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The DIBS Method... No Free Lunch continues

  • #2,221
  • Jun 19, 2008 2:58am Jun 19, 2008 2:58am
Quoting jarroo
Bill are you an engineer? . . never mind . . just kidding.

If a trend of the day is clearly established and is moving strong, I'll wait for an IB to persent itself. Now if one appears and the bottom is equal to the previous bar (looking to short in a downtrend) I'll take it. One pip is not going to be an end all for me. Just like I did on June 10th.
Very good post Jarroo, time to update the first page with this answer I think and do include the chart
  • #2,222
  • Jun 19, 2008 3:08am Jun 19, 2008 3:08am
Quoting NowAndLater
Very good post Jarroo, time to update the first page with this answer I think and do include the chart
Thanks NAL.

That 1st post is going to get bigger and bigger. I think I may get rid of thoses misc. DIBS chart. Think I should?
Indicators show the past. Price Action "Indicates" the future.
  • #2,223
  • Jun 19, 2008 3:21am Jun 19, 2008 3:21am
Hello,

So... based on the discussion between Jarroo and Bill Bss..should we consider the 2am Est an IB (e/u) per my Oanda chart?

Unus pro omnibus, omnes pro uno
  • #2,224
  • Jun 19, 2008 3:27am Jun 19, 2008 3:27am
Quoting jarroo
Thanks NAL.

That 1st post is going to get bigger and bigger. I think I may get rid of thoses misc. DIBS chart. Think I should?
Your explanation together with your chart should do wonders
  • #2,225
  • Jun 19, 2008 3:28am Jun 19, 2008 3:28am
Quoting jarroo
Thanks NAL.

That 1st post is going to get bigger and bigger. I think I may get rid of thoses misc. DIBS chart. Think I should?

Just a suggestion to simplify things:

I would get rid of the IB bar definition in post#1 and replace it with something like this:

IB- A bar fully contained within the previous bar: H<= Previous H and L>= Previous L.

If that definition isn't what you want, write one that is.

Looking at his charts, that seems to be the definition Crown worked under.

The fewer the rule exceptions, the less confusion and the fewer questions you'll be getting.
  • #2,226
  • Jun 19, 2008 3:29am Jun 19, 2008 3:29am
Quoting moneda
Hello,

So... based on the discussion between Jarroo and Bill Bss..should we consider the 2am Est an IB (e/u) per my Oanda chart?

Got a chart to post?
Indicators show the past. Price Action "Indicates" the future.
  • #2,227
  • Jun 19, 2008 3:35am Jun 19, 2008 3:35am
Quoting billbss
Just a suggestion to simplify things:

I would get rid of the IB bar definition in post#1 and replace it with something like this:

IB- A bar fully contained within the previous bar: H<= Previous H and L>= Previous L.

If that definition isn't what you want, write one that is.

Looking at his charts, that seems to be the definition Crown worked under.

The fewer the rule exceptions, the less confusion and the fewer questions you'll be getting.
I like your TA literature definition : IB cannot exceed the bounds of the previous bar. It the bottom of the IB is equal and the top is not (like in my example), this definition holds true.
Indicators show the past. Price Action "Indicates" the future.
  • #2,228
  • Jun 19, 2008 3:43am Jun 19, 2008 3:43am
Quoting Dayboy001
I have pretty much read all posts but do not recall seeing the answer, how long is an IB valid ? 4 bars, 5 bars, until it breaks or just immediately following the IB bar ??

Sorry if this annoys
No annoyance here Dayboy, good question. The best situation is the next bar breaks and never looks back. If 2 or 3 or 4 bars later and nothing is moving and Price is just chopping up and down, then I would say that a trending day is not happening. And I would pass on that pair.
Indicators show the past. Price Action "Indicates" the future.
  • #2,229
  • Jun 19, 2008 3:44am Jun 19, 2008 3:44am
Quoting jarroo
I like your TA literature definition : IB cannot exceed the bounds of the previous bar. It the bottom of the IB is equal and the top is not (like in my example), this definition holds true.
I think that would work.
An IB is supposed to indicate that price has stalled due to indecision. I think if a bar doesn't push past the H or L of the previous bar, it has done what we are looking for.
  • #2,230
  • Edited 3:48am Jun 19, 2008 3:45am | Edited 3:48am
Quoting NowAndLater
You are right and I personally take these as well because they are also valid signals as I learned them from James16 thread. He calls them TwoMatchingHighTrendBreakout (TMHTB) and TMLTB (L=Low). Maybe Jarroo could add this to first page as well as a further explanation to which setups are valid.
Yep, Agree... The meaning of the signal is the same: a "breathe" in the movement, just enough for jumping in....

Cheers!

Huhhh.... Did not see Bill's answer just before mine... I got kind of repetitive... sorry...
Many share my views with me. But I don't share them with them...
  • #2,231
  • Jun 19, 2008 3:49am Jun 19, 2008 3:49am
Quoting jarroo
Got a chart to post?
Hello,

Sorry....I dont know how to post a chart with Oanda...no problems with MT4... So let me be more detailed....

1am(est)candle(5gmt): High/1.5587 Low/1.5560
2am(est) candle(6gmt): High/1.5576 Low/1.5558


Hope this makes it clearer
Unus pro omnibus, omnes pro uno
  • #2,232
  • Jun 19, 2008 3:55am Jun 19, 2008 3:55am
Quoting billbss
I think that would work.
An IB is supposed to indicate that price has stalled due to indecision. I think if a bar doesn't push past the H or L of the previous bar, it has done what we are looking for.
Well said bill. I will use that on the 1st post.

Thanks,

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #2,233
  • Edited 4:17am Jun 19, 2008 4:07am | Edited 4:17am
Quoting moneda
Hello,

Sorry....I dont know how to post a chart with Oanda...no problems with MT4... So let me be more detailed....

1am(est)candle(5gmt): High/1.5587 Low/1.5560
2am(est) candle(6gmt): High/1.5576 Low/1.5558


Hope this makes it clearer
Hi Moneda, no IB around that time. Oanda chart attached.

Notice the Asian session IB, which might have tempted you short once the 6am open was out of the way....depending on what level of discretion you use against the strat.
Attached Image (click to enlarge)
Click to Enlarge Name: EU 19th Jun 08 (1).GIF Size: 187 KB
  • #2,234
  • Jun 19, 2008 4:21am Jun 19, 2008 4:21am
Recent GBP news, I feel we are going to have a few GBP related inside bars coming soon would you not take them due to the previous bar being so large because of the news or do they still hold as valid signals. I know it's early in the hour but every gbp i look at looks to be forming an IB

Regards

Dayboy
  • #2,235
  • Jun 19, 2008 4:28am Jun 19, 2008 4:28am
Quoting ChowClown
Hi Moneda, no IB around that time. Oanda chart attached.
CC,

Thanks for the reply...I agree w/you that by the strict definition of an IB we have none but based on the comment made by Jarroo in post#2220.. I was wondering at what point do we stop considering whether a bar is close enough to be considered an IB based on other factors such as trend/resistance levels/etc.....1pip...2pips...3pips...over/under the previous bar?

One more thing...can you help me figure out how to place charts from Oanda here?

Thanks
Unus pro omnibus, omnes pro uno
  • #2,236
  • Jun 19, 2008 4:37am Jun 19, 2008 4:37am
Quoting moneda
CC,

Thanks for the reply...I agree w/you that by the strict definition of an IB we have none but based on the comment made by Jarroo in post#2220.. I was wondering at what point do we stop considering whether a bar is close enough to be considered an IB based on other factors such as trend/resistance levels/etc.....1pip...2pips...3pips...over/under the previous bar?

One more thing...can you help me figure out how to place charts from Oanda here?

Thanks
The 1st post has now been updated with an unambiguous IB definition.

I just use print screen when in Oanda and paste to an editor (Paint), edit and save as a gif. A bit long winded, but it's what i'm used to.
  • #2,237
  • Jun 19, 2008 4:38am Jun 19, 2008 4:38am
how about the IB forming in cable now?
do you consider it as IB even after news with very long bar before?
and again the question i asked yesterday.
do you enter few pips above the IB or in the new daily high?
Attached Image (click to enlarge)
Click to Enlarge Name: gbp.gif Size: 13 KB
  • #2,238
  • Jun 19, 2008 4:45am Jun 19, 2008 4:45am
Quoting HUnter123
how about the IB forming in cable now?
do you consider it as IB even after news with very long bar before?
and again the question i asked yesterday.
do you enter few pips above the IB or in the new daily high?
..if it's an IB that triggers, it's valid as per core rules. Discretion plays it's part...i will be taking it if offered but using lower risk.

..i refer you to post #1 for the Q you asked yesterday:

"Should we not take the high/low of bar prior to IB for our breakout range?
This is not by PC’s rules, if you feel that this is what suits you, then go ahead."
  • #2,239
  • Jun 19, 2008 4:49am Jun 19, 2008 4:49am
The USD/JPY also has an IB setup, so far, at least.
  • #2,240
  • Jun 19, 2008 4:50am Jun 19, 2008 4:50am
CC,

Thanks for the info.

I appreciate very much the work that the main contributors of this thread have done....but today for example, I am sure that others may have been tempted to stretch the definition of an IB by two pips and gone in short with the e/u today... I did.

Unus pro omnibus, omnes pro uno
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