Billytt Die happy trading e/j daily breakout | Page 2720 | Forex Factory

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Billytt Die happy trading e/j daily breakout

  • #54,381
  • Nov 5, 2020 7:46am Nov 5, 2020 7:46am
Quoting lemercenaire
{quote} Remember to treat them all as desperate trades, not one big lump. Bank profits along the way when applicable.
Right....can I ask a q on this? So, below you can see my 2 buy orders with a stop up protecting a nice bit of profit overall....at a very simple level, assuming you were going to scale in at the same time as me.....how would you play the profit taking i.e. would you be assuming, no matter what the big picture looks like, that this trade could still turn on you at any time and so would you be closing all/part of that initial buy I had at the same time as I opened the second buy?


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  • #54,382
  • Nov 5, 2020 8:42am Nov 5, 2020 8:42am
Quoting mosiskv
{quote} Hi Thanks for putting a smile on my face. I suppose it is "seperate" and not "desperate". I think sometimes during trading one actually get this "desperate" type of feeling. Trade well / Mos
Hahahahahahaha...nice catch. Serves me right for typing on my phone. Bl**** autocorrect.

I was going to edit it but hey, desperate trades kinda' works too, lol.
  • #54,383
  • Nov 5, 2020 8:51am Nov 5, 2020 8:51am
Quoting stu
{quote} Right....can I ask a q on this? So, below you can see my 2 buy orders with a stop up protecting a nice bit of profit overall....at a very simple level, assuming you were going to scale in at the same time as me.....how would you play the profit taking i.e. would you be assuming, no matter what the big picture looks like, that this trade could still turn on you at any time and so would you be closing all/part of that initial buy I had at the same time as I opened the second buy? {image}
Overall, yes, you are correct - however, to me, that stop is a mile-and-a-half too big. Only way I'd have it there would be a disaster stop. Reason being, at this point, you would be ready to play a counter back down to protect yourself if you got the correct signal. That counter would be managed carefully so as never to go negative. Re-enter if you have to.

Start dropping fibs with 23.6 and 50 levels on it and they will generally keep you right.

Don't lose sight of the basic Kijun-sen methodology. In this case, you are below and shouldn't be long. We get around this by using the counter. If you aren't countering, then get out, you're getting an opposing entry signal against your original(s).

Remember. You can always go back in again, if it continues North.
  • #54,384
  • Nov 5, 2020 9:05am Nov 5, 2020 9:05am
GOLD for giggles.

Entry on the pullback to top level (close-as)...

+11

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Car been in getting work done and garage have just called, so that'll pay for that anyway!
  • #54,385
  • Nov 5, 2020 9:30am Nov 5, 2020 9:30am
Quoting lemercenaire
{quote} Overall, yes, you are correct - however, to me, that stop is a mile-and-a-half too big. Only way I'd have it there would be a disaster stop. Reason being, at this point, you would be ready to play a counter back down to protect yourself if you got the correct signal. That counter would be managed carefully so as never to go negative. Re-enter if you have to. Start dropping fibs with 23.6 and 50 levels on it and they will generally keep you right. Don't lose sight of the basic Kijun-sen methodology. In this case, you are below and shouldn't...
ahhhhHHHHHhhhhh...ok....(hear that penny?)

thankyou
  • #54,386
  • Nov 5, 2020 10:51am Nov 5, 2020 10:51am
Quoting lemercenaire
GOLD for giggles. Entry on the pullback to top level (close-as)... +11 {image} Car been in getting work done and garage have just called, so that'll pay for that anyway!
MAke sure you see it before you pay.

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  • #54,387
  • Nov 5, 2020 11:15am Nov 5, 2020 11:15am
Quoting stu
{quote} As per previous advice....scaled in another buy on a pullback to Zline on M5, and it's running on......nail biting stuff!! {image}

Need to travel now, so brought my stops up as it was faffing around for a LONG time....then they got hit with +255pips in the bag. I'll probably not get in on the action again tonight, however it will be interesting to see if/when the gap fills.

Yes, a desperate trade altogether and I'm not sure if I'll ever hold for as long again, but really was aiming for the gap as they never usually are hanging around for so long before they fill. Will need to reflect on the input given today here too.

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Real money, so treat night tonight I think...my wife might even let me go to Poundland!
  • #54,388
  • Nov 5, 2020 1:07pm Nov 5, 2020 1:07pm
Quoting stu
{quote} Aye it swings and swings.....but then sometimes it doesn't, and that can be the bank breaker if no strategy in place!!
i know swing traders who are successful. I could never do it myself.
As you say it swings and swings, and sometimes it doesn't. Correct.
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #54,389
  • Edited 2:19pm Nov 5, 2020 1:13pm | Edited 2:19pm
We'll, got sucked in again as I was getting into car and had a quick check. Spotted price had bounced up off S/R and entered on M5. Closed half out at 20, SL to BE for the rest and we'll see what happens to that later!

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Edit: rest stopped out...no gap for me tonight
  • #54,390
  • Nov 5, 2020 1:18pm Nov 5, 2020 1:18pm
Quoting edlee9514
Guys, I'm sorry but could somebody post the mechanical rules for the Billy Bar? I have just found this but want to be 100% of the mechanical rules before I backtest it. I currently run a GBP breakout strategy from 7am which I am more than happy to share with you guys. It has an EV of 0.4 and trades daily.
Hi Edlee and welcome.
i am sure someone will of answered you on this question.
My 08-00 break is a very old method and with with high strike rate.
That is the easy part,
IF you were to back test it, you wont get far as it doesn't fit into the category of Risk/Reward but if you were to trade the break with another break should you have a fail , then that is a different story.
i trade off primarily Frequency Distribution Stats, these stats you can back test.
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #54,391
  • Nov 5, 2020 1:23pm Nov 5, 2020 1:23pm
i have been quite busy today.
my main trade of the 08-00 break got me +14%, this was quite funny.
i placed my first trade on manually, (this is very rare).
So by the time i placed my trade price had fallen and was on my side, so i got +5%, it then retraced another 2 times before actually moving up north.

I did trade the 00-00 break, the low was a fail but the high break which move up fixe it, so i mae a few extra points and then went out. lol
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #54,392
  • Nov 5, 2020 1:25pm Nov 5, 2020 1:25pm
Quoting stu
We'll, got sucked in again as I was getting into car and had a quick check. Spotted price had bounced up off S/R and entered on M5. Closed half out at 20, SL to BE for the rest and we'll see what happens to that later! {image}
it broke the 00-00 4 hour bar and made the daily range.
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #54,393
  • Nov 5, 2020 3:09pm Nov 5, 2020 3:09pm
Big RED CAD and USD tomorrow, folks.
  • #54,394
  • Nov 6, 2020 2:54am Nov 6, 2020 2:54am
Quoting edlee9514
Guys, I'm sorry but could somebody post the mechanical rules for the Billy Bar? I have just found this but want to be 100% of the mechanical rules before I backtest it. I currently run a GBP breakout strategy from 7am which I am more than happy to share with you guys. It has an EV of 0.4 and trades daily.
the rules are very simple. you can also work with a buffer, personally i take 0.5 pips.
and everything above 1 pips is a profit to be taken. my TP are 5-6 pips. but i am flexible and take also 2-3 pips if i dont like the movement.
SL is always on the other side of the range. or you can also decide to quit before the trade if you dont like it anymore.

billy and others are countering or hedging a fail, but that is a different story.
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trading is like dancing, don't think and just listen to the music!
  • #54,395
  • Edited 4:58am Nov 6, 2020 3:40am | Edited 4:58am
Hi all,
Cable 08-00 15 minute bar break.
Low broke for +5%.

00-00 break. the low has broken. i didnt trade this but i will enter a retrace trade if it goes higher, currently 13125..

I actually traded a short off the 04-00 2 hour bar, this was a fail but i did fix it..
i haven't looked at e/u.
t 09-40
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #54,396
  • Nov 6, 2020 8:54am Nov 6, 2020 8:54am
Out & about again today so when I had time for a squint at the phone, I spotted good H1 reactions at the highlighted points....drilled down to M5 where, once price had broken the LH, it stalled for a few candles until it looked like might head north again. I bought on the break of that M5 candle and I was happy to get another 20 (wonder would Trump be happy with another 20?).

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  • #54,397
  • Nov 6, 2020 9:28am Nov 6, 2020 9:28am
Quoting stu
Out & about again today so when I had time for a squint at the phone, I spotted good H1 reactions at the highlighted points....drilled down to M5 where, once price had broken the LH, it stalled for a few candles until it looked like might head north again. I bought on the break of that M5 candle and I was happy to get another 20 (wonder would Trump be happy with another 20?). {image}

you did well. my day was slow. i knew it was NFP day but i had a cunning plan.
my main trade was good, and then i started to scalp, i was going long and short at same time with same pair, But with different sizes. just adding to the weaker pair.
This was good as market was slow,
It can be dangerous but i got my points.
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #54,398
  • Nov 6, 2020 9:40am Nov 6, 2020 9:40am
Quoting billytt
{quote} you did well. my day was slow. i knew it was NFP day but i had a cunning plan. my main trade was good, and then i started to scalp, i was going long and short at same time with same pair, But with different sizes. just adding to the weaker pair. This was good as market was slow, It can be dangerous but i got my points.
nice ... yeah it looks like GU was doing a lot of bouncing off that upper level today....some difference to yesterday!!
  • #54,399
  • Nov 6, 2020 9:44am Nov 6, 2020 9:44am
i had a difficult day, started out well but then the 47% of ADR or just 65pips day made trading difficult, even for a few pips.

but next week starts a fresh, new week! and i will be a winner, i know that;-)
trading is like dancing, don't think and just listen to the music!
  • #54,400
  • Nov 6, 2020 9:45am Nov 6, 2020 9:45am
Quoting stu
{quote} nice ... yeah it looks like GU was doing a lot of bouncing off that upper level today....some difference to yesterday!!
yep, my 00-00 range is 45 , magic 70 was only 25 away..... just slow but we still scored.
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
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