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  • #3,521
  • Jul 1, 2008 9:22am Jul 1, 2008 9:22am
Interesting thread. Has anybody had any luck back-testing DIBS?
  • #3,522
  • Jul 1, 2008 9:26am Jul 1, 2008 9:26am
Quoting Mets
Is there anyway to mitigate these whipsaws, and to not get suckered in for the first setup? I guess you could always wait, but sometimes it doesn't give a false setup, and it just explodes in the direction of the breakout, barely leaving you time to buy in before you're at 1:1. Thanks.
As PC said, losing is (an important!) part of the game. Until you see losses as "cost of business", you'll have hard time to stay in the game (psycologically, at least).

Tight SLs is a practical answer too. Also, I use QQE indicator (search for Auslanco on FF) and tend to take trades that agree with QQE (especially, if QQE is going in the same direction on H4, H1 and M30).
One Chart is Worth Ten Thousand Words.
  • #3,523
  • Jul 1, 2008 9:27am Jul 1, 2008 9:27am
To me, DIBS seems almost too simple, is there any evidence (other than Peters rubber stamp), that DIBS makes a profit over the long term?
  • #3,524
  • Jul 1, 2008 9:42am Jul 1, 2008 9:42am
Quoting Mets
hey guys,

I've been noticing that the setups early in the morning (around 1-2am EST) tend to be highly variable. Today for example, both setups on the GBP/USD and USD/CHF went one way, stopped out, and then trended well in the opposite direction.

Is there anyway to mitigate these whipsaws, and to not get suckered in for the first setup? I guess you could always wait, but sometimes it doesn't give a false setup, and it just explodes in the direction of the breakout, barely leaving you time to buy in before you're at 1:1. Thanks.
Those whipsaws are inherent to DIBS, cause the market is still studying where to put the heavy-weight bets... any glimpse of surprising news causes a tsunami, every line of Trichet's and Bernanke's speech is surgically dissected in the seek of hints, even knowing the macro fundamentals didn't change fast... I had so far 1 win and 2 losses this week, but I'm also in a very busy week....and I'm not so prone to take much more trades cause there are still strong news and a holiday (with NFP one day before....)... unless some "A" class DIBS pops up, of course

Maybe this could help: http://www.forexfactory.com/showpost...postcount=2976

cheers!

HT
Many share my views with me. But I don't share them with them...
  • #3,525
  • Jul 1, 2008 9:44am Jul 1, 2008 9:44am
Sigh... I expect to see Jarroo's unlimited patience yet again.
  • #3,526
  • Jul 1, 2008 9:54am Jul 1, 2008 9:54am
Quoting highneb
To me, DIBS seems almost too simple, is there any evidence (other than Peters rubber stamp), that DIBS makes a profit over the long term?

highneb,

Read the last few lines of the following post (in regards to being simple)

http://www.forexfactory.com/showpost...6&postcount=55
  • #3,527
  • Jul 1, 2008 10:24am Jul 1, 2008 10:24am
Quoting highneb
To me, DIBS seems almost too simple, is there any evidence (other than Peters rubber stamp), that DIBS makes a profit over the long term?

.............................................. .........


.................. After over 200 pages and 3000 replies...your asking for "proof" and DIBS being too simple well ...nothing wrong with being skeptical but first do your diligence and investigate for yourself.. a good start is going back to the first post..

Good luck with your investigation. That is what we are all doing
Unus pro omnibus, omnes pro uno
  • #3,528
  • Jul 1, 2008 10:42am Jul 1, 2008 10:42am
Quoting rusty105
It is my understanding that we must take the good with the bad. In the end there should be more good trades then bad! Using the other side of the inside bar to set stop loss should keep loss to a min.

But I am still learning

Rusty
It is more likely that there will be more bad trades than good. But with the right risk management, expectancy and position sizing you should still be able to run a profitable system. DIBS only provides the entry system. There is so much more to cover on top of this to ensure some consistent profits.
Yamin On Demo until I am sure!!!!
  • #3,529
  • Jul 1, 2008 12:27pm Jul 1, 2008 12:27pm
Quoting Bemac
Sigh... I expect to see Jarroo's unlimited patience yet again.
... Or shall we already call him... St. Jarroo ???

(I hope I haven't slaughtered the language this time, Bemac .... mea maxima culpa!)

Cheers!
Many share my views with me. But I don't share them with them...
  • #3,530
  • Jul 1, 2008 3:08pm Jul 1, 2008 3:08pm
Quoting highneb
To me, DIBS seems almost too simple, is there any evidence (other than Peters rubber stamp), that DIBS makes a profit over the long term?
By "Peter's Rubber Stamp", do you mean the fact that he's been trading this successfully (for a living) along with equally simple methods for over 15 years? Don't be fooled by the simplicity. Yes it is simple, but without a certain amount of trading savvy and discipline you will still get spanked.

If you read PeterCrowns' posts, as anyone thinking about trading this should, you'll come across one explaining the pitfalls of backtesting a discretionary system--one of which is no two people will trade it exactly alike. The best proof you can obtain is to forward test it yourself using your own exit rules. If your MM skills aren't sharp or you bend the entry rules too far don't expect terrific results. If you follow the rules and trade sensibly, you should be pleased.
If you read through the thread you should be able to pick out the posts of the more experienced traders. Just the tone of the posts written by those who are actually trading this with real money should speak volumes.

If you want more info on this type of trading try googling Opening Range Breakouts or, Trading Inside Days.

All the best
Bill
  • #3,531
  • Jul 1, 2008 5:50pm Jul 1, 2008 5:50pm
Quoting Forex007
Why would you want to do that?.. An IB is an IB - if it occurs at the right time, why not consider it (and the situation as whole) regardless of its length?..
I think the probability for smaller IB to reach 1:1 is higher and sooner, also I would rather take more position sizes with a smaller IB. If I found an IB too large, I'd skip that pair and look for the other tradeable pairs.
  • #3,532
  • Jul 1, 2008 6:11pm Jul 1, 2008 6:11pm
Quoting NuckingFuts
A nice pinbar on the UJ daily. Timezone is GMT +2
Make that two Daily Pin Bars.

Oh Yeah . . . it's an Inside Bar(candle)
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #3,533
  • Jul 1, 2008 9:15pm Jul 1, 2008 9:15pm
Quoting jarroo
Make that two Daily Pin Bars.

Oh Yeah . . . it's an Inside Bar(candle)
I am licking my chops

  • #3,534
  • Jul 1, 2008 10:47pm Jul 1, 2008 10:47pm
Here are the hourly IB's I've noticed so far. No open DIBS trades. Waiting for the 06:00 GMT "line in the sand" in about 10 minutes.

Attached Image (click to enlarge)
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  • #3,535
  • Jul 1, 2008 11:07pm Jul 1, 2008 11:07pm
The UJ hourly just made a hell of a pretty pin bar pointing down....sitting right on top of the daily pivot and a bunch of fib confluence. Not to mention it followed an Ibar. Looking for this to head north at some point~
  • #3,536
  • Jul 1, 2008 11:58pm Jul 1, 2008 11:58pm
I decided to go with these four longs. Wish I'd grabbed the bottom two a few minutes earlier for a better entry. It also looks like I'm a little Euro heavy . . . hope that doesn't bite me . . .

Attached Image (click to enlarge)
Click to Enlarge Name: DIBS2.jpg Size: 201 KB
  • #3,537
  • Jul 2, 2008 12:43am Jul 2, 2008 12:43am
Quoting Pips_Cruiser
I decided to go with these four longs. Wish I'd grabbed the bottom two a few minutes earlier for a better entry. It also looks like I'm a little Euro heavy . . . hope that doesn't bite me . . .


the problem with euro/yen and usd/yen they were both under the daily open.
we might have an IB in euro/yen at the close of this hour but the previous bar is very aggrresive making it a riski trade
  • #3,538
  • Jul 2, 2008 1:01am Jul 2, 2008 1:01am
Quoting HUnter123
the problem with euro/yen and usd/yen they were both under the daily open.
we might have an IB in euro/yen at the close of this hour but the previous bar is very aggrresive making it a riski trade
Agree.. well im long if it brakes R1 AND weekly pivot...
lets see....
  • #3,539
  • Jul 2, 2008 1:04am Jul 2, 2008 1:04am
Valid DIB on EUR/JPY now for long
  • #3,540
  • Jul 2, 2008 1:07am Jul 2, 2008 1:07am
Quoting lumesh
Valid DIB on EUR/JPY now for long
it sure is lumesh, but watch out for resistance..weekly and r1
i have an entry order at 168,15 ..
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