Building an equity millipede

nice to see a bit of volatility in asian session... aud dropping as well atm... hi from beautiful TASMANIA.. cheers to all

Jean

1.27335 8th leg is in drawdown.

5min chart is in range bound between 1.27446 and 1.27335

Momentum is gone. Traders now watching each other doing nothing..

1.27446 is broken. 8th leg is closed with loss.

Im moving out of eur/usd

also, morning gap is closed from open... on eur/usd..

eur/usd has larger potential for down this week than up.

The reason: Fantastic explosive downtrend last week. Momentum like this just doesnt 'vanish.' It will take alot 'more' power to change such momentum.

However, I sit out while the traders debate this. I wait for the next volatility breakout

good idea pipeasy... eur/jpy seems to have more down side as well.. i'm waiting for a retrace and put more shorts on..

eur/usd 1.27450, entered 1 buy.

All 7 sell positions on BE.

!!!!!!!

missed it.....

thats why never focus on one pair...

edit: unless you have 4 heads and 20 eyes... keep moving around the charts

eur/usd

2 buy positions growing. Momentum picking up

Sell positions dying on BE...

gentleman, im just following the market using momentum.

eur/usd

2 buy

3 sells

what does this tell me?

new 4H candle in hour.. so i'll wait ant see.. cup of coffe time now...

eur/usd

3 buys, 2 sells

1 loss (12 pips)

sellers all leaving. Traders are temperamental. They are unfaithful and unloyal. I dont like the look of the current up momentum. A big crash or retrace is due.

Getting ready to defend and will enter buy after retrace.

momentum down.. but atm... market undecided??

back to day pivot atm...on DUKASCOPY platform..

eur/usd

i was watching price coming down towards 1.27500 which was also 4hr support.

I was anticipating momentum which was present however it stalled and died. This is quiet often and I do not regret it didnt work out cause they will always be more prices approaching .50 and .00.

I prefer to watch price action at .00 but this morning I just happen to be on my computer.

Currently I have 2 sells and 3 buys, all moved to BE and 1 loss of about -12 pips.

That is enough for now.

I will try again later.

Sincerely,

Graeme

I forgot about gbp/aud

3 buys still remaining.

8 positions added for this morning.

Total cost of our little adventure this morning. -12 pips.

I will gladly pay that price everyday, anytime for the opportunity to catch something many many many times bigger in rewards.

This 8 positions could be start of something huge, nobody knows and I will now leave them alone for the market to decide

Sincerely,

Graeme

eur/usd

1.27500.. you should be watching

Momentum??

eur/usd

2 sells, 1 buy.

See how price stalls/lingers around 1.27500. That is not momentum.

If there was a stack of sell limit orders on 1.27500 then it would be a large bold candle down.

I wouldnt touch this.

Oh dear... wick bounce @ 1.27391

Rmemeber wicks?

Managed to get my two entries to be this morning. I must admit its a great feeling to have risk free trades on the board. I dont care if they die( one just has!) My priority is just getting the stops to zero.

Just before I go out for the day

Does all traders know the cons and pros of trading higher and smaller timeframes?

Lower timeframe

More losses (less accuracy) and more drawdown. Potentially higher profit as you will be in the trend much quicker. More micro management if possible in the traders skill set.

Higher timeframe

Fewer losses and lower drawdown (hypothetically). Potentially similar profits however for the less amount of risk you would expect slightly lesser rewards. Less micro management needed which is not necessarily a good or bad attribute.

Pros recommend learners to start on higher timeframe as you would need a stronger mentality and skills on lower timeframe.

Traders often get discouraged at the number of losing trades. Pros dont care at the 'amount' of losses however ensure that each winning trades are stretched out to cover more than all the losses combined. This is the required mindframe.

Edit: Fantastic job Ben. Keep watching the markets for the next volatile breakout.

Sincerely,

Graeme