knn9413,
Are you talking about a daily timeframe or an hourly timeframe?
Have you read the first post?
Are you talking about a daily timeframe or an hourly timeframe?
Have you read the first post?
The DIBS Method - No Free Lunch Returns 13 replies
No Free Lunch but all the Free Coffee you can drink 736 replies
Peter Crown's DIBS method revisited 14 replies
DIBS Method EA 11 replies
Problem using Dibs EA 4 replies
Dislikedknn9413,
Are you talking about a daily timeframe or an hourly timeframe?
Have you read the first post?Ignored
DislikedYeah. Good point.
I like to spell out the basic method in a "check list" format. Then we can go into the golden nuggets.
Thanks shodd.Ignored
DislikedSee the attached chart. I have marked what appear to be failed IB's where the bar after the IB has triggered a trade with its' wick before moving up/down in the opposite direction for a real break out.
Am I correct to consider these failed trades or is there a way to reduce FAKE iniial moves?
Regards
NeilIgnored
QuoteDislikedAm I correct to consider these failed trades or is there a way to reduce FAKE iniial moves?
DislikedIf you would allow me to chime in here, the best question to ask yourself is,
Are the losses I am taking a part of my trading plan? if they are then take them gladly knowing there is one less loss before the next winner, all methods have losses, even if you have God tell you to take a trade, you may not be listening that day.
Peter was direct in his statements regarding losses, he says so much in so few words.
Last week what a great time to be trading. I do not know how many losses or winners I took. I know I made a percent increase on my account and over time my account will compound. I closed all trades when I failed to follow my plan three times. I found that if I am not trading a plan not matter how simple or complex, I often take the biggest losses
Ok I need to go
Best regard to all
Dale
I have a question for readers; this week do you expect volatility to increase?Ignored
DislikedAm I correct to consider these failed trades or is there a way to reduce FAKE iniial moves?Ignored
QuoteDislikedNice one Dale. You mean these quotes:Losses are an integral part of trading, and those who spend most of their thought processes trying to figure out how to trade with the fewest losses, don't "get it".I know that some reading this will think I am over-reacting about the question of losses and loss taking, when in reality no one seems to take the concept of losing regularly as customary.Until you learn how to lose, you cannot win, long term, as a trader.Take your losses for God's (and yours and your family's) sake, and then forget them. Get past them, recognize that they will happen a lot and learn to handle the one thing you are in complete control of. How much risk you take and the size of losses you take. Then the only thing you will be left with will be profits. What is everybody's problem? Don't you know that only losers get so freaked about having losses???? Losses are just losses. Make sure they are smaller than your winners, in aggregate, and you're home free.
DislikedThe charts I have in the 1st post were for illustrating purposes. It was when I was still learning the set-up. It shows the basic concept of how Price and the Open of the Day tend to set the trend of the Day.
Looking back at them, there are some failed trades. Reducing fake initial breakouts is another story altogether.
Finding the best DIBS trade is a ongoing study. I like finding the overall trend on the Daily and/or 4 hour chart and only taking DIBS trades in that direction. Also Inside Bars that are small in range compared to its previous Bars, higher time frame Price Action and S/R levels.Ignored
DislikedIt depend on what your questions is.
If you are asking whether DIBS setups fail - of course they do, no system/strategy is 100% fail-proof.
No problem with that since I regard that as a given
If you are asking whether those DIBS could have been traded (after the initial failure) - have a look at what Jaroo wrote about stop-n-reverse. Also, Jaroo has some good thoughts on trading with the current prevailing trend.
Many thanks - I will search for that post(s)
If you are asking whether DIBS failures could be prevented - short answer is "no"; long answer - have a look at DIBS trades' failure rate if you were setting you SL not at DIBS bar, but at... a previous bar. That may give you some clues (it's a higher risk approach as DIBS is about good RR ratio, but it may fit your style).Ignored
Disliked6 IBs (4 DIBS, 2 CT IBs) - around 800-pips of "entrable" trades.
Can FX be any simpler than that?..Ignored
DislikedYep. I.e. you wouldn't trade them using DIBS rules, but could consider trading as IB in conjunction with a trendline breakout. Smaller TF (M15) helps to see those trades better.Ignored
DislikedCool seems that in these crazy times dropping down to the 15m chart is a GREAT way to reduce the risk (SL) I don't know bout you guys but I hate a SL over 30 pips....Ignored