Billytt Die happy trading e/j daily breakout | Page 2849 | Forex Factory

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Billytt Die happy trading e/j daily breakout

  • #56,961
  • Edited 4:33pm Mar 11, 2021 4:10pm | Edited 4:33pm
Quoting birdland
here is a orientation technic i use. on the pink arrow you can see that many longtraders are trapped, because the red candle was brutal like a gap. you can see it because it never revisited the low of the blue bar (blue arrow). therefore this level up to RN 1.40 is a strong resistance zone and selling area. {image}
Hey birdland. And how do you use this kind of information? Is it as filter to avoid placing a future trade at that area where you get a signal might telling you to go long.

I always see these areas looking to the left and depending on how far i look left i would see plenty of them. I then always ask my self what is that of importance to know for the moment i want to enter the trade and isn't it much more important of what i do then.

Support and resistance for example. So you would never buy the market when there is resistance left and you don't have a lot of blank space above you where price never traveled before. Never sell the market where there is support left and you have free room to the south.

I don't know what to think of "trapped" traders. Some people have the idea to buy the market, some people have the idea to sell the market. If there are more sellers price will likely move south right? So trapped is market manipulation? The banks and brokers and the bad guys hunting the stop losses of the small lot positioned retail traders? Even if that is what happens i would have no idea how to protect from that instead of not trading at all.

Looking to the left finding reasons for why not taking a trade you will always find some it is just a matter of how deep/far/detailed you then search/look for.

If you mean to use this spotted area of resistance to enter a trade as a setup it self, forget my words. So you would then go short there as soon as price revisited this area.
  • #56,962
  • Mar 11, 2021 4:29pm Mar 11, 2021 4:29pm
Quoting lemercenaire
{quote} Yes, it's a Z-Line, just once-removed. The original retrace back was too strong and didn't revisit straight away, waiting instead till this later move. You could also simply look at it as a Supply Zone.
Is the z-line also what people call as "order blocks"? Or maybe the the z-line is what goes through the middle of these order blocks.

Order blocks in my understand nothing else than an area of consolidation where price traveled in a tight range for a longer period of time crossing it up and down numerous times before significantly breaking out to one side?

Not sure how this helps with trading but it sounds good at least. You always only see these things after the event. You look for a breakout enter, boom price starts to range instead, you look to sell high or buy low, boom price starts to break out instead
  • #56,963
  • Mar 12, 2021 12:25am Mar 12, 2021 12:25am
Quoting lddd
{quote} Hey birdland. And how do you use this kind of information? Is it as filter to avoid placing a future trade at that area where you get a signal might telling you to go long. I always see these areas looking to the left and depending on how far i look left i would see plenty of them. I then always ask my self what is that of importance to know for the moment i want to enter the trade and isn't it much more important of what i do then. Support and resistance for example. So you would never buy the market when there is resistance left and you...
as i said i use it only as a orientation guide/technic.

probabilities for longs decrease, for shorts increase. and a good spot to close longs. and open shorts.
trading is like dancing, don't think and just listen to the music!
  • #56,964
  • Mar 12, 2021 2:27am Mar 12, 2021 2:27am
New to the thread but have been following for several months.

Billy bar triggered to the upside and managed to sneak +5 from a slightly better entry point.

Surprised to see GU where it is, I thought it’d keep pushing on but i guess it pays to trade what’s in front of you.
  • #56,965
  • Mar 12, 2021 2:33am Mar 12, 2021 2:33am
70 reached, but its friday;-)
trading is like dancing, don't think and just listen to the music!
  • #56,966
  • Mar 12, 2021 3:04am Mar 12, 2021 3:04am
Quoting birdland
70 reached, but its friday;-)
Indecision at S1. Given the range already, I am now only looking for long triggers.

Didn't take the Billy bar long today. Although only interested in longs, the high of the bar was far too close to 1.3950.
  • #56,967
  • Mar 12, 2021 5:05am Mar 12, 2021 5:05am
I did take the BB, but countered quickly for -8.

Now took a cheeky short of what I believe to be a z-line to claw back some points.
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  • #56,968
  • Edited 5:25am Mar 12, 2021 5:09am | Edited 5:25am
Quoting Wizzlebizzle
I did take the BB, but countered quickly for -8. Now took a cheeky short of what I believe to be a z-line to claw back some points. {image}
Chickened out and took +3

edit: added the chickened out bit
  • #56,969
  • Mar 12, 2021 6:27am Mar 12, 2021 6:27am
Quoting TheForexDen
New to the thread but have been following for several months. Billy bar triggered to the upside and managed to sneak +5 from a slightly better entry point. Surprised to see GU where it is, I thought it’d keep pushing on but i guess it pays to trade what’s in front of you.
Welcome aboard Cap'n Billy's privateer of reprobate and free-thinking shipmates...and yes, trade what you see, not what you think.
  • #56,970
  • Mar 12, 2021 6:28am Mar 12, 2021 6:28am
Quoting Wizzlebizzle
I did take the BB, but countered quickly for -8. Now took a cheeky short of what I believe to be a z-line to claw back some points. {image}
Perfect Z-Line.
  • #56,971
  • Edited 2:09pm Mar 12, 2021 6:31am | Edited 2:09pm
Quoting Wizzlebizzle
{quote} Chickened out and took +3 edit: added the chickened out bit
If you look left again once running, you'll see that you had hit a hesitation point/level. Lock in there and use the zone as a compression area, waiting for a break/retest/move away zone. That can often be the best way to play these.

It's Friday - games get played.
  • #56,972
  • Mar 12, 2021 6:50am Mar 12, 2021 6:50am
Quoting lemercenaire
{quote} If you look left again once running, you'll see that you had hit a hesitation point/level. Lock in there and use the zone as a compression area, waiting fro a break/retest/move away zone. That can often be the best way to play these. It's Friday - games get played.
Thank you for the feedback, much appreciated.

Are you referring to the circled area Lem?
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  • #56,973
  • Edited 7:26am Mar 12, 2021 7:12am | Edited 7:26am
Quoting lddd
{quote} Hey birdland. And how do you use this kind of information? Is it as filter to avoid placing a future trade at that area where you get a signal might telling you to go long. I always see these areas looking to the left and depending on how far i look left i would see plenty of them. I then always ask my self what is that of importance to know for the moment i want to enter the trade and isn't it much more important of what i do then. Support and resistance for example. So you would never buy the market when there is resistance left and you...

If you always look for the negative or ways it will fail etc.....you will always find it. There is one simple truth you haven't come to grips with yet. You have ZERO control on the outcome of a trade...ZERO. The only thing we have are probabilities and odds. There are no magic indicators or methods.....it is only YOU
Trade in the direction of the closed candle bodies.

See if you can figure out which direction to trade with this chart.

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Plan, Prepare, Execute, Repeat
  • #56,974
  • Mar 12, 2021 7:30am Mar 12, 2021 7:30am
my week ends,

3 windays/ 1 lossday,

average of 20pips/week...i am happy
Attached Image
trading is like dancing, don't think and just listen to the music!
  • #56,975
  • Mar 12, 2021 7:55am Mar 12, 2021 7:55am
Looks like the BillyBar today failed again. 3rd time this week. Funny last week, not a single one right?

I was just lucky again that i didnīt sleep well and just opened the trading platform so i didnīt take the trade today.

Not sure if/how i would have had a chance to release my counter with it. I think i will stop doing that as it looks like i now have to carry the trade over the complete weekend again.

With a stop loss at the oppsite end of the range and all 5 days traded this week would have been -47 Pips vs a +10. So still -37. These are at least the Pips i would have to make with other methods/triggers to come out at 0 by the end of this week.

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  • #56,976
  • Mar 12, 2021 7:57am Mar 12, 2021 7:57am
Quoting birdland
my week ends, 3 windays/ 1 lossday, average of 20pips/week...i am happy {image}
Great bird. Obviously you are not only trading the BillyBar. 100 Pips in a week, lol i could buy a new car from. I am still -10 at the moment. Week ending in a few hours.
  • #56,977
  • Mar 12, 2021 9:02am Mar 12, 2021 9:02am
Quoting swingtrade65
{quote} If you always look for the negative or ways it will fail etc.....you will always find it. There is one simple truth you haven't come to grips with yet. You have ZERO control on the outcome of a trade...ZERO. The only thing we have are probabilities and odds. There are no magic indicators or methods.....it is only YOU Trade in the direction of the closed candle bodies. See if you can figure out which direction to trade with this chart. {image}
Thanks swingtrade. I know that i have zero control over the outcome of a trade. I am not looking for the negative ways because i like/want to. But a week ending in negative pips is not going to translate into a week with positive pips just because i thought positive about it or watched my buddha statue in the corne of the room.

I know i maybe shouldnīt post at all here. It is no teaching thread and i feel i am lacking the respect. I know that. But i really study and read a lot too.

Look, I trade the BillyBar for 10 months now. The real returns i made so far actually came from my random trades and fixing the fails, not the BillyBar it self.

I am looking for these clues but not found it yet. I asked about a million times how to come out of these counters i would then have to place at the opposite end of the range instead of taking the stop loss. I think i will switch back to taking the stop loss by next week again but then with a week of 3 fails at a -40 pips compared to a week with a +10 pips obviously this will be no alternative.

People all over the internet telling you how they make massive returns every week. They are all professionals for sure. But not a single one can show you a week of a transparent track record showing entries and exits too over all the trades taken by the methods they followed.

There are a few, i think this Tom Houugard guy who i already mentioned once. At least he seems to be real and not only shares his expertise hiding behind public internet forums (not that is anything wrong with it). But his approach seems to be different, just naked price action trading, not following a specific method or entry trigger, making points all over the place. I think that might be an overkill for me and not nnecessary too.

He is also running a Telegram Group, maybe thats why he feels like having to make a million points every year so the people following not trading a point at a size that it could pay something for them also can anticipate from it. Again, i donīt know. I really would be happy with ending my week at +5 Pips consistently instead of one week doing 232 Pips and the next one -40. But maybe thats how it goes, again i donīt know.

I feel losing the energy. This week was exhausting. Maybe i will stop posting to my Trading Journal too. It feels like all making little sense at the moment.
anticipate

edit, regarding to your chart question. I would sell. Red candles you sell, green you buy. Is that the message? But if i buy at a green candle it often turns red then
  • #56,978
  • Mar 12, 2021 10:38am Mar 12, 2021 10:38am
Just closed a few longs at 1.3907 (small lots). Three in profit and one in the red, but profit overall. The one in the red was one I took earlier when price went above yesterday's low. It then dropped and kept dropping, so I added more longs at S2 and then S3. I was ready to counter if price closed below 1.3850 but it didn't so all good. Have a good weekend everyone.
  • #56,979
  • Mar 12, 2021 2:09pm Mar 12, 2021 2:09pm
Quoting Wizzlebizzle
{quote} Thank you for the feedback, much appreciated. Are you referring to the circled area Lem? {image}
Yep...and if you look see what happened, exactly the same thing.
  • #56,980
  • Mar 12, 2021 4:22pm Mar 12, 2021 4:22pm
No vids tonight but for night owls, there are two good docs on BBC4:

"Robert Plant: By Myself" 23:00 - 00:00 then...
"Southern Rock at the BBC" 00:00 - 01:00

Seen them both before but still worth watching again.

Have a great weekend, all.

Back at the screens next week.
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