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  • #521
  • Dec 12, 2008 12:07pm Dec 12, 2008 12:07pm
I have a question regarding an IB inside an IB.
Which one takes precidence?
The atteched chart shows example on one hour chart.
Blue and red HLines show top/bottom of trigger candles including 3 pips.
Thanks for input. Great thread.
CCE
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I get exercise just pushing my luck
  • #522
  • Dec 12, 2008 12:34pm Dec 12, 2008 12:34pm
Quoting cce
I have a question regarding an IB inside an IB.
Which one takes precidence?
The atteched chart shows example on one hour chart.
Blue and red HLines show top/bottom of trigger candles including 3 pips.
Thanks for input. Great thread.
CCE
I haven't seen a rule for that yet. I'd be inclined to use the most current IB as the signal and the prior IB as the trigger.
My reasoning:
The most current of a series of IBs will always be the smallest; it has to be. Using this and the preceding bar (an IB also) will get you in at the best price and with the least amount of risk.
If there is a rule contradicting this I'll withdraw it.
  • #523
  • Dec 12, 2008 1:02pm Dec 12, 2008 1:02pm
I think you can play both right??? I mean, we can us the 2nd IB for 1 entry with the SL on the side (this is a small trade). And when the 1st IB broke, put SL on the other side of that 1st IB for a bigger trade or TP....I mean that is what I would do.




Quoting billflet
I haven't seen a rule for that yet. I'd be inclined to use the most current IB as the signal and the prior IB as the trigger.
My reasoning:
The most current of a series of IBs will always be the smallest; it has to be. Using this and the preceding bar (an IB also) will get you in at the best price and with the least amount of risk.
If there is a rule contradicting this I'll withdraw it.
  • #524
  • Dec 12, 2008 1:04pm Dec 12, 2008 1:04pm
What about the 3rd one? the one on the end there.... unless the bar hasn't completed of course.....
Same Whore .... Different Dress
  • #525
  • Dec 12, 2008 3:00pm Dec 12, 2008 3:00pm
stick with the system.

Quoting Infinity
Great thread you guys have here...

I would like to contribute this daily chart which I think illustrates a break, close and retest of a major downtrend line which has held for the past few months. I think a break of the blue line will open up the possibility of 5320 and above...

4769 would be the crucial downside level imho.

Have a great weekend guys!!
  • #526
  • Dec 12, 2008 3:04pm Dec 12, 2008 3:04pm
Quoting hard1head1
stick with the system.
deleted..
Patience + Discipline - Greed = Success
  • #527
  • Dec 12, 2008 3:13pm Dec 12, 2008 3:13pm
Its past trading time, but I am thinking this will alert you with an audio message as to which pair has formed an IB. It even gives the entry, nice touch.

Jim

Quoting bbayles
Finally, after almost 3 months, had to open a hotmail account to get the verification email so I could post.

Jim,

Let me first say thank you for this thread. What a wealth of solid information.



I wrote this after noticing some algorithmic errors in the DIBS indicator I was using. While I am not an experienced coder yet, at least with Meta Quotes or any other "C" like language, it works well in alpha testing on my system and includes an "alert" feature. It also includes an adjustable offset for the indicator lines to give a better indication...
  • #528
  • Dec 12, 2008 3:24pm Dec 12, 2008 3:24pm
I have had several people asking me about larger time frames. All I can say is if you want to trade larger frames, I suggest you do it on your own. We will get there in our own sweet time. I will only raise the bar when every newby is ready to do that. I have been a newby and I was left behind when I was trying to learn and I will be darned if I will let that happen. I like how this thread is doing and will not put up with anyone straying from the direction of the thread. If your in a hurry to get there, then forget this thread. Now, we have been lucky enough to get another expierienced trader, among others, in the mix and his name is Mike W. If everyone listens and concentrates on your 30-40 pips a day we will be fine. If we get more, then fine. I will try to get the fresh charts with new trendlines by Sunday. If you want to learn to trade gaps and want to trade them with me, I will be here at 5 EST on Sunday.

Jim
  • #529
  • Dec 12, 2008 4:02pm Dec 12, 2008 4:02pm
Well writen Jim.

I don't understand why people are in a rush when this method on a 30min chart gives so many setups.
If I've converted the time right and 5EST Sunday is 21:00 Monday night here in Australia then I'll be here.
"Even if you fall down face first, you still went forward."
  • #530
  • Dec 12, 2008 4:09pm Dec 12, 2008 4:09pm
5pm EST is 10pm GMT and 9am Monday morning in Sydney.
  • #531
  • Dec 12, 2008 5:08pm Dec 12, 2008 5:08pm
This system back tests well but you don't always get a 1 to 1 risk to reward ratio. Sometimes you can better than 1 to1 but sometimes less as well. Paris
  • #532
  • Dec 12, 2008 5:27pm Dec 12, 2008 5:27pm
Quoting lynnette
5pm EST is 10pm GMT and 9am Monday morning in Sydney.
5am? or 5pm? Oh now I am confused. I know I converted it wrong and should have writen 9pm Sunday here in Australia but that probably isn't right is it? I don't think the markets are open that time.
Jim, can you add AM or PM to your time...
"Even if you fall down face first, you still went forward."
  • #533
  • Dec 12, 2008 5:28pm Dec 12, 2008 5:28pm
Quoting Paris Hilton
This system back tests well but you don't always get a 1 to 1 risk to reward ratio. Sometimes you can better than 1 to1 but sometimes less as well. Paris
It all depends how you take your profit I guess.
"Even if you fall down face first, you still went forward."
  • #534
  • Dec 12, 2008 5:58pm Dec 12, 2008 5:58pm
Quoting juicyt
It all depends how you take your profit I guess.
Never thought Paris Hilton do trade LOL

Back to the topic, I dunno if I missed anything but I seems cant figured out when HardHead start taking profit? Can you explain it. Thanks!
  • #535
  • Dec 12, 2008 6:01pm Dec 12, 2008 6:01pm
Quoting bbayles
Finally, after almost 3 months, had to open a hotmail account to get the verification email so I could post.

Jim,

Let me first say thank you for this thread. What a wealth of solid information.



I wrote this after noticing some algorithmic errors in the DIBS indicator I was using. While I am not an experienced coder yet, at least with Meta Quotes or any other "C" like language, it works well in alpha testing on my system and includes an "alert" feature. It also includes an adjustable offset for the indicator lines to give a better indication...
Thx Bob!

So I assume if we change inlineoffset from 3 to 4, then we'll have the buy and sell lines as per the rules. 4 pips above or below the trigger bar is where we place our order, right?

thx,
todd
  • #536
  • Edited Dec 13, 2008 2:30pm Dec 12, 2008 7:23pm | Edited Dec 13, 2008 2:30pm
Quoting todd960960
Thx Bob!

So I assume if we change inlineoffset from 3 to 4, then we'll have the buy and sell lines as per the rules. 4 pips above or below the trigger bar is where we place our order, right?

thx,
todd
Todd,

That is correct, although last I knew we placed them at 3 pips for entry. SL is 4 pips I thought.

Bob

Edit: Sorry, 3 pips entry and 5 pips stop loss (+ spread with sell SL).
  • #537
  • Dec 12, 2008 8:22pm Dec 12, 2008 8:22pm
Ahh Paris, But sometimes we can't always get what we want. In this market to get ahead you can't always play by the rules. The simple fact that the high success rate of these trades out weighs the lack of RR. The bottom line is, if you don't like the RR, you dont have to trade this idea.

Jim


Quoting Paris Hilton
This system back tests well but you don't always get a 1 to 1 risk to reward ratio. Sometimes you can better than 1 to1 but sometimes less as well. Paris
  • #538
  • Dec 12, 2008 8:25pm Dec 12, 2008 8:25pm
Its 5 PM EST or 43 hours and 36 Minutes from now

Quoting juicyt
5am? or 5pm? Oh now I am confused. I know I converted it wrong and should have writen 9pm Sunday here in Australia but that probably isn't right is it? I don't think the markets are open that time.
Jim, can you add AM or PM to your time...
  • #539
  • Dec 12, 2008 8:36pm Dec 12, 2008 8:36pm
Quoting hard1head1
Ahh Paris, But sometimes we can't always get what we want. In this market to get ahead you can't always play by the rules. The simple fact that the high success rate of these trades out weighs the lack of RR. The bottom line is, if you don't like the RR, you dont have to trade this idea.

Jim
Sorry that I asked this twice, but when do you start to take profit for the first post? Thought maybe that you missed to look at my Q.
  • #540
  • Dec 12, 2008 9:25pm Dec 12, 2008 9:25pm
Quoting bbayles
Todd,

That is correct, although last I knew we placed them at 3 pips for entry. SL is 4 pips I thought.

Bob
You are correct!

Thx,
Todd
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