The DIBS Method... No Free Lunch continues
Hi! Yes its correct, because my broker is set at gmt+1 i have to add one hour on the chart to reflect 06:00 gmt. If i would have set my open at 06:00 on the chart, that would reflect 05:00 gmt in reality. But thanks for the concern!
Peter said i believe that not all dibs are the same and inferred that obviously some setups were more successful than others. In guiding us he gave is certain clues ie the hot hand. Obviously following this method for many years he has through his work pinpointed these best setups. Maybe others here in the forum have but judging from the posts it is not widespread if there at all.
It would i believe make sense to try and formulate some analysis across the major pairs over the last 12mths. for eg.
Does 1) dibs work better as a continuation of a trend or trend reversal
2) If a dibs forms when the daily range is only 50% or less used up
3) Is it better to have correlation between the majors ie USD strong = usd/jpy+, usd/gbp + chf/usd -ve before committing to a dibs.
4) does the size of the dids make a differance ie are dibs which are 15pips or less more successful than 30+ dibs (certainly the rr is better)
5) Is the open at 00gmt and where the 6.00 gmt relevent ie if 6.00 is below 00 and a sell dibs is indicated is this better than a didbs sell but the 6.00 open is higher than the 00gmt open.
Maybe someone has done this analysis if so it would be good to see the conclussions. It just struck me that there are 100's of pic of set ups some sucessful some not but no formalised record to draw conclusions from
Maybe we can start a thred adding the trades and indicating succesful ie at least 1:1 hit and some parameteres shown ie
Trade - usd/jpy - sell = failed
1- dibs size = 22
2- 6.00gmt above or below 00.gmt = above
3)- Trend - cont or reversal = cont
4) - in agreement with other pairs = yes
5) - Daily range = <50%
just a thought
I don't think that the concern is that the time on the bottom of the posted chart doesn't match GMT but rather that it appears your open line is the open of the 05:00GMT bar and not the 06:00GMT bar. You posted that chart at 07:00GMT which means that the bar prior to your post would be the 06:00GMT open but your open line appears two bars prior at 05:00GMT. Either way that's still a DIBS trade shown, I think the dotted line for the open was the concern. If the dotted line isn't the 06:00GMT open then that's what was throwing us off.
Good trading,
Brian
I have attached a spread sheet which members can either add to and resave or copy their own and then save maybe each week , we can then between us collate the data and see if anything can be learnt, its an idea and the questions of the top of my head other of you may have more useful Q and parameters to measure
hope it helps
But a few good runners of 150+ pips as well 
Maybe over the long US holiday weekend I will get them in the spreadsheet.Hi F7
That about sums up what I have found as I have looked at the 4hr. Spent a few days looking back...always difficult to do when we would be looking up and down the TF's when the IBs occur: just couldn't see any obvious 'handle' to hook it on like the 1H-Daily open....maybe we are missing something.....PC said it should be viable on any of the higher timeframes
I'm looking back on the weekly....oh to be trading in the 80's loads of pips to be had
Hello fellow traders,
I have read the last few posts where there is an attempt to create a list of results that could help our discreationary skills. I think this can be a helpful thing as long as we don't fall into a trap of trying to "avoid loosing trades". No matter how much we analyse past results, the market still unpredictable and will rip you to pieces if you try to predict its movement. Having said that, I am reminded that the premise of DIBS according to PC is to minimize risk (not losses) and increase our profit by catching a big trend and milking it as long as possible. I am not suggesting that we should take every IB that comes along but taking small losses repeatedly(and getting used to this) until the big one arrives is the backbone of this method. This is where money management is so crucial because if fear creeps in, the result may be that we try to optimize the method. Just the opinion of a struggling trader!
