The DIBS Method... No Free Lunch continues

Well we got an IB on the GBP/USD followed by a pin bar that has gone down to support. I will be long if she breaks above the IB. There is a bit of risk with this but the support line has held, the pin bar confirms that we might have reached the bottom of this down trend and we could be heading back up.

take care

i'm taking the day off... don't like what i see chart wise so will start the week tomorrow.

Current Positions

EUR Short @ 1.3533 Current Lm @ 1.3251 (282)
USD/CHF Short @ 1.1484 SL 1.1510 Risk 26 pips
GBP/USD Long @ 1.4185 SL 1.4132 Risk 53 Pips

All trades currently executed with the last 2 up 6 pips.

Good Luck all

I shorted this earlier, as price momentarily broke daily demand line, but bounced back and stopped me out. Won't be doing that again unless the daily bar/candle has opened below/above the trendline, not approaching it.

Update: Just stopped out on EUR/USD. Looked like a decent short entry signal. C'est La Vie.

The IB on the EUR/GBP looks tempting, but there is resistance on the 4HR. I have learned from this morning's GBP/USD, that price may bounce back off this.

Correction: EUR/GBP. Apologies!

I stayed out of this trade to see if price would bounce off the 4 HR demand line.

I've superimposed the 4 HR trendlines onto the 1 HR chart for clarification:

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did you take the GBP short or long with your initial trade

Swissy closed for loss of 26 whilst the pound is looming near my SL, eur is still running

Hi Razor,

I took the GBP/USD short, as mentioned. The price had broken below the daily trendline, but then it bounced back off the 4 HR and stopped me out. Then I had another look at the daily, and price was just stalling there. Should have stayed out of that one, with PA being so close to the daily TL.

Price is headed south again now...but still has resistance from the 4 HR and Daily demand lines to break through, so 'much' resistance.

I'm just experimenting with trendlines, and trying to see if they are a good tool to help filter out bad IB trades. Too early to conclude anything yet, but there has been a lot of hesitation around trendlines today so far and they have hampered every trade I've entered.

Currently, I'm still long USD/CHF which is just stalling at the 4 HR supply line.

(Update, it's just broken through in my favour....see what I mean about things not being conclusive!).

It seems there is always going to be resistance. Should I always stay out of trades near resistance...surely not ALL...it's something I'll just have to learn to decide...

I also shorted EUR/USD earlier in the day, and got stopped out when price bounced back off the 1 HR trendline.

I shorted EUR/USD again, but felt there was less risk of the 'bounceback' as the high side of the IB was almost touching the supply line. There was only 1 HR trendline resistance on that trade. Price had already broken south of the 4 HR trendline and daily resistance was some way off. So there was 'lesser' resistance overall, IMHO.

Currently free trades, EUR/USD and USD/CHF.

I hope the image, (EUR/USD), clarifies my 2 trades on that pair:

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any of you guys long cad/usd break from the last hour

nah, i get big spreads with the CAD so i stay away. Did you take it long

yep up 40 at mo,free trade time

just gone short eur/gbp 9252 needs a lot of effort to break yesterdays low but its a trade good r/r ratio,anyone else on this

just taken 100 pips for my cad/usd trade,im beggining to like this methodology,still short eur/gbp waiting for break to downside

also short aud/usd 6779, 18 pip stop

stopped out on AUD still, got eur/gbp short

Nice work mate

eur finally closed, price hit my SMA for a nice total of 330 pips. GBP is still active and up 88 pips with 30 guarenteed. nice monday

gbp just doesnt want to break the top of this channel. Damn thing

Morning all.

Not much happening DIBS wise, as far as I can see. Have been watching USD/JPY stalled at resistance for quite some time.

we'll have fireworks soon enough!