Breakouts.

[pain]

i've been struggling with a lot of the methods that tro offers people, reversals/scalping is hard for me, it seems like everytime i try to get in a trade, there's a little bit of profit i can take, but i get greedy and want more, and wind up hitting my be+1, or hitting my sl almost every single trade.
so i decided to try what i believe to be the simplest tro approved method available. daily candle breakouts. there's way more movement on daily candles, i believe that will fit my trading style more. i'm still working things out, like stoploss, but right now i'm using 20 pips. i might add more pairs later.

i'm going to try to focus money management/grabbing more than few pips with multiple tp levels.
here's my first day of trades:



i'll try to update regularly. if i've missed any forum rules please let me know

[LeMercenaire]

i've been struggling with a lot of the methods that tro offers people, reversals/scalping is hard for me, it seems like everytime i try to get in a trade, there's a little bit of profit i can take, but i get greedy and want more, and wind up hitting my be+1, or hitting my sl almost every single trade.
so i decided to try what i believe to be the simplest tro approved method available. daily candle breakouts. there's way more movement on daily candles, i believe that will fit my trading style more. i'm still working things out, like stoploss, but right now i'm using 20 pips. i might add more pairs later.

i'm going to try to focus money management/grabbing more than few pips with multiple tp levels.
here's my first day of trades:



i'll try to update regularly. if i've missed any forum rules please let me know

Welcome aboard.

[aliassmith]

i've been struggling with a lot of the methods that tro offers people, reversals/scalping is hard for me, it seems like everytime i try to get in a trade, there's a little bit of profit i can take, but i get greedy and want more, and wind up hitting my be+1, or hitting my sl almost every single trade.
so i decided to try what i believe to be the simplest tro approved method available. daily candle breakouts. there's way more movement on daily candles, i believe that will fit my trading style more. i'm still working things out, like stoploss, but right now i'm using 20 pips. i might add more pairs later.

i'm going to try to focus money management/grabbing more than few pips with multiple tp levels.
here's my first day of trades:



i'll try to update regularly. if i've missed any forum rules please let me know

You sure did break a rule.
You let that USDJPY beat you up to bad compared to the other trades.

Other than that good to see you posting.

[pain]

i've been struggling with a lot of the methods that tro offers people, reversals/scalping is hard for me, it seems like everytime i try to get in a trade, there's a little bit of profit i can take, but i get greedy and want more, and wind up hitting my be+1, or hitting my sl almost every single trade.
so i decided to try what i believe to be the simplest tro approved method available. daily candle breakouts. there's way more movement on daily candles, i believe that will fit my trading style more. i'm still working things out, like stoploss, but right now i'm using 20 pips. i might add more pairs later.

i'm going to try to focus money management/grabbing more than few pips with multiple tp levels.
here's my first day of trades:



i'll try to update regularly. if i've missed any forum rules please let me know

Welcome aboard.

thanks!

[pain]

i've been struggling with a lot of the methods that tro offers people, reversals/scalping is hard for me, it seems like everytime i try to get in a trade, there's a little bit of profit i can take, but i get greedy and want more, and wind up hitting my be+1, or hitting my sl almost every single trade.
so i decided to try what i believe to be the simplest tro approved method available. daily candle breakouts. there's way more movement on daily candles, i believe that will fit my trading style more. i'm still working things out, like stoploss, but right now i'm using 20 pips. i might add more pairs later.

i'm going to try to focus money management/grabbing more than few pips with multiple tp levels.
here's my first day of trades:



i'll try to update regularly. if i've missed any forum rules please let me know

You sure did break a rule.
You let that USDJPY beat you up to bad compared to the other trades.

Other than that good to see you posting.

you're right. i think i'll limit myself to one set of breakout trades a day, no double dipping. i should probably implement a level to breakeven as well, i'm just not sure what's really optimal

my strategy consists of 3 trades being opened at the same lotsize w 20pip stop, tp at 12, 26, and 40. maybe at 12 i should BE+6?

on another note: todays trades:

[aliassmith]

i've been struggling with a lot of the methods that tro offers people, reversals/scalping is hard for me, it seems like everytime i try to get in a trade, there's a little bit of profit i can take, but i get greedy and want more, and wind up hitting my be+1, or hitting my sl almost every single trade.
so i decided to try what i believe to be the simplest tro approved method available. daily candle breakouts. there's way more movement on daily candles, i believe that will fit my trading style more. i'm still working things out, like stoploss, but right now i'm using 20 pips. i might add more pairs later.

i'm going to try to focus money management/grabbing more than few pips with multiple tp levels.
here's my first day of trades:



i'll try to update regularly. if i've missed any forum rules please let me know

You sure did break a rule.
You let that USDJPY beat you up to bad compared to the other trades.

Other than that good to see you posting.

you're right. i think i'll limit myself to one set of breakout trades a day, no double dipping. i should probably implement a level to breakeven as well, i'm just not sure what's really optimal

my strategy consists of 3 trades being opened at the same lotsize w 20pip stop, tp at 12, 26, and 40. maybe at 12 i should BE+6?

on another note: todays trades:

Today's trades look good.

You will have to backtest and forward test to figure out what is good for you

[LeMercenaire]

EJ is particularly good for Daily Break trades, albeit I know it based around the UK 'Day', which is the actual chronological day, midnight to midnight, not the trading 'day'.

[pain]

EJ is particularly good for Daily Break trades, albeit I know it based around the UK 'Day', which is the actual chronological day, midnight to midnight, not the trading 'day'.

i think midnight UK is when my broker opens the new daily candle for me. 12 am UK= 7 pm ET i think. thanks for your advice.

[pain]

today was a horrible trading day for me, i lost 2 days profit and then some. i won't be trading as many pairs as i was previously anymore, i'll only be trading two. EURJPY/USDCAD. one is from a recommendation, and the other i've looked up and seen it has a negative correlation with the other, so it's less likely to do what all the pairs did to me today. either hit the prev day h/l or almost hit it, and skyrocket in the other direction and hit my sl. at least i learned a lesson in how much money i should be risking per trade. i'll definitely be risking maybe 1/8 of what i'm risking right now when it comes to real money. here's what my account is looking like now. embarassing.

[LeMercenaire]

today was a horrible trading day for me, i lost 2 days profit and then some. i won't be trading as many pairs as i was previously anymore, i'll only be trading two. EURJPY/USDCAD. one is from a recommendation, and the other i've looked up and seen it has a negative correlation with the other, so it's less likely to do what all the pairs did to me today. either hit the prev day h/l or almost hit it, and skyrocket in the other direction and hit my sl. at least i learned a lesson in how much money i should be risking per trade. i'll definitely be risking maybe 1/8 of what i'm risking right now when it comes to real money. here's what my account is looking like now. embarassing.

I don't really want to begin getting into how I do this, it is not for everyone and employs concepts from a friend's method that I don't feel comfortable sharing as my own.

However, it does involve using techniques based around TRO's Wick-Zone trading and then - tbh the special sauce - I will use counter trades as part of the trade management system.

You just have to try and get a real feel for how those two pairs work and perhaps look at frequency distribution to get a better idea of how much movent, when to expect it etc you could be looking at every day.

I'd say that if you are trying to play a Daily Break method actually across a whole day, you're going to expose yourself to the market too much.

Keep going, you're on a good track, you'll get there.