Billytt Die happy trading e/j daily breakout | Page 532 | Forex Factory

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Billytt Die happy trading e/j daily breakout

  • #10,621
  • Sep 7, 2016 9:11am Sep 7, 2016 9:11am
Quoting turnip15
Billy Hourly 7 am to 8 am break on DAX {image}
that is quite a movement on the 08-00 candle that breaks both the highs and lows of the 07:00 candle.
How did you set this up and play it ?
Would it not have triggered both high and low breaks and potentially stopped out on both or am I missing something?

thanks
  • #10,622
  • Sep 7, 2016 9:55am Sep 7, 2016 9:55am
Attached Image (click to enlarge)
Click to Enlarge Name: TooSlow1.png Size: 43 KB


Took the long breakout @ previous candle H4 high for 5 pips.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #10,623
  • Sep 7, 2016 10:33am Sep 7, 2016 10:33am
[quote=turnip15;9124801]The Billy bar 8 am break - posted 13:36 Looks nice but, on a lower time frame of , say, 15 mins you can see it isn't easy to manage
The low broke retraced for 20 and then dropped. that was next to perfect....Like we said last few weeks , you can actually make your entry on the retrace as a method.
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #10,624
  • Sep 7, 2016 10:34am Sep 7, 2016 10:34am
Easy day.
Attached Image (click to enlarge)
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  • #10,625
  • Sep 7, 2016 10:37am Sep 7, 2016 10:37am
Dax,,,it went up and made the 100 daily range. I did not trade it as I was out but it is good to see it happen...
Attached Image
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #10,626
  • Sep 7, 2016 10:39am Sep 7, 2016 10:39am
Quoting claudia1
Easy day. {image}
very easy day lol... It just went well. A/U and Cable both got 5+ and Dax did well...Do it again tomorrow..
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #10,627
  • Edited 10:55am Sep 7, 2016 10:43am | Edited 10:55am
Quoting bluemosaic
{quote} that is quite a movement on the 08-00 candle that breaks both the highs and lows of the 07:00 candle. How did you set this up and play it ? Would it not have triggered both high and low breaks and potentially stopped out on both or am I missing something? thanks
Just like Cable or A/U,, Dax low triggered for +5 (I actually got more). It then retraced and broke the High. this second trade I am looking for the Daily Range which it got.
So low trade +5 then closed... High trade +5 then closed..... (I went out otherwise it was+30)
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #10,628
  • Sep 7, 2016 11:03am Sep 7, 2016 11:03am
I see the turkeys are running around like headless chickens in the 50-20000000000000000 thread.
You catch the trend you will always win plus stupid leverage.
It reminds me of the peasants in South America swarming around a fat priest lighting candles and praying for the miracle that the sun rose... I wish the guy well and he will do well but its the turkeys that get up my back...

edit, Rant over, karma descends ummmmmmmmmmmmmmmmmmmm
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #10,629
  • Sep 7, 2016 11:23am Sep 7, 2016 11:23am
Quoting billytt
I see the turkeys are running around like headless chickens in the 50-20000000000000000 thread. You catch the trend you will always win plus stupid leverage. It reminds me of the peasants in South America swarming around a fat priest lighting candles and praying for the miracle that the sun rose... I wish the guy well and he will do well but its the turkeys that get up my back... edit, Rant over, karma descends ummmmmmmmmmmmmmmmmmmm
Are you getting your birds mixed up?
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #10,630
  • Sep 7, 2016 11:39am Sep 7, 2016 11:39am
Attached Image (click to enlarge)
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Nice break of the H4 low.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #10,631
  • Sep 7, 2016 11:40am Sep 7, 2016 11:40am
Quoting TooSlow
{quote} Are you getting your birds mixed up?
lol, I thought it quite apt..
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #10,632
  • Sep 7, 2016 1:53pm Sep 7, 2016 1:53pm
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A few more pips.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #10,633
  • Sep 7, 2016 2:20pm Sep 7, 2016 2:20pm
'Quoting fasttrade1
he is showing his TE SEE TOP OF THRED THIS THRED IS UNDER TRADING JOURNALS SO NOT FOR TEACHIG SAD BUT TRUE ITS A CREATING A PLATFORM FOR MARKETING PRODUCT SAD BUT TRUE'

ANY IDEAS WHAT PLANET THIS ONE IS FROM BILLY?
  • #10,634
  • Sep 7, 2016 2:26pm Sep 7, 2016 2:26pm
Billy, or anyone really, a few questions, if you don't mind.

1. Do you set sell/buy stops when trading the break of the 04-00 4h candle? Are they set before the break, on it, or after?

2. On the pullback, after the break of 04-00, is it safe to add to the position or is this typically risky? - setting both TP's at +5 from initial?

3. Obviously you all have traded this style for a while; is there a certain time frame that the +5 is usually reached? Just trying to figure out the best way to cut losses if they occur.

4. This method works, to my understanding, on cable, eurjpy, and audusd? - +5 from those would be a really nice +15 - could easily compound them.

Sorry just trying to grasp everything - so far this week 9.8% growth from method.
  • #10,635
  • Sep 7, 2016 4:28pm Sep 7, 2016 4:28pm
Quoting wannalearn12
Billy, or anyone really, a few questions, if you don't mind. 1. Do you set sell/buy stops when trading the break of the 04-00 4h candle? Are they set before the break, on it, or after? 2. On the pullback, after the break of 04-00, is it safe to add to the position or is this typically risky? - setting both TP's at +5 from initial? 3. Obviously you all have traded this style for a while; is there a certain time frame that the +5 is usually reached? Just trying to figure out the best way to cut losses if they occur. 4. This method works, to my understanding,...
Some suggestions (subject to improvement )

1. Trading the break means setting buy/sell stops on the extreme of the candle before it breaks, not after.

2. see video below

3. cutting losses: set counter trade at other end or 30 pips away, the idea being that if a lousy 5 pips isn't reached, it'll likely go at least 20 pips from the other extreme towards a modest daily range. Check if there is enough space; within that space you should be able to a) recover the cost you had on the first trade and b) make some profit for having the guts to provide liquidity.

4. you will have to do your stats, by hand or by using tools from Another Universe, or both. The advantage of doing it by hand is it will show you what's going on; at times price will go against the position for 30+ pips and eventually turn around. Cable, EJ and AU have stats of around 90% getting to 5 pips; obviously you either need to swallow the loss on the 10% or use the smart hedging based on "if this doesn't happen then it will likely do that".

I haven't been trading much the last week and a half due to some $^W%$&^&*$ PC issues but I did manage to put in a few trades last week; I think it was GJ that went to my +10 target (was it Thursday) after going -25 or so, it spiked to +20-ish and then tanked. It's easy to get spooked out of those trades and you will just have to trust the stats = get the confidence that you will have 90-ish % winners over a large enough sample size IF you don't let yourself get spooked out AND you have a plan B that is profitable overall.

I have to say I like this very much because it is simple (to me lol). And there's also the added value of being pointed towards people I've not noticed before unfortunately, like dancingphil (RIP). Point being that there is a common theme there. Something like "can do" etc.

Like I said, do correct me if I'm wrong please, Billytt or whomever.

As promised: the short video

Inserted Video
It takes courage to grow up and become who you really are - E.E. Cummings
  • #10,636
  • Sep 7, 2016 4:35pm Sep 7, 2016 4:35pm
Quoting PippyTheGrt
{quote} Some suggestions (subject to improvement ) 1. Trading the break means setting buy/sell stops on the extreme of the candle before it breaks, not after. 2. see video below 3. cutting losses: set counter trade at other end or 30 pips away, the idea being that if a lousy 5 pips isn't reached, it'll likely go at least 20 pips from the other extreme towards a modest daily range. Check if there is enough space; within that space you should be able to a) recover the cost you had on the first trade and b) make some profit for having the guts...
Wow, thank you! Would you close the first trade at -30 while opening the counter?
  • #10,637
  • Sep 7, 2016 5:10pm Sep 7, 2016 5:10pm
Quoting wannalearn12
{quote} Wow, thank you! Would you close the first trade at -30 while opening the counter?
I was going to post a non-MT4 chart with some food for thought but my other laptop that replaces my PC with MT4 has decided to black-screen on me. Insert two swear words here

I wouldn't close the trade, just see it in a different light. There are several options going forward from there, like calculating the position size of the new trade based on a likely scenario that you envision based on the historical research that you have done. I'm actually doing that too (laptop permitting ) by the way. Think "modest daily range" for example. You can decide in which way to incorporate the -30 or whatever trade into the equation, or treat it as a separate trade. One thing to keep in mind is that the market oftentimes returns whence it came from.

And/or you can trade HOLO of course
It takes courage to grow up and become who you really are - E.E. Cummings
  • #10,638
  • Sep 7, 2016 5:18pm Sep 7, 2016 5:18pm
Quoting PippyTheGrt
{quote} I was going to post a non-MT4 chart with some food for thought but my other laptop that replaces my PC with MT4 has decided to black-screen on me. Insert two swear words here I wouldn't close the trade, just see it in a different light. There are several options going forward from there, like calculating the position size of the new trade based on a likely scenario that you envision based on the historical research that you have done. I'm actually doing that too (laptop permitting ) by the way. Think "modest daily range"...
I see. I thought there was some sort of regulation that prevents the closing of the second trade before the first.
  • #10,639
  • Sep 7, 2016 5:39pm Sep 7, 2016 5:39pm
Quoting wannalearn12
{quote} I see. I thought there was some sort of regulation that prevents the closing of the second trade before the first.
Yes in the US I believe, but not for me.
Worst case you'd have to open two accounts in the US so as to be able to do the same effectively lowering the leverage. Or set up a company in XYZ-land as a trading vehicle.

Here's an example of a few weeks ago. The long hedge could be a) 100% so you would lock in negative profit or b) more than 100% to catch up with the negative profit while the market goes up. And/or you can stack when it is going your way, and perhaps start a bit earlier than I did fcol.
But this is only an example - many ways to skin a cat. You could also wait for the next trigger the day after and then do something with the negative profit, like releasing the profitable side of the hedge and adding another position at that trigger (being the H4 hi/lo) effectively increasing position size and decreasing distance to current price from the other side of the what-used-to-be-a-hedge. If price goes in that direction, you'd have a better chance to profit. If price doesn't, you can hedge it again on the other side of the new H4 and take it from there. Hope that makes sense.

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It takes courage to grow up and become who you really are - E.E. Cummings
  • #10,640
  • Sep 7, 2016 5:43pm Sep 7, 2016 5:43pm
Quoting PippyTheGrt
{quote} Yes in the US I believe, but not for me. Worst case you'd have to open two accounts in the US so as to be able to do the same effectively lowering the leverage. Or set up a company in XYZ-land as a trading vehicle. Here's an example of a few weeks ago. The long hedge could be a) 100% so you would lock in negative profit or b) more than 100% to catch up with the negative profit while the market goes up. And/or you can stack when it is going your way, and perhaps start a bit earlier than I did fcol. But this is only an example -...
I think I've got it. I will have to take the loss at the stop(closetrade) counter and compound the next trigger. It's the only situation that works in US...
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