SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
Billytt Die happy trading e/j daily breakout
- #45,023
- Oct 18, 2019 2:06am Oct 18, 2019 2:06am
- Joined Oct 2015 | Status: Trader | 18,269 Posts
The Not-The-Billy-Bar blew up through the high for the +5 and more.
It's now, in the time it has taken me to write this, dropped all the way back again, lol. That pivot in action.
It's now, in the time it has taken me to write this, dropped all the way back again, lol. That pivot in action.
- #45,025
- Oct 18, 2019 2:20am Oct 18, 2019 2:20am
- Joined Oct 2015 | Status: Trader | 18,269 Posts
The Billy-Bar looks too big for me personally and as we have our head pressed up against that pivot, I wouldn't be too keen on going long from it.
Going as a WZ move, it's just made the +5 on the move back down into the body. Not traded by me. Definitely one of those days. I may just go back to bed, lol.
Going as a WZ move, it's just made the +5 on the move back down into the body. Not traded by me. Definitely one of those days. I may just go back to bed, lol.
- #45,029
- Oct 18, 2019 2:31am Oct 18, 2019 2:31am
- Joined Feb 2009 | Status: Trader | 25,867 Posts
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
- #45,030
- Oct 18, 2019 2:59am Oct 18, 2019 2:59am
- Joined Feb 2009 | Status: Trader | 25,867 Posts
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
- #45,034
- Oct 18, 2019 4:34am Oct 18, 2019 4:34am
- Joined Feb 2009 | Status: Trader | 25,867 Posts
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
- #45,035
- Oct 18, 2019 4:35am Oct 18, 2019 4:35am
- Joined Feb 2009 | Status: Trader | 25,867 Posts
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
- #45,036
- Oct 18, 2019 5:15am Oct 18, 2019 5:15am
- Joined Oct 2015 | Status: Trader | 18,269 Posts
(Ok, I'll mention it, lol...) Billy-Bar. Broke High...nope, nothing there...retraced all the way through...just about broke the low level...failed...retraced all the way back up to the mid-line then back down...broke again...made about +4.
Would you have closed that and been happy? Maybe. If you didn't, then it retraced all the way back North, broke Long and made about +35.
As I had said, at that size of bar, I would not have been keen on taking this today - in fact, I obviously didn't. However the one thing a larger bar does give you, is room to run WZ or retrace trades inside the range should you need to.
Then so long as you stayed calm, the eventual break that came, more than compensated you for the grief and annoyance.
Would you have closed that and been happy? Maybe. If you didn't, then it retraced all the way back North, broke Long and made about +35.
As I had said, at that size of bar, I would not have been keen on taking this today - in fact, I obviously didn't. However the one thing a larger bar does give you, is room to run WZ or retrace trades inside the range should you need to.
Then so long as you stayed calm, the eventual break that came, more than compensated you for the grief and annoyance.
- #45,037
- Oct 18, 2019 5:18am Oct 18, 2019 5:18am
- Joined Sep 2006 | Status: Trader | 10,704 Posts
every Saint has a past. Every Sinner has a Future
- #45,040
- Oct 18, 2019 5:33am Oct 18, 2019 5:33am
- Joined Oct 2015 | Status: Trader | 18,269 Posts
[quote=ia1979;12568767]A while ago Mr T posted a YouTube video concerning a guy trading the break of the 8am-9am 1 hour bar (GU). TP 50 pips and SL the other side of the bar. A quick visual test shows that this would work most days. Both sides do break occasionally but if your TP is larger than your SL (or you use countering), looks like a win win. Got to love line trading lol. I'm sure I read somewhere that there was once a guy (is this an urban legend lol) who could draw a line anywhere on a chart, and trade the break of that line to make money. I can see the logic...[/quote]
That's a great exercise to run. As soon as you get a candle Close/Open go in both ways and manage that counter set. Because the hedge is so small, it is almost immediately into profit on one leg. Good fun and a useful exercise (that also makes money, so bonus, lol).
My old mate, Pippy and I were looking at a method called ''Top-of-the-Hour'', which took advantage of the fact that every single bar will retrace off the Close of the previous one for at least some distance. We were just spit-ballin' but here was definitely some merit in it.
As for simply drawing a line anywhere and trading it, yep, it works...but you need to have some level of experience in executing very quick trade management techniques and an actual trade plan in place, not just random in-and-out stuff.
The addition of a directional bias is the key to making any of these a genuine stand alone method.
Oh and yeah, your ''Urban Legend'' is not one, though he is a legend, lol. An
legend. 
That's a great exercise to run. As soon as you get a candle Close/Open go in both ways and manage that counter set. Because the hedge is so small, it is almost immediately into profit on one leg. Good fun and a useful exercise (that also makes money, so bonus, lol).
My old mate, Pippy and I were looking at a method called ''Top-of-the-Hour'', which took advantage of the fact that every single bar will retrace off the Close of the previous one for at least some distance. We were just spit-ballin' but here was definitely some merit in it.
As for simply drawing a line anywhere and trading it, yep, it works...but you need to have some level of experience in executing very quick trade management techniques and an actual trade plan in place, not just random in-and-out stuff.
The addition of a directional bias is the key to making any of these a genuine stand alone method.
Oh and yeah, your ''Urban Legend'' is not one, though he is a legend, lol. An
legend.