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  • #1,641
  • Mar 21, 2013 9:50pm Mar 21, 2013 9:50pm
Quoting Olarion1975
Ok. I trade the breakout in a separate account with closing half at 1/1. For the levels in my main account I also trade "all in & all out" with my stop not moved to BE and no partial closes.
Indeed, as Seneca and now Olarion mentioned and yesterday I experienced on my own, not move to BE, otherwise might this happen....

PS: Reason for enty is not a case here. Let's suppose entry was as per Seneca system.

Was late here, moved stop to BE and went to bed. Got sttoped at BE and price went back to original TP.
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  • #1,642
  • Edited 6:32am Mar 22, 2013 6:18am | Edited 6:32am
Perfect breakout entry today on EU.
Hourly close above the range and retest. Closed half at 1/1 for 0.5%, stop at BE, other half running...

Might consider to hold the trade over the weekend.
If the second half is not stopped out at BE until then (again)...
  • #1,643
  • Mar 22, 2013 7:41am Mar 22, 2013 7:41am
Quoting Olarion1975
Perfect breakout entry today on EU.
Hourly close above the range and retest. Closed half at 1/1 for 0.5%, stop at BE, other half running...

Might consider to hold the trade over the weekend.
If the second half is not stopped out at BE until then (again)...
If there is good news on Cyprus over the weekend you could have a nice trade. Bad news however.

I don't have any balls so I will close when NY makes a new high. If they don't make a new high I will close it by London close.
  • #1,644
  • Mar 22, 2013 8:01am Mar 22, 2013 8:01am
Quoting Seneca pilot
If there is good news on Cyprus over the weekend you could have a nice trade. Bad news however.

I don't have any balls so I will close when NY makes a new high. If they don't make a new high I will close it by London close.
oa


Hi Mr pilot,
a short question:
You've said that much of the profits from this (P80 breakout) strategy come from the occasioal runners.
How do you get those runners , i mean what condition has to be there in order for you to leave the trade open for another day...
I know it isn't an easy one since it is pure discretionary decision but still. For the last few weeks , you always decided to close those trades for one reason or another. (Usually (mostly) being right might I add).
Thanks, and have a great week end.
"Always be yourself " Batman
  • #1,645
  • Mar 22, 2013 8:12am Mar 22, 2013 8:12am
Quoting Seneca pilot
If there is good news on Cyprus over the weekend you could have a nice trade. Bad news however.

I don't have any balls so I will close when NY makes a new high. If they don't make a new high I will close it by London close.
So you will close once the current high 1.2965 is broken? Or do you take price action or reversal patterns into account?
  • #1,646
  • Mar 22, 2013 8:28am Mar 22, 2013 8:28am
Quoting rdsl
oa


Hi Mr pilot,
a short question:
You've said that much of the profits from this (P80 breakout) strategy come from the occasioal runners.
How do you get those runners , i mean what condition has to be there in order for you to leave the trade open for another day...
I know it isn't an easy one since it is pure discretionary decision but still. For the last few weeks , you always decided to close those trades for one reason or another. (Usually (mostly) being right might I add).
Thanks, and have a great week end.
I do take half off at 1/1. I let the other half run until a breakout in the other direction or a stop out. Lately there haven't been two days in the same direction so lots of exits on opposite breakouts. We will catch a trend some time soon and one or two trades will survive for a few days. I always close out on Fridays because I am gutless. I may sometimes decide to close at a weekly high or low rather than challenge the level. It just depends on how I feel at the time. The best way to use the breakout method is mechanical though. I also always add the next day if there are two breakouts in the same direction on consecutive days.
  • #1,647
  • Mar 22, 2013 8:29am Mar 22, 2013 8:29am
Quoting Olarion1975
So you will close once the current high 1.2965 is broken? Or do you take price action or reversal patterns into account?
Yes NY likes to make the high or low then take it in the opposite direction to screw London. So right or wrong on Fridays when NY makes a new high or low I close out.
  • #1,648
  • Mar 22, 2013 9:18am Mar 22, 2013 9:18am
Quoting Seneca pilot
Yes NY likes to make the high or low then take it in the opposite direction to screw London. So right or wrong on Fridays when NY makes a new high or low I close out.
Out on the spike 1.2995
  • #1,649
  • Mar 22, 2013 9:22am Mar 22, 2013 9:22am
Quoting Seneca pilot
Yes NY likes to make the high or low then take it in the opposite direction to screw London. So right or wrong on Fridays when NY makes a new high or low I close out.
Ok, thanks. I just came back to my PC and saw price touching 1.3000, so I closed the second half for +75 pips.

I am just thinking about how you would define "making a new high/low"...is it really closing the trade once price crossed the previous high/low OR waiting for price to form a new candle high with waiting for the close of the candle?
  • #1,650
  • Mar 22, 2013 9:25am Mar 22, 2013 9:25am
Quoting Seneca pilot
Out on the spike 1.2995
Thanks man, I was about to ask about it ...

Someone ,some time ago, said though that the best is mechanical with this , so I'll try and take my chances.

Wish me luck

And Chris, it can't be said enough times, thank you , thank you , thank you - for everything here !
"Always be yourself " Batman
  • #1,651
  • Mar 22, 2013 9:26am Mar 22, 2013 9:26am
Quoting Olarion1975
Ok, thanks. I just came back to my PC and saw price touching 1.3000, so I closed the second half for +75 pips.

I am just thinking about how you would define "making a new high/low"...is it really closing the trade once price crossed the previous high/low OR waiting for price to form a new candle high with waiting for the close of the candle?

I look for a candle like the one we just saw. If the price action is weak I may just close on the formation of a new high with no real move above. The spike we just saw could possibly be big players getting short.
  • #1,652
  • Mar 22, 2013 9:27am Mar 22, 2013 9:27am
Quoting rdsl
Thanks man, I was about to ask about it ...

Someone ,some time ago, said though that the best is mechanical with this , so I'll try and take my chances.

Wish me luck

And Chris, it can't be said enough times, thank you , thank you , thank you - for everything here !
No problem.
  • #1,653
  • Mar 22, 2013 9:30am Mar 22, 2013 9:30am
I only traded the breakout last night, slept through the rest. Looks like the levels traded pretty well even though it was Friday. Hope everyone had a good trading day.
  • #1,654
  • Mar 23, 2013 10:07am Mar 23, 2013 10:07am
I'm doing the weekend exercise, gathering data regarding taking the Daily Open re-trace, selling Yesterday's High, and buying Yesterday's Low. I'm using EURUSD and GBPUSD. I know the instructions for the DO re-trace are that 2 full 15min candles need to separate from the DO level. I'm running into some discretionary scenarios. How much separation from the DO level is optimal? 5 pips or so? I want to make sure I'm collecting proper data.

I've had many subscriptions to services, and have more instructional DVDs and books on trading than you can shake a stick at. This levels trading - trading where the big boys have blocks of orders, instead of trading in no-man's land with indicators, has really opened my eyes and has caused me to finally see some light at the end of the tunnel in my trading.

SP, many thanks to you for being so generous with your knowledge and time!

Carl
  • #1,655
  • Mar 23, 2013 11:54pm Mar 23, 2013 11:54pm
Quoting Snowbird
I'm doing the weekend exercise, gathering data regarding taking the Daily Open re-trace, selling Yesterday's High, and buying Yesterday's Low. I'm using EURUSD and GBPUSD. I know the instructions for the DO re-trace are that 2 full 15min candles need to separate from the DO level. I'm running into some discretionary scenarios. How much separation from the DO level is optimal? 5 pips or so? I want to make sure I'm collecting proper data.

I've had many subscriptions to services, and have more instructional DVDs and books on trading than you can...
I will take the trade off the daily open price as soon as the two bars requirement is met. There is no minimum pips separation required just that the two consecutive bars do not touch the price. If my daily open is 05:00 the first possible trade is 05:45. I will take the short or long at the previous day high or low on the first bar of the day there is no separation requirement.

Nice to have you along.
  • #1,656
  • Mar 24, 2013 3:34am Mar 24, 2013 3:34am
Quoting Seneca pilot
Yes NY likes to make the high or low then take it in the opposite direction to screw London. So right or wrong on Fridays when NY makes a new high or low I close out.
Quoting Olarion1975
Perfect breakout entry today on EU.
Hourly close above the range and retest. Closed half at 1/1 for 0.5%, stop at BE, other half running...

Might consider to hold the trade over the weekend.
If the second half is not stopped out at BE until then (again)...
I have been bed-ridden since Mon and i can see how important it is to keep in shape.
I can see how you guys had a good week. Keep it up.
  • #1,657
  • Mar 24, 2013 9:06am Mar 24, 2013 9:06am
Quoting square1
I have been bed-ridden since Mon and i can see how important it is to keep in shape.
I can see how you guys had a good week. Keep it up.
Get better soon.


Chris.
  • #1,658
  • Mar 24, 2013 2:26pm Mar 24, 2013 2:26pm
Quoting Seneca pilot
I will take the trade off the daily open price as soon as the two bars requirement is met. There is no minimum pips separation required just that the two consecutive bars do not touch the price. If my daily open is 05:00 the first possible trade is 05:45. I will take the short or long at the previous day high or low on the first bar of the day there is no separation requirement.

Nice to have you along.
Got it. Thanks! Now I can resume the homework with confidence that I'm doing it correctly. I've only done about 2 months so far and the results are VERY encouraging. Amazing what just 3 lines can do.
  • #1,659
  • Mar 24, 2013 4:09pm Mar 24, 2013 4:09pm
Quoting Seneca pilot
I look for a candle like the one we just saw. If the price action is weak I may just close on the formation of a new high with no real move above. *The spike we just saw could possibly be big players getting short.*
I can't help myself (a little bit of hubris just for fun)

Its almost scary isn't it?
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  • #1,660
  • Mar 24, 2013 6:14pm Mar 24, 2013 6:14pm
Linda Raschke: “Price is everything, and areas where price has turned in the past are likely areas where it will turn again.
Other price areas I watch are the opening price, the previous day’s high and low, and the swing highs and lows in between. All of my trading is based on that. I also do a little bit of volume assessment when the market opens because that’s going to set the tone of trading for the day. It’s kind of hard for the market to push the price to any extreme if you don’t have decent volume in there to support the move. Otherwise, it’s just going to be a light-volume, choppy day, without much direction.
I use a very simple system, which some traders find hard to believe, but it just works. There’s no reason to overcomplicate this business.”

Excerpt From: Bourquin, Tim. “Traders at Work: How the World's Most Successful Traders Make Their Living in the Markets.”

And this is one of the top traders out there...
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