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  • #7,461
  • Apr 2, 2009 4:55am Apr 2, 2009 4:55am
exactly razor,there are many threads discusing other PA methods,this is for this one,it works so there is no need to improve it.The more you look the less you will find
  • #7,462
  • Apr 2, 2009 5:14am Apr 2, 2009 5:14am
ok im now short cad/usa at 12490, lets hope my good day continues
  • #7,463
  • Edited 5:42am Apr 2, 2009 5:28am | Edited 5:42am
Quoting anskaven
Greetings:

Im wondering why only Inside Bars are traded for this system
What about Outside Bars Pin Bars Double Top Bars or other Price Action Bars Can they be incorporated into this system
This question was inspired by a PDF about Price Action Setups at a James16 thread

Thank you
Hello there anskaven

why only inside bars are traded for this system because this system is called Daily Inside Bars Setup and it is a very profitable system when paired with a good money management.

let me show you some quotes from PeterCrowns:


Think about this for a while. I have for decades. The power of this simple concept still amazes me.

I'm sure this sounds simplistic to everyone, and maybe this stuff is obvious to you all, but I doubt it. How many times do you find yourself buying a weaker currency instead of the stronger one, thinking that the weaker one "has" to catch up, or the stronger one has already moved as much as it is likely to already.

Always buy setups in the strongest daily markets, always take sell orders in the weakest daily markets.

And yes, I have come up with very simple methods to exploit this. Breakouts of inside bars on hourly charts is one very useable technique I use a lot. Pennants of various constructions work very well too. Once you know which markets to trade, and in which directions--- it is a pretty simple job.

After all, trading is just risk control. Unfortunately it can take a while for us to learn to use the simple tools we have available.

-Peter-




and if you want to know one of the way of how to identify the strongest markets on that day you can start by reading PeterCrowns post and my previous post which is my 2nd post in this forum.
  • #7,464
  • Apr 2, 2009 5:49am Apr 2, 2009 5:49am
cad/usa short now a free trade, i must have joined during a really good period,loving it so far
  • #7,465
  • Apr 2, 2009 5:53am Apr 2, 2009 5:53am
hi friends ... good evening... did anyone take GBP USD trade at .4575..its a free trade by now .... hurahhh ...

need some help ... could anyone share the DIBS template as it take a lot of time to manually look for IB's and i do not know programming... Any other features in the template would be highly appreciated

Simple
Knock at the sky and feel the thunder
  • #7,466
  • Apr 2, 2009 5:55am Apr 2, 2009 5:55am
Quoting julian
ok im now short cad/usa at 12490, lets hope my good day continues
I wish I had done now. I didn't, on the grounds that it was a 47 pip bar, but I neglected to look at the 4h trendline, which would have been breached on the breakout and should have taken it. Nearly went to free ride.

I think I'm going to have to get up earlier. It looks like the action is setting up for at least one pair on the 5am-6am band.
  • #7,467
  • Apr 2, 2009 5:56am Apr 2, 2009 5:56am
Quoting julian
cad/usa short now a free trade, i must have joined during a really good period,loving it so far
Oh yeah a really greay period Trichet is speaking, I'd beware of the volatility E/U is changing ~10Pips/Second.

Airmos
simple....
  • #7,468
  • Apr 2, 2009 6:04am Apr 2, 2009 6:04am
Simply,what do you mean it takes a long time. Every hour on the hr I flick round all my ten cuurencies and look for any inside bars. It takes me 25 seconds. This last hour there are no inside bars so I can have an hour off.
  • #7,469
  • Apr 2, 2009 6:18am Apr 2, 2009 6:18am
Quoting Razor_trader
Quite simple really. The thread is called DIBS which stands for Daily "inside bars". If we were looking at all the candle formations that appeared in front of us it would be the Daily Random Bars. Sorry to sound harsh but clearly you havent read to much of the thread.
The above response didnt help much. Of course I know this method is about Inside Bars and it does not need much reading into to figure out. What I wanted to know is why the specialization in Inside Bars. What answer I could have expected is maybe the higher probability/success of such bars or something. julian's and spelarcs' answers were more insightful.
  • #7,470
  • Apr 2, 2009 6:22am Apr 2, 2009 6:22am
Quoting anskaven
The above response didnt help much. Of course I know this method is about Inside Bars and it does not need much reading into to figure out. What I wanted to know is why the specialization in Inside Bars. What answer I could have expected is maybe the higher probability/success of such bars or something. julian's and spelarcs' answers were more insightful.
Listen Einstein, If you want to know why Inside Bars go and google Inside Bars, gather info, analyze and maby you'll get the answer.

Airmos

PS. Read the whole base material of this system, the answer is there, you`ll find it if you aint lazy.
simple....
  • #7,471
  • Apr 2, 2009 6:47am Apr 2, 2009 6:47am
Quoting anskaven
Greetings:

Im wondering why only Inside Bars are traded for this system
What about Outside Bars Pin Bars Double Top Bars or other Price Action Bars Can they be incorporated into this system
This question was inspired by a PDF about Price Action Setups at a James16 thread

Thank you
Hi anskaven,

This thread is a bit long at nearly 500 pages, but it makes worthwhile reading. The best advice I would give you is to do what I did - read through the original "no free lunch but all th free coffee" thread:

http://www.forexfactory.com/showthread.php?t=56907

Try to get your head around the concepts that Peter Crowns has contributed (he's posted in other threads around) as well as Bemac and others. Don't scan them, read them properly, with a bit of paper to make notes on the gems of wisdom you'll find in there.

When you find it in there, take note of the most important post of all: The one that says there is no one answer of how to trade to make lots of money. The only way to do it is to find what works for you with regards to your acceptable level of risk, your attitude to being 'up' on a position and then seeing it wiped out, and your ability to take losses. This system works, but it needs to be allied to price action - it IS discretionary (I initially thought it wasn't but then read between the lines).

This is a great thread, I was reading it as a guest for three or four months before I made my first post. The conclusion that I came to was that other Traders are very willing to give you hints, pointers, a nudge in the right direction and occasionally (such in Peter Crowns' case) some real gems of insight, particularly if you are showing signs that you have done your research. But they won't respond particularly positively if you ask a question that was asked (and possibly answered) 20 or 30 posts previously. The successful people that post here have put in the time, money, and effort to become successful, and expect that of others (such as novices like me).

I'm now able to be more discretionary in my trading of DIBS through some of the useful pointers that some others have given (particularly Razor_Trader) to comments I've posted since I joined. Get your head round Price Action and it becomes clearer. My charts are very uncluttered - simple trendlines, the occasional check of horizontal S/R and channels, and SMA's to give an indicator of good exit points.

I blew 20k because I had no concept of risk management, my biases and how my emotions played when dealing with being down on a position - I kept 'capitulating' - and every post from a good trader here will lead you to realise that you never enter a trade where you capitulate - it just stops you out, and the loss is an acceptable one. If you aren't willing to contemplate the loss, you shouldn't be taking the trade.

This wasn't my whole account, fortunately, but it made me realise I'm looking at things the wrong way, not getting my head round the psychology of trading. I'm much better at it now and DIBS is a fantastic system but you have to trade it by taking your emotion out of the equation - if you don't, DIBS still won't work for you.

I don't mean to sound harsh or patronising, sorry if this comes accross that way, I'm a newbie myself so I hope that what I have to say has some use to you.
  • #7,472
  • Apr 2, 2009 6:49am Apr 2, 2009 6:49am
Quoting anskaven
The above response didnt help much. Of course I know this method is about Inside Bars and it does not need much reading into to figure out. What I wanted to know is why the specialization in Inside Bars. What answer I could have expected is maybe the higher probability/success of such bars or something. julian's and spelarcs' answers were more insightful.
Airmos post was good enough but ill add. Your question was irrelevant and unresearched. If you had taken the time, like some of the other new people on this thread to read the information, donated by some highly skilled and worthy traders, then you would have realised that along with the thread tag, and the info contained within the answers to your question.

If the only thing you have to donate to a thread that is moving along nicely, that within the last 4 pages has illustated exactly why we focus on 1 system, 1 bar and the method involved and is profiting nicely, is an irrelevant question then these are the responses you will get.

Like I said I dont mean to sound harsh but im not here and neither are others to give aid to those not willing to actively participate (and that means reading all and unstanding all the aspect of this thread which I will point out again is call DIB 'Daily Inside Bars') in a discussion that has A direction.

Once you have read up the info, you will not need to ask question like, why dont you trade Outside bars, Pin bars double/triple tops ect because the answers are on the pages that you would have read.
  • #7,473
  • Apr 2, 2009 6:54am Apr 2, 2009 6:54am
Quoting Airmos
Listen Einstein, If you want to know why Inside Bars go and google Inside Bars, gather info, analyze and maby you'll get the answer.

Airmos

PS. Read the whole base material of this system, the answer is there, you`ll find it if you aint lazy.
anskaven - as I said, no-one on here will give you anything on a plate. If you look through the thread the people that help each other have built a rapport previously. You storming in with "tell me the answer" or "that wasn't very helpful" will end up with you copping a load of abuse.
  • #7,474
  • Apr 2, 2009 6:58am Apr 2, 2009 6:58am
Quoting SlideDog
Hi anskaven,

I'm now able to be more discretionary in my trading of DIBS through some of the useful pointers that some others have given (particularly Razor_Trader) to comments I've posted since I joined. Get your head round Price Action and it becomes clearer. My charts are very uncluttered - simple trendlines, the occasional check of horizontal S/R and channels, and SMA's to give an indicator of good exit points.
I thank you for your kind words. I get inspired by those who share common goals and beliefs. I believe that trading a system, even through its bad times needs correct MM and acceptance that all risk is risk and once you understand and accept it wholeheartly you can truely be successful.

For traders looking for quick fixes and who refuse to learn and are arrogant I salute you. At the end of the day I thank you for trading and adding to my capital.
  • #7,475
  • Apr 2, 2009 7:05am Apr 2, 2009 7:05am
Well we have had a mover of a day. Most pairs are up or around there ADR and there still seems to be some momentum. Whilst days like this are great if you are in, they are terrible days for IB as there isnt usually many available, and most will appear once the day has reached range.

If we get some later, please take it careful. We look to trade all IB theoretically however after big days, sometime being on the sidelines waiting for the next day can be better MM than trying. If you are on the sidelines and the market does push higher dont kick yourself (or me) tomorrow is another day, next week is another week and everything in between is opportunity.

BTW im off to bed, got the damn flu and the only thing bring me to my laptop was checking on some good ole friends sharing a common interest (MAKING PIPS).

Take care all, i catch yas tomorrow
  • #7,476
  • Apr 2, 2009 7:15am Apr 2, 2009 7:15am
Quoting Razor_trader
I thank you for your kind words. I get inspired by those who share common goals and beliefs. I believe that trading a system, even through its bad times needs correct MM and acceptance that all risk is risk and once you understand and accept it wholeheartly you can truely be successful.

For traders looking for quick fixes and who refuse to learn and are arrogant I salute you. At the end of the day I thank you for trading and adding to my capital.
Cheers mate - it's coming together, slowly. Although I wish I'd kept in on the EUR-CHF from yesterday now! Sometimes keeping emotion out of it is easier said than done...

Do you trade the normal 6AM GMT even though you're in Oz? Bit miserable I guess, being up till 1 or 2am each day. Still, better than being in LA - night shifts, no thanks. I'm in London but tempted to move two hours East to get a lie in
  • #7,477
  • Apr 2, 2009 8:12am Apr 2, 2009 8:12am
How Trade Harami (inside bar)
Attached Image (click to enlarge)
Click to Enlarge Name: harami.jpg Size: 157 KB
  • #7,478
  • Apr 2, 2009 8:13am Apr 2, 2009 8:13am
anyone taken this usd/jpy signal, im long 99.52
  • #7,479
  • Edited 9:08pm Apr 2, 2009 4:37pm | Edited 9:08pm
Quoting Airmos
Listen Einstein, If you want to know why Inside Bars go and google Inside Bars, gather info, analyze and maby you'll get the answer.

Airmos

PS. Read the whole base material of this system, the answer is there, you`ll find it if you aint lazy.
If I were Einstein maybe I wouldnt have needed to ask and read such questions
If only Inside Bars are simple and good enough then why are people still looking out for Price Action? (Unless it is only Inside Bars they are talking about)

Quoting Razor_trader
Airmos post was good enough but ill add. Your question was irrelevant and unresearched. If you had taken the time, like some of the other new people on this thread to read the information, donated by some highly skilled and worthy traders, then you would have realised that along with the thread tag, and the info contained within the answers to your question.

If the only thing you have to donate to a thread that is moving along nicely, that within the last 4 pages has illustated exactly why we focus on 1 system, 1 bar and the method involved and is profiting nicely, is an irrelevant question then these are the responses you will get.

Like I said I dont mean to sound harsh but im not here and neither are others to give aid to those not willing to actively participate (and that means reading all and unstanding all the aspect of this thread which I will point out again is call DIB 'Daily Inside Bars') in a discussion that has A direction.

Once you have read up the info, you will not need to ask question like, why dont you trade Outside bars, Pin bars double/triple tops ect because the answers are on the pages that you would have read.
You may think my question was unresearched but it was not irrelevant
  • #7,480
  • Apr 2, 2009 5:35pm Apr 2, 2009 5:35pm
Quoting SlideDog
Cheers mate - it's coming together, slowly. Although I wish I'd kept in on the EUR-CHF from yesterday now! Sometimes keeping emotion out of it is easier said than done...

Do you trade the normal 6AM GMT even though you're in Oz? Bit miserable I guess, being up till 1 or 2am each day. Still, better than being in LA - night shifts, no thanks. I'm in London but tempted to move two hours East to get a lie in
Its not too bad in Oz, We get the london open about 4 in the arvo (im from Perth) where as sydney gets it about 7. They usually have to trade through the night to enjoy the benefit of London/Newyork cross over where as Im normally up till about 11 before hitting the sack. By that time most of london is done and I catch a little of new york. If the markets are really active then I may stay up a bit later but apart from that its not too bad.

Over east they give WA the lines " we a lagging state" We have only just adopted Day Light savings and that will be abolished next year because to many people didnt like it, but being behind from a Forex POV is better as we see more action earlier.
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