The DIBS Method... No Free Lunch continues

good morning to everybody

Today's GBPUSD...IB setup was initially for long....stopped out at 1.8452 (i was thinking the major resistance was only at 1.8530)
Did a reverse....Now short at 1.8452...sitting in few pips profit...

since you guys started talking 4hr .... (and jarroo gave his okay ... ) ... i got lazy and switched to the daily charts ...

this is a GBPJPY "DIBS" trade that would still be active (the blue line is SL) if traded from the daily charts using july for bias (monthly close ... assuming bias as 1hr = daily; daily = monthly) approaching 8-10:1 RRR ... considering you would have cashed 1/2 at 1:1 and let the other 1/2 run on a freeroll under "DIBS" MM method ...........

FXgrinder, could you please post an indicator which you use to identify IBs. Thank you!

i believe we have inside bars on euro/usd and gbp/usd

A quick look at the chart tells (or am I imagining it), that out of those 16 IBs, around a third would lead to losses. Some of the "failed" IBs are over 200 pips in size. Even with good MM in place, watching loosing trades, one after another, for almost two weeks in a row, would "kill the spirit". One could lose all the faith in IBs...

We don't have to trade every IB, of course, but I cannot see from that chart what would filter the bad ones out... Is it just me?..

Dale, don't consider this post as being critical - it's not.

I see FF as a good-willed community where people come to share their ideas (and pinch others' ), with a lot of "give-n-take" (mostly "take", considering that those shedding light are vastly outnumbered by those who are clueless )

Some people (PC or James16 are good examples) shared the ideas which took them 10-15 years to develop and perfect. They didn't have to do it, but that's why they came here (and spoke up).

None of us have to let our little secrets out, but I cannot see much point in posting a few "look at my great trades" chart with the "I am not gonna tell you how I did it" attitude. If one doesn't want to share smth, why bring the subject up in the first place?.. Why come to FF?..

Besides, most of the top world traders ("Market Wizards" book) told the same thing: rules themselves don't determing the success - look how some (many!) people are struggling with DIBS. One could publish the rules in Financial Times/Wall Street Journal, and still majority of followers would fail. MM, discipline and consistency are important part of the equation.

However, when one does share smth (ready recipe or just interesting ingredients), the collective effort could add some interesting touches to the idea (or mess it up ); but, at the very least, by teaching others one could hone his own skills even further.

Hi sorry to seem abit slow here. I loaded the indicator dibs trigger lines and set them to gmt 6.00 but on looking at gbp/jpy yesterday the dibbs was not shown as was the case with yours jarroo only if i set it to 5.00 gmt but then my verticle line was different to yours hope you can help

Very well said!

@censura: I often wonder why someone need indicators for something simple like drawing a line at 06:00 GMT?

Regards - Xaron

Yes we do in fact my buy stop on g/u was hit. I'm not feeling the current price action though I don't foresee a massive gain in this DIBS.

Maybe saying that will make it true.

Yes, and also now we have on UC and EJ..
But i missed EJ..

But its ok, next time will try not to missed it

Best,
Tom

Which one do you mean? There was no entry yet today (short only!)

Regards - Xaron

Hello,

Well since Jaroo has given us his blessings I will post my chart.... this is usd/chf today. The entry is a short based on price is below the weekly open line (pink line). In my case I have a limit order(oanda) right below the support @1/0920 area (blue line). The daily is ranging but price has over 100 pips before it hits the bottom of the channel. What do you guys think?

Happy pipping

Hi Xaron,
thanks, i just dont know what i was looking

Yes, its not Valid IB.

Best,
Tom

today is a nice day for dibs traders!

I missed some trades today. (Damn sleep)

Euro

The trade you show is at 11am.
Did you take the Inside bar break at 7am GMT ?

On the 4 hour chart, taking the break of the bottom of an IB in a downtrend and the break of the top of an IB in a uptrend would not be a bad decision.

Gpy/Jpy. 4 hour IBs in a downtrend. Missed one today (damn sleep)

No I missed it (damn sleep)

I took the break of recent Euro IB at 1.4764.