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The DIBS Method... No Free Lunch continues

  • #7,781
  • Apr 26, 2009 10:17pm Apr 26, 2009 10:17pm
h yonnie.. He surely did say once that the price had run too far below from the day open so the "risk" is more scrwed up... Do check
Knock at the sky and feel the thunder
  • #7,782
  • Apr 26, 2009 10:56pm Apr 26, 2009 10:56pm
thanks simply, I`ll check it out
  • #7,783
  • Apr 27, 2009 12:09am Apr 27, 2009 12:09am
Yes, Yonnnie, check ;]
  • #7,784
  • Apr 27, 2009 2:43am Apr 27, 2009 2:43am
[quote=yonnie;2696180]
Quoting Razor_trader
If you think Peter takes every Inside Bar he sees on the hourly then my friend you would be sorely mistaken. When learning a system it would be fair to take all trades to work out what may work best. There are times when candle combinations give better information and he may take setups like that.[/quotes]

where does it say that Peter takes his trades discretionary?

IF you trade the H1 dibs like Peter does, you only exit for a profit if price goes up long enough to get the 20-day SMA working and in a long-term range,...
Well i tell you what, i will trade the system my way and you can follow the rules black and white. It is simple. I feel comfortable trading the DIBS method my way. It is by the book in terms of most aspects of the orginal post, however I dont have the luxury of trading throughout the day, so therefore trading this system to a T is impossible for me on an hourly basis.

In terms of discretion, I never mentioned PC saying use discretion. I am saying that everyone is different and they need to, if they feel necessary, trade with there interpretations and in a manner that best suits them. No 2 traders trade exactly the same way. What 1 trader may percieve to be a signal is to another traders just another potential candle.

Sorry for the misunderstanding. Hope all goes well. Take care friend
  • #7,785
  • Apr 27, 2009 7:33am Apr 27, 2009 7:33am
there is a IB developed in the EURUSD in the 06:00 and 07:00 EST bars.. do check it out
Knock at the sky and feel the thunder
  • #7,786
  • Apr 27, 2009 8:50am Apr 27, 2009 8:50am
Hope u all played it
Knock at the sky and feel the thunder
  • #7,787
  • Apr 27, 2009 9:33am Apr 27, 2009 9:33am
Quoting simply123
Hope u all played it
hey simply, well i've not got a ib on eur/usd for today on my feed so i missed it.

i took a short usd/jpy this morning only to be stopped out (good start to my week)

then i took a short eur/gbp and exited when the next ib appeared (also bottom of the channel) so I'm back to + % for the day.

regards
  • #7,788
  • Apr 29, 2009 4:40am Apr 29, 2009 4:40am
well no dibs yesterday.... 2 today both good atm and in free trade

long gbp/usd (currently testing previous high)
short usd/chf (currently testing trend sup)

have moved sl above b/e on both.

anyways last trades for the week as i'm off golfing for a long weekend! i've got this golf thing sorted... 10-20 more years practice before i can play in the senior tour and i'm down to +18 after five months lol there a chance i maybe ready :oD
  • #7,789
  • Apr 29, 2009 5:06am Apr 29, 2009 5:06am
Quoting icarusfx
well no dibs yesterday.... 2 today both good atm and in free trade

long gbp/usd (currently testing previous high)
short usd/chf (currently testing trend sup)

have moved sl above b/e on both.

anyways last trades for the week as i'm off golfing for a long weekend! i've got this golf thing sorted... 10-20 more years practice before i can play in the senior tour and i'm down to +18 after five months lol there a chance i maybe ready :oD
Yes, I took the long GBP/USD despite a losing short off the same IB. Price had broken up through 1HR, 4HR and Daily trendlines. Similar action on the EUR/USD. Took that short too. Got out of both shorts well before SL hit, though. Price was stalling and reversing. Not so on the long.

My golf game improved significantly after purchasing a video camera and filming my swing at home.

Discovered I was releasing too soon. (Clubhead passing my hands at impact rather than trailing). A kind of 'scooping' action to get the ball in the air, causing all kinds of errors. I trained myself to 'hold off' longer so that impact position is more like address position with hands slightly ahead of the ball and hitting down on it. Shots are more solid, consistent and longer.

That'll be 50 quid please!

  • #7,790
  • Apr 29, 2009 5:07am Apr 29, 2009 5:07am
Quoting icarusfx
well no dibs yesterday.... 2 today both good atm and in free trade

long gbp/usd (currently testing previous high)
short usd/chf (currently testing trend sup)

have moved sl above b/e on both.

anyways last trades for the week as i'm off golfing for a long weekend! i've got this golf thing sorted... 10-20 more years practice before i can play in the senior tour and i'm down to +18 after five months lol there a chance i maybe ready :oD
there were 2 4 hourly IBs yesterday on the gbp and eur / jpy. i took them on the demo account and took profit at the 4 hourly trendline (close to 150 pips on each trade. No post for it though, took it late then went too bed. Both have now broken the trendline and are contiuing there daily bullish run. Ohwell profit is profit

btw both were not on my live account which is another reason i didnt post, however funds should be cleared before EOW so hopefully i can catch some ibs lurking on friday.

take care all, sorry havent been by as much, still busy doing nothing lol
  • #7,791
  • Apr 29, 2009 5:11am Apr 29, 2009 5:11am
Quoting takingthepip
Yes, I took the long GBP/USD despite a losing short off the same IB. Price had broken up through 1HR, 4HR and Daily trendlines. Similar action on the EUR/USD. Took that short too. Got out of both shorts well before SL hit, though. Price was stalling and reversing. Not so on the long.

My golf game improved significantly after purchasing a video camera and filming my swing at home.

Discovered I was releasing too soon. (Clubhead passing my hands at impact rather than trailing). A kind of 'scooping' action to get the ball in the air, causing all...
Its amazing how spending sometime admiring your swing can work out the kinks, now ive just got to work out how to sneak a steam roller onto the greens to make them flat. I can get to the green in time, 2 and 3 putting (sometimes more) is my major flaw (and drinking whilst playing, which probably doesnt help reading greens). If I could get that in check then I could probably compete with the local seniors ROFL
  • #7,792
  • Apr 29, 2009 5:26am Apr 29, 2009 5:26am
Quoting Razor_trader
...I can get to the green in time, 2 and 3 putting (sometimes more) is my major flaw (and drinking whilst playing, which probably doesnt help reading greens). If I could get that in check then I could probably compete with the local seniors ROFL
I highly recommend Dave Pelz's Putting Bible.

There's an IB on the GBP/USD daily TF chart, but only by a pip and price broke the daily trendline. Did you have that on your setup and not take it as price was heading against it according to your method?

You, personally, only take IB breakouts on the daily chart if price is in the same direction, correct?
  • #7,793
  • Apr 29, 2009 5:33am Apr 29, 2009 5:33am
Quoting Razor_trader
there were 2 4 hourly IBs yesterday on the gbp and eur / jpy. i took them on the demo account and took profit at the 4 hourly trendline (close to 150 pips on each trade. No post for it though, took it late then went too bed. Both have now broken the trendline and are contiuing there daily bullish run. Ohwell profit is profit

btw both were not on my live account which is another reason i didnt post, however funds should be cleared before EOW so hopefully i can catch some ibs lurking on friday.

take care all, sorry havent been by as much, still...
Hi Razor,

Just looked at your first journal post and I have to say that your call of using the 4h TF proves much more reliable in testing than the 1h TF. Sure, you often have a higher pip risk, but given that you far less frequently get stopped out - even recently when it has been less trending, it is still no worse than break-even (all I managed in simulation for the last couple of weeks on most pairs).

I backtested the previous three months on the major USD pairs and EUR/GBP, and only made 200 less pips overall (in one case made more as got stopped out less often). Alpari take their timings at GMT+1 or BST+1 so their "8am" candle is actually 7am BST in reality. Which is great since that equates to 6am GMT. So I have to be checking the trades for about 30 minutes every four hours, which offers far more flexibility than the 1h timeframe. I trade the five periods up to 11pm local time - which seem to keep the volumes up until the mid-US dealers call it a day.

Hope it continues to go well for you mate.

I took the GBP yesterday - a good trade so far...
  • #7,794
  • Apr 29, 2009 5:40am Apr 29, 2009 5:40am
Quoting takingthepip


I highly recommend Dave Pelz's Putting Bible.

There's an IB on the GBP/USD daily TF chart, but only by a pip and price broke the daily trendline. Did you have that on your setup and not take it as price was heading against it according to your method?

You, personally, only take IB breakouts on the daily chart if price is in the same direction, correct?
Would have been a trade I normally took, but I missed it lol. The trend on the daily is up, but regardless I would have taken in bullish as it closed bullish (which is my way of trading the 4 hourlys and above). Bummer I missed but at the moment I am taking it steady till my account is funded (soon hopefully) and then I will be active on a regular basis.
  • #7,795
  • Apr 29, 2009 5:46am Apr 29, 2009 5:46am
Quoting SlideDog
Hi Razor,

Just looked at your first journal post and I have to say that your call of using the 4h TF proves much more reliable in testing than the 1h TF. Sure, you often have a higher pip risk, but given that you far less frequently get stopped out - even recently when it has been less trending, it is still no worse than break-even (all I managed in simulation for the last couple of weeks on most pairs).

I backtested the previous three months on the major USD pairs and EUR/GBP, and only made 200 less pips overall (in one case made more as got...
Nice work on the GBP. Yeah the 4 hourlys have been much nicer for me. As mentioned above I trade them in the close direction as opposed to the rules of hourly were you take the 6 GMT candle direction. Either way the past couple of weeks have been tough as the markets have been consolidating and travel back towards support levels. If I traded Pins I would have take the GBP/JPY bounce of support as in my mind I wanted to trade it (have had the urge to add Pins to my journal) but really need to stay focused on DIBs heading into a new live account.

Who knows as time goes on and I feel 100% comfortable with my IBs I may add that 1 little (can be a great candle) feature to my arsenal.

Take care m8, good to hear from you too
  • #7,796
  • Apr 29, 2009 5:58am Apr 29, 2009 5:58am
Quoting Razor_trader
Would have been a trade I normally took, but I missed it lol. The trend on the daily is up, but regardless I would have taken in bullish as it closed bullish (which is my way of trading the 4 hourlys and above). Bummer I missed but at the moment I am taking it steady till my account is funded (soon hopefully) and then I will be active on a regular basis.
So, it was a bullish IB on your system. It's a bearish pinbar on mine.

Ah well, there'll be many more I'm sure.

I've reduced the number of pairs I'm watching down to the basic 4. It's a bit easier to manage, and may even improve profitability.

I'm no mathematician, but I have this vague idea in my head that the more pairs I watch, the less likely I am to win, long term. A bit like adding numbers to the lottery.

There'll be less IBs to trade with just the 4 pairs, but less losing trades to endure before getting the winners.

  • #7,797
  • Apr 29, 2009 5:59am Apr 29, 2009 5:59am
Quoting takingthepip

You, personally, only take IB breakouts on the daily chart if price is in the same direction, correct?
Too add to this, I just trade the IB in the direction that it closes.

The reason is simple. In a market that is travelling and an IB forms that is in the direction of the market i consider it a continuation IB. Vice Versa, if it is in the opposite direction I consider it more a reversal IB.

The 2 I trade a little differently depending on the situation. Reversal IBs I give more focus to (especially if we have travelled some distance without a pullback) as opposed to continuations. In either case (as will all IBs) you are only in the market if the market comes to you.

This is the beauty on higher TF's. The market literally has to travel to you to get in, otherwise there is nothing, no executed trade so you move on to the next opportunity. Most times once you are in you are in for the long haul.

You also experience lower Stop losses in the next few candles once you are in. It can be easier for you to manage. The drawdown is that the R/R isnt as sweet as it is on the lower TF's as you can get in the same trade with lower risk, meaning more lots for the same trade. Your pick, mine is more personal as it allows me more time away from a computer.

Take care
  • #7,798
  • Apr 29, 2009 6:06am Apr 29, 2009 6:06am
Quoting takingthepip
So, it was a bullish IB on your system. It's a bearish pinbar on mine.

Ah well, there'll be many more I'm sure.

I've reduced the number of pairs I'm watching down to the basic 4. It's a bit easier to manage, and may even improve profitability.

I'm no mathematician, but I have this vague idea in my head that the more pairs I watch, the less likely I am to win, long term. A bit like adding numbers to the lottery.

There'll be less IBs to trade with just the 4 pairs, but less losing trades to endure before getting the winners.

...
I have looked at both GFT and Oanda and there candles are very different. Gft is more a spining top with a bullish close, Oanda is close to a full bodied bullish close.

I trade GFT, it is my platform that I have used for eons. Im sure all platforms with differ, and this could be a problem with traders not seeing trades that appear on one screen vs another.

Anyways screen shot attached
Attached Image (click to enlarge)
Click to Enlarge Name: Daily IB on GFT.gif Size: 14 KB
  • #7,799
  • Apr 29, 2009 6:18am Apr 29, 2009 6:18am
Taken the hourly Short IB on the above pair.

Entry 96.89

SL 97.17.

Screen shot below
Attached Image (click to enlarge)
Click to Enlarge Name: USDJPY Short.gif Size: 14 KB
  • #7,800
  • Apr 29, 2009 7:03am Apr 29, 2009 7:03am
razor & takingthepip

lol who knew golf and dibs what a combo.... i'm waiting for the iphone mt4 to come out (it's in development) then my golf game should really improve ;o)

well i've moving stops in place but i'm up for the day even if it all goes wrong. i'm tempted to close but i think there more to come, with the gbp/usd busting out of the 2 day range and being supported by the lt tl a few hundred pips more isn't to much to ask for.
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