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The DIBS Method... No Free Lunch continues

  • #6,381
  • Jan 28, 2009 7:47pm Jan 28, 2009 7:47pm
Jim,

I use MB trading and you can use a .5 (equivalent of $5,000) lot you just have to type it in manually (not using clicks/arrows). You could just enter two separate limit (or stop) orders of .5 lots each and presto....

Quoting bigjim1958
Hi Jarroo:...
  • #6,382
  • Jan 28, 2009 11:21pm Jan 28, 2009 11:21pm
Quoting enochben
Jim,

I use MB trading and you can use a .5 (equivalent of $5,000) lot you just have to type it in manually (not using clicks/arrows). You could just enter two separate limit (or stop) orders of .5 lots each and presto....
Hi Enochben:
Thanks for that huge tip, I had no idea. Good luck to everyone

Jim
  • #6,383
  • Jan 28, 2009 11:41pm Jan 28, 2009 11:41pm
Quoting cosgrove
This has been bugging me for a while, and I've been trying to think of ways to get around it. For those using Oanda, how do you manage good looking short signals when you're long, and vise versa? Since you can't hedge, do you have one sub-account for long positions and a different one for short positions?
That's the only way to do it. It's simple enough though.
  • #6,384
  • Jan 29, 2009 3:31am Jan 29, 2009 3:31am
Cosgrove,

Apparently you can create a sub account in oanda and then you can take a trade in the same pair as your primary account but in the opposite direction.
try it out in demo and see if that helps
Survive and Preserve
  • #6,385
  • Jan 29, 2009 7:52am Jan 29, 2009 7:52am
Quoting en0x
Cosgrove,

Apparently you can create a sub account in oanda and then you can take a trade in the same pair as your primary account but in the opposite direction.
try it out in demo and see if that helps
That's exactly how to do it. It works fine. And you can have as many sub accounts as you want. The only thing is, you have to move some cash out of your primary account into the sub account. Or you can actually fund the sub account directly from an outside source, the same as you would your primary account.
  • #6,386
  • Jan 29, 2009 12:29pm Jan 29, 2009 12:29pm
Quoting billflet
That's exactly how to do it. It works fine. And you can have as many sub accounts as you want. The only thing is, you have to move some cash out of your primary account into the sub account. Or you can actually fund the sub account directly from an outside source, the same as you would your primary account.
Thanks for the replies guys. I knew about sub-accounts, just wondered how people were leveraging them (no pun intended...) Nice to get confirmation about "the simplest way" =P
Hindsight is 20/20
  • #6,387
  • Edited 1:04pm Jan 29, 2009 1:00pm | Edited 1:04pm
now this is not strictly a dibs setup but maybe you'll find it interesting.

I've been researching the concept of contraction/expansion recently as per Toby Crabel's work, combined with the Opening Range Breakout strategy. I believe that both Peter Crowns and TheRealThing who are the most knowledgable in the dibs concepts were refering to Crabel's research. I don't want to go into the concept now as i'm a bit tired.

i'll just make my point than..

what we see below is a setup of three cosecutive inside bars the last bar being a NR4 (narrowest than the 3 previous bars) at the same time. According to Crabel this kind of setup indicates that a breakout is more likely.

the blue line at the bottom indicates the week's opening price as per monday 6gmt open...likely a support.

breakout north maybe?

it's against peter's rules (ib below the day's open and after the right hours) but i remember him saying that week's open has a huge importance as well.
if this range continous till tomorrow's open we could see a nice breakout then.
any thoughts?
Attached Image (click to enlarge)
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  • #6,388
  • Jan 29, 2009 1:12pm Jan 29, 2009 1:12pm
one more thing....

opening range breakout is more or less based on an assumption that if the price goes X ticks from the open(400 pips in this case from the week's open) and comes back, it is likely (or not) to follow it's first direction and close in the positive territory. Crabel calculates the probability of continuation of the move in the original direction based on previous behaviour of price. he states that a move (for example) of 30 ticks gives a 60% chance of price closing higher than 15 ticks above the opening price. trading strategy would be than to buy when price retraces below 15 ticks above the open hoping that it comes back up.

crabel provides statistical analysis for ths concept.

in this case we would assume that the week should close somewhere north from the current price.
of course there's a lot of work needed to calculate the probability of such moves for forex pairs....
one day i will do it but that would need some strong programming skills wich i lack
  • #6,389
  • Jan 29, 2009 6:14pm Jan 29, 2009 6:14pm
Quoting prunto
breakout north maybe?

it's against peter's rules (ib below the day's open and after the right hours) but i remember him saying that week's open has a huge importance as well.
if this range continous till tomorrow's open we could see a nice breakout then.
any thoughts?
If price does retreat to the support and dips below it, you might see people stopped out of their long positions, driving price lower, and then pending short orders get executed driving price even lower. I don't have any idea what the probabilities are, and I haven't studied Crabel, just reminding you of other possibilities.

edit: didn't notice your post was 5hr ago when i posted...looks like support has turned into resistance.
Hindsight is 20/20
  • #6,390
  • Jan 30, 2009 12:43am Jan 30, 2009 12:43am
Quoting prunto
now this is not strictly a dibs setup but maybe you'll find it interesting.

I've been researching the concept of contraction/expansion recently as per Toby Crabel's work, combined with the Opening Range Breakout strategy. I believe that both Peter Crowns and TheRealThing who are the most knowledgable in the dibs concepts were refering to Crabel's research. I don't want to go into the concept now as i'm a bit tired.

i'll just make my point than..

what we see below is a setup of three cosecutive inside bars the last bar being a NR4 (narrowest...
Nice consolidation pattern... I missed it....

For me is an "extension" of the IB concept.... (or N4R.... whatever..) many IB's in a row.... HUGE indecision. One could alway try a straddle approach, but based on the sinking chart (lower lows...) I would bet on a south breakout... (LOL.. easy to talk after it happened... )

Cheers!

HT
Many share my views with me. But I don't share them with them...
  • #6,391
  • Jan 30, 2009 1:14am Jan 30, 2009 1:14am
Now that I finished reading this whole thread, a few questions remain. Maybe someone more experienced can help me out here:

When do you consider an IB level to be broken? At the very first PIP, or when the H1 closes below the IB level?

How long is the setup of an IB valid? Is it still valid when price went the wrong direction for a few hours and then comes back (without another DIBS setup in between)?

Thx for helping me out
  • #6,392
  • Jan 30, 2009 1:31am Jan 30, 2009 1:31am
Quoting Wonko
Now that I finished reading this whole thread, a few questions remain. Maybe someone more experienced can help me out here:

When do you consider an IB level to be broken? At the very first PIP, or when the H1 closes below the IB level?

How long is the setup of an IB valid? Is it still valid when price went the wrong direction for a few hours and then comes back (without another DIBS setup in between)?

Thx for helping me out
i consider an ib to be broken at the very first pip (this is peter crowns approach as well)
second question: it is still valid

now back to my ORB/IB analysis

price bounced from the pivot in usdchf and formed an inside bar afterwards which was pierced towards south. a valid ib according to peter crowns rules.
as we can see price approached the week's open (blue line).
might this mean a strong push south? (didn't work on the eurusd though)
Attached Image (click to enlarge)
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  • #6,393
  • Jan 30, 2009 1:35am Jan 30, 2009 1:35am
by the way...
the sell entry that you can see above is a FIRST STRIKE+ entry from monday as per http://www.forexfactory.com/showthread.php?t=145504
100 pips in red now

good luck today....
  • #6,394
  • Jan 30, 2009 2:08am Jan 30, 2009 2:08am
ok one more post to show FS+ and DIBS working together on gbpusd...looks lovely when it plays out correctly

the first entry is fs+ made on monday, the second one made today is dibs....if we break out north it might give a nice profit

opening price of the week marked at the bottom (blue line)
Attached Image (click to enlarge)
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  • #6,395
  • Edited 8:43am Jan 30, 2009 2:23am | Edited 8:43am
ok guys one last post promise

it seems that 4hour breakouts were not explored in this thread at all even though they seem playable as well. btw peter crowns mentioned them also.

if we want to to play a breakout of a 4h ib we would buy only above the weeks open and sell only below it. (same rule as in case of 1h ibs where you would buy only above day's open and sell below it)

in this case we would buy the breach of marked inside bar at 1.4335 (ibfx feed) which already happened.
now what's against this kind of entry?
huge resistance above the ib's high and the fact that the ib's high wasn't breached directly after the bar closed but price went downwards first taking out it's low (still this doesn't invalidate the setup). the next problem with 4h bars is that you will have them on your charts or not based on the feed you get. ibfx feed will differ than other feeds and we might all see different bars highs and lows.an ib on my chart could be as well a pin bar on yours

i'm not taking it as i'm already in this pair based on previous entries

btw the one but last bar is also an ib. That would have been a better entry....but as i'm sayin i'm already in

edit: support nicely breached. looking to add to a long position on monday if it stays this way. preferably on another inside bar to have my risk well defined.

is this thread dead guys?;o)
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd.gif Size: 16 KB
  • #6,396
  • Edited 7:38pm Jan 31, 2009 6:21pm | Edited 7:38pm
Quote
is this thread dead guys?;o)

Dibs Concepts are alive an kicking in my trading style.



Quote
it seems that 4hour breakouts were not explored in this thread at all even though they seem playable as well. btw peter crowns mentioned them also.


Hi prunto if you havn't allready you might want to also check this out
on utility theory.


Best regards

Dale
Attached File(s)
File Type: pdf Trading for Infinite yield-- Utility theory and you.pdf   378 KB | 1,323 downloads
  • #6,397
  • Jan 31, 2009 6:28pm Jan 31, 2009 6:28pm
Quoting Dale
Dibs Concepts are alive an kicking in my trading style.
Yep!!! What a weapon!!! Maybe the thread is a bit quiet but the concept is alive and growing....

Hey Prunto... take a look at NowAndLater posts ... great info there about 4H and even 8H IB's....

Cheers!

HT
Many share my views with me. But I don't share them with them...
  • #6,398
  • Feb 2, 2009 7:27am Feb 2, 2009 7:27am
Hi. I was wondering if there is a condensed version of the DIBS rules out there? A Dibs footnotes if you will. Also are there any members willing to share their win to loose ratio? Just wondering. Thanks for the freindly answers.
  • #6,399
  • Feb 2, 2009 7:52am Feb 2, 2009 7:52am
Also..... I tried using the Triggerlines V2a and it crashes my MT4 on contact. Any suggestion from the author. All help is greatly appreciated!!
  • #6,400
  • Feb 2, 2009 8:27am Feb 2, 2009 8:27am
Quoting Alan_D
Also..... I tried using the Triggerlines V2a and it crashes my MT4 on contact. Any suggestion from the author. All help is greatly appreciated!!
Hi Alan

It happened to me as well with previous custom indicators and EAs. I was told it could happen if you download some EAs and use it on the MT4 platform that isn't the latest version. Please make sure you do have the latest version of the MT4 platform downloaded.

I've just started reading the posts and rules of systems and I am impressed. I need a longer time frame system to complement the 5min system I am using. Therefore I am compiling a summary document with all the important rules of this system with examples. I'll give you a pm.
Willem Forex recipe for success = Patience, discipline & hard work.
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