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The DIBS Method... No Free Lunch continues

  • #7,801
  • Apr 29, 2009 7:09am Apr 29, 2009 7:09am
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...

hey razor,

nice trades... i should watch 4 h but i just flick from 1 to daily, i'll keep up to date with your journal and wish you well with it buddy! hope you get your account sorted soon.
  • #7,802
  • Apr 29, 2009 9:04am Apr 29, 2009 9:04am
Quoting icarusfx
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.
Its never too much to ask for
  • #7,803
  • Apr 29, 2009 9:08am Apr 29, 2009 9:08am
yesterday's E-J 4H (1H offset) has just closed as a doji. Possible reversal.

This morning's U-J 1H Bearish IB just confirmed by a 4H Bearish IB so taking that. Daily is up but within a downtrend, Weekly is downtrending and well off Support so worth the ~60 pip range.
  • #7,804
  • Apr 29, 2009 10:01am Apr 29, 2009 10:01am
Quoting SlideDog
yesterday's E-J 4H (1H offset) has just closed as a doji. Possible reversal.

This morning's U-J 1H Bearish IB just confirmed by a 4H Bearish IB so taking that. Daily is up but within a downtrend, Weekly is downtrending and well off Support so worth the ~60 pip range.
I just closed my short for a very small gain, was looking at the daily and I had a very convincing Hammer yesterday and so far rising today. Im thinking more that the market is going to head up for a new high (eventually) to continue the bullish run.

I may very well be wrong but Im now looking for a bullish 4 hourly to confirm.

razor
  • #7,805
  • Apr 29, 2009 10:07am Apr 29, 2009 10:07am
chart attached to explain
Attached Image (click to enlarge)
Click to Enlarge Name: USD 4 hourly.gif Size: 22 KB
Attached Image
  • #7,806
  • Apr 29, 2009 10:55am Apr 29, 2009 10:55am
bugger... stopped out on gbp/usd so only 1.5% up

on the plus side... usd/chf short is up almost 5% moving stops in place with a min of 3% gain.

hitting support now @ 13000 so will wait on a break. nxt support is @ 1240
  • #7,807
  • Apr 29, 2009 11:01am Apr 29, 2009 11:01am
Quoting icarusfx
bugger... stopped out on gbp/usd so only 1.5% up

on the plus side... usd/chf short is up almost 5% moving stops in place with a min of 3% gain.

hitting support now @ 13000 so will wait on a break. nxt support is @ 1240


closed it... took the money and i'm happy! going home now

6% day

c u next week
  • #7,808
  • Apr 29, 2009 3:49pm Apr 29, 2009 3:49pm
Quoting Razor_trader
I just closed my short for a very small gain, was looking at the daily and I had a very convincing Hammer yesterday and so far rising today. Im thinking more that the market is going to head up for a new high (eventually) to continue the bullish run.

I may very well be wrong but Im now looking for a bullish 4 hourly to confirm.

razor
Great read of the market. These pin bars are great as reinforcement of the IB continuation or reversal.

I'm really enjoying the fact that the more I practice trying to 'read' the charts, the more they seem to tell me. As you said it's tempting to try to read every pattern for something, but then you are almost becoming too carefree... pins/dojis at the end of trends on a higher TF backing up an IB on the 4H seems to be higher percentage going to freeride.
  • #7,809
  • Apr 29, 2009 6:43pm Apr 29, 2009 6:43pm
Quoting icarusfx
closed it... took the money and i'm happy! going home now

6% day

c u next week
Nice work buddy
  • #7,810
  • Apr 29, 2009 6:48pm Apr 29, 2009 6:48pm
So far the trade plan has worked out. Hit some resistance close to 9800 which I was expecting, however we have broken and closed above the first trendline, just the next one to go and this trade could run nicely.

It is great to have a trade on a 4 hourly with only 40 pips risk. I loaded it up and now at BE regardless with slightly more capital than normal. I will be looking for some more bullish IB's throughout today.

Take care
Attached Image (click to enlarge)
Click to Enlarge Name: USD 4 hourly.gif Size: 21 KB
  • #7,811
  • Apr 29, 2009 10:23pm Apr 29, 2009 10:23pm
I want to thank everyone who has posted here. I've learned a lot. All the way back to the first thread. All great info.

Keep up the great help.

I have a question, don't know if someone can help me.
It's on the EURUSD Monthly chart.
In the very probable event that the current candle doesn't pass last months candle on the up side would the current candle be considered and IB candle?
And if so would you use the year open of 1.38399 (on my broker) as the gage point. If so would that a signal for more down movement?
Thanks for your wisdom.
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd-m.gif Size: 16 KB
  • #7,812
  • Apr 30, 2009 3:59am Apr 30, 2009 3:59am
Quoting strangeone
I want to thank everyone who has posted here. I've learned a lot. All the way back to the first thread. All great info.

Keep up the great help.

I have a question, don't know if someone can help me.
It's on the EURUSD Monthly chart.
In the very probable event that the current candle doesn't pass last months candle on the up side would the current candle be considered and IB candle?
And if so would you use the year open of 1.38399 (on my broker) as the gage point. If so would that a signal for more down movement?
Thanks for your wisdom.
This is definatly a tradable IB and im sure with only 1 trading day left in the month that it will close out that way.

My direction of the trade would be Bullish, as it is looking to close that way which would be a contiuation IB. There are some differences in the methods on this forum as to trading IBs on higher TF's. For me I prefer to trade them in the direction of there close. Also with TF's higher than 4 hourly (daily, weekly and so on) i would limit my SL in the event that you end up in the markets. There is no need to trade with a full 200+ SL.

Heres how I would play it.

Entry would be above the high of the IB. You can have it so that you are in 1 pip above or 20 its up to you. I take the 1 pip regardless of TF (my view is that there must be some momemtum to get me in especially if there is travel distance between the close and the high/low).

SL would be 100 - 200 pips below the open. This is more than enough breathing room if the trade is going to work out. Worst case scenario is you get stopped out, you can always take another entry if the market goes back in your favour.

Remember it is a monthly candle, so it must be monitored on a monthly chart (example dont look at profit targets on an hourly chart for a trade taken on a monthly chart.

If it all pans out, you can take some profit along the way or trail your stop with an indicator of your choosing (looks like you have parabolic SAR on your chart).

By the way. The above is an expression of my views on a possible Inside Bar trade on a monthly chart. It is by no means a trade recommendation for others to take, and if you do use this information to take such a trade you do so by understanding that the markets are random and there purpose is to give traders opportunities to trade. By taking a trade you are aknowledging the risks involved.

Good day
  • #7,813
  • Edited 4:42am Apr 30, 2009 4:16am | Edited 4:42am
Quoting strangeone
I want to thank everyone who has posted here. I've learned a lot. All the way back to the first thread. All great info.

Keep up the great help.

I have a question, don't know if someone can help me.
It's on the EURUSD Monthly chart.
In the very probable event that the current candle doesn't pass last months candle on the up side would the current candle be considered and IB candle?
And if so would you use the year open of 1.38399 (on my broker) as the gage point. If so would that a signal for more down movement?
Thanks for your wisdom.
You're off topic so if you want advice I would go here: http://www.forexfactory.com/showthread.php?t=2331

You are looking at a 700 pip inside bar which could break either way. On the monthly we are still in an uptrend by my definition - trading above the 200 ma. But it's consolidating with lower highs and higher lows which is clearer on the weekly or daily chart. Ripe for a break out trade, on the daily, probably.

I wouldn't trade that monthly bar.
Gone to a better place
  • #7,814
  • Apr 30, 2009 5:15am Apr 30, 2009 5:15am
With the daily at the top of a channel and the 4 hourly looking to produce a bearish Inside Bar. Charts below. 4 hourly is still bout 80 mins from close, but if it stays in range, then the daily top of channel may hold and we could stay inside.
Attached Images
  • #7,815
  • Apr 30, 2009 5:18am Apr 30, 2009 5:18am
Quoting smikester
You're off topic so if you want advice I would go here: http://www.forexfactory.com/showthread.php?t=2331

You are looking at a 700 pip inside bar which could break either way. On the monthly we are still in an uptrend by my definition - trading above the 200 ma. But it's consolidating with lower highs and higher lows which is clearer on the weekly or daily chart. Ripe for a break out trade, on the daily, probably.

I wouldn't trade that monthly bar.
Absolutly which is why i prefer the 4 hourly (primary) and daily (secondary). Whilst the much higher TFs are good, the big risks make Profit much less, however you are trading very much 1 trade per month (perhaps 0 for a long time) for a month TF.

There is no harm however you dont want to limit your cappacity to trade smaller risk higher reward IBs
  • #7,816
  • May 4, 2009 5:31am May 4, 2009 5:31am
There were a ton of trades to be taken off the past 4 hourly close on almost any major pair.

I took a short on the EUR/JPY. It is against the grain which is why I am not using my 1:1 R/R for this. I am targetting the first fib level as my profit target. The EUR/JPY has been in a strong move upwards with very little if any retracement.

Entry 132.18
SL 132.63

45 Pip risk on a 4 hourly is great news. If my target of 129.8 is hit then it would result in about 5:1 R/R on a full trade. If i get stopped out then no great loss. It would be a nice start to the week to see it happen though.

Take care all

Chart attached
Attached Image (click to enlarge)
Click to Enlarge Name: 4 hourly dib EURJPY.gif Size: 20 KB
  • #7,817
  • May 4, 2009 9:44am May 4, 2009 9:44am
It has been very quiet in here as of late, where has everyone gone.......


IM ALL ALONE, THERE NO ONE HERE BESIDES ME
  • #7,818
  • May 4, 2009 10:58am May 4, 2009 10:58am
Quoting Razor_trader
It has been very quiet in here as of late, where has everyone gone.......


IM ALL ALONE, THERE NO ONE HERE BESIDES ME
UK public holiday mate, so all quiet on the market...

My 4H offset chart showed an IB doji on USDJPY, took it short (was very slightly green doji, but figured it was more of a reversal signal being at the end of the recend 3-day bullish trend), just gone free ride so all good so far.
  • #7,819
  • Edited May 6, 2009 2:45am May 5, 2009 9:40am | Edited May 6, 2009 2:45am
Not sure how you good folk are all enjoying MT4's move to 5 decimal places on prices. I know I am not as I find it much harder to comprehend the actual meaning of the price - there are just too many damn digits!

That aside, the extra digit messed up the display of the #Signal_Price-v1.ex4. I have just modified the file (hope the original author doesn't mind?!) so it is back to normal. See screenshots. The old file is on the left and the new modified one is on the right. The new file #Signal_Price-v3.ex4 is also attached.

P.S. File further modified to remove unused code. This makes it run much faster now. The original programmer had all sorts of code to calculate MACD, CCI STO and EMA's. Can't figure out why as they are not needed!
Attached Image
Attached File(s)
File Type: ex4 #Signal_Price-v3.ex4   19 KB | 800 downloads
Never argue with a fool....
  • #7,820
  • May 5, 2009 10:42am May 5, 2009 10:42am
Hello all,

Well, I had a bash at the only setup today, a 'long' GBP/USD 10am IB. Went to free ride, but stopped me out eventually. I had left my original SL 1 pip below the IB. Thought about moving it to B/E at 50pips, but this was one of those possible 'long tails', so I left the SL alone to give the trade maximum room to move.

Price had broken the 1HR, 4HR and Daily trendlines and no recent S/R to get through. Price was also trending up all timeframes. The risk was larger than usual, 38 pips plus spread, but I felt it was a no brainer.

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