Billytt Die happy trading e/j daily breakout | Page 2594 | Forex Factory

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Billytt Die happy trading e/j daily breakout

  • #51,861
  • Jul 9, 2020 4:28pm Jul 9, 2020 4:28pm
Quoting lemercenaire
{quote} I have had a close look and seems my skin is intact.
Even more intrigued now
  • #51,862
  • Jul 9, 2020 5:02pm Jul 9, 2020 5:02pm
Quoting tommiho
{quote} Even more intrigued now
Can't remember what happened earlier today on Dax but as an expirement, place a line say 30 pips above/below the open and using a 5 minute chart, paper trade it in the direction of the cross. Do it on any chart and you'll be surprised by how simple/effective this is. Of course you will have a few bad trades. But the eventual move will make it worthwhile.
  • #51,863
  • Jul 9, 2020 5:04pm Jul 9, 2020 5:04pm
Quoting Nikl
{quote} Herein lies the challenge Lem, at least for me anyway, to admit I got it wrong and click the close button in a timely fashion!
Indeed.
  • #51,864
  • Jul 9, 2020 5:07pm Jul 9, 2020 5:07pm
Quoting ia1979
{quote} Can't remember what happened earlier today on Dax but as an expirement, place a line say 30 pips above/below the open and using a 5 minute chart, paper trade it in the direction of the cross. Do it on any chart and you'll be surprised by how simple/effective this is. Of course you will have a few bad trades. But the eventual move will make it worthwhile.
Well, put it this way - and this is also for SF as I promised - The Buy Zone runs a trigger Long and Short, placed 7 pips away from the day's clock change - so Midnight - and trade away from the Weekly Open. Bish-Bash-Bosh. Cash Machine.
  • #51,865
  • Jul 9, 2020 5:16pm Jul 9, 2020 5:16pm
Quoting lemercenaire
{quote} Well, put it this way - and this is also for SF as I promised - The Buy Zone runs a trigger Long and Short, placed 7 pips away from the day's clock change - so Midnight - and trade away from the Weekly Open. Bish-Bash-Bosh. Cash Machine.
Hi Lem
i tried this on Tuesday as an experiment on 20 pairs. Pending orders with 2 pip tp in the direction of the weekly open. 17 pairs hit their tps within the first few hours, the others later on in the day. I used Uk day open time. Quite a few of the pairs returned back to the zone only to break out again so more pips could have been harvested
  • #51,866
  • Jul 9, 2020 5:34pm Jul 9, 2020 5:34pm
Quoting Nikl
{quote} Hi Lem i tried this on Tuesday as an experiment on 20 pairs. Pending orders with 2 pip tp in the direction of the weekly open. 17 pairs hit their tps within the first few hours, the others later on in the day. I used Uk day open time. Quite a few of the pairs returned back to the zone only to break out again so more pips could have been harvested
Yep and that is not unusual, as you will see on the thread in The Other Galaxy.

It's not always a good idea to leave as a set-and-forget, as you can get a trigger and reverse then trigger and reverse situation. Easily managed if you are at the screens but not so good if you aren't.

Having said that, when I ran the trial, I did no outside interference either, just let them run, so there is that.

I also reckoned that in a double-hit situation, it was actually better to leave it that way and not have stops set at the other trigger, as in the worst case scenario, you would at least have a trade and counter trade situation that could be unwound later, using the almost inevitable day session reversal.

Having one hefty chunk in the bag and only needing a small session reversal needed to get you green, without taking any momo add-ins into account is preferable to having both trigger, reverse, sl...trigger, reverse, sl.

See what I mean?
  • #51,867
  • Jul 9, 2020 5:38pm Jul 9, 2020 5:38pm
Quoting lemercenaire
{quote} Well, put it this way - and this is also for SF as I promised - The Buy Zone runs a trigger Long and Short, placed 7 pips away from the day's clock change - so Midnight - and trade away from the Weekly Open. Bish-Bash-Bosh. Cash Machine.
i'll have to go take a look at my notes again on this strategy. I cannot for the life of me remember why he uses 7 pips from open on each side.
  • #51,868
  • Jul 9, 2020 5:39pm Jul 9, 2020 5:39pm
Quoting Nikl
{quote} Hi Lem i tried this on Tuesday as an experiment on 20 pairs. Pending orders with 2 pip tp in the direction of the weekly open. 17 pairs hit their tps within the first few hours, the others later on in the day. I used Uk day open time. Quite a few of the pairs returned back to the zone only to break out again so more pips could have been harvested
What was your SL and Risk%? How far were you letting those trades go against you in order to get those 2 pips?
  • #51,869
  • Jul 9, 2020 5:44pm Jul 9, 2020 5:44pm
Quoting bojack34
{quote} i'll have to go take a look at my notes again on this strategy. I cannot for the life of me remember why he uses 7 pips from open on each side.
The 7 pip zone came about as a result of the original strategy using the stock market. He used a ''Hot-Stock'' list. He didn't / doesn't use it on FX / indices.

I am a lazy sod and had no real interest in the theory behind it, I just ran it blind to see what would happen. Wads of cash happened.
  • #51,870
  • Jul 9, 2020 5:47pm Jul 9, 2020 5:47pm
Quoting bojack34
{quote} What was your SL and Risk%? How far were you letting those trades go against you in order to get those 2 pips?
You can run a sl, so it is always -14 if you do so. -7 either side of the trigger line.

He also does not run a bias.

I added the ''only trade away from the weekly open''.
  • #51,871
  • Jul 9, 2020 5:55pm Jul 9, 2020 5:55pm
Quoting lemercenaire
{quote} You can run a sl, so it is always -14 if you do so. -7 either side of the trigger line. He also does not run a bias. I added the ''only trade away from the weekly open''.
easy peasy. trade the break of the 7 pip line and use a 14 pip SL. No Bias. I too like the idea of watching the Weekly Open.
  • #51,872
  • Jul 9, 2020 6:05pm Jul 9, 2020 6:05pm
Quoting lemercenaire
{quote} Well, put it this way - and this is also for SF as I promised - The Buy Zone runs a trigger Long and Short, placed 7 pips away from the day's clock change - so Midnight - and trade away from the Weekly Open. Bish-Bash-Bosh. Cash Machine.
Great info..thanks
Good input from othrrs too..thanks again
I am looking at it NOW..9am Oz time..lol
Onwards and upwards...
  • #51,873
  • Jul 9, 2020 6:09pm Jul 9, 2020 6:09pm
Quoting bojack34
{quote} easy peasy. trade the break of the 7 pip line and use a 14 pip SL. No Bias. I too like the idea of watching the Weekly Open.


Remember, you are only looking for an initial +2 locked in.
  • #51,874
  • Jul 9, 2020 6:14pm Jul 9, 2020 6:14pm
Quoting soccerfan
{quote} Great info..thanks Good input from othrrs too..thanks again I am looking at it NOW..9am Oz time..lol
I have a Short Bias on The DAX.

Should be noted that my zone is at 8 pips.

Price slap bang in between Supply and Demand zones. Gonna' go one way for sure...
  • #51,875
  • Jul 9, 2020 6:16pm Jul 9, 2020 6:16pm
Quoting lemercenaire
{quote} I have a Short Bias on The DAX. Should be noted that my zone is at 8 pips. Price slap bang in between Supply and Demand zones. Gonna' go one way for sure...
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  • #51,876
  • Jul 9, 2020 6:21pm Jul 9, 2020 6:21pm
Quoting lemercenaire
{quote} Yep and that is not unusual, as you will see on the thread in The Other Galaxy. It's not always a good idea to leave as a set-and-forget, as you can get a trigger and reverse then trigger and reverse situation. Easily managed if you are at the screens but not so good if you aren't. Having said that, when I ran the trial, I did no outside interference either, just let them run, so there is that. I also reckoned that in a double-hit situation, it was actually better to leave it that way and not have stops set at the other trigger, as in the...
Take it if 1 order gets triggered and then reverses before TP is hit, and triggers the other side, probably best to take off the TP from both open positions? So that you stay in this hedge, and can unwind the 14 point deficit later in the day?
  • #51,877
  • Jul 9, 2020 6:25pm Jul 9, 2020 6:25pm
Quoting lemercenaire
{quote} Good to know my money is imaginary. I will have to work harder.
Like mine.
Mrs T has had an I Phone for a while ( I still have two cans and a piece of taut string) and has discovered online banking. She loves to come into my man refuge and point to the phone banking statement and telling me that broker has paid into my account and that she has an idea for a new plant ( Claudia) for the garden !!
Ah -yes. Next was open today -that cost me a couple of blouses and a skirt for her. We only went their for a walk around to get out of the house and the rain. Silly me
every Saint has a past. Every Sinner has a Future
  • #51,878
  • Jul 9, 2020 6:26pm Jul 9, 2020 6:26pm
Quoting lemercenaire
{quote} I have a Short Bias on The DAX. Should be noted that my zone is at 8 pips. Price slap bang in between Supply and Demand zones. Gonna' go one way for sure...
My Dax is opening in 50 mins...at 1:15 UK time
Onwards and upwards...
  • #51,879
  • Jul 9, 2020 6:27pm Jul 9, 2020 6:27pm
Quoting bojack34
{quote} What was your SL and Risk%? How far were you letting those trades go against you in order to get those 2 pips?
Hi Bojack
If I'm not going to be around then I'd counter the otherside and deal with it later (remembering to remove the tp from the original trade so as to keep it locked in)
I'm just looking into it at the moment on demo so no real thought on the MM side of it.
But I have noticed that sometimes price will go in and out of these buy zones and give you a couple of bites of the cherry!
Cheers
  • #51,880
  • Jul 9, 2020 6:32pm Jul 9, 2020 6:32pm
AU
away from the weekly open and away from demand zone
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