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The DIBS Method... No Free Lunch continues

  • #5,601
  • Edited Oct 9, 2008 1:59am Oct 8, 2008 4:51pm | Edited Oct 9, 2008 1:59am
knn9413,

Are you talking about a daily timeframe or an hourly timeframe?

Have you read the first post?
  • #5,602
  • Oct 9, 2008 8:19am Oct 9, 2008 8:19am
Quoting **straddle**
knn9413,

Are you talking about a daily timeframe or an hourly timeframe?

Have you read the first post?
I am talking about the daily timeframe.. I did read the first thread but wasnt sure if I still needed a change

Thanks
  • #5,603
  • Oct 9, 2008 8:55pm Oct 9, 2008 8:55pm
Quoting jarroo
Got out with a small loss. And entered long.
This was a sloppy IB trade long on the 4 hour chart (Cad) but it's looking very good now.

DIBS trade this morning on the Cad was excellent, which I missed of course. Damn real job.

Sorry can't post charts.
Indicators show the past. Price Action "Indicates" the future.
  • #5,604
  • Oct 9, 2008 9:30pm Oct 9, 2008 9:30pm
Grabed some Canadian/usd pips
  • #5,605
  • Oct 9, 2008 11:09pm Oct 9, 2008 11:09pm
Quoting Dale
Grabed some Canadian/usd pips
Dale's 4 hour Double IBs RULE.
Indicators show the past. Price Action "Indicates" the future.
  • #5,606
  • Oct 12, 2008 1:40pm Oct 12, 2008 1:40pm
Quoting jarroo
Yeah. 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.
See 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
Neil
Attached Image (click to enlarge)
Click to Enlarge Name: DIBS.JPG Size: 119 KB
every Saint has a past. Every Sinner has a Future
  • #5,607
  • Edited 8:43pm Oct 12, 2008 3:49pm | Edited 8:43pm
Quoting turnip15
See 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
Neil
The 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.
Attached Images
Indicators show the past. Price Action "Indicates" the future.
  • #5,608
  • Edited 2:29am Oct 13, 2008 2:15am | Edited 2:29am
Quote
Am I correct to consider these failed trades or is there a way to reduce FAKE iniial moves?


If 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?
  • #5,609
  • Oct 13, 2008 4:00am Oct 13, 2008 4:00am
Quoting Dale
If 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?
Nice 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.
Indicators show the past. Price Action "Indicates" the future.
  • #5,610
  • Oct 13, 2008 4:10am Oct 13, 2008 4:10am
Quoting turnip15
Am I correct to consider these failed trades or is there a way to reduce FAKE iniial moves?
It 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.

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.

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).
One Chart is Worth Ten Thousand Words.
  • #5,611
  • Oct 13, 2008 5:46am Oct 13, 2008 5:46am
Quote
Nice 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.
jarro, I agree.......... the more i try to avoid it due to fear the more i get worse in equity.I used to hate losses but am in love with it in as much as my winner is more.Good thought
  • #5,612
  • Oct 13, 2008 7:04am Oct 13, 2008 7:04am
Quoting jarroo
The 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.
Thanks Jaroo and others who replied. Yes one expects losses but I did not make my question clear enough hence the diatribe from some about trying to evade losses. Jaroo has given me the idea now of reversals and higher trend times. Will experiment now. Thanks again all of you.
every Saint has a past. Every Sinner has a Future
  • #5,613
  • Oct 13, 2008 7:26am Oct 13, 2008 7:26am
Quoting Forex007
It 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).
Thanks again - the stop and reverse idea is the one I will pursue for now. Thanks again for taking the time to reply.
every Saint has a past. Every Sinner has a Future
  • #5,614
  • Oct 14, 2008 4:00am Oct 14, 2008 4:00am
Has anyone tested this method against simply going with any IB break regardless of the daily direction?

All I'm going by here is recent reults of the past couple of weeks but does anyone actually trade this way? If so how does it compare? Going by recent results this seems to work quite well. If a break short fails then just trade the break long etc.

Also I've been looking at using the stoch to show me which direction to trade an IB weather it be a break long or break short the stoch tells me which direction to trade and seems to work quite well.

Not trying to change anything here just wondering if theres anyone out there in boat who does things a little different?
Time hides Nothing
  • #5,615
  • Oct 14, 2008 8:16am Oct 14, 2008 8:16am
6 IBs (4 DIBS, 2 CT IBs) - around 800-pips of "entrable" trades.

Can FX be any simpler than that?..
Attached Image (click to enlarge)
Click to Enlarge Name: ibs.gif Size: 27 KB
One Chart is Worth Ten Thousand Words.
  • #5,616
  • Oct 14, 2008 8:26am Oct 14, 2008 8:26am
Quoting Forex007
6 IBs (4 DIBS, 2 CT IBs) - around 800-pips of "entrable" trades.

Can FX be any simpler than that?..
CT Inside Bars? What are they?

Counter Trend perhaps?
Time hides Nothing
  • #5,617
  • Oct 14, 2008 8:41am Oct 14, 2008 8:41am
Quoting CindyXXXX
CT Inside Bars? What are they?

Counter Trend perhaps?
Yep. 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.
One Chart is Worth Ten Thousand Words.
  • #5,618
  • Oct 14, 2008 8:52am Oct 14, 2008 8:52am
Quoting Forex007
Yep. 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.
Cool 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....
Time hides Nothing
  • #5,619
  • Oct 14, 2008 9:00am Oct 14, 2008 9:00am
But of course theres a lot more false Break outs on the 15 min chart...
Time hides Nothing
  • #5,620
  • Oct 14, 2008 11:47am Oct 14, 2008 11:47am
Quoting CindyXXXX
Cool 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....
Hi Cindy

Just fix your position sizes so they suit your s/l. Your 100 pip s/l will be the same loss as a 13 pip s/l if your are setting you positions to a certain % of your equity.

Adam
"Your big opportunity may be right where you are now." Napoleon Hill
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