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The DIBS Method... No Free Lunch continues

  • #1,281
  • Jun 6, 2008 11:33am Jun 6, 2008 11:33am
Wanīt it at 06:00 GMT or I am missing something?
  • #1,282
  • Jun 6, 2008 11:59am Jun 6, 2008 11:59am
Quoting joselb
Wanīt it at 06:00 GMT or I am missing something?
6:00 GMt is correct.
check this post http://www.forexfactory.com/showthre...03#post2015503
Is it Break Time yet?
  • #1,283
  • Jun 6, 2008 12:03pm Jun 6, 2008 12:03pm
Quoting mike w
Hey HT, I took the usd/chf trade but it's still running man? I never got stopped out, I actually don't think it got triggered until just a few hours ago. Maybe I just got lucky and didn't get my setup hit, who knows. I had some shorts on usd/chf along with it due to the dailies too. It turned out to be a good trade. Here's the may I'm looking at it though, if you got hit and taken out, then maybe instead of having the entry just 1 or 2 pips under the IB, have it at, say, 5 or 10 on the higher timeframe setups. I think that is how I may play it from now on and see how the results differ.
Nice, Mike!

I guess there were some kind of difference in broker feeds, I put my order according to mine and they got triggered at night just a couple hours latter... Or maybe I didn't use my EA properly....(I posted it some hours ago....) I guess if I had put my orders 3-4 pips below it would still be running. I believe this is important to the system. The breakout must be solid. If there's enough movement, 3 or 4 pips below would have saved me from a bad trade and put me later into a nice one...

But never mind... Living, trading, learning... I'll just wait for the next to come...

Cheers!

HT
Many share my views with me. But I don't share them with them...
  • #1,284
  • Jun 6, 2008 12:11pm Jun 6, 2008 12:11pm
Quoting dkhinckley
6:00 GMt is correct.
check this post http://www.forexfactory.com/showthre...03#post2015503
Thanks dkhinckley,
it was a correction about the post before mine and I thought I or it could be wrong. Thatīs 2 hours before London if I understand it well.
  • #1,285
  • Edited 1:14pm Jun 6, 2008 12:14pm | Edited 1:14pm
Quoting HouseTrader
Nice, Mike!

I guess there were some kind of difference in broker feeds, I put my order according to mine and they got triggered at night just a couple hours latter... Or maybe I didn't use my EA properly....(I posted it some hours ago....) I guess if I had put my orders 3-4 pips below it would still be running. I believe this is important to the system. The breakout must be solid. If there's enough movement, 3 or 4 pips below would have saved me from a bad trade and put me later into a nice one...

But never mind... Living, trading, learning... I'll just wait for the next to come...

Cheers!
HT
Excellent thought and an excellent attitude man! Those bolded words said it all.
I dream, therefore I become.
  • #1,286
  • Jun 6, 2008 1:09pm Jun 6, 2008 1:09pm
this is the best method I ever seen

I work with daily bars and it's amazing.
  • #1,287
  • Jun 6, 2008 5:54pm Jun 6, 2008 5:54pm
Quoting joselb
Thanks dkhinckley,
it was a correction about the post before mine and I thought I or it could be wrong. Thatīs 2 hours before London if I understand it well.
That's correct. I follow one hour before, being the Frankfurt open, as for two hours I never did work that out, but I'm happy to take Peter's word for it.
Good Trading
  • #1,288
  • Jun 6, 2008 5:56pm Jun 6, 2008 5:56pm
Quoting DavidRP
this is the best method I ever seen
I work with daily bars and it's amazing.
I'll have to find some charting software that allows me to set the time a daily bar forms.
Good Trading
  • #1,289
  • Edited 6:14pm Jun 6, 2008 6:02pm | Edited 6:14pm
Quoting aud
I'll have to find some charting software that allows me to set the time a daily bar forms.
For free charting software, net dania closes at 5 o clock Eastern and Metatrader closes at 7 o' clock eastern. Both are very easy to use. Net Dania is Java based however, so you'll have to have that installed on your computer (most come with it). I'm not too sure of any other freebies although I'm sure there have to be some floating about.

I'm reading through and studying this thread again throughout the weekend and will try bringing up discussions on different ways to act on this strategy on higher term setups. IE, which is a better filter for which direction to trade on the 4hour charts, daily or weekly? Weekly is what was said to be used, but if you would have used that earlier today on the gbp/usd you would have been burned as it was a reversal day. Incorporating price action on higher timeframes is definitely a must for ensuring maximum profitability with minimal losses. I'm getting to reading and will post again tomorrow if I can think of anything to expand upon - I understand people say to keep things simple and I am, but I want to stimulate my mind at the same time.
I dream, therefore I become.
  • #1,290
  • Jun 6, 2008 6:53pm Jun 6, 2008 6:53pm
Here is an MT4 indicator that will allow you to draw a horizontal line from the open price of any bar within the 24 hr period.
Attached File(s)
File Type: mq4 daily_open_line.mq4   2 KB | 909 downloads
  • #1,291
  • Jun 7, 2008 1:27am Jun 7, 2008 1:27am
Quoting aud
That's correct. I follow one hour before, being the Frankfurt open, as for two hours I never did work that out, but I'm happy to take Peter's word for it.
Thanks aud,
did you notice some difference trading this method 1 hour before instead 2 hours?. I am only testing with London opening these days.
  • #1,292
  • Jun 7, 2008 12:03pm Jun 7, 2008 12:03pm
Quoting mike w
For free charting software, net dania closes at 5 o clock Eastern and Metatrader closes at 7 o' clock eastern. Both are very easy to use. Net Dania is Java based however, so you'll have to have that installed on your computer (most come with it). I'm not too sure of any other freebies although I'm sure there have to be some floating about.

I'm reading through and studying this thread again throughout the weekend and will try bringing up discussions on different ways to act on this strategy on higher term setups. IE, which is a better filter for which direction to trade on the 4hour charts, daily or weekly? Weekly is what was said to be used, but if you would have used that earlier today on the gbp/usd you would have been burned as it was a reversal day. Incorporating price action on higher timeframes is definitely a must for ensuring maximum profitability with minimal losses. I'm getting to reading and will post again tomorrow if I can think of anything to expand upon - I understand people say to keep things simple and I am, but I want to stimulate my mind at the same time.
Hi Mike,

Just take a look to GBP/JPY pair from 2006 for example. Now, Im backtesting and the results are very good. When I finish (its a hard work) I ll put the results.

My approach is with daily bars taking both sides, sell and buy. There are few opportunities a month but u can get a major move many times.

p.d sorry for my english
  • #1,293
  • Jun 7, 2008 1:35pm Jun 7, 2008 1:35pm
Quoting DavidRP
Hi Mike,

Just take a look to GBP/JPY pair from 2006 for example. Now, Im backtesting and the results are very good. When I finish (its a hard work) I ll put the results.

My approach is with daily bars taking both sides, sell and buy. There are few opportunities a month but u can get a major move many times.

p.d sorry for my english
First off, your english is A+ brother- better than mine anyways! I've been looking through for results on lower timeframes as well as the daily and I can agree with you 100%. You say you take trades in both directions- do you use the weekly as a filter in order to be only on one side or no? If so, I think that takes away a good bit of failed trades and keeps only the more successful ones. I'm with you in this backtesting and forward testing. Thanks for the note and have a great weekend David!
I dream, therefore I become.
  • #1,294
  • Edited 3:22am Jun 8, 2008 3:14am | Edited 3:22am
Quoting mike w
First off, your english is A+ brother- better than mine anyways! I've been looking through for results on lower timeframes as well as the daily and I can agree with you 100%. You say you take trades in both directions- do you use the weekly as a filter in order to be only on one side or no? If so, I think that takes away a good bit of failed trades and keeps only the more successful ones. I'm with you in this backtesting and forward testing. Thanks for the note and have a great weekend David!
Backtesting daily

risk= 5% per trade
pair= GBP/JPY
date= 2006-may 2008
MM=

- 3 lots= 2/3 closed at TP=SL and 1/3 closed at the end of week, if an IB appears at Friday I play with it the following week.
- taking both side (sell and buy) without filter.
- discretion appears when there are several IBs in a row, my approach is to take take the IB with the wider range.


---2006(%)---2007(%)--2008(%)
JAN +4.17----- +7.99-- - -2,8
FEB +4.78---- +24,53-- -0,11
MAR +4.94---- +11,00--+15,7
APR +0.5/-5--- +5,07--- +9,6
MAY +11.99 ---- -9,74-- +13,25
JUN -20.0----- +31,35
JUL +25.93---- -35,00
AUG +5.00----- +6,57
SEP -6.00------- -7,12
OCT +0.00----- +12,00
NOV -14.00---- +14,67
DIC +5.00------- +8,99

 Please be careful with these results, they couldnt be so accurate (manually testing). Its only to have an idea.

Problems:

- Solution for IBs in a row. Maybe just taking the wider one.
- Filter. I think with a good filter, it is possible to reduce the drawdowns when I take both sides (sell and buy), and just to have one side (sell or buy).
- Flat market. If we see that the market is ranging, the better (in my opinion) its to create a virtual IB with a Higher High and a Lower Low, identifying s/r levels.
--------------------------------------------------------------------------

Thats it, I ll continue studying these and the other pairs (hard work) to look for a good system based in this concept.

p.d sorry for my English, I hope u could understand it all.
  • #1,295
  • Jun 8, 2008 5:09pm Jun 8, 2008 5:09pm
Quoting Flamenco143
Clarification of Dibs method. I've read through the first thread twice, and this one twice on the first 10 pages and I am thoroughly confused. For some reason my brain isn't opening the right door and the more I try and resolve my confusion the worst it gets because there are pages and pages of people discussing clarification of GMT where they are and then exact opening times of their favorite session.

Studying the charts exhibited isn't showing the answer to my confusion because there are lines drawn seemingly at random.

WHEN THE "DAY'S OPEN' price is talked about, is that actually 00:00 GMT and the first candle formed afterwards, or the day's open for the market session we primarily trade in?

Yes, everyone seems to be getting it except me. Anyone out there willing to take a moment or two and help this idiot?
The Open of the Day is 0100 EST. Whatever your GMT time on your platform is at 0100 EST use that. My 0100 EST is 05000 GMT. We don't use 0000 GMT. We look for IBs after that time.

However, there may be times that an IB forms before the Open of the Day(0500 GMT/0100EST). We can play these IBs as long as it's off the Open of the day.

Example: Gbpo/Jpy. 0400 GMT IB played off the 0500 GMT
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #1,296
  • Jun 8, 2008 5:15pm Jun 8, 2008 5:15pm
Quoting Trumpcard
Thanks Jaroo for starting this thread and Bemac for starting the other one (which started this whole ball rolling). I've read the first thread up until where Peter stops posting and read the first 2 pages of this one. I don't wish to read the entire thread (as it appears to be rehashing of the same stuff over and over again).

I'm just wondering if anyone has a template or indicator that automatically plots the dotted horizontal lines at a specified starting time, OR any other useful DIBS add ons.

thanks!
TC
Do yourself a favor. Read, study and practise both threads in its entirety. The method is simple but requires a bit more effort them an idenifier and dotted horizonal lines. You'll be glad you did.
Indicators show the past. Price Action "Indicates" the future.
  • #1,297
  • Jun 8, 2008 5:23pm Jun 8, 2008 5:23pm
I hope billflet doesn't mind me posting this great comment from the "No Free Lunch thread".

Excellent post!

Quote
PeterCrowns mentions identifying and then trading only the strongest (I presume for longs) and weakest (for shorts) markets. Do any of you guys actually do this or just take EVERY IB across the majors which occur in the first 9 hours or so? Could someone provide me another example of how to identify only the strongest and weakest markets? Thanks!


billflet:
Sometimes you'll get several IB's in a session and you need to compare them. I know my account won't bear taking them all on an active session. I look at:

A) price up or down on the day (one of the first rules)
b) How far has each signalled pair moved during the session (I want the one moving the most)
c) What is the risk? (One of the most appealing aspects of this is low risk) Sometimes the Geppy bars are so long that you can't get a tight entry.
d) Since we're looking to take part off quickly, I consider the spread when comparing setups. I want to cover my risk by taking part off as quickly as possible.

If there are only a few setups I'm not quite as critical, but the more there are, the harder I compare. There are enough good setups that they don't need to be tweaked, e.g. That's almost an IB, or, I'm going long 'cuz it's almost up on the day, etc.
Indicators show the past. Price Action "Indicates" the future.
  • #1,298
  • Jun 8, 2008 5:56pm Jun 8, 2008 5:56pm
Quoting jarroo
I hope billflet doesn't mind me posting this great comment from the "No Free Lunch thread".

Excellent post!


Uhhh.... I smell something good in the air.... Would it be the smell of discretionary trading?....

Fellows, I have already posted the EA.... please search my posts...

Jim, Iīm sure he won't mind... That was a piece of art, indeed.

Cheers!

HT
Many share my views with me. But I don't share them with them...
  • #1,299
  • Edited 11:52pm Jun 8, 2008 9:38pm | Edited 11:52pm
Check out this weather map. I know it's not trading related but hey it's my thread.

It's pretty cool. I live in Michigan. The storms are coming.

http://radar.weather.gov/Conus/full_loop.php

(Give time to load, if needed.)
Indicators show the past. Price Action "Indicates" the future.
  • #1,300
  • Jun 8, 2008 10:25pm Jun 8, 2008 10:25pm
This method is nothing new or revolutionary it was posted here before I believe it was 05 maybe earlier but I guess it has been forgotten... I dont know the name of it nor the one who posted it but I do recall reading the same set-up
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