Menu
Sister Sites

Options

Bookmark Thread

First Page First Unread Last Page Last Post

Print Thread

Similar Threads

Building an equity millipede 7,436 replies

Flying Buddha Trading Idea 36 replies

A Flying Buddha does this work? 57 replies

Equity millipede & Flying Buddha trading journal 9 replies

Flying buddha pattern 12 replies

Attachments: Build an Equity Millipede with the filtered Flying Buddha
Exit Attachments

Build an Equity Millipede with the filtered Flying Buddha

Well we finally have some positive movement on the U/J. I've moved my stop to BE + 2 and will look for new entries starting with the next H4 bar.
Attached Image (click to enlarge)
Click to Enlarge Name: uj initial.gif Size: 23 KB
Quoting rgrace
Seems to be picking up on U/J.

Lol. Looks like we spotted it at the same time. Nice catch.
I missed the H4 entry on the last bar as I was not available at my screen. I'm taking it this bar as we've retraced to the 50% fib and I doubt it will move much before the bar closes.
Attached Image (click to enlarge)
Click to Enlarge Name: uj initial.gif Size: 21 KB
Stopped out last night. Placing new limit order on H4 bar at 81.02 with a stop at 80.86
Hit my limit order and moved up. I've moved stop to BE even though its tight, because I wanted to take the new entry at the open of the H4 bar. So now I'm in that one at 81.14 with a stop at 80.89
Attached Image (click to enlarge)
Click to Enlarge Name: uj initial.gif Size: 20 KB
Moving stop to be before hitting the sack. Sleep well all. Unless you're up that is.
Entered again at the H4 50% upon getting up this morning. Entry is at 81.55 with a stop at 81.36
Attached Image (click to enlarge)
Click to Enlarge Name: uj initial.gif Size: 23 KB
Hi
Your thread is great. But y you entered buy in usdjpy since there is daily resistance at 81.761?
Quoting k4u
Hi
Your thread is great. But y you entered buy in usdjpy since there is daily resistance at 81.761?
K4u,

Thanks for joining in. To answer your question, I don't concentrate on the s/r with this technique.

Let's face it, if we looked at every parameter possible to screen for trades, i.e. s/r, round numbers, trend lines, etc. we'd never make a trade. Not that those aren't useful tools, just not for this strategy...time will tell.
Resistance is there to be broken . If it reverse at support with FB, we will start closing positions and start to follow market downside. (at least we try)

We stacking until the trend is intact which is for us when opposite candle close under open of previous candle on D1. We trying not to forecast, but we following/stacking market until opportunity/trend dies.
Spider really catch this UY trend early, and had luck that it goes very strongly. Nice...your equity starts to go up again after stall. It makes me worry that almost only UY positions surviving .. Would be nice we catch some other trends as well.
Quoting BatmanXXL
Resistance is there to be broken . If it reverse at support with FB, we will start closing positions and start to follow market downside. (at least we try)

We stacking until the trend is intact which is for us when opposite candle close under open of previous candle on D1. We trying not to forecast, but we following/stacking market until opportunity/trend dies.
Spider really catch this UY trend early, and had luck that it goes very strongly. Nice...your equity starts to go up again after stall. It makes me worry that almost only UY positions...
Well said Batman.

I too would like to see some more legs growing. Right now I've got legs going on E/C, E/G, E/U and G/Chf. They're babies but hopefully they'll mature. We definitely hit it good with U/J. Haven't closed out any on purpose yet.
Spyder,

First off thanks for the great thread! I love Graeme's approach to trading, and have been trying to implement it myself. Quick question though. Are you sticking strictly to Joe's approach, as in, eventually closing all legs? Or will you diversify and leave one or two legs open for long term growth? Thanks again.
Quoting aball6412
Spyder,

First off thanks for the great thread! I love Graeme's approach to trading, and have been trying to implement it myself. Quick question though. Are you sticking strictly to Joe's approach, as in, eventually closing all legs? Or will you diversify and leave one or two legs open for long term growth? Thanks again.
That's an excellent question and one I've been waiting to address.

I absolutely love Graeme's thread and it definitely changed the way I think about trading. That being said I have struggled with the idea of "never" closing some positions.

Logistically, what if you want to change brokers for some reason. Now you have these potentially huge trades open that would get totally messed up by changing. Or if you have enough legs going you may want to spread out your trading to different broker's. Same problem.

I wish Graeme was still around so he could comment, but it seems you can accomplish just as much in closing those positions when the time is right. You can still start trading in the original direction if the trend continues.

So, to answer in short, yes I plan on closing all positions as the indication in line with Joe's technique is met. Seems to make more sense to me.

Any thoughts from others?
Quoting BatmanXXL
Would be nice we catch some other trends as well.

I think this highlights an important point. It would probably be a mistake to think that we are going to typically have several trends like the current U/J going at the same time.

I think that is much of the core of this strategy. You get these occasional trends (At least I hope that is what this is ) that, once closed, fund your losses and then some until you catch another one.

That's why you have to expect a certain amount of drawdown, especially starting out, and at other intervals during trading. It's just a question of how long you have to wait to hit that first larger trend.
Stop moved to BE +2 on latest order. Nice place to be going into the weekend.
Before starting the trading week out, here's a quick snapshot of the daily and weekly on the U/J. You can see the pull back from a few days ago and a slight dip in the MA, then we've continued back up. That's a fantastic growth (can't expect that always) that we hope continues.

Maybe we've got in on the bottom of a new long-term uptrend. That would be great for the thread to follow...and it wouldn't hurt yours truly.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: uj initial.gif Size: 32 KB
Click to Enlarge Name: uj weekly.gif Size: 29 KB
In reference to earlier discussions about lot sizing, particularly on stacking orders, I've decided the following.

I'm going to leave the U/J as is for now, just trading the same lot size on all orders. I may adjust that later depending on how events unfold.

My other legs I'm beginning the "set % of equity" approach. So for example, my initial order with s/l will be at 1% of equity. All stacks will likewise be adjusted in lot size to be around 1%. We'll see how that goes.
New entry tonight on the U/J at the 50% fib on the H4. Entry at 81.70 with a stop at 81.53
Attached Image (click to enlarge)
Click to Enlarge Name: uj initial.gif Size: 23 KB
Got stopped out. Pretty tight s/l. We'll see about trying again if it heads back up.
Reentered at 81.60 with a s/l at 81.49
0 traders viewing now