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Building an equity millipede

  • #361
  • Jul 26, 2010 10:18am Jul 26, 2010 10:18am
Ladies and Gentlemen

Hope my simple .00 entry system brings you more insight from using it.

The only reason Im bringing out this entry 'system' is because alot of traders understand the important of long term growth on main trend however still vague at entry methods.

I thought maybe I can ease this hurdle by giving you a sensible/reliable entry system. Be advised you will face drawdowns however if you persist, a prolonged trend that last anywhere from days to weeks will bring you stacks of positions at possibly every .00.

You can then proceed to diversify the group of positions after allowing it to grow for at least a week or two. Preferably few months, as long as your capital can hold both drawdown and margin for positions.

I still request that all traders stay with recommended exercise and find their own pin-point razor sharp entries which has hardly any drawdowns due to your upskill.

There will be BIG difference in profit from a trader using just above entry system and trader with 1 or 2 razor sharp entry skills.

Hope my contribution that came out of blue today give you another big boost.

I sincerely would like to see everyone successful.

Sincerely,

Graeme
  • #362
  • Jul 26, 2010 10:22am Jul 26, 2010 10:22am
Graeme
Many thanks for returning to thread and again spending your valuable time trying to enlighten us, it mudt take a lot of patience on your part. Like the simple 00 method of entry and will give it a try.
Kind Regards
Geoff
  • #363
  • Jul 26, 2010 10:35am Jul 26, 2010 10:35am
Quoting GEOFFREY62
Graeme
Many thanks for returning to thread and again spending your valuable time trying to enlighten us, it mudt take a lot of patience on your part. Like the simple 00 method of entry and will give it a try.
Kind Regards
Geoff
Good evening, Geoff

Thank you for your kind compliments. It makes my efforts worthwhile.

I know my efforts will definitely help the traders looking for the right answers. .00 s/r entries are very reliable, however it must be improved on. It cannot be just used all the time. While you test the diversification method on groups of your positions (from .00 entries), please continue honing your entry skill.

We all need just 1 entry skill that we can rely on with our lives to make a living from the market easily. Please keep it up and all the best.

Sincerely,

Graeme
  • #364
  • Jul 26, 2010 10:45am Jul 26, 2010 10:45am
Just before I go to bed,

Does everyone know that price must go from Support to Resistance and vice versa??

And one of the key support and resistance is .00.

You are seriously limiting your s/r if you ignore .00 and look at things like 33% fib instead.

Clever traders build an edge around this area. Please think about it.

Sincerely,

Graeme
  • #365
  • Jul 26, 2010 11:01am Jul 26, 2010 11:01am
Quoting pipEASY
Ladies and Gentlemen

Hope my simple .00 entry system brings you more insight from using it.

The only reason Im bringing out this entry 'system' is because alot of traders understand the important of long term growth on main trend however still vague at entry methods.

I thought maybe I can ease this hurdle by giving you a sensible/reliable entry system. Be advised you will face drawdowns however if you persist, a prolonged trend that last anywhere from days to weeks will bring you stacks of positions at possibly every .00.

You can then...
Thank you again Graeme for your invaluable help and your patience. Very much appreciated
  • #366
  • Jul 26, 2010 11:03am Jul 26, 2010 11:03am
Quoting Bakuli
Thank you again Graeme for your invaluable help and your patience. Very much appreciated
Good evening, Bakuli

Thank you for the compliment. It is my pleasure.

Good night all and stay strong in your beliefs.

Sincerely,

Graeme
  • #367
  • Jul 26, 2010 11:18am Jul 26, 2010 11:18am
Here's a handy indicator that will draw line every 100 pips. You just need to change the Start setting from the price you want to draw the lines.

May save a bit of time doing it manually
Attached Image (click to enlarge)
Click to Enlarge Name: Image1.gif Size: 48 KB
Attached File(s)
File Type: mq4 quick-draw.mq4   2 KB | 1,380 downloads
  • #368
  • Jul 26, 2010 12:45pm Jul 26, 2010 12:45pm
here is the link to the pdf that i mentioned earlier.

It goes from page 1 to 22 of this thread with pipeasy's postings only.

http://www.mediafire.com/?y1vjtayxyxw4cy3

I will create another one if there are more postings by pipeasy.
  • #369
  • Jul 26, 2010 1:01pm Jul 26, 2010 1:01pm
Wow, you beat me to it flyer. I was going to put a pdf together later this week after my class ended. Thanks.
You are in a maze of twisty little passages, all alike.
  • #370
  • Jul 26, 2010 1:13pm Jul 26, 2010 1:13pm
Here is a handy MT4 indicator I use to draw lines every 100pips.
Attached File(s)
File Type: zip SpacedLines.zip   5 KB | 1,163 downloads
  • #371
  • Jul 26, 2010 2:07pm Jul 26, 2010 2:07pm
Quoting pipEASY
Good evening, 6pack

Good question.

In market, there is no such thing as right time or wrong time (exiting, diversifying).

You are only wrong if you are closing your final position on a loss.

If you move your SL to s/r areas and have found success by closing your positions with profit then you too are winner.
Thank you for taking the time to answer my questions. Your dedication to the members here is admirable.

Graeme, I'd like to ask you a "logistical" question: How do you enter so many positions across so many currency pairs? More specifically, do you look for opportunities in all pairs every morning? How many different pairs do you typically initiate positions in every morning? Would you say your analysis and entries are "sequential" (i.e. you focus on one pair and don't move to the next till you're done with it) or "simultaneous"?
As you have stressed earlier, good entries are key. I find that this requires me to focus on one pair (three at the most), though I'm sure it will improve with time. Could you share some insight on this aspect of trade management?

Thanks again,
6pack
  • #372
  • Edited 3:58pm Jul 26, 2010 2:50pm | Edited 3:58pm
@PipEasy

As I can see on yours example chart, you dit not folow all rules, am I right?

1. If the price is coming down from last .00, then enter 2 sell positions, 1 position at take profit 100 pips and other position has no take profit. Both positions to have stop loss -100 pips. If price reverses from your entry you lose -200pips but then enter another x2 lots of buy positions since price is coming up from .00
2. You let it run. After 100 pips, 1 position will close by taking +100 pips, and the other remaining position is completely free. Dont move the -100 stop loss of the remaining position, this is your free leg.
3. Hopefully this remaining leg will turn into a leg on your millipede.
4. Place a buy stop/sell stop on every .00
  • #373
  • Jul 26, 2010 3:08pm Jul 26, 2010 3:08pm
Before you all go bonkers and pollute your chart with lines every 100 pips, (100 pips is ONE CENT on the EU) there are two things to keep in mind - first, if you draw enough lines on your chart, price will react at some of them.

Second - not every 00 is important. In fact, for some pairs, 00 is rather unimportant, but 20 and 80 are more so.

Take a look at every 000 and 500 first and go from there. When they line up with previous Support and Resistance, then you have a location that is full of meaning. Why do these areas mean more? Because a big player really is not looking to initiate a position at $1.3274, but more likely at a very round place like $1.40.

Over time they build a position (tens of billions of $) by adding more lots in on pull backs. Ever see price follow an EMA? Well, fund managers are measured on how good a price they got over time, because they cannot simply go all in at once. Hence, they look for pull backs on the trend and add in at those locations. They get out in the same manner.

No - there is no central repository of information for prices that managers are looking to get in on. All you can do is intently observe a pair on the time frame you'd like to trade and learn its personality.

I thought some specific things might help a few.
I'm pretty much done with all this ...
  • #374
  • Jul 26, 2010 6:57pm Jul 26, 2010 6:57pm
Terrific! Flyer! thanks a lot!

that's some efforts!

Quoting flyer415
here is the link to the pdf that i mentioned earlier.

It goes from page 1 to 22 of this thread with pipeasy's postings only.

http://www.mediafire.com/?y1vjtayxyxw4cy3

I will create another one if there are more postings by pipeasy.
  • #375
  • Jul 26, 2010 7:23pm Jul 26, 2010 7:23pm
Quoting flyer415
here is the link to the pdf that i mentioned earlier.

It goes from page 1 to 22 of this thread with pipeasy's postings only.

http://www.mediafire.com/?y1vjtayxyxw4cy3

I will create another one if there are more postings by pipeasy.

Thanks for your effort, but how can I download it, I cant find download link
  • #376
  • Jul 26, 2010 7:43pm Jul 26, 2010 7:43pm
Quoting StoragePro
Before you all go bonkers and pollute your chart with lines every 100 pips, (100 pips is ONE CENT on the EU) there are two things to keep in mind - first, if you draw enough lines on your chart, price will react at some of them.

Second - not every 00 is important....
It's up to you but I trust round numbers (ie. 100 pip lines) more than I do trendlines and fib lines and just about anything else. Of course it's best if there is confluence of several indicators but round numbers are a big part of that for a lot of traders. Just sayin.
  • #377
  • Jul 26, 2010 7:58pm Jul 26, 2010 7:58pm
Quoting blackmovie
Thanks for your effort, but how can I download it, I cant find download link

Not sure what you are missing but here is what mediafire should look like when you click the link in the post.

Don't think I can make it any easier then that.
Attached Image (click to enlarge)
Click to Enlarge Name: mediafire.png Size: 152 KB
  • #378
  • Jul 26, 2010 8:09pm Jul 26, 2010 8:09pm
Quoting flyer415
Not sure what you are missing but here is what mediafire should look like when you click the link in the post.

Don't think I can make it any easier then that.
  • #379
  • Jul 26, 2010 9:11pm Jul 26, 2010 9:11pm
Quoting 6pack
Thank you for taking the time to answer my questions. Your dedication to the members here is admirable.

Graeme, I'd like to ask you a "logistical" question: How do you enter so many positions across so many currency pairs? More specifically, do you look for opportunities in all pairs every morning? How many different pairs do you typically initiate positions in every morning? Would you say your analysis and entries are "sequential" (i.e. you focus on one pair and don't move to the next till you're done with it) or "simultaneous"?
As...
Good morning, 6pack

Thank you for an excellent question that has not been asked.

At first, traders are trying to look at everything, everywhere. Which is part of learning curve. This is like throwing punches aimlessly, and you will tire yourself out.

Pro fighter knows when to hit and where to hit. It is this intuition they can manage their trades efficiently.

Every monday, I scan the charts across the board and make notes/setup alerts to my cellphone in areas where i will be interested. Takes me 2-3 hours.

First I start with quick look at all daily charts across the board and 'tick' charts that I like and move that chart to the front of my platform tiles, at the bottom. I would spend about 5min on each chart

http://img819.imageshack.us/img819/6010/30148950.png

http://img46.imageshack.us/img46/7620/35559412.png

http://img34.imageshack.us/img34/3333/67540735.png

http://img196.imageshack.us/img196/5233/53044685.png

http://img541.imageshack.us/img541/3187/12267615.png
  • #380
  • Edited 9:54pm Jul 26, 2010 9:13pm | Edited 9:54pm
This would be a typical 3rd priority chart for me


http://img191.imageshack.us/img191/2274/24712038.png

Never ignore charts on 3rd priorities.

Charts that are on first priority require less time on 4hr/1hr smaller timeframes as the trend is compelling for now.

Charts on 3rd priorities takes little more planning on the lower timeframes.


Edit: There is no reason to priortise charts like the above however it does give me a 'slight' guidance to what and where. It gievs me the scope of the coming week. I would enter just as many low risk entries on 3rd priority charts than 1st priority as I dont know what is going to happen tomorrow or next week on these charts. However I do know that charts on 1st priority requires lesser effort most of the times cause of the momentum that flows in from previous week. But also I would like to capture the compelling momentum on the 1st priority charts. Its a balance that may be confusing at first but once your thinking capacity can divide, manage, your charts and time effectively everything becomes a blur but in one continuous flow of action from one chart to next.

Sincerely,

Graeme
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