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The DIBS Method... No Free Lunch continues

  • #7,881
  • May 19, 2009 2:45am May 19, 2009 2:45am
Well, Razor, common courtesy also seems not to be very much in use here either! Sorry that I was wrong to expect a reply!? What an arrogant attitude you have!

Perhaps we should ask the administrator to add another icon

A hand-bag!!!!!!
  • #7,882
  • May 19, 2009 2:52am May 19, 2009 2:52am
Quoting tigertrader
OK so I am talking to myself again. Thanks guys! Never mind, I got tired of waiting so I coded my own - actually patched it from existing code.
Hi Tigertrader - could You share Your indicator ? Also, do You have some alerts on it ?

Thank You.

Best,
Tom
  • #7,883
  • May 19, 2009 3:30am May 19, 2009 3:30am
Guys,

Take it easy on Tiger. He is a valuable contributor to this thread. As he pointed out, his indicator is really more of an "identifier" (as Jaroo calls it). Let's not turn the dibs thread into the ufc thread lol.
  • #7,884
  • May 19, 2009 3:49am May 19, 2009 3:49am
Quoting davema
Guys,

Take it easy on Tiger. He is a valuable contributor to this thread. As he pointed out, his indicator is really more of an "identifier" (as Jaroo calls it). Let's not turn the dibs thread into the ufc thread lol.
Absolutly, at the end of the day you can trade DIBs by looking at the stars in the sky if thats what you needed to do. I am sorry if my comment was taken in the wrong manner, re reading it does seem a bit blunt.

In my defense I have pledge DIBs on this thread with my own take on the situation so therefore I do not trade it to the T as PC may have, but I am still learning about this candle pattern.

Please continue
  • #7,885
  • May 19, 2009 3:59am May 19, 2009 3:59am
Short USDJPY

Chart Below
Attached Image (click to enlarge)
Click to Enlarge Name: Short USDJPY.gif Size: 19 KB
  • #7,886
  • May 19, 2009 4:03am May 19, 2009 4:03am
Offcourse... indicator is just for reminding..
  • #7,887
  • May 19, 2009 4:07am May 19, 2009 4:07am
Quoting Razor_trader
Absolutly, at the end of the day you can trade DIBs by looking at the stars in the sky if thats what you needed to do. I am sorry if my comment was taken in the wrong manner, re reading it does seem a bit blunt.

In my defense I have pledge DIBs on this thread with my own take on the situation so therefore I do not trade it to the T as PC may have, but I am still learning about this candle pattern.

Please continue
Razor,
No ill will intended towards you. I see that you already cleared things up. I was just defending Tiger.
Take care,
Dave
  • #7,888
  • May 19, 2009 4:24am May 19, 2009 4:24am
Quoting Razor_trader
Short USDJPY

Chart Below
Free Trade, nice
  • #7,889
  • May 19, 2009 5:32am May 19, 2009 5:32am
Hi Razor

Good result on your usd/jpy short but wasn't your IB above the days open?
Maybe I'm not reading your chart properly
  • #7,890
  • May 19, 2009 7:09am May 19, 2009 7:09am
Hi everyone!

This is my first post to this thread, but I've been demo'ing this method for a while now. Just thought I'd chip in with a DIB trade I took yesterday morning on the USDJPY. The IB is marked on the chart with an arrow. Now the conundrum I'm faced with is when to exit this trade... I'm not looking for an answer from anyone here, as this is something I really need to work out for myself, but here are my differing thoughts:

1) Use a trailing stop method such as a 15min or 1hr BAT.
2) Trailing stop using an MA
3) Exit all at identified area of S/R

From my testing, there's never a one-fits-all strategy here, as each trade can be formed off a different area. For example, if I'd taken the IB two bars ago on this pair, then I'd probably be looking at a set target rather than letting it try to run, simply because it's against a very large BUOB formed on the Daily yesterday.

What I'm looking to see now is the previous bar highs around 96.00 to now hold as support and then for price to spring off again. If we get a close below this area then I'll look at taking my profits.

Best,
Chris
Attached Image (click to enlarge)
Click to Enlarge Name: usdjpy 1h 190509.gif Size: 25 KB
  • #7,891
  • May 19, 2009 7:30am May 19, 2009 7:30am
"What I'm looking to see now is the previous bar highs around 96.00 to now hold as support and then for price to spring off again. If we get a close below this area then I'll look at taking my profits"

Hi chris, yeah that seems like a sensible way to play it... nice trade btw

Regards
  • #7,892
  • May 19, 2009 7:58am May 19, 2009 7:58am
Quoting tigertrader
OK so I am talking to myself again. Thanks guys! Never mind, I got tired of waiting so I coded my own - actually patched it from existing code.
tiger, u mind sharing your indicator ?
  • #7,893
  • May 19, 2009 6:43pm May 19, 2009 6:43pm
Quoting daveadamsbds
Hi Razor

Good result on your usd/jpy short but wasn't your IB above the days open?
Maybe I'm not reading your chart properly
Not sure on the complete wording of PCs post but my understand was the close of the 6am candle, which was bearish, is bias. I may misinterpret that as it isnt completely clear whether he means trade above, or below that close???. In either case that is the way I have traded the hourly IBs since starting and had success with.

Feedback anyones

Razor
  • #7,894
  • May 20, 2009 1:35am May 20, 2009 1:35am
Quoting Razor_trader
Not sure on the complete wording of PCs post but my understand was the close of the 6am candle, which was bearish, is bias. I may misinterpret that as it isnt completely clear whether he means trade above, or below that close???. In either case that is the way I have traded the hourly IBs since starting and had success with.

Feedback anyones

Razor
It's the open of the 6am (lon time) bar PC takes.

If i remember from yesterday, on my data, the 6am open was 9645 and the low was 9649, so take off three pips (max spread on IG) gives you 9646, close enough for me.
  • #7,895
  • May 20, 2009 2:46am May 20, 2009 2:46am
Hi Razor,

You did trade this IB against the open. Do you always use the direction of the IB for the trade? And with what time frames?

tdeu


Quoting Razor_trader
Short USDJPY

Chart Below
  • #7,896
  • May 20, 2009 3:51am May 20, 2009 3:51am
Quoting foredog
It's the open of the 6am (lon time) bar PC takes.

If i remember from yesterday, on my data, the 6am open was 9645 and the low was 9649, so take off three pips (max spread on IG) gives you 9646, close enough for me.

hi foredog.... i believe it's 6am gmt time that is worked from?.... which is currently 7am london time and 8 am cet time.

i thinks this has been talked over alot b4 us as there's a note to say (1h give or take doesn't matter that much

kind regards



oh nice ib this morning on cable hit free trade fairly quickly
  • #7,897
  • May 20, 2009 3:55am May 20, 2009 3:55am
Quoting foredog
It's the open of the 6am (lon time) bar PC takes.

If i remember from yesterday, on my data, the 6am open was 9645 and the low was 9649, so take off three pips (max spread on IG) gives you 9646, close enough for me.
I guess the thing I really look for, more than the open candle, is the forming of the IB and where it is in relation to the market. IBs are used to find a change in direction, that is, they can signal a possible shift in market behavior and be a sign of a reversal. That is my ultimate bias, hence why I trade the way I do on a 4 hourly or daily candle. The hourly is more or less a greater opportunity to get into the same trade but will less risk and therefore a greater lot portion given you more chance at agressive account growth.

Thats my take on it.

Take Care
  • #7,898
  • May 20, 2009 3:57am May 20, 2009 3:57am
Quoting tdeu
Hi Razor,

You did trade this IB against the open. Do you always use the direction of the IB for the trade? And with what time frames?

tdeu
Might have answered this in my latest post, if not clear let me know and ill kindly try to elaborate on my madness lol.

Take Care
  • #7,899
  • May 20, 2009 4:29am May 20, 2009 4:29am
Quoting icarusfx
Hi chris, yeah that seems like a sensible way to play it... nice trade btw

Regards

Hi Icarus,

Thanks. Closed the trade off last night for 100 pips profit on the second half. With the GJ testing a major area of resistance, there's more chance in this being dragged down then rocketing up some more.

Best,
Chris
  • #7,900
  • May 20, 2009 5:50am May 20, 2009 5:50am
Quoting Chris P
Hi Icarus,

Thanks. Closed the trade off last night for 100 pips profit on the second half. With the GJ testing a major area of resistance, there's more chance in this being dragged down then rocketing up some more.

Best,
Chris
No worries Chris good trade!



just got knocked out my second trade (moved stop to b/e) so + 1% only.
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