Breakouts.

[LeMercenaire]

One other thing I'd maybe mention, is that I have been investigating the effectiveness of TRO's Mid-Dots on the Daily. Might be something you could also look at?

[LeMercenaire]

Both UC and EJ look like they would have bagged you something today? Hope so.

[pain]

Both UC and EJ look like they would have bagged you something today? Hope so.

thanks for your kind words and advice. i stopped trading for the day after those losses i wouldn't want to lose too much too fast. today's a new day though!

i suppose i can use mid dots but i'm not entirely sure how they would help me? trading crossovers of the mid point instead of breakouts? or using the mid pt as a SL? also, by counter-trading do you mean trading reversals from highs/lows, or hedging? i'm living in us, i can't hedge if that's the case. sadly, i don't have access to a frequency distribution indicator either, and i'm not even entirely sure how to use it if i did have access to one.

on a different note, here's something else i've been toying with. breakouts from swing highs/lows.

i'm sure this is nothing new but, my idea is that i should wait for a swing to appear, then wait for a breakout of the swing. after the breakout bar closes, on the next bar if it retraces and hit the breakout bars midpoint, i "trade" in the direction of the breakout bar. just something i'm toying with when i'm not trying to trade daily breakouts. there's a "trade" going on rn i've been watching, and some examples of trades that couldve taken place this week:




the X is where there was a setup, but my trigger wasn't hit, i'm using some ict fibo settings from a video i've seen a while ago. (0,0.5,1,-.62,-.27,-1)

i'll be updating how my daily breakout trades go later today.. hopefully better than yesterday!

[pain]

todays trades: both hit my first tp, then hit be+6. good enough for me!

[LeMercenaire]

Both UC and EJ look like they would have bagged you something today? Hope so.

thanks for your kind words and advice. i stopped trading for the day after those losses i wouldn't want to lose too much too fast. today's a new day though!

i suppose i can use mid dots but i'm not entirely sure how they would help me? trading crossovers of the mid point instead of breakouts? or using the mid pt as a SL? also, by counter-trading do you mean trading reversals from highs/lows, or hedging? i'm living in us, i can't hedge if that's the case. sadly, i don't have access to a frequency distribution indicator either, and i'm not even entirely sure how to use it if i did have access to one.

on a different note, here's something else i've been toying with. breakouts from swing highs/lows.

i'm sure this is nothing new but, my idea is that i should wait for a swing to appear, then wait for a breakout of the swing. after the breakout bar closes, on the next bar if it retraces and hit the breakout bars midpoint, i "trade" in the direction of the breakout bar. just something i'm toying with when i'm not trying to trade daily breakouts. there's a "trade" going on rn i've been watching, and some examples of trades that couldve taken place this week:




the X is where there was a setup, but my trigger wasn't hit, i'm using some ict fibo settings from a video i've seen a while ago. (0,0.5,1,-.62,-.27,-1)

i'll be updating how my daily breakout trades go later today.. hopefully better than yesterday!

The Mid-Dots thing is just one of those annoying, nagging things in my mind just now, like I feel there may be something there I can use but I just can't quite put my finger on it.

My counter trading involves hedging, yes, so as you are in the US, as you said...no go - unless you use two brokers. Sorry.

That thingy you are looking at is definitely got the same feeling as I mentioned above - that there may just be something good there. Worthwhile pursuing.

[LeMercenaire]

One would think that at the most basic function level, Mid-Dots could be used as a bias-finder of some sort. I am sure that was TRO's intention.

[TheRumpledOne]

One would think that at the most basic function level, Mid-Dots could be used as a bias-finder of some sort. I am sure that was TRO's intention.

Mid Dots came from my stock trading days. When I moved to Forex, I traded the previous daily middle crossover. As far as using it as a bias, long above and short below the mid dot. If price opens below the mid dot and fails to cross above, then it is a short. If price opens about the mid dot and fails to cross below, it is a long.

Use the multimeter to see where price is compared to the previous mid point on all time frames.

TRO_001.png (36.14 KiB) Viewed 2473 times

Basic and simple.

[pain]

awesome, thanks LeM and TRO!
i'm not sure how to use daily mid dots as a bias for daily breakout trades.. in order for it to break out doesn't it already have to be above/below the previous midpoint?

i'll consider doing some mid point crossover trades as well, but i'm seeing a lot of losses with my tp/sl parameters. not sure if i should commit to doing that yet.


buuuut, good news! i'm almost at my original balance today! both breakout trades for the day both hit tp1, then BE+6.:



days like this make me regret using a BE. couldve hit all 3 targets quite comfortably.. seems to happen a lot more often on usdcad than eurjpy at first glance.

[TheRumpledOne]

....
i'm not sure how to use daily mid dots as a bias for daily breakout trades.. in order for it to break out doesn't it already have to be above/below the previous midpoint? ...

Use the PREVIOUS DAILY MIDPOINT as the bias! Long above, short below.

[pain]

....
i'm not sure how to use daily mid dots as a bias for daily breakout trades.. in order for it to break out doesn't it already have to be above/below the previous midpoint? ...

Use the PREVIOUS DAILY MIDPOINT as the bias! Long above, short below.

ok, understood.

todays breakout trades:


both hit first tp, then be+6. back in the green.


will now start to do some mid dot trades. price above/below daily mid dot= bias, h1 open above/below h1 middot= trigger. will update later, with pictures of trades taken, and the profit/loss. i'll be using different sl, and no tp, and risking .1% max.
10 pip sl, 5 pip scale out+be+1, 10pip be+5, 15pip be+10, after that maybe just a trailing stop.