is the exact criteria for an EA.

So I guess I'll take a stab at it myself.
  • #1,238
  • Jun 5, 2008 9:52pm Jun 5, 2008 9:52pm
Quoting mike w
As for staying on track as well, friendly conversation is a good thing man. Without it, you wouldn't have any friends!
I was hoping we could do that whilst staying on track.

Would it be unfriendly of me to point out that we are not meant to be looking for breakouts at this time of day?
Good Trading
  • #1,239
  • Jun 5, 2008 9:56pm Jun 5, 2008 9:56pm
Don't blame ea not profitable, that is because we didn't program it right. Don't blame ea can't read price action, that is because price action has no explicit rules.
  • #1,240
  • Jun 5, 2008 10:00pm Jun 5, 2008 10:00pm
Quoting aud
I was hoping we could do that whilst staying on track.

Would it be unfriendly of me to point out that we are not meant to be looking for breakouts at this time of day?
No, not at all man! Is that sarcasm I sense? lol Just playin. If they are on a higher timeframe, I didn't think that was a problem? I didn't read where it would be, but I may have missed it. I understand that for the hourly breakouts, we need to trade in between the first 9 to 10 hours but is it different on the higher timeframes such as the 4 and 8 hour? I would believe so as we are using last weeks close as the defining factor for which direction to trade in. I'll do a bit of forward testing as time progresses and note if there are more failed trades towards the end of the week while taking longer term setups than at the beginning of the week when everything is just gearing up.
I dream, therefore I become.
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