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The DIBS Method... No Free Lunch continues

  • #3,681
  • Jul 8, 2008 4:26am Jul 8, 2008 4:26am
Quoting Catch-22
Free trade on USDCAD closed out and a loss on USDCAD so far....crappy week.
Which two trades were those? I see only one
  • #3,682
  • Jul 8, 2008 5:19am Jul 8, 2008 5:19am
both ways from the opening candle.
  • #3,683
  • Jul 8, 2008 5:24am Jul 8, 2008 5:24am
EJ and GJ would have been good today. Or was EJ stopped out with a long?- needs some flexibility somewhere there.

GU doesn't seem to come up with the DIBS trigger lines indicator, even if the time is adjusted. When was the inside bar?

USD/CAD looks like a winner/ breakeven from the inside bar at 8GMT.

A suggestion- perhaps stops would be better if we wait for a close outside the breakout level, to avoid brief spikes which would stop us out?

Has anyone visually backtested this with strict rules?
  • #3,684
  • Jul 8, 2008 5:32am Jul 8, 2008 5:32am
Quoting xtfxtf
A suggestion- perhaps stops would be better if we wait for a close outside the breakout level, to avoid brief spikes which would stop us out?
This is up to you.

Quote
Has anyone visually backtested this with strict rules?
Check the original thread. There's a backtest.
  • #3,685
  • Jul 8, 2008 5:38am Jul 8, 2008 5:38am
Quoting NowAndLater
This is up to you.


Yes I think its a good idea- too many stopouts with very narrow IBs.


Check the original thread. There's a backtest.
I take it it worked out well. Is this simply IBs after 6am?

Is the DIBS Trigger Lines indicator the best one to use or is manual better, in your opinion?

too many "its up to you's" and the system becomes very hard to define or test- too easy to keep changing it when it doesn't work instead of rejecting it altogether.
  • #3,686
  • Jul 8, 2008 5:51am Jul 8, 2008 5:51am
Quoting Catch-22
both ways from the opening candle.
This is how I see it:
0500GMT was an IB. The break of that candle happened on the next candle and you had your free trade. The yellow arrow shows the next IB, but this is above the dailyopen and no sell. Price comes down and breaks the 0500GMT to the downside. Here's where you got your 2nd trade and the loss I guess. I wouldn't have taken this because there had been a substantial move initially away from this IB so when I comes back to it again, for me it's not valid anymore. The only reason I would take both sides of an IB is when I get stopped out of the first break (false breakout). But the first break here was clear and away so the IB was already played out. And I wouldn't have taken the yellow arrow IB up at the break up on the present candle, because imo it's not valid anymore because of that big move down after the IB. This is how I play DIBS.
Attached Image (click to enlarge)
Click to Enlarge Name: UCAD.JPG Size: 84 KB
  • #3,687
  • Edited 6:03am Jul 8, 2008 5:53am | Edited 6:03am
Quoting xtfxtf
I take it it worked out well. Is this simply IBs after 6am?

Is the DIBS Trigger Lines indicator the best one to use or is manual better, in your opinion?

too many "its up to you's" and the system becomes very hard to define or test- too easy to keep changing it when it doesn't work instead of rejecting it altogether.
The indicator just spares you the time, drawing automatically the daily´s open lines....

Fortunately there are too many "it's up to you" in this system, cause it is a discretionary one... It gives us really awesome entry points, but when to take them, in which direction (when price is bouncing the daily open price), when to close 1/2 (or 2/3...), when to step out of the trade, that's entirely up to you

Remember, fellows, the piece of meal is very, very cheap around here, but there's no Free Lunch!
Many share my views with me. But I don't share them with them...
  • #3,688
  • Jul 8, 2008 5:53am Jul 8, 2008 5:53am
Quoting xtfxtf
I take it it worked out well. Is this simply IBs after 6am?

Is the DIBS Trigger Lines indicator the best one to use or is manual better, in your opinion?

too many "its up to you's" and the system becomes very hard to define or test- too easy to keep changing it when it doesn't work instead of rejecting it altogether.
I suggest you read the first post, it has all the rules. After that I suggest you read PeterCrowns posts because this is his system. There you'll get all the answers.
The reason I wrote "its up to you's" is because you were looking to change the rules of the system.
  • #3,689
  • Jul 8, 2008 5:54am Jul 8, 2008 5:54am
Quoting xtfxtf
EJ and GJ would have been good today. Or was EJ stopped out with a long?- needs some flexibility somewhere there.

GU doesn't seem to come up with the DIBS trigger lines indicator, even if the time is adjusted. When was the inside bar?

USD/CAD looks like a winner/ breakeven from the inside bar at 8GMT.

A suggestion- perhaps stops would be better if we wait for a close outside the breakout level, to avoid brief spikes which would stop us out?

Has anyone visually backtested this with strict rules?
the problem is if the close happens too far away from the swing level, your RRR would be not so good... cheers Walter.
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  • #3,690
  • Jul 8, 2008 6:00am Jul 8, 2008 6:00am
Is it me or is it quiet today? For DIBS?

Rusty
  • #3,691
  • Jul 8, 2008 6:00am Jul 8, 2008 6:00am
Quoting NowAndLater
This is how I see it:
0500GMT was an IB. The break of that candle happened on the next candle and you had your free trade. The yellow arrow shows the next IB, but this is above the dailyopen and no sell. Price comes down and breaks the 0500GMT to the downside. Here's where you got your 2nd trade and the loss I guess. I wouldn't have taken this because there had been a substantial move initially away from this IB so when I comes back to it again, for me it's not valid anymore. The only reason I would take both sides of an IB is when I get stopped out of the first break (false breakout). But the first break here was clear and away so the IB was already played out. And I wouldn't have taken the yellow arrow IB up at the break up on the present candle, because imo it's not valid anymore because of that big move down after the IB. This is how I play DIBS.
Yep, NAL.... agree with you... first signal is valid and gave a free ride... second is not a good setup anymore, cause there was a huge down move following it.... the IB means, to me, in a way that I always remember, not only "Inside Bar", but also "Indecision Bar" ... that's what it means, an indecision, a breath following a impulsive move, that gives us a chance to jump in a freight train...

Cheers!
Many share my views with me. But I don't share them with them...
  • #3,692
  • Jul 8, 2008 6:02am Jul 8, 2008 6:02am
Quoting HouseTrader
Yep, NAL.... agree with you... first signal is valid and gave a free ride... second is not a good setup anymore, cause there was a huge down move following it.... the IB means, to me, in a way that I always remember, not only "Inside Bar", but also "Indecision Bar" ... that's what it means, an indecision, a breath following a impulsive move, that gives us a chance to jump in a freight train...

Cheers!
Yes thats how I see it. Nicely put mate
  • #3,693
  • Jul 8, 2008 6:04am Jul 8, 2008 6:04am
Quoting walterw
the problem is if the close happens too far away from the swing level, your RRR would be not so good... cheers Walter.

Your website is full of spelling mistakes
  • #3,694
  • Jul 8, 2008 6:20am Jul 8, 2008 6:20am
Quoting rusty105
Is it me or is it quiet today? For DIBS?

Rusty
Hey Rusty.... I guess people are kind of disappointed with DIBS... last 2 weeks have not been very nice to DIBers ....just a few setups, lots of whipsaws and BE trades .... but... I guess last 2 weeks were a bit cruel to almost everyone ... better DIBS times are coming....

Cheers!
Many share my views with me. But I don't share them with them...
  • #3,695
  • Jul 8, 2008 6:22am Jul 8, 2008 6:22am
OK so I got bored waiting for an IB to form so I did some fooling around and came up with a not too elegant solution to the Excel Open Price conundrum.

Drop the attached DailyOpenFileWriter.ex4 file in your MT4 "experts" folder and then restart MT4. Now drag the expert onto any currency pair you like. You only have to do this on one chart.

Now when you run the new Excel spreadsheet it will automatically insert the latest Daily Open price for you. But please bear in mind that it does not update this dynamically so if you move over midnight GMT you will have to re-load the Excel file. The data from the expert is refreshed at certain intervals so it should be reasonably up to date most of the time.

Any "fixes" or improvements are welcomed.

And sorry, I know my spelling sucks!

Enjoy.
Attached File(s)
File Type: xls Currency Info & Position ver 8.xls   151 KB | 711 downloads
File Type: ex4 DailyOpenFileWriter.ex4   6 KB | 485 downloads
File Type: mq4 DailyOpenFileWriter.mq4   5 KB | 630 downloads
Never argue with a fool....
  • #3,696
  • Jul 8, 2008 6:26am Jul 8, 2008 6:26am
Quoting HouseTrader
Hey Rusty.... I guess people are kind of disappointed with DIBS... last 2 weeks have not been very nice to DIBers ....just a few setups, lots of whipsaws and BE trades .... but... I guess last 2 weeks were a bit cruel to almost everyone ... better DIBS times are coming....

Cheers!
I just wasn't sure if it was me, or I was missing something. Maybe with the US Holiday last week and the G8 meetings this week, maybe everyone is taking some time off?

Rusty
  • #3,697
  • Jul 8, 2008 6:30am Jul 8, 2008 6:30am
Quoting rusty105
I just wasn't sure if it was me, or I was missing something. Maybe with the US Holiday last week and the G8 meetings this week, maybe everyone is taking some time off?

Rusty
(I guess....)
Many share my views with me. But I don't share them with them...
  • #3,698
  • Jul 8, 2008 6:30am Jul 8, 2008 6:30am
Quoting HouseTrader
Hey Rusty.... I guess people are kind of disappointed with DIBS... last 2 weeks have not been very nice to DIBers ....just a few setups, lots of whipsaws and BE trades .... but... I guess last 2 weeks were a bit cruel to almost everyone ... better DIBS times are coming....

Cheers!
I haven't been on here much recently as the markets have shown few setups and generally what trades I have taken haven't been good. I came back to see if other people were finding it tough, so thanks to those who have posted.

I think the positives I can take is that I have avoided a good many trades as they didn't fit my personal setup. I think this has kept me clear of many more losses.

Verno
  • #3,699
  • Jul 8, 2008 6:40am Jul 8, 2008 6:40am
Quoting HouseTrader
Hey Rusty.... I guess people are kind of disappointed with DIBS... last 2 weeks have not been very nice to DIBers ....just a few setups, lots of whipsaws and BE trades .... but... I guess last 2 weeks were a bit cruel to almost everyone ... better DIBS times are coming....

Cheers!
At times like these, higher timeframes might be a better suggestion. Have a look at the H4, or even the daily (look at a trade I posted yesterday on UJ and UC, or maybe look at the H8 as I posted earlier today). And riding any trades these days is a bit tough (tried that yesterday and only got to BE), as the pairs are turning back and forth. Look for good entries with DIBS and maybe take proftis based on s/r, fibs, pivots, and daily averge ranges, as we won't see runners I think.
Look at the H8 UJ today. I took the break of the IB with a trailstop of 15 for the remainding 1/3 (remember that this is a countertrend trade as well and we don't expect these to run as good). TP area was between 106.37 and 106.17 where some heavy support lies in form of monthly and weekly pivot point, trendline, fibs (a higher timeframe 38% fib as well - solid red lines) and the daily average range. This area is a heavy s/r level as well looking back historically. Hindsight is nice, but the confluence of support was easy to see then as well.
Attached Image (click to enlarge)
Click to Enlarge Name: UJ.JPG Size: 134 KB
  • #3,700
  • Jul 8, 2008 6:57am Jul 8, 2008 6:57am
Quoting rusty105
Is it me or is it quiet today? For DIBS?

Rusty

Bernie is speaking at 8... many traders are waiting... cheers Walter.
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