Breakouts.

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pain
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Breakouts.

Postby pain » Mon Apr 18, 2022 10:01 pm

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:

Image

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

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LeMercenaire
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Re: Breakouts.

Postby LeMercenaire » Mon Apr 18, 2022 11:08 pm

pain wrote: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:

Image

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



Welcome aboard.

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aliassmith
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Re: Breakouts.

Postby aliassmith » Tue Apr 19, 2022 4:03 am

pain wrote: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:

Image

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. #-o

Other than that good to see you posting.
Trade Your Way as Long as It Makes Money!
Maximum Size for Maximum Rides$$$ :shock:

pain
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Re: Breakouts.

Postby pain » Tue Apr 19, 2022 8:18 am

LeMercenaire wrote:
pain wrote: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:

Image

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



Welcome aboard.


thanks!

pain
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Re: Breakouts.

Postby pain » Tue Apr 19, 2022 8:25 am

aliassmith wrote:
pain wrote: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:

Image

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. #-o

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:

Image

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aliassmith
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Re: Breakouts.

Postby aliassmith » Tue Apr 19, 2022 9:02 am

pain wrote:
aliassmith wrote:
pain wrote: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:

Image

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. #-o

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:

Image


Today's trades look good.

You will have to backtest and forward test to figure out what is good for you
Trade Your Way as Long as It Makes Money!
Maximum Size for Maximum Rides$$$ :shock:

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LeMercenaire
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Re: Breakouts.

Postby LeMercenaire » Tue Apr 19, 2022 9:43 am

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
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Re: Breakouts.

Postby pain » Wed Apr 20, 2022 6:41 am

LeMercenaire wrote: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
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Re: Breakouts.

Postby pain » Wed Apr 20, 2022 9:27 am

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.

ImageImage

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LeMercenaire
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Re: Breakouts.

Postby LeMercenaire » Wed Apr 20, 2022 12:27 pm

pain wrote: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.

ImageImage


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.

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