Billytt Die happy trading e/j daily breakout

t 08-22 Dax 4 hour. chart just copied.
F = high break and a fail.
1 = low break fopr approx +20 and the =2 still on going.
t 08-23

t 08-35
Cable 08-00 15 min bar. High broke, and i got exactly 1% i felt horrid going long so put Pc on auto to close at +1%.
and yes folks that was 1 pip. lol yaaaaaaaaaaaaaaaaaaay
t 08-36

Both setups failed here. Claudia's 07:45-08:00 range broke for barely 5 Pips but then retraced up again. The following BillyBar broke the high for barely 3 Pips and then retraced down again.

Held a messy cable trade overnight (unusual) and just got out with a few hundred £ on the drop. Lucky one !

German 40 was a decent trade on the 06:45 - 07:00 market open. Don't be greedy is the secret !! Not that easy though.

Hi Billy - where's Mr T hiding ?

Probably home duties. it never ends.

Yep - Mrs T probably got him a load of jobs to do.

Busy with guests and grandson for a couple of weeks or so

Have fun

Good to hear off you Mr T, keep busy, idle hands etc etc

I am

But whilst they are at the supermarket I saved a couple of charts for study later: The first is the 7:45am Cable. I saw comments on it just now and pulled up a chart.
The 7:45am bar was very long BUT under it were a couple of levels from past price action to help decision making. The 300 and 350 levels were the trigger point I imagine and any of the "?" entries would be taken with your stop being the upper channel on the 5 minute chart.

Saved this chart for study later. Not traded by me.
The 6:45am Dax as per Claudia, still gives pips to the not too greedy as mentioned by Claudia

EDIT: Ignore the trend lines drawn after 8am on the one minute chart. They are just " what if" as per my usual trading after 8am to 10am as per "Roadmap" elsewhere.
Away from Pc now before Mrs T catches me slacking

good observations Mr T, good post.

Yes. I thought you’re only trading GBP/USD.

Haven‘t yet looked at the DAX 06:45-07:00 range breakout. Do you use the same entry/exit criteria as with the 07:45-08:00 GBP/USD break, e.g -10/+20?

Greed is an emotional phenomenon. It’s maybe a lot easier to overcome when you have a plan.

Trading is probabilistic. You get paid to execute.

Hey Turnip!

To me personally, the more important question would be at what risk?

kind regards.

[quote=turnip15;14078650]
The 6:45am Dax as per Claudia, still gives pips to the not too greedy as mentioned by Claudia EDIT:

well said, if anyone tried to trade like me/my way looking for many pips they would fail.

i trade my way very well, then we have the Intraday Traders, Day Traders and of course the Swing Traders.

It freaks me when i see people playing Fruit Machines, national lottery, scratch cards etc If you look for that big win it just i'snt going to happen as the odds are stacked against you. ( of course people win the lottery but it is pure luck).
Trade well all.

t 07-05

Cable, yesterdays daily range = 127. todays 00-00 4 hour bar range = 20

The high has already broken..
t 07-06

t 07-48
Cable 15 minute bar break.
i am waiting to trade of this 07-45 bar when it closes at 08-00.
My bias is long right now, but this doesnt mean a thing.
i want 1%. ideally i want the short off the low break.
Lets see.
t 07-49

The GBP/USD 07:45 M15 candle broke and failed for the +10/+20.

I am not sure about the 06:45 DAX Claudia. Still not looked at it. It seems to me, that no matter what kind of fixed risk/reward ratio you will apply and have a set and forget max. 1 order per day kind of a trading plan, it won't generate consistent long term profitable results.

Maybe under current market conditions with the DAX setup it looks better for getting a 5-10 Points profit for most of the days, not sure. However without knowing how much i would have to risk for it, it's no plan to me. I suppose a 2.5-5 Points stop loss (to have a positive risk/reward and maybe 8 out of 21 days still you with a profit) won't work out. You will probably have a lot more than 40% losers then.

Generally speaking it looks like to me that all these time based "setups" (NTBB, BillyBar etc.) seems to act more like a line in the sand for you, to have a rough idea when to sit in front of the screen. But then you must recover/fix from a first failed order you placed. Even if you then have a lot more winning trades, the few losers will be big and make sure you're still not profitable at the end of the month.

Well. So to me that's nothing i would be able to do in the long term i think. Its's also quite exhausting and boring to sit in front of charts all day i think, don't you think so? I am still young but already think so. Life's too short. Probably nothing your life goal should look like. Maybe the numbers of "day traders" who are long-term losing according to the statistics are there for a reason. You find lots of these guys/gals then on YouTube after 2-3 years trying to teach people how to day trade then.

Anyhow. I will keep on looking/testing, maybe some day even if the hope is dwindling

'Nothing is meant negatively'.

Hope you have a nice day all.