How Larry Williams’ Bail Out Exit can Easily Double Profits
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- Опубликовано: 16 сен 2024
- In this video I demonstrate how to use Larry Williams' Bailout Exit to improve the results of an existing inside day trading strategy.
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Tests are done using Multicharts on data of USD / JPY Forex pair supplied by Oanda from 2008 - 2021.
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DISCLAIMER:
I am not a financial advisor and I am not offering you financial advice. I am not regulated in any way. The purpose of the content I provide is for educational purposes only.
Any information you receive is based on my own knowledge and experience in the financial markets and how you act on the information provided is your own responsibility.
I cannot be held responsible for any losses you may incur as a result of ideas taken from my content provided.
A few of you guys have been questioning the new exit and the stop loss. In this version of the strategy the original stop loss which uses the high or low of the inside bar only stays active for the first day, the day after the inside bar.
newbie dumb question alert: how is the SL removed the day after the inside bar?
@@irfanKhan-ws2oi You simply double click on the trade and then click on the drop down menu of "Type" , then click on modify order and then reset the stop loss to 000000
Is there a video for the said results? Thanks.
Thank you for this, I hope you’ll make a follow up video with a stop loss placement soon! Cheers
I think is not the exit type what improved the system... but the ausence of stop loss
Nice video, interesting to see the visual results of your tests.
Very good vídeo and very interesting strategy. Sounds pretty impressive.
Would be interesting, indeed, if you could test this new approach (not closing at the end of the day if not in profit) in other forex pairs. Because yes, it is not common at all that a strategy works well in different pairs.
Would love to see. And thank you very much for such interesting and valuable content.
Pulling out early outside of trading has saved me so many times.
It works but you need proper positioning and risk management
thx for posting.
Great video! Your ideas are useful and broaden my view in trading strategies. I use some of your ideas as building blocks to improve performance of my own strategies. You provide great and useful advice and I appreciate it.
You mentioned that with the bail out exit we don’t have a stop loss, but what about the stop loss from the stop order? Don’t we use it anymore? And if not why? Would like to get cleared up, thanks in regards!
That's a good question. I guess it depends if the initial stop loss order was a "day" order or "good till canceled". If it's the latter, it'll still be floating out there. But I believe (I could be wrong) MultiCharts sends it as a day order by default, so once a new day starts, that stop will be gone. Of course, it also probably depends how Jarrod coded it too.
Sometimes the counter-intuitive strategies are the best. I think this is because they are not being used. You zig when they zag. As a day trader myself i normally bail out of all positions near EOD. Sometimes its best though to wait until the following day if you think the trend will continue.
Hi Jarrod,
the entry rules in this video differs from the ones in the pdf !
In the Video you talk about entries based on the previous inside day levels and in the report the inside day levels are the entry points. What’s right ?
The entries levels and stop loss levels are all based on the inside bar high and low as in the report. It's just the exit in this video which differs.
Looks like I made a mistake in this video when demonstrating on the whiteboard! Well spotted!
This IB setup appears to be from Courtney Smith's book
It would be good to see you test the strategy on other forex pairs.
Late to the party...but very unclear on the no profit Bailout exit. All I get is stay in the trade until the next inside bar signal. OK, if you're in a BUY and hit an inside bar is it a Sell to close the BUY and vice versa for a Buy to close a Sell? Regardless, does it matter if the next inside bar signals a Buy or a Sell? AND, what if on day one you hit your Stop Loss? Besides exiting one side of the trade, does that trigger a reversal signal?
did you try to take profit once candle closes in profit? I mean not at the end of the day if not in profit, and not waiting a new set up, but like in the other strategies, take profit if in profit at the end. and yes I'd love to see if it works on other pairs as well. great video, nice optimization. really liked it.
Good stuff Jarrod. Just out of interest, I have tried the original strategy and then also tried varying the expiry time of the pending orders and found that on several pairs 48hrs was better than 24hrs. It seems you can save a losing trade on the second day. I will try this with the new exit.
Thanks for the information. I'll test it out too!
@@TheTransparentTrader I can confirm the more profitable second day close exit too after testing it in Tradestation .
@@bassramy Thanks for letting us know!
Did you use any sort of slippage or commissions for these results? I didn't see any on the results screen, but I may have missed it.
I'm driving in the car as I listen to this and I never see any links
hey, would you be willing to divulge your monthly %gain from your portfolio of strategies?
Without a risk to reward ratio how does one know how to position size? Do you have any accounts trading @ optimal F?
You can get a risk to reward ratio from the back test report. Most of my own live strategies use a multiple of optimal f for position sizing.
Thanks for this Jarrod, but the vid has left me confused (like some other comments here). With the bail out exit do you not use the stop loss as in the original strategy?
I should've made it clearer. The stop loss of the original strategy only stays active for the first day. For the first bar after the inside bar.
@@TheTransparentTrader OK thanks for the clarification.
Thanks for the video, Jarrod - very interesting. However, as an almost complete beginner trader, I have a question: WHY does any ONE strategy tend NOT to work for more than one or even several DIFFERENT currency pairs? I can't get my head around that one.......anyone got a plausible explanation? Thanks.......
I'm not entirely sure! There has to be a logical explanation.
As long you know which strategy works on which market, you can make money.
@@TheTransparentTrader Different Markets have different behaviors because of the different fundamentals behind them, sorry Jarrod for barging in like that .
Sorry Jarrod, but this is confusing. Where do you actually place orders with the original Daily range breakout system , on the Inside bar OR the previous bar like you mention here ?
The orders are placed 1 bar after the inside bar.
I watched your previous videos about the daily range system and read the pdf also. It tells me to place stoporders just above and below the inside bar. Have you changed the original strategy also?
@@HaggeHagberg Testing shows it makes very little difference placing stop orders at the high or low of the inside bar or a couple of pips above and below.
Once the inside bar is formed you will place the orders ready to be filled on the next bar. Hope that helps.
I will try to clarify what i mean. My question is which bar you use when you place the stoporder ?
The inside bar or the bar to the left , the bar before the inside bar ?
As i see it, you dont use the same bar to setup the orders for the original system as for the bail out exit ?
@@HaggeHagberg Refer to the whiteboard at 6:03 and you can see that the stop orders and stop losses are set up according to the highs and lows of the bar prior to the inside bar