Building an equity millipede | Page 50 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Thegman's Journal (Equity Millipede Concept) 102 replies

Trading an Equity Millipede 23 replies

Equity millipede & Flying Buddha trading journal 9 replies

Build an Equity Millipede with the filtered Flying Buddha 171 replies

Application Development - Journal of Building an equity millipede 14 replies

Attachments: Building an equity millipede
Exit Attachments

Building an equity millipede

  • #981
  • Aug 17, 2010 10:30am Aug 17, 2010 10:30am
Quoting leggo
Morning Graeme,
Can I ask when we were trading live last night you kept refering to fib level retraces on 5 min chart. Do you add these levels after the end of each 5 min candle? Or do you just have a rough idea in your head?
Regards,
Ben
Where were you trading last night ?
Patience is magic
  • #982
  • Aug 17, 2010 11:23am Aug 17, 2010 11:23am
Thanks all who replied. I managed to download the Pdf file.
  • #983
  • Aug 17, 2010 4:30pm Aug 17, 2010 4:30pm
Quoting muntu ntu
Where were you trading last night ?
Hi Muntu Ntu,
We were not trading together we just happened to be trading the same currency at the same time and Graeme was discussing his thoughts on the forum. He was using fib levels on the 5 min chart to get a feel for the strength of the trend.
Regards,
Ben
  • #984
  • Aug 17, 2010 4:32pm Aug 17, 2010 4:32pm
Is it just me or has everything gone a bit rangebound this morning??
  • #985
  • Aug 17, 2010 5:44pm Aug 17, 2010 5:44pm
Good morning, all

Apologies for the lack of replies. I had to travel interstate for few things on agenda.

Is everyone watching the price action on eur/usd today?

On 4hr chart:
Previous candle is a flying buddha and 3 long wicks touching 1.29000.

This should be a big hint to most traders as the price failed three times/struggle to break 1.29000.

Remember price action is gouging/prodding the buying/selling power.

Joe and I are watching carefully.

Im 'hoping' for a volatile breakout to south but Joe is already in with one position. Best of luck to him.

Sincerely,

Graeme
  • #986
  • Aug 17, 2010 6:09pm Aug 17, 2010 6:09pm
EURGBP to consider as well?
...a nice FB on the 4 hr...is it nice?
  • #987
  • Aug 17, 2010 6:10pm Aug 17, 2010 6:10pm
Morning Graeme,
I tried to get in on this last night on the 1 hr chart but moved my stop to be and got taken out. Its very quiet on 5 min chart will have to wait and see.
Regards,
Ben
  • #988
  • Aug 17, 2010 6:11pm Aug 17, 2010 6:11pm
Quoting Antra
EURGBP to consider as well?
...a nice FB on the 4 hr...is it nice?
Looks Good
  • #989
  • Aug 17, 2010 6:16pm Aug 17, 2010 6:16pm
Only problem I feel that there is not a lot of momo around this time of the trading day....hence I was looking at a yen x but even that is quiet on the Asia open.
Still you never know.
  • #990
  • Aug 17, 2010 6:20pm Aug 17, 2010 6:20pm
Quoting Antra
Only problem I feel that there is not a lot of momo around this time of the trading day....hence I was looking at a yen x but even that is quiet on the Asia open.
Still you never know.
Thats true. There are a few F.B.s on Euro crosses trouble is do you take them all? I worry about been over exposed. I suppose that's the beauty of practising on 5 min time frame if you can get your stop to zero then you are only exposed to profit!!!!
  • #991
  • Aug 17, 2010 6:20pm Aug 17, 2010 6:20pm
Quoting Antra
EURGBP to consider as well?
...a nice FB on the 4 hr...is it nice?
Good morning, Antra

Yes, that is a flying buddha, however comparing the eur/usd to eur/gbp I would personally choose to focus on eur/usd as it has higher probability of success as there is more than one evidence of decreasing buying power.

Personally I believe that flying buddha at eur/gbp is a stall in the trending momentum just before.

I phoned Joe just now and he has positions in both pairs of currency and also agree that eur/usd has a higher probability.

Please remember that all traders need to maximize their profit taking if this opportunity is indeed a golden one.

Sincerely,

Graeme
  • #992
  • Aug 17, 2010 6:25pm Aug 17, 2010 6:25pm
Quoting Antra
Only problem I feel that there is not a lot of momo around this time of the trading day....hence I was looking at a yen x but even that is quiet on the Asia open.
Still you never know.
There are two sides of the coin.

If the market is quiet and doesnt move then there will be no large drawdowns.

More often than preferred it is the shift of short term views (fluctuations) of the mass traders during uk and us that causes losses and drawdowns.

It is the false, misleading short term shift of views from traders that cause random price spikes.

Sincerely,

Graeme
  • #993
  • Aug 17, 2010 6:26pm Aug 17, 2010 6:26pm
Is Joe in on the Aud/USD too ???
  • #994
  • Aug 17, 2010 6:37pm Aug 17, 2010 6:37pm
Quoting leggo
Thats true. There are a few F.B.s on Euro crosses trouble is do you take them all? I worry about been over exposed. I suppose that's the beauty of practising on 5 min time frame if you can get your stop to zero then you are only exposed to profit!!!!
Good question.

There is something weird and wonderful about purposefully ignoring the market. Even though you will miss out on few golden opportunity for now, you will notice that if you keep your principal constant your result in the long run will be the same.

Always choose the pair with the higher probability/trending.

Your mentality for 5 minutes is correct.

However can you handle constant number of breakevens and small losses?

How about 1 out of 40 entries will be long term leg.

Can you handle that mentally?

Trust me, when you finally come across a position that survives and becomes a leg that grows and grows, the feeling you are rewarded cannot be described. It is very thrilling and addictive.

All traders need to taste this mental reward on a live account to experience what you think you will feel.

Sincerely,

Graeme
  • #995
  • Aug 17, 2010 6:42pm Aug 17, 2010 6:42pm
Hi & G'Mornin -have you ignored those on E/J, A/J, N/J, N/$ and A/$ for the same reasons as above please?
  • #996
  • Aug 17, 2010 6:44pm Aug 17, 2010 6:44pm
Im in on euro breakout on 5min
  • #997
  • Aug 17, 2010 6:45pm Aug 17, 2010 6:45pm
Short at 1.2871
Will be watching S/R at 1.2862
  • #998
  • Aug 17, 2010 7:06pm Aug 17, 2010 7:06pm
Quoting wooli
Short at 1.2871
Will be watching S/R at 1.2862
It doesnt like 1.2863 LoL
  • #999
  • Aug 17, 2010 7:11pm Aug 17, 2010 7:11pm
traderray - correct. eur/usd is the pair with the highest probability at the moment. Im not surprised to see flying buddhas on all eur cross. This happens from time to time and it is caused by the fundamental changes in the common currency involved.

Always choose the pair of currency that has highest probability. Be creative and always confirm your beliefs with a choice of your personal indication on top of price action you interpreted.

leggo - now its a breakout on 4hr chart with momentum.

My stop loss is moved to 1.29000 as I have to walk out of office for the day. Joe just sent me a message and he is excited to see this happening.

If price does stall and revert back to 1.29000 then there are 'other bigger factors' in play. Most likely it will continue south for the moment but will it continue is not known.

We can only participate and let the market reward us or not.

Sincerely,

Graeme
  • #1,000
  • Aug 17, 2010 7:11pm Aug 17, 2010 7:11pm
Quoting leggo
It doesnt like 1.2863 LoL
No. It is also the daily pivot level on my feed.
I wonder if Graeme would exit and move on to next one or maybe go to BE?
I'm going to hold on cause the next trouble are would be 1.2840
4 traders viewing now