Billytt Die happy trading e/j daily breakout | Page 886 | Forex Factory

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Billytt Die happy trading e/j daily breakout

  • #17,701
  • May 22, 2017 4:54pm May 22, 2017 4:54pm
XAUUSD
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GBPJPY
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  • #17,702
  • May 22, 2017 5:14pm May 22, 2017 5:14pm
Quoting faatkumo
{quote} So it's practically the range of the 23:00 Bar, great i got that part. What exactly is the entry? the break of that HI/LOW i'm assuming? 1-2-3 has more or less a general SL, and TP is standard from what i've read. What is perhaps the SL in this style of trading? And typical TP?
''(So it's )...the range of the 23:00 Bar,''
At its most basic, yes.

''What exactly is the entry? the break of that HI/LOW i'm assuming?''
Yes...and no...The method trades a series of optional lines. High, Low, Open, Close and Mid-Line. Price will (statistically speaking) want to leave the wick-zones of the candle. We take advantage of this. I personally prefer to trade as price crosses back inside the body of the candle over the external breakout. That's my personal preference - you can trade either way. However, we trade as price leaves the zones, not enters.

''What is perhaps the SL in this style of trading?''
There is no SL. I use a counter-trade to hold any negative trade in limbo until a new trigger gives a second entry. This is basically Billytt's method of trade management and is described by him many times through the thread. There are slight differences but nothing worth writing home about.

''...typical TP?''
I target +5 pips (+5%). Lock that in as soon as you can. If it goes farther, fair enough, that's jam on top.

This is not a method of trading that will feel natural at first and is not for everyone - it takes a fair bit of practice to get comfortable with it - but it really works and the other guys here will bear witness to that.
  • #17,703
  • May 22, 2017 5:24pm May 22, 2017 5:24pm
Quoting lemercenaire
{quote} ''(So it's )...the range of the 23:00 Bar,'' At its most basic, yes. ''What exactly is the entry? the break of that HI/LOW i'm assuming?'' Yes...and no...The method trades a series of optional lines. High, Low, Open, Close and Mid-Line. Price will (statistically speaking) want to leave the wick-zones of the candle. We take advantage of this. I personally prefer to trade as price crosses back inside the body of the candle over the external breakout. That's my personal preference - you can trade either way. However, we trade as price leaves...

I see, so in essence the general idea of the strategy is to enter when it leaves the range of the Witching Hour (the HIGH/LOW) correct?
But your preference is to enter as price moves into the Body of candle and not the wicks.
Target generally is 5 Pips.

I like "jam" lol

i illustrated blue arrows at the point is the entry, is this what you mean?
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  • #17,704
  • May 22, 2017 5:43pm May 22, 2017 5:43pm
Quoting faatkumo
{quote} I see, so in essence the general idea of the strategy is to enter when it leaves the range of the Witching Hour (the HIGH/LOW) correct? But your preference is to enter as price moves into the Body of candle and not the wicks. Target generally is 5 Pips. I like "jam" lol i illustrated blue arrows at the point is the entry, is this what you mean? {image}
Yes, spot on. However (lol, sorry)...in practice, I would probably only take the short trades here in this set up, as the lower wick is very long in relation to the rest of the candle and as you can see, there is more likelihood of a reverse back in that situation (see candles #3, #6, #7 and #8).

I will check the set-ups in the order that I post up the charts. This is not random but is a result of hefty testing to find the pairs best suited to the method (all have a similar movement profile). The best - most consistent - performers are EJ, UC and AU. There are some that will be out of reach for some due to prohibitive spreads as well (the NZD pairs are bad for this, as is UNok).
  • #17,705
  • May 22, 2017 5:44pm May 22, 2017 5:44pm
Right, gotta' go. Catch y'all tomorrow.
  • #17,706
  • May 22, 2017 5:50pm May 22, 2017 5:50pm
Hi guys, great explaining Lem, , I am able to update the early morning Oz open movement, AKA. The witching hour..!
Nice one again. Take care .
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Onwards and upwards...
  • #17,707
  • May 22, 2017 6:13pm May 22, 2017 6:13pm
Hello Faatkumo and welcome..
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #17,708
  • May 22, 2017 6:30pm May 22, 2017 6:30pm
Quoting billytt
Hello Faatkumo and welcome..

Hey there!
Thx!
  • #17,709
  • May 23, 2017 12:33am May 23, 2017 12:33am
Quoting lemercenaire
Right, gotta' go. Catch y'all tomorrow.
Hey Mate,
glad you are safe up there in Scotland, and not in Manchester.

Prayers for all involved. Sad day.
  • #17,710
  • Edited 1:48am May 23, 2017 1:23am | Edited 1:48am
7:55 DAX +10
7:45 E/J +10
7:45 G/U +10

Done for the day...just waiting E/J DB

Edit big mistake ... i got the wrong hours ..... ahahaha so was fucking lucky ... but to succeed you need luck
trying to make everyday the best risk/reward decisions possible
  • #17,711
  • May 23, 2017 1:51am May 23, 2017 1:51am
Hey guys. I did a TERRIBLE TERRIBLE job yesterday, but for the sake of transparency and to really reflect on myself, I'll share my stressful experience. I am very embarrassed about this trade, but I'm still learning so... Here I go.

Yesterday's trading results:

  1. EURGBP FB +36.1 pips (-13.6-13.5-6.6-14.2*4-14.2*6-13.0*8+42.2*6+12.6*4+6.1*2)
    I had my LARGEST drawdown during this trade. I really learned my lesson. Here is what happened. I shorted at FB low. Price went up. Countered at FB middle. Price went up. Closed the sell and added a buy at FB high. Price went back down to FB low. Closed the two buy positions and added four sell positions. This is where it kind of went wrong. I could have countered and kept the trade in limbo or aim for 5 pips below FB low and take a smaller loss, but I just kept expecting a bigger breakout after all this noise and aimed for more pips. Price went back up to FB high. Closed all my sells. Added 6 buys. Price went back down to FB low. Closed all my buys and added 8 sells. Price went back up to FB high. Closed all my sells and added 6 buys. AT LAST, price shot up. I aimed for a lot based on higher time frames and fibs, so I wasn't even trading lines at this point. I added more positions when it almost reached my target. Price eventually reached my target. I covered all of my losses and gained some pips.

    I clearly increased my positions size too aggressively when price was continuing to whipsaw. I know price usually doesn't whipsaw this much, but I should keep in mind that this CAN happen. I shouldn't be too confident that a strong breakout will happen soon all the time. I hope I make wiser decisions the next time this happens.

EURGBP M5

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_____

Today was a lot better.

Today's trading results:

  1. EURGBP FB +7.4 pips
    I was a few minutes late and I thought FB low broke already, so I jumped in a tiny bit early before it broke. I should be more careful about that. Anyway, sold at FB low. Price went up. Countered at FB middle. Price went back down. Closed the counter buy and added a sell. Targeted yesterday's high which was about 6 pips below FB low.

EURGBP M5

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  • #17,712
  • May 23, 2017 2:38am May 23, 2017 2:38am
Seems I have some reading to do - so I'll post these up and get over to that in a mo.

First up: Frankenbreak. Went straightforward enough. Short move. +5 base made...

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  • #17,713
  • May 23, 2017 2:42am May 23, 2017 2:42am
Over with the madness that is The DAX-Monster 07:55...

+5% made on the original short move. After that, price has taken off and is now up in the clouds somewhere. Man, that thing can move.

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op: 12597.5
cl: 12592.0
  • #17,714
  • May 23, 2017 2:48am May 23, 2017 2:48am
Quoting MichaelG
{quote} Hey Mate, glad you are safe up there in Scotland, and not in Manchester. Prayers for all involved. Sad day.
Yeah, woke up to that guff. Makes you sick to your stomach. Some world we live in.
  • #17,715
  • May 23, 2017 2:50am May 23, 2017 2:50am
Quoting slowbrain
7:55 DAX +10 7:45 E/J +10 7:45 G/U +10 Done for the day...just waiting E/J DB Edit big mistake ... i got the wrong hours ..... ahahaha so was fucking lucky ... but to succeed you need luck
Ha ha ha - I thought I had spaced out when I read this till you said you that!!!
  • #17,716
  • May 23, 2017 3:03am May 23, 2017 3:03am
Quoting StudyFX
Hey guys. I did a TERRIBLE TERRIBLE job yesterday, but for the sake of transparency and to really reflect on myself, I'll share my stressful experience. I am very embarrassed about this trade, but I'm still learning so... Here I go. Yesterday's trading results: EURGBP FB +36.1 pips (-13.6-13.5-6.6-14.2*4-14.2*6-13.0*8+42.2*6+12.6*4+6.1*2) I had my LARGEST drawdown during this trade. I really learned my lesson. Here is what happened. I shorted at FB low. Price went up. Countered at FB middle. Price went up. Closed the sell and added...
Hey, SFX - it's only a mistake if you don't learn from it. A platitude of course but still true nonetheless. Well done - bet you had a wee lie down in a darkened room after that one though .

As a small bit of info re yesterday. Well, hey, a picture is worth a thousand words, so here's a couple for you...

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See the way S+D is set up underneath the break-zone? I know that this is after the fact and that that zone will now be extended through there but you'll just have to trust me that it was there in its earlier form as The FB played out. This would have given a bit of a likelihood that price was going to bounce long, not drop short (and also that it would possibly drag along the edge of that zone for a while).

EDIT:
Sorry the S+D indi is on the older variant of the break but I don't have it on the +5...the deal is still the same.
  • #17,717
  • May 23, 2017 4:27am May 23, 2017 4:27am
[quote=StudyFX;9899329]Hey guys. I did a TERRIBLE TERRIBLE job yesterday, but for the sake of transparency and to really reflect on myself, I'll share my stressful experience. I am very embarrassed about this trade, but I'm still learning so... Here I go. Yesterday's trading results: EURGBP FB +36.1 pips (-13.6-13.5-6.6-14.2*4-14.2*6-13.0*8+42.2*6+12.6*4+6.1*2) I had my LARGEST drawdown during this trade. I really learned my lesson. Here is what happened. I shorted at FB low. Price went up. Countered at FB middle. Price went up. Closed the sell and added a buy at FB high. Price went back down to FB low. Closed the two buy positions and ad

Hi bud, we all make mistakes. It is good you can speak about it positively and you will gain experiance from it.
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #17,718
  • May 23, 2017 4:33am May 23, 2017 4:33am
Cable 07-45 break... Low broke for 6% before it turned. The High broke for many %% which i expected but i did not trade it, 6% was enough lol.
Dax 07-55 colour break, i did long it yaaaaaaaaaaaaaaaay but i also had a short entry which failed but the High trade covered it, easy day. Lady time now except she is at Uni. Catch you later
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #17,719
  • May 23, 2017 6:34am May 23, 2017 6:34am
While we wait for the US to turn up.

Here's how the surfing looked last night on the UC beach.

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  • #17,720
  • May 23, 2017 6:46am May 23, 2017 6:46am
This is driving me nuts. Someone asked me about my entries on one of the threads at some point earlier - and I'm blowed if I can find the post. It was something like do I try and get the exact entry, to the nearest available molecule, or something.

In case it was on here, yes, I do. I enter (for the most part) manually and work my trigger-finger hard to get as close a possible to my marked entry level.

I will occasionally set up an order for The Frankenbreaak or the opposite trigger (the counter) for one of the other methods but it's pretty rare.
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