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  • #1,101
  • Aug 19, 2010 6:19pm Aug 19, 2010 6:19pm
Quoting geoffrod
yeah i love spring here in aus, but only because it means summer is on its way, dont like the way my eyes itch, and the sneezing attacks i am getting as i get older, come on summer.
I know its spring in OZ when the bites start to appear !!!!!LOL
  • #1,102
  • Aug 19, 2010 6:22pm Aug 19, 2010 6:22pm
Quoting geoffrod
yeah i love spring here in aus, but only because it means summer is on its way, dont like the way my eyes itch, and the sneezing attacks i am getting as i get older, come on summer.
haha...too true mate! bring on the heat!
  • #1,103
  • Aug 19, 2010 6:41pm Aug 19, 2010 6:41pm
Down south the weather must be nicer than the north...we have RAIN in Brissie but then again we do not get spring here...it is either cold and dry or wet and warm.

After my educational practice sessions this week I have one leg running but it was from last week. I guess the market is telling us something.
Cheers
  • #1,104
  • Aug 19, 2010 7:07pm Aug 19, 2010 7:07pm
Two failed flying Buddahs this morning Im dissapointed that I over exposed myself should not have tried 2 x AUD crosses. Lesson learnt! For a while they looked really promising tested the wick of the previous candle then came back down. Unfortunately they then pushed back up and wiped me out. I will keep an eye on them though and may trade one with hindsight later on.
Regards,
Ben
  • #1,105
  • Aug 19, 2010 7:45pm Aug 19, 2010 7:45pm
Quoting occamsrazors
Hi Graeme

Very interesting thread. I have query about where entries need to be positioned in order to survive the pullbacks in a trend. I'm not sure if I'm missing something basic.

Below is a H1 chart for EU that has a 600 pip uptrend over 12 days from July (sorry for the big chart, but I wanted to get the whole trend in). The blue areas highlight where a trade would need to be taken in order to survive the uptrend without being taken out by a pullback at breakeven.

Only one breakout area from a range (purple) survived and that was half way...
Good question.

It looks bleak doesnt it.

As long as you continue participating the market on low/zero risk and keeping the largest legs for long term growth it will inevitably happen.

I do not know when it will happen but I know sooner or later it will. It looks like you zoomed in 12 days worth of 1hr chart? 12 days is not even a dot on the infinite space and time of the markets.

I understand what you are asking but I have no answer but suggest that all you can ever do in trading is just participate and the rest market does for you.

Good portion of short/medium term growths are captured in one of the numerous number of diversification along the way of long term growth for the surviving legs.

Having said all this, I will forecast with greater probability that the downtrend of eur/usd that started last week if it continues; any positions you held onto from last week will at least survive weeks or months. I have seen it all too often.

Occam, its like growing hair. Have you grown your hair before? Back in my younger days, grunge was a huge thing. And I too participated in growing my hair.

Everyday I take a shower and notice a whole clump of hair falling out. But after 2 years I had very long overall hairstyle. How is that possible when I lose big clumps of hair everyday? Its because some of the longest strand of hair that did survive 2 years makes my hairstyle look very long when in fact most of the hair that covers my scalp are medium to short strands. Please think about it as it is very close analogy to my trading concept.

Sincerely,

Graeme
  • #1,106
  • Aug 19, 2010 7:51pm Aug 19, 2010 7:51pm
Quoting leggo
Two failed flying Buddahs this morning Im dissapointed that I over exposed myself should not have tried 2 x AUD crosses. Lesson learnt! For a while they looked really promising tested the wick of the previous candle then came back down. Unfortunately they then pushed back up and wiped me out. I will keep an eye on them though and may trade one with hindsight later on.
Regards,
Ben
Ben

Write down your losses and keep going. Hope the initial entry after flying buddha is just one position and after the success/SL moved to BE and then you would stack. This way you arrive nice and early for the first position and the next would be in line with the confirmed direction of the movement. I know this is harder on 5min charts but the benefit of 5min chart is very very small lossses.

Sincerely,

Graeme
  • #1,107
  • Aug 19, 2010 7:53pm Aug 19, 2010 7:53pm
Quoting pipEASY
Please think about it as it is very close analogy to my trading concept.
I think that it's safe to say that's the first time that analogy has been made.
Just a bit of a kid, sir!

I'm continuing to enjoy and learn from you and others here.

Thanks again!
Brent
  • #1,108
  • Aug 19, 2010 7:54pm Aug 19, 2010 7:54pm
For the moment, buyers have the upper hand in eur/usd. I have one position @ 1.27950 when price bounced for the 3rd time. Stop loss @ 1.27850. Im risking 13 pips for perhaps the start of the next 2 years of uptrend? I dont know but I will participate and let the market tell me. Watch this one everyone.

http://img64.imageshack.us/img64/9643/aa1i.png
  • #1,109
  • Aug 19, 2010 8:00pm Aug 19, 2010 8:00pm
Thank you for the compliments fxsurfer and all others.

Sorry for the lack of replies recently in posts or private messages.

I will be returning home this weekend.

Please keep practicing.

We are fishing for the big catch. Although we brought limited amount of bait with us, we cannot help when the line gets snagged or the small catches until the big large one. We keep some of the small ones to feed on and the large ones to bring back to cherish and boast on.

Sincerely,

Graeme

P.S Just stepping out for the day.
  • #1,110
  • Aug 19, 2010 8:03pm Aug 19, 2010 8:03pm
Quoting leggo
Two failed flying Buddahs this morning Im dissapointed that I over exposed myself should not have tried 2 x AUD crosses. Lesson learnt! For a while they looked really promising tested the wick of the previous candle then came back down. Unfortunately they then pushed back up and wiped me out. I will keep an eye on them though and may trade one with hindsight later on.
Regards,
Ben
Obviously not on tthe AudJpn, one on the 4 houly still running after 2 days; hourly one from today; I saw the first, but ignored it as I already had 5 running. Still running EJ, but not a great deal of movement.
  • #1,111
  • Aug 19, 2010 8:13pm Aug 19, 2010 8:13pm
watch AUD/USD as well sitting right on 0.8900 atm.. cheers
  • #1,112
  • Aug 19, 2010 8:23pm Aug 19, 2010 8:23pm
Quoting traderray
Obviously not on tthe AudJpn, one on the 4 houly still running after 2 days; hourly one from today; I saw the first, but ignored it as I already had 5 running. Still running EJ, but not a great deal of movement.
Hi Traderray,
I was short on GBP/AUD and EUR/AUD both got taken out but thats life! I had a good run of 3 days on EUR/AUD that had been up 150 pips but got wiped out last night. I have one leg remaining on EUR/CHF from 8 days ago which is 330 pips up( I did have 2 lots on this but sold one for diversification)
and a very young leg on JPY from last night. Overall my balance is at around B.E. for the week but I have probably had around 40 entries while practising.
Cheers
Ben
  • #1,113
  • Aug 19, 2010 8:33pm Aug 19, 2010 8:33pm
Hello Paul,
Thank you very much for coding and sharing the flying buddha indicator. Is it possible for you to add an alert in the form of alarm to notify the flying buddha?

Thank you,
chonghm
  • #1,114
  • Edited 9:05pm Aug 19, 2010 8:44pm | Edited 9:05pm
Quoting pipEASY
Good question.

It looks bleak doesnt it.

As long as you continue participating the market on low/zero risk and keeping the largest legs for long term growth it will inevitably happen.

I do not know when it will happen but I know sooner or later it will. It looks like you zoomed in 12 days worth of 1hr chart? 12 days is not even a dot on the infinite space and time of the markets.

I understand what you are asking but I have no answer but suggest that all you can ever do in trading is just participate and the rest market does for you....
Ok thanks for your reply Graeme. Will look at some other trends to see where their entries are that survived...
  • #1,115
  • Aug 19, 2010 10:42pm Aug 19, 2010 10:42pm
It seems to me that so many traders keep placing their breakout stoploss at break even (with possibly other traders with orders for other reasons) that, for example in an uptrend, those orders function like sells at a such cheap price that they get readily matched up by happy bargain buyers (smarter money) and so price seems to very consistently retrace to pretty much the exact breakout level.

This just begs to get exploited:

1) Instead of setting breakeven stop:

 

  1. half the original breakout entry size
  2. lower stop safely below breakout resistance
  3. and if after the breakout price retraces to trigger sucker breakevens
  4. add the second half of the entry

OR

2) Simply do not take the initial breakout:

 

  1. put in a limit buy order around where price broke out and
  2. wait for it to get pickedup on the retrace
  3. occasionaly it won't, so I like to do 1) with the safely lowered initial size

  • #1,116
  • Aug 19, 2010 10:47pm Aug 19, 2010 10:47pm
u/j is set to do something soon. If it goes below 84.70 I think all hell is going to break loose. I'm watching g/u real close too. There isn't anything left to hold it up now that it is well passed the trendline.
  • #1,117
  • Aug 19, 2010 10:52pm Aug 19, 2010 10:52pm
Obviously those stops can move up to breakeven once trend has progressed nicely with higher breakouts. Better yet trail those stops along nearest major trendline.

ahaaa.

  • #1,118
  • Aug 20, 2010 2:07am Aug 20, 2010 2:07am
USDCAD nice FB on H4. Let's see how it will work.
  • #1,119
  • Aug 20, 2010 3:45am Aug 20, 2010 3:45am
Quoting chonghm
Hello Paul,
Thank you very much for coding and sharing the flying buddha indicator. Is it possible for you to add an alert in the form of alarm to notify the flying buddha?

Thank you,
chonghm
Hi Chonghm,

I'll look into doing that. My next step is to create an EA that can be used to send an email when a candle closes and is a FB, this should help with picking up opportunities when not in front of the charts.

If anyone has any other ideas/suggestions then please feel free to make them.

Paul
  • #1,120
  • Aug 20, 2010 4:21am Aug 20, 2010 4:21am
Good morning Graeme,

I came across your thread the other day and I decided to read it because the title of the thread got me intrested. There is no doubt here for me that you are a great trader, I believe that you are doing a great job at teaching your methodes to others, even if our way of trading is completly different, I really liked what you have to say here.

I took the liberty of posting my first reply to your thread, as I have notticed something concerning the ''flying buddha'' methode, and I hope you will not mind. If you do please tell me and I will remove this post.

I don't really know why but this little ''flying buddha'' asked for my attention. (lol)

I decided to look to find one on a 4 h chart and in fact, like you know when you start to look for them, you will find them everywhere.
After looking at the charts,(I don't know if you already have seen that) I have notticed that, this ''flying budha'' mostly shows up when a future triangle breakout will occure. Please find different examples of it on the attached charts. I looked at different pairs and I always found the same conclusion.
Of course there a few ones that didn't worked out but most of the time it worked.
Also, I have notticed that when you see a ''flying buddha'' and that a triangle breakout occures, the biggest moves will happen if there is no pullback to the trend line. Again, not always but most of the time....

This means that if you take the ''flying buddha'' before the triangle breakout, and that you place your stop like you said above previous candle then you are really risking not much but the potential profit is huge. A good thing to do also is if you see that price can not break the trend line, you could exit and still banking some profits. Of course this is a 4 h chart, so you will have to wait longer before banking your whole profit.

On my chart, the black lines are the ''flying buddhas'', the margenta are the trendlines.

I hope this conclusion could help someone, again Graeme, if you not agree, please tell me and I will remove my post.

Have a nice day folks,
Mel
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: gbpusd4h.gif Size: 13 KB
Click to Enlarge Name: eurjpy4h.gif Size: 13 KB
Click to Enlarge Name: usdchf4h.gif Size: 16 KB
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