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Daylight Trading Strategy

  • #1,101
  • Jul 30, 2021 10:19am Jul 30, 2021 10:19am
GBPUSD & GBPJPY - Chasing Stop Hunt at London Open,quick scalp
XAUUSD - Breakout retest and tried to huff my SL at the same time,can't teach an old dog new tricks
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  • #1,102
  • Jul 30, 2021 10:53am Jul 30, 2021 10:53am
scalping on a Friday afternoon
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the cautious seldom err....C
  • #1,103
  • Jul 30, 2021 10:55am Jul 30, 2021 10:55am
this pair also brought in some pips
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the cautious seldom err....C
  • #1,104
  • Jul 30, 2021 1:44pm Jul 30, 2021 1:44pm
I have decided to close the trade ahead of target. I'm tired of watching and going into the weekend flat
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the cautious seldom err....C
  • #1,105
  • Jul 30, 2021 11:33pm Jul 30, 2021 11:33pm
Quoting LauraT
I'm glad this topic has come up. It's perhaps no coincidence that brokers use the terminology 'stop loss' - I'd suggest giving it a different name in your heads, to frame things differently ... call it what it is: 'guaranteed loss'. This isn't just semantics. If you take responsibility for managing your trades and close them out when price action deviates from your expectations, your guaranteed loss shouldn't come anywhere near to happening. I see more people losing due to bad stop placement than for any other reason. One thing I tell my students...
Laura do you mind if I ask, if you would usually be risking 1% of your account is this where you would calculate your emergency stop? and so your TP would (or may) be smaller say around .5%? I ask because i have noted your comments about risk and reward

thank you
life is a reflection of what we allow ourselves to see
  • #1,106
  • Jul 31, 2021 5:40am Jul 31, 2021 5:40am
Quoting pips29
I was busy yesterday and took this trade late in the evening with London already closed..this morning price went my way and I took 19 pips {image}
Pips 29, thanks for posting. What settings are you using for DrBob? are they the same for all TFs>
Thanks.
  • #1,107
  • Jul 31, 2021 6:34am Jul 31, 2021 6:34am
Quoting mikeeating
{quote} Laura do you mind if I ask, if you would usually be risking 1% of your account is this where you would calculate your emergency stop? and so your TP would (or may) be smaller say around .5%? I ask because i have noted your comments about risk and reward thank you
Hi,

Let's say you are risking 1% of your account in the form of an emergency stop. Where you take profit has no relation to this. I know many will disagree with this statement but we can only ever take what the markets offer us. Also, you touched upon my views on RRR. I think it's meaningless, in isolation. Once we factor in our expectancy via our win rate, average winner, average loser and profit factor, we begin to form a more useful picture.

Remember, your emergency risk is 1% - not your expected risk. Your expected risk is where you intend to close the position if you are proved wrong in your theory. You should know in advance where this is likely to be as a worst case scenario. Actually, you might even end up with less risk as something might happen when the trade is open to make you want to get out early.

When calculating your position size and then your risk, look at where the emergency stop would be in relation to price action. Is it out of the way or is it in an obvious place where there are likely to be an accumulation of stops and pending orders sitting. Or, even worse, is it right in the middle of active structure. If it's the second or third options, you either want to pass up the trade or adjust your position size to allow a wider stop.

When calculating your profit target, you want to look at where a logical place might be for price to reach and potentially turn around. Personally, I have these targets in my mind but I wait to see how price reacts when it gets there. It might be that it sails right through the area and I can stay in the trade for a larger gain. Again, you might decide the logical profit target isn't large enough to justify the expected risk, in which case you move on to finding other opportunities.

I come at this from the viewpoint of someone who actively manages each trade. I don't do set and forget. If you are asking about a set and forget style of trading, I might struggle to give meaningful advice.

If you are also actively managing each trade, you can actually afford to be more generous with your emergency stop. Some traders go to 1.5%, some to 2%. But only because their stops are hit almost never.

I'm sorry I can't give a neat little "risk x% each trade and aim for y% profit" but my trading doesn't work on that basis.
  • #1,108
  • Jul 31, 2021 9:48am Jul 31, 2021 9:48am
Quoting MidnightRun
{quote} Pips 29, thanks for posting. What settings are you using for DrBob? are they the same for all TFs> Thanks.
yes, same throughout,50 and 14
the cautious seldom err....C
  • #1,109
  • Aug 1, 2021 1:17am Aug 1, 2021 1:17am
Trading has been good this week, previous week was a total massacre, I was over-trading so have dropped the M15 and have traded H1 only which has given better results, 34 winners and 13 losers. I have also been using 'OGT Trend Dashboard v1.2.ex4' to highlight trending pairs.
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  • #1,110
  • Aug 1, 2021 2:13am Aug 1, 2021 2:13am
Quoting LauraT
{quote} Hi, Let's say you are risking 1% of your account in the form of an emergency stop. Where you take profit has no relation to this. I know many will disagree with this statement but we can only ever take what the markets offer us. Also, you touched upon my views on RRR. I think it's meaningless, in isolation. Once we factor in our expectancy via our win rate, average winner, average loser and profit factor, we begin to form a more useful picture. Remember, your emergency risk is 1% - not your expected risk. Your expected risk is where you...
Thanks for your great answer
life is a reflection of what we allow ourselves to see
  • #1,111
  • Aug 1, 2021 2:21am Aug 1, 2021 2:21am
Quoting LauraT
{quote} Hi, Let's say you are risking 1% of your account in the form of an emergency stop. Where you take profit has no relation to this. I know many will disagree with this statement but we can only ever take what the markets offer us. Also, you touched upon my views on RRR. I think it's meaningless, in isolation. Once we factor in our expectancy via our win rate, average winner, average loser and profit factor, we begin to form a more useful picture. Remember, your emergency risk is 1% - not your expected risk....
The market is in a constant state of offering. You can only ever take what you are able to take.
  • #1,112
  • Aug 1, 2021 8:13am Aug 1, 2021 8:13am
Quoting Tranqility
I have also been using 'OGT Trend Dashboard v1.2.ex4' to highlight trending pairs. {image}
I'm curious to know if you have changed the parameters of the OGT Dashboard from 200 ,100, 50 moving averages to something shorter, or do you leave them alone to determine the trend?
  • #1,113
  • Aug 1, 2021 2:24pm Aug 1, 2021 2:24pm
Hi Guys, can anyone please share this indi?
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  • #1,114
  • Aug 1, 2021 2:28pm Aug 1, 2021 2:28pm
Quoting CloseMonet
Hi Guys, can anyone please share this indi? {image}
Drag the trade from the Terminal history window onto the chart.
  • #1,115
  • Aug 1, 2021 5:36pm Aug 1, 2021 5:36pm
Quoting shotshell
{quote} I'm curious to know if you have changed the parameters of the OGT Dashboard from 200 ,100, 50 moving averages to something shorter, or do you leave them alone to determine the trend?
He has a youtube channel where he goes into it in depth. His original preferred settings were 50,20,10 exponential and his current preferred settings are 30,20,10. I am using the 50,20,10 MA's and timeframes from M15 to Daily and will only consider a setup if H1 to Daily agree. You will need to experiment to see what works for you. Any mtf trend indicator should work just as well.
  • #1,116
  • Aug 2, 2021 7:18am Aug 2, 2021 7:18am
Closing this pair for some profits .I do have another £ pair
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the cautious seldom err....C
  • #1,117
  • Aug 2, 2021 7:51am Aug 2, 2021 7:51am
Quoting pips29
Closing this pair for some profits .I do have another £ pair {image}
Whatever happened to the simplicity of the Daylight method?
All you touch and all you see, is all your life will ever be.
  • #1,118
  • Aug 2, 2021 8:11am Aug 2, 2021 8:11am
Quoting Loftboy
{quote} Whatever happened to the simplicity of the Daylight method?
It's simple enough to me
the cautious seldom err....C
  • #1,119
  • Aug 2, 2021 8:14am Aug 2, 2021 8:14am
or perhaps you like this chart
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the cautious seldom err....C
  • #1,120
  • Aug 2, 2021 8:27am Aug 2, 2021 8:27am
When I took the trade this morning everything was lining up nicely on H1 and H4 as concerned pa, however the williams' indicator on H4 was showing otherwise. I was just targetting 20 pips but did not get it. Trades do go the other way even if you had followed various tf
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the cautious seldom err....C
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