Billytt Die happy trading e/j daily breakout | Page 907 | Forex Factory

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Billytt Die happy trading e/j daily breakout

  • #18,121
  • Jun 2, 2017 10:03pm Jun 2, 2017 10:03pm
Quoting billytt
{quote} depending on the range of 04-00 bar, ideally it is approx 28 for me. i will counter on the fail, i suppose you could counter at 20 or 25 but i dont/didnt.
so just so i understand fully.....if Trade #1 goes BAD an reverses......at the -28 pip mark you will ENTER COUNTER TRADE #1 ??? and this Counter Trade #1 will have 2x lot size as original trade?? I'm also assuming your using this -28 pip mark because if you DOUBLE your lot size of your initial trade and you get the 20 pips you speak of out the other side........this wa you make up for you losing trade and still make +pips?

THANKS BILLY!
  • #18,122
  • Jun 3, 2017 6:18am Jun 3, 2017 6:18am
Quoting bojack34
{quote} so just so i understand fully.....if Trade #1 goes BAD an reverses......at the -28 pip mark you will ENTER COUNTER TRADE #1 ??? and this Counter Trade #1 will have 2x lot size as original trade?? I'm also assuming your using this -28 pip mark because if you DOUBLE your lot size of your initial trade and you get the 20 pips you speak of out the other side........this wa you make up for you losing trade and still make +pips? THANKS BILLY!
that is a good reply, (sometimes) i double my lot size or just add on. Sometimes use smaller lot size but have 2 trades running, one for a fixed return and the other to let run.
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #18,123
  • Jun 3, 2017 6:23am Jun 3, 2017 6:23am
Quoting billytt
{quote} that is a good reply, (sometimes) i double my lot size or just add on. Sometimes use smaller lot size but have 2 trades running, one for a fixed return and the other to let run.
If Counter Trade #1 also "goes bad" and reverses........do you just "cut bait" and stop trading for the day, or do you attempt a Counter Trade #2 and increase your lots size for a 2nd time? This is the part where I have no clue what to do.

THANKS BILLY!
  • #18,124
  • Jun 3, 2017 6:25am Jun 3, 2017 6:25am
04-00 candle break, even though we have excellent odds it can be difficult for some people with small bank roll.
Let us do this..... We let the 04-00 bar trigger (but do not enter a trade) hopefully let it retrace then we enter,
This way we save on the loss IF it happens and actually can gain a lot more. i will show examples, later.
OR and this i do like especially if you miss the original trade...
IF the first trade fails (and is not traded) you then trade the break of the opposite end, so you will probably gain the 20 if not more with Daily Range.
Obviously Daily Range has to of been not much at the time, will show examples. You can even let this retrace first too.
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #18,125
  • Jun 3, 2017 6:28am Jun 3, 2017 6:28am
My Lady and i are ok and still an item lol,
She spoke to me and i nodded at the appropriate times to her satisfaction lol.
Nice day here and i may stroll along coast
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #18,126
  • Jun 3, 2017 6:38am Jun 3, 2017 6:38am
Quoting billytt
04-00 candle break, even though we have excellent odds it can be difficult for some people with small bank roll. Let us do this..... We let the 04-00 bar trigger (but do not enter a trade) hopefully let it retrace then we enter, This way we save on the loss IF it happens and actually can gain a lot more. i will show examples, later. OR and this i do like especially if you miss the original trade... IF the first trade fails (and is not traded) you then trade the break of the opposite end, so you will probably gain the 20 if not more with Daily Range....
It sounds like I should just DITCH the whole Counter Trade idea for now since I am a novcie trader with a very small micro account for starters.....but it is NICE to at least know how to do it incase I see a very strong counter move going against my OG trade. With that being said......is it ok with a system like this to have a SL less than 2:1? Lets say I was going to try and get only 5 pips at 1% per pip. Would it be ok to have a SL of 10 pips? What would be an appropriate SL for a small account while using a breakout system?

THANKS BILLY!!

Glad to hear about your lady....now don't screw it up! Go buy her a nice calculator or something..lol
  • #18,127
  • Jun 3, 2017 6:40am Jun 3, 2017 6:40am
Quoting billytt
My Lady and i are ok and still an item lol, She spoke to me and i nodded at the appropriate times to her satisfaction lol. Nice day here and i may stroll along coast
Wise words young lads pay attention.
Good to hear bill, weather's ripe for it!
  • #18,128
  • Jun 3, 2017 6:41am Jun 3, 2017 6:41am
Quoting bojack34
{quote} It sounds like I should just DITCH the whole Counter Trade idea for now since I am a novcie trader with a very small micro account for starters.....but it is NICE to at least know how to do it incase I see a very strong counter move going against my OG trade. With that being said......is it ok with a system like this to have a SL less than 2:1? Lets say I was going to try and get only 5 pips at 1% per pip. Would it be ok to have a SL of 10 pips? What would be an appropriate SL for a small account while using a breakout system? THANKS BILLY!!...
stop loss kills a trade, you need to master the method, Dont forget anything can happen with trading, only the big game players know what will happen excluding natural disasters
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #18,129
  • Jun 3, 2017 6:42am Jun 3, 2017 6:42am
Quoting Piphunter00
{quote} Wise words young lads pay attention. Good to hear bill, weather's ripe for it!
thankyou Pip and hope you are ok.
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #18,130
  • Jun 3, 2017 6:43am Jun 3, 2017 6:43am
Quoting billytt
{quote} stop loss kills a trade, you need to master the method, Dont forget anything can happen with trading, only the big game players know what will happen excluding natural disasters
Note taken!!! Will do!
  • #18,131
  • Jun 3, 2017 6:48am Jun 3, 2017 6:48am
2nd June ,yesterdays 04-00 break Cable
Attached Image (click to enlarge)
Click to Enlarge Name: Capturett3rd.PNG Size: 45 KB

High 12881,,,Low 12859,,, so range of 22.
The Low broke (we did not trade) it retraced up.
We have no idea how far up it will go BUT the Higher it moves up the less we lose IF it fails.
We enter a short, we had many times were we could of made at least 5%

edit, it can be traded on way down too ,
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #18,132
  • Jun 3, 2017 6:48am Jun 3, 2017 6:48am
Quoting bojack34
{quote} It sounds like I should just DITCH the whole Counter Trade idea for now since I am a novcie trader with a very small micro account for starters.....but it is NICE to at least know how to do it incase I see a very strong counter move going against my OG trade. With that being said......is it ok with a system like this to have a SL less than 2:1? Lets say I was going to try and get only 5 pips at 1% per pip. Would it be ok to have a SL of 10 pips? What would be an appropriate SL for a small account while using a breakout system? THANKS BILLY!!...
Alot of what billy has layed out for us here completely flies in the face of conventional wisdom and what as novices we are taught, so I share most of these concerns. The only way to know what will work for your needs is to crank out the pen and pad and do a minimum 50 trade manual backtest and collate the stats. Be very clear and concise with your rules for this test and be brutally honest with yourself when recording the results. Then you can see what kind of return you would have had. I still don't know how the whole 1% a pip works so comfortably considering margin etc but I have never traded it live and I do know billy has a backup bankroll which takes off alot of pressure. Take a look at a post I made about my test of 7:45 cable using 0.5% per pip and compounding with stoplosses not long ago
  • #18,133
  • Jun 3, 2017 7:04am Jun 3, 2017 7:04am
Quoting Piphunter00
{quote} Alot of what billy has layed out for us here completely flies in the face of conventional wisdom and what as novices we are taught, so I share most of these concerns. The only way to know what will work for your needs is to crank out the pen and pad and do a minimum 50 trade manual backtest and collate the stats. Be very clear and concise with your rules for this test and be brutally honest with yourself when recording the results. Then you can see what kind of return you would have had. I still don't know how the whole 1% a pip works so...

wise words, dont forget i will trade retrace as posted last as well as original trade, so i might get 5 and 5, sometimes 5 and 5 and 5 maybe 5 and 3 etc. what ever i make over 5% i use to offset and future loss. The second bankroll is the main player, just like in reality when we borrow off the nbank and repay with interest
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #18,134
  • Jun 3, 2017 7:07am Jun 3, 2017 7:07am
Quoting billytt
2nd June ,yesterdays 04-00 break Cable {image} High 12881,,,Low 12859,,, so range of 22. The Low broke (we did not trade) it retraced up. We have no idea how far up it will go BUT the Higher it moves up the less we lose IF it fails. We enter a short, we had many times were we could of made at least 5% edit, it can be traded on way down too ,
Another good way to do it! Those for concerns on risk reward and other stuff etc etc this is probably the avenue for you. Though be prepared to trade alot less and watch many a break happen and give up the 5 without you on board lol.

I think the number one thing I've drawn from Billys teachings is STATS STATS STATS! Test theories and know your edge.

And don't forget billy has traded this for who knows how long! He showed us pictures of stats dating back to 1999 so of course he trades these methods with a level of intuition that has to be built over time. Keep it simple for yourself for now guys! 1000 trades later you'll be doing cowboy stuff like bill and lem
  • #18,135
  • Jun 3, 2017 7:08am Jun 3, 2017 7:08am
Cable 1st June 04-00 break, i actually told you i didnt trade the long..
Attached Image (click to enlarge)
Click to Enlarge Name: ooooo3rd.PNG Size: 39 KB

This was a fail whichever way you look at it.
High broke and retraced down, we could of entered anywhere on line (obviously not knowing where it would go)
BUT it FAILED, so it had range of 39, we would not of lost 39 but less.
Dont forget i said i like to trade a range of approx 28.
The low broke and made 10, ok it wasnt 20 but it did make Daily Range Low. that day DR was 85
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #18,136
  • Jun 3, 2017 7:09am Jun 3, 2017 7:09am
Quoting Piphunter00
{quote} Another good way to do it! Those for concerns on risk reward and other stuff etc etc this is probably the avenue for you. Though be prepared to trade alot less and watch many a break happen and give up the 5 without you on board lol. I think the number one thing I've drawn from Billys teachings is STATS STATS STATS! Test theories and know your edge
Thanks Pip
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #18,137
  • Jun 3, 2017 7:14am Jun 3, 2017 7:14am
Quoting billytt
{quote} Thanks Pip
All good bill, each one teach one is the way forward!
  • #18,138
  • Jun 3, 2017 7:16am Jun 3, 2017 7:16am
Quoting billytt
Cable 1st June 04-00 break, i actually told you i didnt trade the long.. {image} This was a fail whichever way you look at it. High broke and retraced down, we could of entered anywhere on line (obviously not knowing where it would go) BUT it FAILED, so it had range of 39, we would not of lost 39 but less. Dont forget i said i like to trade a range of approx 28. The low broke and made 10, ok it wasnt 20 but it did make Daily Range Low. that day DR was 85
Small question on ur use of the DR bill, Do you use the 'average' or the most frequent daily range?
  • #18,139
  • Jun 3, 2017 7:17am Jun 3, 2017 7:17am
Quoting billytt
Cable 1st June 04-00 break, i actually told you i didnt trade the long.. {image} This was a fail whichever way you look at it. High broke and retraced down, we could of entered anywhere on line (obviously not knowing where it would go) BUT it FAILED, so it had range of 39, we would not of lost 39 but less. Dont forget i said i like to trade a range of approx 28. The low broke and made 10, ok it wasnt 20 but it did make Daily Range Low. that day DR was 85
......so if your "range" is too big you will then trade within the range? and if the range is the right size then you will just trade the breakout.
I'm sorry I can't remember if you only trade in the direction of trend. I apologize, I've done a lot of research tonight...starting to get a little tired...lol.
  • #18,140
  • Jun 3, 2017 7:29am Jun 3, 2017 7:29am
Quoting Piphunter00
{quote} Small question on ur use of the DR bill, Do you use the 'average' or the most frequent daily range?
it isnt 100% consistent with me but i use 5 and 20 day then minus a few points (i call modest range)
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
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