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  • #8,121
  • Jun 16, 2009 8:42am Jun 16, 2009 8:42am
Quoting tfflyer
I have seen in his post that he is talking about 6 gmt.

That is also on first post.


B,
T
Hi Tfflyer,

I agree with you. I think the confusion comes from the words up day and down day.

Peter determines an up day/ down day by watching the location of price action in relation to the close at 12midnight. He will then take an inside bar breakout trade from 6am GMT in a direction away from the Close of price at 12midnight.

DIBS on EU yesterday:

1. The red horizontal line is close of price at 12midnight (GMT)
2. The highlighted inside bar is occurred after 6am GMT
3. We only take trades to the down side because we are in a down day (well below price close at 12midnight the prior day).

Z
Attached Image (click to enlarge)
Click to Enlarge Name: EU.jpg Size: 78 KB
  • #8,122
  • Jun 16, 2009 8:48am Jun 16, 2009 8:48am
Quoting Razor_trader
The breakout only seems greater because of the small risk in the initial trade. You can have the same breakout range on a higher risk that doesnt appear to be as big, only because you are looking at it against a larger IB.

I love the small IBs because, whilst there range is small leaving your SL exposed to small moves, the market also only needs to move a small distance to give you 1:1. These are best if you can leave your SL to after the point, that way if you do get a substantial move you can lock in more than 1:1 on your first half lot....
Thanks Razor
  • #8,123
  • Jun 16, 2009 9:10am Jun 16, 2009 9:10am
Quoting zuret9
Hi Tfflyer,

I agree with you. I think the confusion comes from the words up day and down day.

Peter determines an up day/ down day by watching the location of price action in relation to the close at 12midnight. He will then take an inside bar breakout trade from 6am GMT in a direction away from the Close of price at 12midnight.

DIBS on EU yesterday:

1. The red horizontal line is close of price at 12midnight (GMT)
2. The highlighted inside bar is occurred after 6am GMT
3. We only take trades to the down side because we are in a down day...
Hi,

I must have misunderstood the definition of the up/down day. From reading the early posts I understood that the line in the sand is drawn at 06:00 GMT. Price above this level is then an up day and price below this level is a down day.

Appreciate your input to clarify.
  • #8,124
  • Jun 16, 2009 9:57am Jun 16, 2009 9:57am
Quoting FxMatt
Hi,

I must have misunderstood the definition of the up/down day. From reading the early posts I understood that the line in the sand is drawn at 06:00 GMT. Price above this level is then an up day and price below this level is a down day.

Appreciate your input to clarify.
Chart below to clarify

Razor
Attached Image (click to enlarge)
Click to Enlarge Name: IB time in detail.gif Size: 30 KB
  • #8,125
  • Jun 16, 2009 10:04am Jun 16, 2009 10:04am
Quoting Razor_trader
Chart below to clarify

Razor
Thank you Razor, that confirms my understanding
  • #8,126
  • Jun 16, 2009 10:17am Jun 16, 2009 10:17am
thanks for the answers. i asked this question about the bars because sometimes you dont get insidebars because the upper (...) is one or two tick higher than the candle before but the character is still the same. But it doesn´t generate a signal.....

that was the reason for my question.

I think, the psychology behind this formation is still the same, it should not care, if there is a wick two ticks higher or not. More important is: the movement stopped.
  • #8,127
  • Jun 16, 2009 10:57am Jun 16, 2009 10:57am
Razor/FXMatt

I'll quote Peter Crowns here and attach one of his charts:

"....am attaching a snap of the hourly GBP/USD for this week.

The white dotted lines, which are 24 hours long, start at the close of the previous day, at Midnight. I am only looking to go long on a breakout (blue line) of an inside bar if that breakout is above the previous close.

Likewise, I am only interested in selling a downside breakout (red line) if the breakout is below the previous close."
Attached Image (click to enlarge)
Click to Enlarge Name: PC.jpg Size: 99 KB
  • #8,128
  • Jun 16, 2009 11:32am Jun 16, 2009 11:32am
Quoting zuret9
Razor/FXMatt

I'll quote Peter Crowns here and attach one of his charts:

"....am attaching a snap of the hourly GBP/USD for this week.

The white dotted lines, which are 24 hours long, start at the close of the previous day, at Midnight. I am only looking to go long on a breakout (blue line) of an inside bar if that breakout is above the previous close.

Likewise, I am only interested in selling a downside breakout (red line) if the breakout is below the previous close."
My understanding of this is that Peter's charts are showing midnight because he is USA based. Peter's midnight is 06:00 GMT and this is the baseline that he uses.

Just my understanding
  • #8,129
  • Edited 11:55am Jun 16, 2009 11:43am | Edited 11:55am
i think, this is the same discussion as with pivots.
american, asian or london pivots ? :-)

mnay be its better talking about tokio close or sydney close oder london open etc.
  • #8,130
  • Jun 16, 2009 11:58am Jun 16, 2009 11:58am
Quoting FxMatt
My understanding of this is that Peter's charts are showing midnight because he is USA based. Peter's midnight is 06:00 GMT and this is the baseline that he uses.

Just my understanding
Thats what i thought initially but if you take a closer look at his charts, you'll notice that each trade was at least 6bars (1hour) away from where he drew the midnight line.

Also if midnight was 6am for him he would be breaking one of his rules (taking trades in the first 6-9hours of a session). Some of his trades are over 12hours from where he drew his midnight lines!

There is a old saying in the pits; "never sell or buy a quite market". I believe this is one of the reasons why Peter recommends using 6am GMT as a time to start looking for value trades.

Just my thoughts.

Z
  • #8,131
  • Jun 16, 2009 11:58am Jun 16, 2009 11:58am
Quoting FxMatt
My understanding of this is that Peter's charts are showing midnight because he is USA based. Peter's midnight is 06:00 GMT and this is the baseline that he uses.

Just my understanding

we have a winner! fxmatt is correct..... 6am gmt is the start of the day! (when the money starts to trade) US time would equate to 12am.



hope everyone had a good dibs day!
  • #8,132
  • Edited 12:07pm Jun 16, 2009 12:04pm | Edited 12:07pm
Quoting zuret9
Thats what i thought initially but if you take a closer look at his charts, you'll notice that each trade was at least 6bars (1hour) away from where he drew the midnight line.

Also if midnight was 6am for him he would be breaking one of his rules (taking trades in the first 6-9hours of a session). Some of his trades are over 12hours from where he drew his midnight lines!

There is a old saying in the pits; "never sell or buy a quite market". I believe this is one of the reasons why Peter recommends using 6am GMT as a time to start looking for...
interesting point... that would've kept me out of quite a few good trades. The question is how many other trades (good/bad) it would have got me into?

i'll review as i'm curious now

regards
  • #8,133
  • Jun 16, 2009 12:17pm Jun 16, 2009 12:17pm
The more i look at it the more i think FXMatt is right.

The way i take the DIBS trades is as follows:

1. Find the setup at or after 6am GMT
2. Establish the current trend and only trade in this direction and
3. Take trades that are not too close to areas of major support/resistance.

Z
  • #8,134
  • Jun 17, 2009 3:09am Jun 17, 2009 3:09am
Anyone notice the double inside bar on GA? Entry on 15min chart was also an inside bar.

Missed it. Stepping out again.

Z
Attached Image(s) (click to enlarge)
Click to Enlarge Name: GA.jpg Size: 72 KB
Click to Enlarge Name: GA15.jpg Size: 69 KB
  • #8,135
  • Jun 17, 2009 6:38am Jun 17, 2009 6:38am
Ok get ready for a great break out play to occur on EU.
  • #8,136
  • Jun 17, 2009 6:48am Jun 17, 2009 6:48am
Quoting guess121
Ok get ready for a great break out play to occur on EU.
be careful, there is news at 13;30 and there is a trendline to break to the lower
  • #8,137
  • Jun 17, 2009 7:16am Jun 17, 2009 7:16am
Quoting guess121
Ok get ready for a great break out play to occur on EU.
Capital preservation is key here. Let the market do it's thing, settle down then look for valid setups. Its seems to me everyone is standing aside and waiting.. Take care guys/gals.

Z
  • #8,138
  • Edited 10:37am Jun 17, 2009 10:06am | Edited 10:37am
sell usd/chf @ 0855
below 06:00 bar and
4hr pin bar
  • #8,139
  • Jun 17, 2009 10:47am Jun 17, 2009 10:47am
Quoting croesesFX
sell usd/chf @ 0855
below 06:00 bar and
4hr pin bar
it's quite late in the trading day crosses.... but good luck.

but i can see why sure enough (i'd just like to see it about 10am gmt thats all)

kind regards
  • #8,140
  • Jun 17, 2009 10:54am Jun 17, 2009 10:54am
Quoting croesesFX
sell usd/chf @ 0855
below 06:00 bar and
4hr pin bar
SL hit
never mind, will look for new trades in the morning
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