A big thanks goes out to Peter, Jarroo et al for helping us newbis out. This thread and the one it's come from have been an eye opener. Yes...I am one of thgose that had every possible indicator on my chart as i thought that would give me an edge...how wrong I was...and my account balance showed it!
I have a couple of questions/comments...
Firstly...I know we use the open (whatever time you consider that to be) to see if it's an up day or a down day. But, how nuch consideration do we take on weekly or even monthly open?...If day is up BUT week is down would we still consider a discretionary down trade...maybe with a smaller amount to trade? ...By the way thanks NAL for the range indicator. I look forward to trying it.
Secondly..I can see most of the guys (and gals) here are using 1hr TF, some 4hr and some cheeky ones going down to 30min to check for IB. I personally think it is worthwhile to see different TFs because if there is a strong move on 1hr...there might be an IB on 30min or even 15min...which could be valid and maybe an edge (as Peter says...use anything that gives you an edge and he knew some traders who do well with DIBS on 15 and 30 mins). SO with this in mind...is it possible to have an indicator that shows all IBs (maybe with option for both definitions as per 1st post (higher low/lower high, or not exceeding extreems of previous bar) that gives option of which TFs you want to check...15min, 30min, 1hr, 4hr, day). It's just an idea as monitoring 5 or 6 currencies on different TFs is a very daunting idea.
Please don't bite my head off for this post...I'm just learning as most people here are and trying to consider ways to get this edge we all seek
Regards and thanks in advance
Bobby
MTF (not WTF) trading is a powerful tool in this system... There was an 4H IB on EUR/USD that was like a rocket...
Be discretionary, always! If the day is UP you only take LONG positions, and vice-versa...
If the action tells you that we are in a down trend day, and you check the week's open and it tells you the same, that's a great DIBS setup! HOT HAND (convergence in daily and weekly directions). But if there is a clear signal on daily direction move, but you have it against the week's direction, it's a lower probability, but still valid setup. Go for it, but use your discretion... change your exposure/lot size, try to get a quicker free ride... I did it today on JPY, cause it's Friday and I'm off most part of the day...
You can play DIBS on any pair, any TF, but as Peter suggested, I try focus on the big movers (4 majors), and sometimes jump in on 30m, never lower TF. He said once the big dogs NEVER look at 15M... but it's a personal choice. To me, it's too noise...
Trading naked is cool... but sometimes we can use some "canes" --indicators-- to help us filter the information... but never let an indicator tells you when to pull the trigger... Don't forget, YOU use the indicator as you wish, not vice-versa....
Hope that helped...
Going to my impatients...
Cheers!
HT
Many share my views with me. But I don't share them with them...
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Please don't tell me to read the thread!...LOL. Ignore me if you are inclined to do so... Ok.. my question.. suppose we get an IB at the top of a trend (like the e/u atm) that has reach or exceed it its daily range... should we consider going in the opposite direction(correction) with the proper mm?
Hey moneda, you'll burn in trader's hell if you stretch the method this way and don't read the thread! 
