The DIBS Method... No Free Lunch continues

No there are no different types of IBs, just different time frames my friend. Try looking at the 4 hour and Daily IBs. The trade risk is little more but so is the potiental profit.

Hmm ..... ok

Should one go long above 1.0444 ?

Is that a valid trade .....

Cheers

Alberto

The day start is at 6.00 GMT - If the 5.00 GMT candle is an inside bar you can use the high and low of this from the start at 6.00 GMT.

If there is an inside bar at 4.00 GMT this is to be ignored.

I think that is correct!

Jarroo,

Sorry to repost this, I have resting limit orders on the IBs for the usd/chf
and the gbp/usd, do I leave those orders in place until an IB is formed on the other side of the opening?

Thank you in advance.

(I wish I could post a chart)

You play an IB be it at 5.00 GMT, 4.00 GMT, 3.00 GMT or even 2.00 GMT as long as it is off the Open of the Day, 6.00 GMT. Peter's charts show this.

I think this is part of the ongoing confusion over the opening bar. It's stated very clearly as 0600gmt. However Peter and Jim seem to post charts whereby they start an hour early.

Jaroo,

Thanks for that.

However I would find it a little risky going on a break of an IB after 6 hours into a session.

Al

my sell stop just got hit on the cable so lets see it keep on falling

You could do that, but I would not. A defining trend has not been established on either pair for the day. Price on both pairs have been moving up and down and around the Open of the day (0600 GMT). So, today may not produce a solid DIBS trade. There's always tomorrow.

Peter said 01:00 EST.
Non-daylight is 6:00 GMT but now time is EST daylight so it's 4 hours from GMT (or GMT -4) thus: 01:00 EST = 05:00 GMT.

I agree, but it would depend if the day was trending or not.

If so, I have a problem with my software setup because I see the IB on 4.00 GMT bar: for this reason I didn't take this trade....

I just learned a valuable lesson about having a trade in at news time. The spread on cable widened by as by as 10 pips while I was watching it and took my stop out. I now know to factor this in.

no wonder my cable SL was taken out must be the widened spread.

This is what I was trying to figure out, DST would make a difference on start off time for istitutional traders, investors etc
The 5GMT you are referring there, is Non-DST right?
In that case it would be 5GMT with your broker who does not change to DST, but it'll still be 6am in London.

To all the new guys on this thread, I understand you have questions and a lot of them. Here are my questions to all of you:
Have you read PC's posts, all of them more than one time?
Before posting a question - have you read through the this thread?

If you have answered yes to both questions - here's the next question:
Have you made sure you have understood what whas said or did you just read the pages to get through the threads and be "up-to-date"?

It's mindblowing to think that this thread has over 2100 posts, and still I see the same questions over and over again: what time, up or down, how many bars, exit strategy and so on. Just this morning I had to read through 5 pages just to keep up with the thread and most of them were not needed if you just had read and made sure you understood what you read (read again and again until you do understand). I have to commend Jarroo for all his patience but I feel that it's getting way out of hand.

I have only been trading 6 month and my journey up to now has been all about reading, looking at charts, studying and trying to understand what I was being told. Today I feel much more comfortable with my trading (of course as time and experience are my best friends), but the only reason is because I try to understand. And I'm still learning as I maybe have gained 1% (?) of PC's understanding.

Here's my last quesion: Did PC tell us why this method works, how it works and if it's succesful? If you answer "yes" to all of these questions than you have read and understood, if not please read again.

Thanks NAL for saying what I have been thinking....

I'm too shy to do that...

well said NAL,
i am new to this thread & have read it & pcs a few times but i m still learning & yes i appreciate all of u guys patience,it is a sipmle technique so we should try & keep it that way.
andrew

Also while i am sticking my head out of my shell.... Good work Jim, House, NAL and all the others that keep posting and not getting carried away from DIBS true