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Billytt Die happy trading e/j daily breakout

  • #20,581
  • Jul 27, 2017 2:22am Jul 27, 2017 2:22am
Quoting billytt
t 08-15... E/U Low broke for +7 (pre spread) then a retrace, This was enough to get 5 points like yesterday, BUTi did not trade it, Range was 50 and it opened almost as it closed last bar.... Cable next...
You know me......I'm rooting on Cable to FAIL!!
  • #20,582
  • Jul 27, 2017 2:25am Jul 27, 2017 2:25am
[quote=billytt;10127273]
Quoting bojack34
After yesterday's double fail on 04-00 break with AU........today would have been a good day to get back some of or all of your... bad double fail "Limbo" trade from the day prior. You could have maybe yesterday??? you mean Wed 26th.... A/U High broke and kept going..
YES!!! my mistake. I was just trying to show an example of a clean trade and a possibility of getting some pips back from a trade in limbo. I should leave the teaching to the teacher huh? LOL
  • #20,583
  • Jul 27, 2017 2:26am Jul 27, 2017 2:26am
[quote=bojack34;10127243]After yesterday's double fail on 04-00 break with AU........today would have been a good day to get back some of or all of your... bad double fail "Limbo" trade from the day prior.


08-24
correct Bo,
A/U adr is very close for the 20 day, but still 25 left on the 5 day.
We have more scope if it triggers the Low which it has done...
easy to say after
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #20,584
  • Jul 27, 2017 2:26am Jul 27, 2017 2:26am
Quoting bojack34
{quote} You know me......I'm rooting on Cable to FAIL!!
yes indeed, but the Low has triggered.
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #20,585
  • Jul 27, 2017 2:30am Jul 27, 2017 2:30am
Quoting billytt
{quote} yes indeed, but the Low has triggered.
I'm hoping that Yesterday's High will act as support and help cable turn north for us.......Hopefully price goes really high so Claudia has plenty of room for it to fall. Make us all happy!!
  • #20,586
  • Jul 27, 2017 2:33am Jul 27, 2017 2:33am
[quote=StudyFX;10126615]I took my biggest lost ever since I joined Billy's thread. I'm too embarrassed to even show my chart so I hope you guys understand. I still want to talk about it and give myself a lesson. My biggest mistake was not being aware of high impact news before entering a trade. I also did not take a small loss even when I found out about Crude Oil and FOMC coming up.

Sorry to hear of the loss, i have done it and no doubt others.
Lesson learned. Trade counter, It is very hard to start trading the news as catch up.
It could of been lucky but not that day.
You will get back... Just assess your trade/s and see what happened?
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #20,587
  • Jul 27, 2017 2:33am Jul 27, 2017 2:33am
Quoting bojack34
{quote} I'm hoping that Yesterday's High will act as support and help cable turn north for us.......Hopefully price goes really high so Claudia has plenty of room for it to fall. Make us all happy!!
We trade lines
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #20,588
  • Jul 27, 2017 2:35am Jul 27, 2017 2:35am
E/U did make +10 after the low break..
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #20,589
  • Jul 27, 2017 2:36am Jul 27, 2017 2:36am
Quoting billytt
{quote} We trade lines
I keep telling myself that.....It's at the Top of my Rules page..haha....but it's hard not to look at the chart and at least try to speculate or guess which way price will go. I'm not trading on those hunches....just hoping for price to favor one way over the other....thats all. I TRADE LINES!!!
  • #20,590
  • Jul 27, 2017 2:39am Jul 27, 2017 2:39am
Quoting bojack34
{quote} I'm hoping that Yesterday's High will act as support and help cable turn north for us.......Hopefully price goes really high so Claudia has plenty of room for it to fall. Make us all happy!!
t 08-38
Cable Low triggered and has retraced, you may get your wish Bo,lol.
First we have scope to do a retrace short but if it does fail, we are on for +20 ? daily High and ADR.

edit, it has dropped 10 + since 08-38...
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #20,591
  • Jul 27, 2017 2:39am Jul 27, 2017 2:39am
Quoting bojack34
{quote} I keep telling myself that.....It's at the Top of my Rules page..haha....but it's hard not to look at the chart and at least try to speculate or guess which way price will go. I'm not trading on those hunches....just hoping for price to favor one way over the other....thats all. I TRADE LINES!!!
no problem with that bud, i sometimes say ,it looks like this,looks like that
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #20,592
  • Jul 27, 2017 2:44am Jul 27, 2017 2:44am
Hi guys, just want to make sure I have the initial strategy correct. I wait for first 4 hr bar of the day to close, if the range is greater than 20 pips , I bracket the bar with a buy stop at the top and a sell stop at the bottom and whichever triggers first I take that and aim for 5 pips. with my stop loss being at the hi or lo of the candle depending whether my long or short has been triggered. Is this correct ? and thanks Billy, mighty nice of you to share!!
  • #20,593
  • Edited 3:16am Jul 27, 2017 2:55am | Edited 3:16am
t 08-55
cable dropped then retraced again, we can still short again..

t09-16, it dropped +8
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #20,594
  • Jul 27, 2017 2:56am Jul 27, 2017 2:56am
Quoting sheppy
Hi guys, just want to make sure I have the initial strategy correct. I wait for first 4 hr bar of the day to close, if the range is greater than 20 pips , I bracket the bar with a buy stop at the top and a sell stop at the bottom and whichever triggers first I take that and aim for 5 pips. with my stop loss being at the hi or lo of the candle depending whether my long or short has been triggered. Is this correct ? and thanks Billy, mighty nice of you to share!!
that is correct but i do not use a stop loss, i counter
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #20,595
  • Jul 27, 2017 3:01am Jul 27, 2017 3:01am
Can you enlighten on how you counter trade it Billy or is that a secret? I was thinking if I used a stop loss to have my counter trend order sitting there with increased lot size to recoup my loss and capture 5 pips on the counter trade. is my thinking flawed here?
  • #20,596
  • Jul 27, 2017 3:13am Jul 27, 2017 3:13am
Quoting sheppy
Can you enlighten on how you counter trade it Billy or is that a secret? I was thinking if I used a stop loss to have my counter trend order sitting there with increased lot size to recoup my loss and capture 5 pips on the counter trade. is my thinking flawed here?
today as example,,, Cable 04-00 bar has a range of 28....
The low broke for +5 (pre spread).
if it retraces and Fails,, the High should then be a counter. Bad trade held at -28.
we have good odds of getting +20 off High Break (if triggered) . Daily High should be made and a good chance adr is made,
daily high and adr are very close today.
Once you get trading this way you can do retrace trades etc to help offset losses.
Attached Image
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #20,597
  • Edited 3:47am Jul 27, 2017 3:13am | Edited 3:47am
Quoting StudyFX
I took my biggest lost ever since I joined Billy's thread. I'm too embarrassed to even show my chart so I hope you guys understand. I still want to talk about it and give myself a lesson. My biggest mistake was not being aware of high impact news before entering a trade. I also did not take a small loss even when I found out about Crude Oil and FOMC coming up. I knew it would be more likely for price to keep whipping and ranging until the news, but I just kept trading. I was being stubborn. I shouldn't have traded USDCAD...
Sorry to hear that, buddy. I guess we've all been there at some point and all will empathise.

One of the hardest aspects of my character I had to get over - or at least manage - was the need to win every trade. As you know, that leads to the red mist and the dreaded revenge-trading. I eventually got to the base of my trader's psychological mind and found the work-around of looking to win every day. Sounds just as bad but in reality it's not, as that led to my developing my strategy of spreading multiple methods through the day. This ultimately gives me the ability to walk away and stay in the game simultaneously. Does that make sense?

Anyway, I know the last thing I would want to be hearing right now is a bunch of platitudes. You already know what you did wrong. However, before I let you go, I have said this before but it bears saying again - the only mistakes are the ones you don't learn from - I figure that this is not a road you're going to be travelling down again any time soon, right?

Now pick yourself up and get back on the horse. It's all good.
  • #20,598
  • Jul 27, 2017 3:21am Jul 27, 2017 3:21am
Quoting sheppy
Hi guys, just want to make sure I have the initial strategy correct. I wait for first 4 hr bar of the day to close, if the range is greater than 20 pips , I bracket the bar with a buy stop at the top and a sell stop at the bottom and whichever triggers first I take that and aim for 5 pips. with my stop loss being at the hi or lo of the candle depending whether my long or short has been triggered. Is this correct ? and thanks Billy, mighty nice of you to share!!
Hi sheppy.

I'd also add that it's not the first 4 hr bar of the day, it's the 04:00 - 08:00 bar (and that's the UK time bar).
  • #20,599
  • Jul 27, 2017 3:30am Jul 27, 2017 3:30am
Quoting billytt
{quote} today as example,,, Cable 04-00 bar has a range of 28.... The low broke for +5 (pre spread). if it retraces and Fails,, the High should then be a counter. Bad trade held at -28. we have good odds of getting +20 off High Break (if triggered) . Daily High should be made and a good chance adr is made, daily high and adr are very close today. Once you get trading this way you can do retrace trades etc to help offset losses. {image}

I gotta be thick here, , my broker IC Markets runs at gmt+2 hrs so for the first four hrs I had a high 1.31265 and a low of 1.31073 so I didnt even take a trade on the cable because the range was too small. Do I need to be looking at another 4 hr period as your hi and low and range are sure different than mine Thanks again Billy you are very generous to share your wisdom
  • #20,600
  • Jul 27, 2017 3:36am Jul 27, 2017 3:36am
Quoting sheppy
{quote} I gotta be thick here, , my broker IC Markets runs at gmt+2 hrs so for the first four hrs I had a high 1.31265 and a low of 1.31073 so I didnt even take a trade on the cable because the range was too small. Do I need to be looking at another 4 hr period as your hi and low and range are sure different than mine Thanks again Billy you are very generous to share your wisdom
My High/Low is taken off the 04-00 Uk time bar.
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
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