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The DIBS Method... No Free Lunch continues

  • #11,061
  • Jun 2, 2017 7:58am Jun 2, 2017 7:58am
Quoting Saleh198
Sup guys if either HIGHS or LOWS of two candle are equal, do we still enter and can we trade the 15min chart, if so where to set the daily open and what pair do u trade the most thanks, and sorry for the many question
My advice is to go to page 1 and take the time to read the whole of the post that gives a good explanation, then read the summary of Peter's posts which have kindly been put together in a word document, then go back and read the entire original thread.


My suggestion is to stick to the hourly chart as recommended; and stick to looking at EURUSD, USDJPY, USDCHF, EURGBP, but you are in control so ultimately you pull the trigger
  • #11,062
  • Jun 2, 2017 8:02am Jun 2, 2017 8:02am
Today I had Sells on USDJPY.
I closed out half at 1:1, and the rest was floating with a trailing stop after it went to profit, but that just got closed.
I had another signal on the USDCHF for a Buy but that was closed out for a loss. Overall win for today and no more trading as my hours are done from London open.
  • #11,063
  • Jun 6, 2017 5:05am Jun 6, 2017 5:05am
Good morning all,
Anyone trading this method today ?
I saw an Inside bar on the hourly on the GBPUSD so I am on that at the moment. SL set and TP set.
  • #11,064
  • Jul 3, 2017 8:44am Jul 3, 2017 8:44am
maybe of some interest i found this indi...
Attached Image (click to enlarge)
Click to Enlarge Name: eu.png Size: 91 KB
Attached File(s)
File Type: zip ACB-Inside-Bar-V2.0.zip   31 KB | 940 downloads
trading is like dancing, don't think and just listen to the music!
  • #11,065
  • Jul 3, 2017 7:39pm Jul 3, 2017 7:39pm
I've got an indicator as well, but it's for thinkorswim. PM me if you want the code.

Attached Image (click to enlarge)
Click to Enlarge Name: crude_oil.PNG Size: 64 KB


PS - I've been reading a book by Toby Crabel called Trading With Short-Term Price Patterns.

Peter definitely got some of his ideas for DIBS from here, no doubt about it.

It costs $700 (not a typo) on Amazon but a free PDF version is available online.
  • #11,066
  • Edited 10:22am Jul 4, 2017 8:22am | Edited 10:22am
Quoting Jason W
I've got an indicator as well, but it's for thinkorswim. PM me if you want the code. {image} PS - I've been reading a book by Toby Crabel called Trading With Short-Term Price Patterns. Peter definitely got some of his ideas for DIBS from here, no doubt about it. It costs $700 (not a typo) on Amazon but a free PDF version is available online.
i guess it was the other way round...toby got the ideas from peter

sure, please show us the IB indi from above with an attachement for mt4, i am interested and i think others too.
trading is like dancing, don't think and just listen to the music!
  • #11,067
  • Jul 4, 2017 11:32am Jul 4, 2017 11:32am
Attached...however, it unfortunately only works with thinkorswim.
Attached File(s)
File Type: txt tos_ib_indicator.txt   < 1 KB | 812 downloads
  • #11,068
  • Jul 5, 2017 7:39am Jul 5, 2017 7:39am
Quoting Jason W
Attached...however, it unfortunately only works with thinkorswim. {file}
thats a pitty but thx. its similar to the DIBS-indi so far...
Attached Image (click to enlarge)
Click to Enlarge Name: eur.png Size: 69 KB
trading is like dancing, don't think and just listen to the music!
  • #11,069
  • Jul 5, 2017 1:12pm Jul 5, 2017 1:12pm
Quite similar indeed!

Reading through Toby Crabels book really got the wheels turning, especially the section on price patterns.

Two of them are inside bars. ID NR4 (inside day four day narrow range) and ID NR7 (inside day seven day narrow range).

Perhaps theses were the "special" inside bars Peter alluded to that had 2-5 times the success rate of other similar-looking inside bars.
  • #11,070
  • Jul 7, 2017 4:16am Jul 7, 2017 4:16am
hi..

does anybody trade this method curently..and seeing profits.. pls do share..

do you take all the trades that show up in the different pairs at one time.. or do you take only one trade at a time..

your feedback will be helpful..

: )
  • #11,071
  • Jul 7, 2017 8:45pm Jul 7, 2017 8:45pm
Peter recommended trading the "hot-hand," that is, the currency pair that was up or down the most the previous day.

I personally however don't even use DIBS to trade Forex; I use it for trading crude oil and gold.

And I only enter trades that are in the direction of the short-term trend - never against it.

Trend in my view, is the most important indicator of all. Everything comes secondary to it, even DIBS.
  • #11,072
  • Jul 8, 2017 6:18pm Jul 8, 2017 6:18pm
Glad to see this thread is somewhat active again.

I've been trading a variation of DIBS on the daily chart, while also implementing some ideas from Toby Crabel's book.

When I get bored, I go back and read PC's old posts, other posts from the thread, or Crabel's book. Do any of you have any other reading suggestions related to this or similar methods? I find that it's nice to have something to read when I get that trading itch, instead of forcing trades that don't fit the rules.
  • #11,073
  • Jul 15, 2017 11:02am Jul 15, 2017 11:02am
One of the keys to trading this method effectively is speed.

You have to be FAST with your entries and you need to have the right trading software to accomplish this.

Thinkorswim doesn't fit this bill. Ninjatrader however does.

Either the lease or lifetime license (second is a far better deal) works great.

I know some think the lifetime license is overpriced, but believe me, it's worth every penny.
  • #11,074
  • Jul 15, 2017 11:17am Jul 15, 2017 11:17am
Here are what my DIBS trades look like using the static superdom.

First, I enter using a 1 click stop-limit with one tick of slippage to ensure I get filled.

Attached Image (click to enlarge)
Click to Enlarge Name: Capture.PNG Size: 32 KB


Once my SL fills, then an OCO order is activated, with a profit target of 1 and stop-loss of 2.

Attached Image (click to enlarge)
Click to Enlarge Name: 2.PNG Size: 33 KB


When the profit target is hit, my SL is automatically adjusted to 1; I don't need to do anything.

Now we've got our free trade....and, we wait.....
  • #11,075
  • Aug 3, 2017 5:37pm Aug 3, 2017 5:37pm
The good folks at Ninjatrader forums just coded a sweet inside bar indicator for use with NT8.

Attached Image (click to enlarge)
Click to Enlarge Name: Capture.PNG Size: 93 KB
Attached File(s)
File Type: zip InsideBarPaintedUserSpecifiedColor.zip   2 KB | 1,016 downloads
  • #11,076
  • Aug 3, 2017 8:09pm Aug 3, 2017 8:09pm
Quoting Jason W
The good folks at Ninjatrader forums just coded a sweet inside bar indicator for use with NT8. {file}

could they kindly possibly make one for MT4.. ?

would be great if they can..
  • #11,077
  • Aug 5, 2017 3:41pm Aug 5, 2017 3:41pm
That indicator was made by a Ninjatrader staff member....so I doubt he would be too interested in making one for MT4. lol

And speaking of indicators....here is another one also from Ninjatrader.....it's called the repeater....and can be used to highlight any specified time period.

I use it for highlighting futures after-hours.

Attached Image (click to enlarge)
Click to Enlarge Name: Capture1.PNG Size: 111 KB
Attached File(s)
File Type: zip Repeater.zip   11 KB | 819 downloads
  • #11,078
  • Sep 1, 2017 6:32am Sep 1, 2017 6:32am
Quoting no0odle
i have come up with some extra guidelines of my own that maybe could be of any help to someone: 1. if the open of the day is an IB it take only trades that agree with the direction of the weekly open (keeps you out of alot of bad trades, but occasionally keeps you out of good ones) 2. as for TPs and SLs i tend to close half of my position at 1:1 if its against the weekly open and the other half i move it to breakeven. if the trade agrees with the weekly open i close half at 1:1 and i keep half at my initial stoploss to give it space to breath as...

great tip
thankyou gregwilson
  • #11,079
  • Sep 1, 2017 7:53am Sep 1, 2017 7:53am
gbp usd closed trade at 1:2
Attached Image (click to enlarge)
Click to Enlarge Name: Image1.png Size: 13 KB
thankyou gregwilson
  • #11,080
  • Sep 4, 2017 6:22am Sep 4, 2017 6:22am
Quoting birdland
maybe of some interest i found this indi... {file} {image}
Nice template.

Could you please share that other indicator with ''pivots''?

Best regards.
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