Billytt Die happy trading e/j daily breakout | Page 1494 | Forex Factory

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Billytt Die happy trading e/j daily breakout

  • #29,861
  • May 31, 2018 5:19pm May 31, 2018 5:19pm
Across the Dead Zone pairs - this UJ stands out. Super-simple. Would have run like a charm.

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If you'd treated CJ as a 1-2-3 on top of its DZ set-up...well, wowee-zowee-boweeeeee...

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  • #29,862
  • May 31, 2018 7:33pm May 31, 2018 7:33pm
Quoting lemercenaire
{quote} I see Billy has already answered on this and what I would add on this is that you need to adjust how you are viewing the counter trade technique. To have 12 trades or whatever running all at the same time while trying to unwind the first one is a failure of technique. (Sorry, I am not trying to be rude, that came across a bit blunt, lol). This fail and fail and fail again can happen if the counter is too large, that is that the buy and sell entries are too far apart, so what you get is price continually either just triggering and turning...
You sir, are just tooooo good! Very good explanation. So much GOLD in that explanation if you want to learn how to counter trade.
  • #29,863
  • May 31, 2018 11:06pm May 31, 2018 11:06pm
Quoting lemercenaire
{quote} Or you could just use a stop...

Thanks lem clear as ever, can you please touch on your money management and risk control?


For example Billy aims at 5% on 5 pips move (yes I know he has another bank account that is not sitting in his broker) So £1000 would give him £50


This is not possible for me. Simply because I don't have the leverage.


So how do you tackle mm?

Most importantly how do you compound? Do you wait 1000 to become 2000 to double lot size?


Regards
Double the account
  • #29,864
  • Jun 1, 2018 12:43am Jun 1, 2018 12:43am
Quoting lemercenaire
{quote} I see Billy has already answered on this and what I would add on this is that you need to adjust how you are viewing the counter trade technique. To have 12 trades or whatever running all at the same time while trying to unwind the first one is a failure of technique. (Sorry, I am not trying to be rude, that came across a bit blunt, lol). This fail and fail and fail again can happen if the counter is too large, that is that the buy and sell entries are too far apart, so what you get is price continually either just triggering and turning...
This is a brilliant explanation Lem....back in the day when i was just learning countering, i had the same trouble of opening multiple trades and panic closing others....
I realised countering requires a big account and a lot of patience, you just sit, watch and wait knowing that if the pair is a consolidation range, it will have to break out of it one way or another and then you pounce as soon as it makes up its mind...learning claudia's consolidation technique surely helps and if you can add scalping to it the better....
  • #29,865
  • Jun 1, 2018 1:11am Jun 1, 2018 1:11am
Yaaaaaay Bingo, nice way to start the day with 11 juicy ones from the Lem Monster nice and quick just how I like it L.O.L.
COULD be done for the day had a great week , will look in on Cable time for BREAKY me thinks Trade safe green pips to all
  • #29,866
  • Jun 1, 2018 1:15am Jun 1, 2018 1:15am
Quoting lemercenaire
{quote} I see Billy has already answered on this and what I would add on this is that you need to adjust how you are viewing the counter trade technique. Or you could just use a stop...
Well put together Lem great explanation and great to have you here.
  • #29,867
  • Edited 5:28am Jun 1, 2018 1:28am | Edited 5:28am
[quote=billytt;11121509]{quote} Hi Z, i cannot speak for Lem but i counter. i only counter specific trades, These trades have good stats and i trade using Frequency Distribution.. Once you study and realise the potential of this it all becomes clear. Use a stop by all means and i do recommend using stop.... But stops do kill....
Thanks Mr B great answer and explanation I absolutely agree Stats and Stats put the work in,, you have always maintained this, same Rules your a star,,, and of course a true gent. I have learned a great deal from you over the years and I am still learning from you guys, and I say to any one looking in, this is the place to be, if you are serious about trading
Catch you guys later.
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  • #29,868
  • Jun 1, 2018 1:32am Jun 1, 2018 1:32am
Quoting Pipradar
Yaaaaaay Bingo, nice way to start the day with 11 juicy ones from the Lem Monster nice and quick just how I like it L.O.L. COULD be done for the day had a great week , will look in on Cable time for BREAKY me thinks Trade safe green pips to all
Nicely done. I haven't even opened the chart yet, lol. I used to do the 07:00 move but dayuumm, it's an hour less in bed, bro!

Also, for those considering it, remember that your spreads will be double at this time, pre UK Open.

(The one day I would probably, or at least I should make an exception for, is the day after a Bank Holiday, or to a lesser extent, any Monday, as you always get a big move at the bell).
  • #29,869
  • Jun 1, 2018 1:57am Jun 1, 2018 1:57am
Quoting zghnno
{quote} Thanks lem clear as ever, can you please touch on your money management and risk control? For example Billy aims at 5% on 5 pips move (yes I know he has another bank account that is not sitting in his broker) So £1000 would give him £50 This is not possible for me. Simply because I don't have the leverage. So how do you tackle mm? Most importantly how do you compound? Do you wait 1000 to become 2000 to double lot size? Regards
My account management is very similar to Billy's. I aim for +5% per day and will run targets of +5% per trade.

My day-to-day trade account is larger (I don't really want to get into the actual size here) and I will also feed it to keep it liquid should I need to if I did get stuck in any kind of mad multi-trade scenario. I have had to do this once in the last year or so and that was simply because I was running a couple of long time-frame trades on the same account and wanted to add-in and counter-trade pull-backs as they developed. Since then, I don't run those kind of trades on that account but give them their own.

I also have a couple of other accounts for different methods and for trialing stuff.

I compound per day.

At the end of the week I withdraw the profits and return the account to the base working level (unless I am specifically looking to fund a purchase of something or other. Gnomes, bee-hives, whatever).
  • #29,870
  • Jun 1, 2018 1:57am Jun 1, 2018 1:57am
Off we go.

Have fun all.
  • #29,871
  • Jun 1, 2018 1:58am Jun 1, 2018 1:58am
Quoting lemercenaire
{quote} Nicely done. I haven't even opened the chart yet, lol. I used to do the 07:00 move but dayuumm, it's an hour less in bed, bro! Also, for those considering it, remember that your spreads will be double at this time, pre UK Open. (The one day I would probably, or at least I should make an exception for, is the day after a Bank Holiday, or to a lesser extent, any Monday, as you always get a big move at the bell).
Hi Lem and thanks Bud, always good to hear your comments, I am always up and about before the Crow Sh,,,ts so to speak L.O.L.
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  • #29,872
  • Jun 1, 2018 2:36am Jun 1, 2018 2:36am
morning all....
t 08-35..

Cable...... The 08-00 15 min bar Low ALMOST BROKE,,, almost is not good enough.
It then broke High and made 8, yaaaaaaaaaaaaaaaaaaaaaaaaaay
I DID NOT TRADE IT.....Today is a no trade day.
Ok, after NFP i might stick a trade on after the move. maybe..
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #29,873
  • Jun 1, 2018 2:38am Jun 1, 2018 2:38am
Quoting billytt
t 21-52 Cable, it is ranging on the 15 bar for the last 5.5 hours? today has been a short range too, hmmmmmmmmmmm ' maybe do a Claudia
Cable did break that range and dropped to yesterdays modest low. and i think usd/cd broke low for a bit.
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #29,874
  • Jun 1, 2018 2:49am Jun 1, 2018 2:49am
Quoting zghnno
{quote} Thanks lem clear as ever, can you please touch on your money management and risk control? For example Billy aims at 5% on 5 pips move (yes I know he has another bank account that is not sitting in his broker) So £1000 would give him £50 This is not possible for me. Simply because I don't have the leverage. So how do you tackle mm? Most importantly how do you compound? Do you wait 1000 to become 2000 to double lot size? Regards
Hi Z, When i opened this thread i was trading for 5% per day. (assuming i traded every day)

i had a £1000 bank and was looking for £50. This paid some bills and gave me something to talk about in here)( funny you mentioned £1000)...

i also have a second bank and this is part of a trading method.
I NEVER EVER USED LEVERAGE................
If you trade look at a gain in %%%% percentage not pips and if you have small bank, definitely not ..oh i only made £5 --$5 etc.

Compounding.... my forte', things have changed now but it is up to you to decide how to compound.
i used to have a 20 lot, 20 stop, and take profit 20 and then double it and double it and double it blah....
AND I DID USE A STOP, but i was more selective with my trades.....
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #29,875
  • Jun 1, 2018 2:52am Jun 1, 2018 2:52am
Quoting billytt
morning all.... t 08-35.. Cable...... The 08-00 15 min bar Low ALMOST BROKE,,, almost is not good enough. It then broke High and made 8, yaaaaaaaaaaaaaaaaaaaaaaaaaay I DID NOT TRADE IT.....Today is a no trade day. Ok, after NFP i might stick a trade on after the move. maybe..
Morning Mr B,

How long after NFP, do you place a trade? 15min 1h or more? What line do you use to trade it? Is it ADR? 4hr bar or anything else?
  • #29,876
  • Jun 1, 2018 2:53am Jun 1, 2018 2:53am
[quote=zghnno;11122614]{quote} Thanks lem clear as ever, can you please touch on your money management and risk control? For example Billy aims at 5% on 5 pips move (yes I know he has another bank account that is not sitting in his broker) So £1000 would give him £50 This is not possible for me. Simply because I don't have the leverage. So how do you tackle mm? Most importantly how do you compound? Do you wait 1000 to become 2000 to double lot size? Regards[/quote]

I think you should perhaps slowly increase your lot size if you do not have the bank......
The aim is to keep hold of what you have and make it grow.
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #29,877
  • Jun 1, 2018 2:57am Jun 1, 2018 2:57am
Thanks for the explanation Lem. Generous and detailed as usual.

Beware guys, we will soon have to sign a £30k pound cheque for all of this teaching... lol

Thanks again
  • #29,878
  • Jun 1, 2018 2:58am Jun 1, 2018 2:58am
Quoting Inception12
{quote} This is a brilliant explanation Lem....back in the day when i was just learning countering, i had the same trouble of opening multiple trades and panic closing others.... I realised countering requires a big account and a lot of patience, you just sit, watch and wait knowing that if the pair is a consolidation range, it will have to break out of it one way or another and then you pounce as soon as it makes up its mind...learning claudia's consolidation technique surely helps and if you can add scalping to it the better....
i was actually scalping Cable yesterday but did not speak of it...
This had nothing to do with my 08-00 break method and the gains were kept separate ..
My 08-00 break is still countering at -10, i thought it was a bit lower than that , but -10 i it is.
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #29,879
  • Jun 1, 2018 3:02am Jun 1, 2018 3:02am
Quoting Pipradar
Quoting billytt
{quote} Hi Z, i cannot speak for Lem but i counter. i only counter specific trades, These trades have good stats and i trade using Frequency Distribution.. Once you study and realise the potential of this it all becomes clear. Use a stop by all means and i do recommend using stop.... But stops do kill.... Thanks Mr B great answer and explanation I absolutely agree Stats and Stats put the work in,, you have always maintained this, same Rules your a star,,, and of course a true gent. I have learned a great deal from you
...
omg thank you for the kind words, you sound like my gf lol yaaaaaaaaaaaaaaaaaaaaaaaaaay.
I am here to help and not in the future start charging as the snakes do.....
I too thank all the contributors who visit here,,,(visit? they live here as its our home) y'know Lem, Claudia, Mr T etc
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #29,880
  • Edited 4:09am Jun 1, 2018 3:04am | Edited 4:09am
Quoting Pipradar
Yaaaaaay Bingo, nice way to start the day with 11 juicy ones from the Lem Monster nice and quick just how I like it L.O.L. COULD be done for the day had a great week , will look in on Cable time for BREAKY me thinks Trade safe green pips to all
i think my 08-00 5 min bar break low grabbed a few points. i wasnt actually looking but one of my minnions pinged me, that is dax
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
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