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  • #1,121
  • Aug 20, 2010 4:33am Aug 20, 2010 4:33am
Quoting pipEASY
... eur/usd...
Triple wick touch. What does this tell? If price breaks that line with volatile breakout then its alot of pips...
Broke below, quick rush to 1.2750.
Sell at 1.2788 now sl at BE as it stalled at 1.2750
I'll just have to see if eu soldier survives.

Checking for good break of 1.2750 for eu soldier2.

cheers scalpz
Target 2 : Stoploss in the green
  • #1,122
  • Aug 20, 2010 4:47am Aug 20, 2010 4:47am
Quoting scalpz
Broke below, quick rush to 1.2750.
Sell at 1.2788 now sl at BE as it stalled at 1.2750
I'll just have to see if eu soldier survives.

Checking for good break of 1.2750 for eu soldier2.

cheers scalpz
dont ya love that MOMO
  • #1,123
  • Edited 5:32am Aug 20, 2010 5:03am | Edited 5:32am
Quoting @mel
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...
Good evening, Mel

Excellent observation.

Flying buddhas that does work out tends to be the upper corner (or the lower corner if on opposite direction) of the (triangle) pennant. Yes, correct and both Joe and I know this very well.

It also can be a high probability inside bar.

It also can be the very start of a major trend change.

It also can trigger a volatile breakout and explode towards the intended change of direction.

Flying buddhas are the apex of the change. Its either going to change very large creating a very large opportunity or create a small loss.

With flying buddhas, you only need maximum; 1 initial entry and 1 re-attempt afterwards to know for certain if its not working out.

I choose not to re-attempt but Joe waits for a clear breakout for a single re-attempt before admitting his loss.

To maximize your profit taking, the stacks should be taken soon after the initial position is moved to BE and immediately after on the 1hr chart at every 50% fib.

If you scroll back your chart and choose any flying buddhas that did work out well, you will see that you will have multitudes of positions before the first sign of weakness on the 4hr chart in which you scale out and then scale back in if the trend picks up again.

Hope it enlightens all readers little further

Sincerely,

Graeme
  • #1,124
  • Aug 20, 2010 5:14am Aug 20, 2010 5:14am
Thank you Graeme for this extra explaination. I checked it also and I agree with you about what you mean by maximising your profit taking.

Have a nice day/evening.
Mel




Quoting pipEASY
Good evening, Mel

Excellent observation.

Flying buddhas that does work out tends to be the upper corner of the (triangle) pennant. Yes, correct and both Joe and I know this very well.

It also can be a high probability inside bar.

It also can be the very start of a major trend change.

It also can trigger a volatile breakout through the opposite direction.

Flying buddhas are the apex of the change. Its either going to change very large creating a very large opportunity or create a small loss....
  • #1,125
  • Aug 20, 2010 5:16am Aug 20, 2010 5:16am
i am taking this, we will see how it turns out.
might be a little late in the action.
Attached Image (click to enlarge)
Click to Enlarge Name: breakout trade.JPG Size: 61 KB
  • #1,126
  • Aug 20, 2010 5:17am Aug 20, 2010 5:17am
Mel

You said the golden phrase.

Biggest move happen when price doesnt retrace back to trendline. (or any type of s/r, .00)

Readers need to really know this...

Its why volatile breakouts are used by alot of pros as it has

1. Greater probability to create a profit
2. Big moves usually are start of something huge. Not always but plenty of times.

Sincerely,

Graeme
  • #1,127
  • Edited 5:43am Aug 20, 2010 5:24am | Edited 5:43am
I hope all traders are noticing the explosive momentum happening on eur/usd.

Today is Friday. See how market doesnt care about such wrong myths.

My little position died on -13 pips @ 1.27850 but I wanted a breakout to south when price pierced that area with volatility if it happened.

1.27500 was stalled for a moment before being cut into by a explosive momentum. Hope all traders caught this as this is the easiest way to make money in forex; volatile breakouts.

Unfortunately I missed all this cause I was at dinner. I know there are plenty more next week.

My positions on eur/usd from last week are now well into profits and I believe this is start of something very large.

Good weekend to all.

Edit: I would like all readers to notice 3 long upper wicks on 1hr eur/usd chart before the compelling momentum. Buyers pushing hard but losing power. Tested a tight area of price 3 times before finally succumbing to sellers. Sellers had enough and blasted back. Everyone should see the wicks as the first warning and then after the first notice of explosive volatility should have piggyback rided all other traders for an awesome ride.

Sincerely,

Graeme
  • #1,128
  • Aug 20, 2010 5:33am Aug 20, 2010 5:33am
Quoting pipEASY
I hope all traders are noticing the explosive momentum happening on eur/usd.

Today is Friday. See how market doesnt care about such wrong myths.

My little position died on -13 pips @ 1.27850 but I wanted a breakout to south when price pierced that area with volatility if it happened.

1.27500 was stalled for a moment before being cut into by a explosive momentum. Hope all traders caught this as this is the easiest way to make money in forex; volatile breakouts.

Unfortunately I missed all this cause I was at dinner. I know there are plenty...

definitely with you on this one graeme
up nearly 100 pips so far
it is great to be on the good side of the strong momentum.

i got out of my eur/gbp trade -15 little loss for being on the wrong side of the momentum, it may turn around again, but it was going the wrong way for me with momentum.
  • #1,129
  • Edited 5:48am Aug 20, 2010 5:37am | Edited 5:48am
Quoting geoffrod
definitely with you on this one graeme
up nearly 100 pips so far
it is great to be on the good side of the strong momentum.

i got out of my eur/gbp trade -15 little loss for being on the wrong side of the momentum, it may turn around again, but it was going the wrong way for me with momentum.
Well done, Geoff

Its also a skill to know when to quit. Wrong side of momentum is the worst thing I can think of. Its going the wrong direction of one way lane.

There is something that will happen today.

I call it law of elasticity.

Newton's law: There is always equal and opposite force.

Such steep price movement will be corrected by a steep opposite force. Stack early and when momentum slows down, STOP stacking.

Watch this elasticity bounce happen tonight. Price cannot continue on at 170 degree steepness.

Edit: The best thing sellers can do on eur/usd is stall the price. That is the best. But traders are very temperamental. They will close their position in fear of losing their hard earned profits. I see a long wick already. First sign of weakness. Your stacking should have stopped many minutes ago.

Sincerely,

Graeme
  • #1,130
  • Aug 20, 2010 5:46am Aug 20, 2010 5:46am
Quoting pipEASY
Well done, Geoff

Its also a skill to know when to quit. Wrong side of momentum is the worst thing I can think of. Its going the wrong direction of one way lane.

There is something that will happen today.

I call it law of elasticity.

Newton's law: There is always equal and opposite force.

Such steep price movement will be corrected by a steep opposite force. Stack early and when momentum slows down, STOP stacking.

Watch this elasticity bounce happen tonight. Price cannot continue on...

ah yes these are the skills that need to be polished, nowing when and how quick to stack is one thing, but knowing when to stop and take some back is another.
  • #1,131
  • Edited 9:31am Aug 20, 2010 5:56am | Edited 9:31am
Quoting chonghm
...Is it possible ... to add an alert in the form of alarm to notify the flying buddha?
You can try this little indicator...
(The indicator draws also the moving averages).

Edit: Please replace the indicator with version 2. I have corrected the draw of the MAs.
.
Attached Image (click to enlarge)
Click to Enlarge Name: flyingbuddha_indi.gif Size: 16 KB
Attached File(s)
File Type: mq4 smFlyingBuddha Signals_v2.mq4   7 KB | 2,350 downloads
  • #1,132
  • Edited 9:02am Aug 20, 2010 6:05am | Edited 9:02am
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,

Here's an EA that will optionally Alert and Email when a FB occurs on the current timeframe, it is only triggered (for the most recent completed candle) when a new candle opens.

Please also check back to my original indicator post, there's a new version that draws the EMA5 line as well as the FBs. Post 1081

Paul
Attached File(s)
File Type: ex4 Flying Buddha EA.ex4   3 KB | 951 downloads
  • #1,133
  • Edited 8:41am Aug 20, 2010 7:47am | Edited 8:41am
Quoting pipEASY
Edit: I would like all readers to notice 3 long upper wicks on 1hr eur/usd chart before the compelling momentum. Buyers pushing hard but losing power. Tested a tight area of price 3 times before finally succumbing to sellers. Sellers had enough and blasted back. Everyone should see the wicks as the first warning and then after the first notice of explosive volatility should have piggyback rided all other traders for an awesome ride.

Sincerely,

Graeme
Hi Graeme. Thanks for your continuing contributions. I know I have benefitted tremendously from it.

In all honesty I do not see what you are seeing . Without knowing the 3rd candle was going to breakout, what makes those 3 candles that much different from the previous 17 candles? I see at least 2 groups of 3 doing the exact same thing but nothing came of it those times. What I do see is that these last 3 came at the start of Frankfurt/London session and that is significant to me. Is that part of what you like about those 3 candles? Reading your previous posts I had the impression you trade during the beginning of the asian session. I see in the timing of this post you are trading during London session. I can certainly understand why given what is going on with E/U but is this unusual for you to be trading these hours?
  • #1,134
  • Aug 20, 2010 9:01am Aug 20, 2010 9:01am
Quoting pip_daddy
Hi Graeme. Thanks for your continuing contributions. I know I have benefitted tremendously from it.

In all honesty I do not see what you are seeing . Without knowing the 3rd candle was going to breakout, what makes those 3 candles that much different from the previous 17 candles? I see at least 2 groups of 3 doing the exact same thing but nothing came of it those times. What I do see is that these last 3 came at the start of Frankfurt/London session and that is significant to me. Is that part of what you like about those 3 candles? Reading your...
Good question, pip_daddy

I trade when I have the time to sit at my computer. I do not have a set routine when to trade. That is defining my action and I do not pre-define anything in the markets.

Alot of traders believe that they need to take every opportunity they come across to maintain some type of consistency to create profit. Trust me when I say it is the very opposite. You only take few of the opportunities that come across. Remember the random number game we played few weeks ago?

This random participation works out very well for me as I'm 'unknowingly' spacing out my entries.

Yes, I miss few golden opportunities (like today, on eur/usd) but I also fortunately miss most/all of ranges. Profits are similar on the long run.

Wicks warns first. Wicks are before the complete formation of a candle.

They give great hindsight. Not all the times but enough times. Focus on extra long wicks. They are there for a purpose.

Look at this week eur/usd. Some major wick interpretations

http://img641.imageshack.us/img641/3340/aa1f.png

I use long wick interpretation all the time to great success

Sincerely,

Graeme
  • #1,135
  • Aug 20, 2010 9:09am Aug 20, 2010 9:09am
I wish to say something very important.

This is an important lesson.

Does all traders know that all indicators, support/resistance, trendlines differ from each individual traders??

And yet the market is completely neutral and universal it will accomodate all traders different lines (focal interpretation).

In other words, a trader who uses 21 ema can have equal success to a trader using 40 ema.

Also, two traders using just trendline break can interpret little differently and yet both still make profit?

I could draw a support line but you wouldnt.
You would draw a support line but I wouldnt.

But we both still win? (or both lose)

Does anyone know why??

If you really know why..

Then what universal 'element' exist between two different traders that at the end cause similar results?

Sincerely,

Graeme
  • #1,136
  • Aug 20, 2010 9:32am Aug 20, 2010 9:32am
Quoting pipEASY
I wish to say something very important.

This is an important lesson.

Does all traders know that all indicators, support/resistance, trendlines differ from each individual traders??

And yet the market is completely neutral and universal it will accomodate all traders different lines (focal interpretation).

In other words, a trader who uses 21 ema can have equal success to a trader using 40 ema.

Also, two traders using just trendline break can interpret little differently and yet both still make profit?...
I can only think of market participation.

Correct ?
  • #1,137
  • Aug 20, 2010 9:34am Aug 20, 2010 9:34am
Quoting pipEASY
Then what universal 'element' exist between two different traders that at the end cause similar results?
Riding the same trend !
  • #1,138
  • Aug 20, 2010 9:37am Aug 20, 2010 9:37am
While I have your minds thinking about my question above.

Allow me to add another tool to your interpretation.

I also use this to gain a hindsight to what might happen next.

Not all the time but plenty of times.

I hope all readers remember my long wick interpretation with charts many posts back. Allow me to add the icing on the cake.

Does all traders agree with me that wicks show weakness in the movement?

What if I know with greater probability that the weakness is genuine?

So in other words Im looking for a decrease of power on the charts?

That would be a very useful and powerful tool to have. To know that buyers are losing power or sellers are losing power by using price action and not by an indicator.

This is the final and advanced level of wick interpretation.

A decreasing slope indicates buyers losing power as time goes. A greater chance of sellers to push price down hard.

They are on top of the emas as we are looking for buyers weakness.

Here are few. They need to be good angle (not too steep) and very close in pippage.

http://img155.imageshack.us/img155/1876/aa1b.png

What happens after?

http://img130.imageshack.us/img130/1506/aa1s.png

There must be at least 2 but preferably 3 wicks. The wicks need to be relatively longer than usual. The slope must not be steep but reasonable.

Here is another

http://img37.imageshack.us/img37/4514/aa1a.png

What happens after?

http://img46.imageshack.us/img46/7576/aa1ka.png

Preferably next to each other, but could be little apart but the angle must be reasonably not too steep.

http://img208.imageshack.us/img208/258/aa1h.png
  • #1,139
  • Aug 20, 2010 9:37am Aug 20, 2010 9:37am
Hi Graeme,

Before I started trading with this methodology I typically held positions for 5mins to 2-3 hours. If I remember correctly the longest I've ever held a position was about 3 days and I've only done that twice in 5 years. I have now held onto 3 positions in 3 different pairs for a bit over 2 weeks and I am very impressed with my results. I've added 2 more positions this week and I have a floating profit of about 1600 pips. It's the first time in my trading career I can say that I've done that. Simply amazing.

Thank you for all of your effort in this thread and the information you've shared.
  • #1,140
  • Aug 20, 2010 9:41am Aug 20, 2010 9:41am
What happens next?

http://img44.imageshack.us/img44/8454/aa1sn.png

How about some sellers weakness. We are now looking below the ema.

http://img3.imageshack.us/img3/1378/aa1z.png

http://img266.imageshack.us/img266/5286/aa1o.png

Another one

http://img685.imageshack.us/img685/1876/aa1b.png

http://img69.imageshack.us/img69/8232/aa1k.png
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