DislikedHi all. Not sure if it has been mentioned already but the Billy bar trade got 5 pips and more this morning on GU. I am beginning to wonder what would happen if we bought/sold when the price hit the trigger on either side of the 8am 15 minute bar, but instead of going for 5 pips, just let the thing take its course. So price breaks the low, we sell, breaks the high, we buy. Kind of like a line in the sand trade. Let it keep going to create a daily high/low (modest daily range). Any thoughts on this? Sorry if my post isn't clear, let me know and I'll...Ignored
Bear in mind that the +5 isn't actually just +5 pips, it is (in Billy's and my case anyway) +5% and making +5% on account every day is not to be sneezed at.
Also, it is designed specifically to be over and done with quickly. Billy wasn't interested in this stage of his life with trading "full time", in the respect of sitting all day running trades. He wanted in and out and off to set his girlfriend's garden on fire, all before breakfast.
Stats told him running the Billy-Bar that way got the job done.
However, that's not to say it is not open to further analysis and in my opinion (and I used Wick-Zone on the bar myself, remember, Billy didn't) so long as you locked in your +5 initially, then if you want to let it run to add more, then all fair play.
A similar situation comes up with The Dead Zone set-up, where usually I am satisfied with that +5% on the main move but it is entirely possible to make much, much, more on it by playing price across the zone throughout the day, surfing it.
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