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The DIBS Method... No Free Lunch continues

  • #9,921
  • Dec 27, 2010 5:35pm Dec 27, 2010 5:35pm
Here are a couple of inside bar trades I took recently. The first was an H4 inside bar which is off a 50% retracement rejection in a downtrend. A whole load of other factors went into the decision to set this trade, but the main one was the trend. The second was a dibs H1 trade the following day, at the London open. Since then there have been plenty of inside bars. I didn't take any of them because those I saw were not good enough. There may have been some worth taking but for whatever reason I missed them.

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I dare say if you backtested all the so called valid dibs trades between the 15th and now, you'd be losing. I don't know for sure and I don't have the time to do the arithmetic. Suffice to say, they are not all good. I took a very few H1 dibs trades in this period on other pairs, some failed, some made a modest profit. The closed trades showed a modest profit though and the cable trades are the only ones that are running.

We have to be picky and if we, like me, spent a little time analysing why PC took the few trades he posted we might find out something. Adilius you spend a lot of time on the J16 thread. Ever wondered about taking an H1 dibs trade off the break of a good daily pin bar or, for that matter, any other good J16 set up? It's a very cheap way in.
Gone to a better place
  • #9,922
  • Dec 27, 2010 5:46pm Dec 27, 2010 5:46pm
Just as an addendum, if any of the naysayers who would discredit PC's generosity would like to analyse the H1 dibs trade at the London open on the 15th December and post here a chart showing why it was such a good trade I would be very interested to see it. If they can do it.
Gone to a better place
  • #9,923
  • Dec 27, 2010 5:58pm Dec 27, 2010 5:58pm
Hello Smikester,

Yes J16 is the only thread I read really, I have read both DIBS threads only because names like Bemac and Jarroo sound familiar to me
And yes I am still thinking how to incorporate DIBS into general J16 ideas.

But I think I will not try and go into intraday trading (that's below 4h). As I understood from my conversation with Jarroo he does trade DIBS on 4H, 8H and higher with his way of seeing S/R. So that is what I'm trying to do and incorporate into my trading plan. Still not got something I can be confident with.

Imho, the best with DIBS (as someone already mentioned here) is the ability to hold to a trade. IB gives you a good RR potential, and holding this trade could produce great returns (in comparison to your risk). And the same ideas you could see with J16 classic setups. And even James himself show in some of his free videos that some PB, BUOB's will start a new long term trend....so we only have to learn to hold...





Quoting smikester
Here are a couple of inside bar trades I took recently. The first was an H4 inside bar which is off a 50% retracement rejection in a downtrend. A whole load of other factors went into the decision to set this trade, but the main one was the trend. The second was a dibs H1 trade the following day, at the London open. Since then there have been plenty of inside bars. I didn't take any of them because those I saw were not good enough. There may have been some worth taking but for whatever reason I missed them.

Attachment

I dare...
  • #9,924
  • Dec 27, 2010 6:15pm Dec 27, 2010 6:15pm
Hi Adilius - Yes I like Jarroo's posts (and others of course) and the J16 thread is where I learned a lot. If there is one thing I have learned there that is the most important it would be the daily, weekly and monthly analysis. I have a problem with the time scale, though. I want to see instant results. Inside bars, or compression as I like to call it - because it isn't always displayed as an inside bar, is a great way into a potential D1 W1 or M1 set up because the result so often has momentum (not the momentum indicator, by the way). These areas often have high R:R potential. The good ones don't appear very often.
Gone to a better place
  • #9,925
  • Dec 30, 2010 9:35pm Dec 30, 2010 9:35pm
Hi dim4ik42,

I came across your posts in the system 2 thread by Feb. I have been trading it for some days now. I understand this is a different thread but since you no longer post in that thread, I had no other option but to post it here. I apologize if this is against the forum rules. Do you still trade system II? I would appreciate if you can tell me a bit about your exits using this system. Do you use the 20/20 rule? Do you let the price hit the hard stop in case things turn against you or do you exit quickly and reneter in case there is a second opportunity? I understand it is up to the individual to figure out a method but any guideline in this regard would be helpful. Thanks in advance.

Sujith
  • #9,926
  • Jan 3, 2011 10:40am Jan 3, 2011 10:40am
Quoting Sujith
Hi dim4ik42,

I came across your posts in the system 2 thread by Feb....
Hello Sujith!

I will answer you a little later, Ok? I do not have enough time today to do it... I just have guests in my house. But - whithin some days I will answer you of course!

Take care!
  • #9,927
  • Jan 3, 2011 9:28pm Jan 3, 2011 9:28pm
Hi Dim,

Thanks for the reply. I am in no hurry. Take your time.

Good day
  • #9,928
  • Jan 5, 2011 6:51pm Jan 5, 2011 6:51pm
The USD/CHF today was an almost perfect DIBS trade. After the 1st hour of the new session DIBS signaled a Buy @ .9507 that went 175 pips at the high of the session so far with only a 15 pip risk for a Risk/Reward of 1:11.6 . This is what makes DIBS such a great method .




Best in Life ,


EZ
" Master Your Set-Up , Master Yourself "
  • #9,929
  • Jan 6, 2011 12:35am Jan 6, 2011 12:35am
Quoting EZTrades
The USD/CHF today was an almost perfect DIBS trade. After the 1st hour of the new session DIBS signaled a Buy @ .9507 that went 175 pips at the high of the session so far with only a 15 pip risk for a Risk/Reward of 1:11.6 . This is what makes DIBS such a great method .Best in Life
EZ

Sorta what makes it great, the real power is when you get 1:400 R/R for holding for years.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #9,930
  • Jan 6, 2011 2:46am Jan 6, 2011 2:46am
Hello to all trading DIBS
Just curious, but does someone trade DIBS with purely time based exits?
I mean you don't trail your positions with some MA, but you just exit your position X number of days.
  • #9,931
  • Jan 7, 2011 8:08pm Jan 7, 2011 8:08pm
Quoting redcaesar
Hello to all trading DIBS
Just curious, but does someone trade DIBS with purely time based exits?
I mean you don't trail your positions with some MA, but you just exit your position X number of days.
I do something similar to this. But instead of exiting the trades, I tighten my stop losses. I usually do it during the London and New York closing times using Fibs or S/R levels. I find that this is better than MA exits (I backtested it) given that it allows one to maximize the profits. The longest trade I had was roughly 1.5 months.
  • #9,932
  • Jan 12, 2011 7:43am Jan 12, 2011 7:43am
IBS on EUR and AUD/USD (the 2 main pairs I will be trading this year),

Long on the AUD/USD with a risk of 15 pips, taken 33% off at 2:1 with the strength in the move thought I would secure some early gains.

Entry 9897 SL 9882.

Lets look for a solid start to the year all

RT
  • #9,933
  • Jan 12, 2011 7:53am Jan 12, 2011 7:53am
Chart with todays trade on it. 2 long IB trades on the table today. The earlier 1 had a 10 pip risk (spread inc) and has moved so far 80 pips from its entry point. I wasnt home at the time which is a bum but alas we cant get them all.

The second has now broken the decending trendline and has made a new HH for the swing. I will trail the SL behind the accending TL if it makes it through the next day or 2.

Best of luck

RT
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  • #9,934
  • Jan 18, 2011 2:09pm Jan 18, 2011 2:09pm
hi ... love this method .
found this trade 2day on eurjpy .
havent really gone thru the thread yet but looking forward to it ..

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  • #9,935
  • Jan 24, 2011 4:08pm Jan 24, 2011 4:08pm
Does anyone know of an IB dashboard so we can keep an eye on a few pairs without having to check them all one by one?
  • #9,936
  • Jan 24, 2011 6:02pm Jan 24, 2011 6:02pm
Quoting normtold
Does anyone know of an IB dashboard so we can keep an eye on a few pairs without having to check them all one by one?
do you mean like an indicator. There are a few that paint the IBs on the charts and I am sure with some useful programming that there would be a way to create a dashboard. The one I used to use is somewhere on here and there was an alarm that would signal an IB.

Just look through the thread attachments which can be located at the top of the page.

RT
  • #9,937
  • Jan 25, 2011 2:19am Jan 25, 2011 2:19am
For a similar kind of system I use excel with either xlq or quotelink

http://www.qmatix.com/XLQ.htm
http://www.quotelink.net/

and an interactive brokers or iqfeed datafeed

with some basic excel skills you could construct a similar spreadsheet to watch multiple pairs for dibs
  • #9,938
  • Jan 25, 2011 6:12am Jan 25, 2011 6:12am
Thanks for the reply.

I already have the an inside bar indicator that paints the inside bar, this has an alarm but it only alerts me when I open that particular chart and timeframe.

For instance if I have a GBP/USD chart open on 1H it wont alert me to an IB on 30M or D1 unless I change timeframes.

I also trade AshFX system so have many charts open for that so am limited for space.
I have one chart open just with the AshFX dashboard in it, the dashboard will let me know if any signals appear over the H4 and D1 charts for the 11 pairs that I watch.

A dashboard alerting me of any IB for all the pairs and timeframes is what I am looking for.
  • #9,939
  • Jan 26, 2011 4:17am Jan 26, 2011 4:17am
Would you recommend using this method for 1m or 15m trading?

How about combining the indicator with others indicator to use it intradaily?
  • #9,940
  • Jan 26, 2011 5:32am Jan 26, 2011 5:32am
Quoting downcrusher
Would you recommend using this method for 1m or 15m trading?

How about combining the indicator with others indicator to use it intradaily?
It can be used on anytime frame however the rules you make for what qualifies and how to trade it need to be set in place. Taking trades on the best side of direction and on the best pair for the day would still remain you would however have to weather alot more BE and small loss situations. Personally I love PA on 4 hour to weekly charts, less than that I find myself taking too many average trades. 15 m or 1 m charts would accelerate those ave and poor trades to the point where you would be trading anything just to have a trade, plus the shear amount you give to your broker through spreads will make them happy but not you.

Personal choice, stick to the hourly as a minimum
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