Breakouts.

[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.

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.

If what you are doing is profitable then DON'T CHANGE A THING!!!

[aliassmith]

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.

If what you are doing is profitable then DON'T CHANGE A THING!!!

I can't agree with that. If breakout is working don't system hop to mid points. However, You do owe it to yourself to collect data on various entry and exit methods along with money management. Backtest and forward test each piece individually while keeping precise data.

System hoping is usually bad. Working to master your system is a good thing. You might find out you can go from 2% a month to 4% without additional risk.

After a lot of testing you may find out you can't improve the system at all.

[pain]

wound up not trading mid-dots after being yelled at lol

i did some searching, and found some adr indicator, that lets me know the avg percentage price usually travels per day, will try to implement that to filter out some trades. EURJPY hit 80% of adr without breaking out, so i won't trade it today no matter what.
USDCAD skyrocketed after my entry, and hit tp1,tp2, and around 80% of adr, then started stalling so i closed it before the third tp preemptively.

[pain]

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.

If what you are doing is profitable then DON'T CHANGE A THING!!!

I can't agree with that. If breakout is working don't system hop to mid points. However, You do owe it to yourself to collect data on various entry and exit methods along with money management. Backtest and forward test each piece individually while keeping precise data.

System hoping is usually bad. Working to master your system is a good thing. You might find out you can go from 2% a month to 4% without additional risk.

After a lot of testing you may find out you can't improve the system at all.

i think both points have a lot of validity to it, no? maybe instead of trying to add a whole new method, i can search for negatively/very low correlated pairs to add for more breakout possibilities. i'll do some more research on pair correlations, i don't really want to trade any exotics or anything though. once i've mastered this, i'm sure i can add another method or two that i could trade as well that suit me. maybe weekly breakouts/inside bars or something.

[aliassmith]

wound up not trading mid-dots after being yelled at lol

i did some searching, and found some adr indicator, that lets me know the avg percentage price usually travels per day, will try to implement that to filter out some trades. EURJPY hit 80% of adr without breaking out, so i won't trade it today no matter what.
USDCAD skyrocketed after my entry, and hit tp1,tp2, and around 80% of adr, then started stalling so i closed it before the third tp preemptively.

Someone yelled at you? We will have to find out who did that.

I hate to see people system hop. In the beginning its good to explore. Then you must get serious about one method and become a master of it. Stop chasing the shinny things.

[pain]

no trades yesterday, fell asleep before any breakouts occurred. todays trades so far more than made up for it. eurjpy hit all 3 targets in 13 minutes. won't wait any longer for usdcad to move.

[LeMercenaire]

no trades yesterday, fell asleep before any breakouts occurred. todays trades so far more than made up for it. eurjpy hit all 3 targets in 13 minutes. won't wait any longer for usdcad to move.

Yeah, positive news from BoJ overnight.

[pain]

todays trades:


might be ready to switch to REAL trading soon.

[aliassmith]

todays trades:


might be ready to switch to REAL trading soon.

What is REAL trading?

[pain]

todays trades:


might be ready to switch to REAL trading soon.

What is REAL trading?

trading with actual capital, that's where most traders have issues with their mentality and start self-sabotaging, no? hopefully with the amount i'm going to risk live it should be easy for me to deal with.

todays trades:

eurjpy nearly touched my tp and retraced, i managed to close before it bounced and gave me a loss.
usdcad did the same exact thing, but since i wasn't watching the chart as much as i should've been, i couldn't close it in time. i took a small loss instead.