Billytt Die happy trading e/j daily breakout | Page 1927 | Forex Factory

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Billytt Die happy trading e/j daily breakout

  • #38,521
  • Jan 19, 2019 8:18am Jan 19, 2019 8:18am
Quoting ForeXhell
{quote} Hi & thank you for your reply! I really hate losing (who actually doesnīt) so I still have my first 10.000 demo account intact and itīs now 1% in green territory. I tried from the very first beginning to treat my demo as live account. So besides making dumb mistakes getting used to the trading platform and placing sells with the buy button and vice versa (shame on me I know) I always think before placing a trade if I would take the same trade with real money. In fact I have more problems to stay in a trade once it goes green and I see...
Try putting a trade on say s/l 20 and t/p 60 and walk away from the pc. Let the trade work for you.
  • #38,522
  • Jan 19, 2019 9:55am Jan 19, 2019 9:55am
Quoting claudia1
{quote} Try putting a trade on say s/l 20 and t/p 60 and walk away from the pc. Let the trade work for you.
Set & Forget is a good exercise for new traders to wait out their trade.
Fix up, trade sharp ...
  • #38,523
  • Jan 19, 2019 9:56am Jan 19, 2019 9:56am
Quoting Hickson
{quote} Understand. For now I do not have access to the DAX though, so taking what is there. Btw did you ever look at the winrate of 4-7 am UK (I think that was the range in question, gotta look that up in my notes) Frankenbreak? The Idea is like take 5, if it goes back in the range -5 or -6. {quote} Bring him in, maybe he is kind enough to tell about the play, especially for the no-counter party. It looks like Happyman is also not the countering guy. Big question for AU is a consistent exit management, the entry can be done by a one-eyed bachelor...
When I first developed the Frankenbreak the time slot came about purely because when I placed the indicator I "borrowed" from another method onto the charts, I just left it where it set itself! It was completely by chance.

I came to use the go-for-five approach because although I was looking at first go-for-20 and then go-for-10, it was the fact that I saw it go for 5 in virtually every case that swung it.

I do have the numbers but tbh I'd have to go digging back in time and I don't really have the time nor inclination to do it. I can say that I didn't run a counter method off it originally and it was based off of purely getting the +5 or not.
  • #38,524
  • Jan 19, 2019 10:03am Jan 19, 2019 10:03am
Quoting Hickson
{quote} Understand. For now I do not have access to the DAX though, so taking what is there. Btw did you ever look at the winrate of 4-7 am UK (I think that was the range in question, gotta look that up in my notes) Frankenbreak? The Idea is like take 5, if it goes back in the range -5 or -6. {quote} Bring him in, maybe he is kind enough to tell about the play, especially for the no-counter party. It looks like Happyman is also not the countering guy. Big question for AU is a consistent exit management, the entry can be done by a one-eyed bachelor...
Bo did a lot of work on his own time and I wouldn't ask him to share that legwork here. There are reasons why. None of which concern us here.

Suffice it to say, his work showed that it was better (for those against countering) to deliberately wait for a fail and then trade the break of the other side, aiming for the (modest) daily range.

He would sometimes add in to that move if it looked strong enough by entering early as a WZ trade - in effect trading the retrace. However, this was just jam, as the main thing was the fail-and-opposite-break (this also meant you wouldn't be caught out by a fail, that wasn't a fail in the end).
  • #38,525
  • Jan 19, 2019 10:07am Jan 19, 2019 10:07am
All this talk of my Frankenbreak has stirred up some thoughts I had had about it previously. I will be looking at it again through the week with these new ideas in place and will report back.
  • #38,526
  • Jan 19, 2019 10:08am Jan 19, 2019 10:08am
Quoting lemercenaire
{quote} Bo did a lot of work on his own time and I wouldn't ask him to share that legwork here. There are reasons why. None of which concern us here. Suffice it to say, his work showed that it was better (for those against countering) to deliberately wait for a fail and then trade the break of the other side, aiming for the (modest) daily range. He would sometimes add in to that move if it looked strong enough by entering early as a WZ trade - in effect trading the retrace. However, this was just jam, as the main thing was the fail-and-opposite-break...
OK, we have to accept that and make our own findings then.
Fix up, trade sharp ...
  • #38,527
  • Jan 19, 2019 10:09am Jan 19, 2019 10:09am
[quote=ForeXhell;11900657]{quote} Hi Kevin! Labradoodles are adorable, friends of us have one. They also say that they dont lose that much fur. My New Foundland "Sunny" passed away many years ago ... Looked exactly like the one on the picture. Have great weekend! Tom {image}[/quote
  • #38,528
  • Jan 19, 2019 10:13am Jan 19, 2019 10:13am
[quote=kevin1959;11903344]
Quoting ForeXhell
{quote} Hi Kevin! Labradoodles are adorable, friends of us have one. They also say that they dont lose that much fur. My New Foundland "Sunny" passed away many years ago ... Looked exactly like the one on the picture. Have great weekend! Tom {image}[/quote
Hi Tom
The Newfoundland sure looks a beauty.
The only Newfounland that I know is Nana from Peter Pan LOL.
Just had the Labradoole out for a five mile walk, and he still want's to play
Regards
Kev
  • #38,529
  • Jan 19, 2019 10:13am Jan 19, 2019 10:13am
Quoting lemercenaire
{quote} When I first developed the Frankenbreak the time slot came about purely because when I placed the indicator I "borrowed" from another method onto the charts, I just left it where it set itself! It was completely by chance. I came to use the go-for-five approach because although I was looking at first go-for-20 and then go-for-10, it was the fact that I saw it go for 5 in virtually every case that swung it. I do have the numbers but tbh I'd have to go digging back in time and I don't really have the time nor inclination to do it. I can say...
OK, that is quite interesting, because some do and you originally did not. If no counter, we need a stop though and that leaves us with the make or break question when it is advisable to take the loss. -5, -6, -7, -8... It all will give totally different results over time I believe. It depends on the question: will it give the five usually with almost no DD or can it go against you 5-7 on a regular basis. I am afraid, the test Lab is open once again for at least a year in this case lol ...
Fix up, trade sharp ...
  • #38,530
  • Jan 19, 2019 11:30am Jan 19, 2019 11:30am
Quoting billytt
{quote} hi. i actually should not of spoken about 00-00 4 hour bar as that is a fixer bar looking for the adr ( average daily range). we have the 00-00 4 hour bar, with a High & Low, we also have calculated average of the previous 5 days daily ranges. adr calculated over previous 5 days is example. 100+150++100+150+180 =680 divide by 5 =136. so adr is 136. Once the 00-00 bar high/low is broken it might keep moving to make the adr (might) we do not really know. BUT if it breaks then retraces to break the opposite end high/low we now have more idea...

Just posting a chart to make sure I understand the basics.

Would this be a valid breakout, or do we add something like a safety pip and/or Spread?

Is the SL discretionary or something else?

Thanks and a great Saturday evening!
Tom
Attached Image (click to enlarge)
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  • #38,531
  • Jan 19, 2019 11:41am Jan 19, 2019 11:41am
Quoting Hickson
{quote} It is good to protect capital first. As traders, we have to accept losses nonetheless. Of course, they have to be small within your risk parameters. But they will occurr and we have to be as much aware of the fact that fearing the risk will not bring us much further than recklessly risking the full margin. It may sound like esoteric blablabla, but indeed in trading, we must find our middle far away from the extremes of fear and greed. No feeling too down nor too high. It is a daily battle I fight with myself.
Hi Hickson,

Thanks for that. Makes much sense! Especially the advice to find our middle far away from the extremes!
Thats why I am trying to find out if I can fade into a trade. Right now I feel better starting a trade only with 20% of the total position.
I know the overall outcome is always less compared to all in at the beginning, but it seems to calm me down when I can add even when the position is down a litte but the main idea is still intact.

Have a great Saturday evening
Tom
  • #38,532
  • Jan 19, 2019 12:17pm Jan 19, 2019 12:17pm
Quoting billytt
{quote} Chart A. 00-00 4 hour bar low broke, this instance it kept going. Originally we did not know how far??????? but it almost made the adr. {image} Chart B. 00-00 4 hour bar, The low broke , we did not know to where it would go BUT IT RETRACED TO BREAK HIGH. and carried on to make the adr. this is easier to trade. {image}

Sorry my first response I had the EURJPY and not the GBPUSD!

Looking only at 4 Hr bars makes it easier to understand but going down to lower time frames I can see that price is justing testing the high or low with a few pips. Thatīs why I asked about including safety pips and/or Spread and about the SL.

Or is it all about the retrace?

Maybe I am mixing things up, but dont we go for 5 Pips?
  • #38,533
  • Jan 19, 2019 12:23pm Jan 19, 2019 12:23pm
Quoting claudia1
{quote} Try putting a trade on say s/l 20 and t/p 60 and walk away from the pc. Let the trade work for you.
Quoting Hickson
{quote} Set & Forget is a good exercise for new traders to wait out their trade.
Hi Claudia and Hickson,

Hmm thinking abou that provides me with GooseBumps :-)
What time frame would you recommend for 20/60?
Right now I am watching 5 and 15 Mins and try to find 1-2-3 setups.

Cheers
Tom
  • #38,534
  • Jan 19, 2019 12:28pm Jan 19, 2019 12:28pm
[quote=kevin1959;11903348]
Quoting kevin1959
{quote} Hi Tom The Newfoundland sure looks a beauty. The only Newfounland that I know is Nana from Peter Pan LOL. Just had the Labradoole out for a five mile walk, and he still want's to play Regards Kev
Nana from Peter Pan --->

Yes, she was really a beauty and much more a Seety!

Wow, 5 Miles? How old is this Puppy? Make sure that she does not feel to happy with you because you will have to give the Labradoodle to your friends

Cheers
Tom
  • #38,535
  • Jan 19, 2019 12:37pm Jan 19, 2019 12:37pm
Quoting ForeXhell
{quote} Just posting a chart to make sure I understand the basics. Would this be a valid breakout, or do we add something like a safety pip and/or Spread? Is the SL discretionary or something else? Thanks and a great Saturday evening! Tom {image}
Hmm....I thought the break out was on the far right ( Second bar from the right).
every Saint has a past. Every Sinner has a Future
  • #38,536
  • Jan 19, 2019 6:08pm Jan 19, 2019 6:08pm
Just dropped in to pick up mail as I sit here listening to music and letting the day drift into tomorrow.

Here's one many will never have heard, from a film even fewer will have seen (I saw it on the big screen and the cinematography is extraordinary).

Inserted Video
  • #38,537
  • Jan 20, 2019 1:09am Jan 20, 2019 1:09am
Quoting turnip15
{quote} Hmm....I thought the break out was on the far right ( Second bar from the right).
Hi turnip!

First I thought its all about the first breakout, but there are too many false ones.
So thats why the retracement is the most important part, right?

I try again with Fridays GBPUSD.
Would that been the right way?

Thanks
Tom
Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDM5_4HrBar.png Size: 66 KB
  • #38,538
  • Jan 20, 2019 1:25am Jan 20, 2019 1:25am
[quote=ForeXhell;11903501]
Quoting kevin1959
{quote} Nana from Peter Pan ---> Yes, she was really a beauty and much more a Seety! Wow, 5 Miles? How old is this Puppy? Make sure that she does not feel to happy with you because you will have to give the Labradoodle to your friends Cheers Tom
Hi Tom
The Labradoodle is around six years old, and he loves long walks.
Good luck with your trading, and I am sure you will enjoy this site.
Regards
Kev
  • #38,539
  • Jan 20, 2019 1:33am Jan 20, 2019 1:33am
Quoting ForeXhell
{quote} {quote} Hi Claudia and Hickson, Hmm thinking abou that provides me with GooseBumps :-) What time frame would you recommend for 20/60? Right now I am watching 5 and 15 Mins and try to find 1-2-3 setups. Cheers Tom
Try to pull out a chart on H1 or H4 and put on trades around these pip amounts. Walk away once all is set and wait for tp or sl to hit. 1-2-3 setups from the other thread are more for shorter targets I believe.
Fix up, trade sharp ...
  • #38,540
  • Jan 20, 2019 3:00am Jan 20, 2019 3:00am
Quoting Hickson
{quote} Yes, but the Frankenbreak on EG is a total different story. It could be a one and done in the morning, no sticks, no strings, no counter, take the loss here and there and rely on the winrate.
Hi, i am not sure what you mean?....
When i traded E/J Daily Break many years ago , the break could happen any time(in theory) so i had alarm setup on its movement should it happen in the early hours.
Then with all my stats i found out trading off the 04-00 4 hour bar was the best.
That also meant i could sleep ....
As far as i am concerned Frankie may as well not exist so too with US market open.

With the 04-00 4 hr bar, we are basically trading from the Asian session..
The 00-00 4 hour bar is excellent for focusing on the adr and fixing bad trades... we also have another couple of bars which are good indicators....

I am lucky that i live in the UK to be able to trade as i do. If i lived in Australia for instance i would still definitely trade off UK times, as it is simply the best...
Trade well
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
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