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  • #1,141
  • Aug 20, 2010 9:44am Aug 20, 2010 9:44am
songbo, willf

Thank you very much for the answers.

I was looking for 2 answers specifically and glad to see them as the first two.

Yes.

Participation and Trend. Superb!

ozziedave

Thank you for sharing. Im absolutely thrilled to hear your new found hindsight and also glad to see that you have overcome your emotional hurdle. Thank you for staying from the very start. Only the best wishes to your trading.

Sincerely,

Graeme
  • #1,142
  • Aug 20, 2010 9:53am Aug 20, 2010 9:53am
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?...
Universal element is price. Everyone has their own interpretation of trend lines, support and resistance and even indicators but price is the only consistent element.
  • #1,143
  • Aug 20, 2010 10:04am Aug 20, 2010 10:04am
Quoting ozziedave
Universal element is price. Everyone has their own interpretation of trend lines, support and resistance and even indicators but price is the only consistent element.
Excellent.

Excellent.

Dave took it one step further.
  • #1,144
  • Aug 20, 2010 10:10am Aug 20, 2010 10:10am
im learning so much from this thread. thanks Graeme

Quoting paul_73_uk
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
hey paul, nice EA. i was wondering if you could change it into a mq4 file. i am having huge problems setting the email thing up because i use google.
  • #1,145
  • Aug 20, 2010 10:35am Aug 20, 2010 10:35am
Quoting willhuang
im learning so much from this thread. thanks Graeme



hey paul, nice EA. i was wondering if you could change it into a mq4 file. i am having huge problems setting the email thing up because i use google.
Hi,

It seems that it's impossible to use Google's smtp server as only encypted connections are accepted, MT4 cannot manage these.

You'll have to use another smtp server, for example, I've set mine up against smtp.o2.co.uk using my mobile phone email account.

Regards,
Paul
  • #1,146
  • Edited 11:32am Aug 20, 2010 10:44am | Edited 11:32am
Thank you for the response to my question Graeme.

Regarding your public question of the common element. I would have to go with market sentiment. If you get that right you are in tune with the market which is when good things happen.
  • #1,147
  • Aug 20, 2010 11:15am Aug 20, 2010 11:15am
Quoting pipEASY
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...
Hi Graeme,

Thanks for all your efforts and contributions. I want to mention an alternative approach to FB entries. Joe's entry method will get you in the earliest, but can lead to some failed entries. Someone else here mentioned waiting for the FB to develop before trading, but doing it this way will produce less profits. It's all a give and take.

A good compromise would be to let price action decide when to enter. When a FB appears, enter at the break of the FB's low (short trade). If there is no break, you can use the next FB's low as the entry point. Doing it this way would reduce failed trades yet capture most of the move.

Regards,
Wally
  • #1,148
  • Aug 20, 2010 12:03pm Aug 20, 2010 12:03pm
Quoting pipEASY

Then what universal 'element' exist between two different traders that at the end cause similar results?
what I've learned from you here are:

1. to take small losses
2. to follow trend
3. piramiding.
  • #1,149
  • Aug 20, 2010 1:18pm Aug 20, 2010 1:18pm
Graeme when you get some time (i know you must be very busy now as you're traveling abroad) could you touch on the money management you use. What criteria you use to decide the size of your positions and subsequent positions? The number of losses you'd take in a row before quitting for the day/month. Max positions you'd hold so not to overexpose your a/c. You're general money mangement rules you use or you recommend to all of us.

thx again
  • #1,150
  • Aug 20, 2010 2:58pm Aug 20, 2010 2:58pm
Here are pipeasy's posts up to page 77.

Please do not post thanks as it just fills up a good thread for no reason.

http://www.mediafire.com/file/1oxui1...e%20page77.pdf


If there is a problem with the download then a quick PM and I will respond but not until Monday.
  • #1,151
  • Aug 20, 2010 6:59pm Aug 20, 2010 6:59pm
Hi Graeme,

I have seen vast improvement in my trading since I've started following your thread.

The 5 min chart has been tremendous for entries and I have been limiting losses to virtually nothing.

I want to continue participating in the market and stacking positions. Unfortunately I will be starting my next contract in September and I will not be able to focus on the 5 min chart throughout the night (since I live in Canada).

I figure I would play the daily, 4hr or maybe even the hourly charts. I'm not sure if you've had to deal with an issue like this because you live in Australia and I figure you are able to trade london session during the day. I still believe the principles from the 5min that I have learned and been accustomed to over the past few weeks can be applied on larger time frames.

Since we have been discussing the execution of trades on 5min time frames, could we go over some examples of entries on higher time frames such as the hour, 4hr or daily?

I just don't want to revert back to my mediocre trading. Perhaps this might be worthwhile for others as well. I don't want the confidence that I have gained over the past few weeks thanks to your thread to dwindle and negatively impact my ability to execute this strategy once September hits.

Any insight is greatly appreciated.

Marko
  • #1,152
  • Edited Aug 21, 2010 4:50am Aug 20, 2010 10:41pm | Edited Aug 21, 2010 4:50am
A couple days back Graeme asked for honest feedback on how one would feel taking BEs and small losses over and over, possibly for weeks. Here is my honest reply.

I've been trading for about 6 years, the huge majority of that has been day trading. Recently I stumbled upon this thread and really liked the philosophy of it. So much so that I decided to give it a go in a small account. I will explore this for a couple months and then re-asses how this philosophy fits with me.

Last week was my first week trying to build some legs. I did 9 trades for the week, 7 of them were BE, 2 of them losses for a total of 61 pip loss. I found it disheartening because some of those BE trades were up over 100 pips at some stage throughout their life. I know others felt that too and I know the philosophy accepts that as an outcome. This may get easier to accept once I finally experience some legs growing. But right now all I have to go on is someones word that it will occur (no offense Graeme). Logically, I think it will, but you know how the mind works....the most recent events happening you think will last for all eternity. Not logical thinking, but that is what's going on in my head.

Looking forward to next week maybe can build a leg in something. Have a great weekend all.

With kind regards,
MK
  • #1,153
  • Aug 20, 2010 10:55pm Aug 20, 2010 10:55pm
Thank you Swingman and Paul for the FB indicators. Is it possible for you all to code the volatility breakouts indicator? Examples of the breakouts are at post 845, 846, 848, 851, 852 and 853. Thanks again for the sharing.

chonghm
  • #1,154
  • Aug 21, 2010 12:50am Aug 21, 2010 12:50am
Quoting chonghm
...Is it possible ... to code the volatility breakouts indicator?
Done for you...

Please try this little indicator.
.
Attached Image (click to enlarge)
Click to Enlarge Name: volabreakoutlines.gif Size: 12 KB
Attached File(s)
File Type: mq4 smMilliped VolaBreakoutLines_v1.mq4   5 KB | 1,393 downloads
  • #1,155
  • Aug 21, 2010 3:53am Aug 21, 2010 3:53am
here is an indicator for daily open price
Attached File(s)
File Type: ex4 daily_open_line.ex4   2 KB | 845 downloads
  • #1,156
  • Aug 21, 2010 5:31am Aug 21, 2010 5:31am
Quoting MidKnight
A couple days back Graeme asked for honest feedback on how one would feel taking BEs and small losses over and over, possibly for weeks. Here is my honest reply.

I've been trading for about 6 years, the huge majority of that has been day trading. Recently I stumbled upon this thread and really liked the philosophy of it. So much so that I decided to give it a go in a small account. I will explore this for a couple months and then re-asses how this philosophy fits with me.

Last week was my first week trying to build some legs. I did 9 trades...
MidKnight,

I think that's good trading. Compared to me you're doing much better. I spent more than 61 pips getting that many b/e trades in place. In the grand scheme of things 61 pips is nothing.

Admittedly, I have a couple of legs in place but the only difference is that they have been picked up by the market and yours haven't just yet. If you persist the legs will come.

Nigel
  • #1,157
  • Aug 21, 2010 7:00am Aug 21, 2010 7:00am
I can't help but wonder... is this the beginning of something beautiful (see chart please) ? What do you think ?
Attached Image (click to enlarge)
Click to Enlarge Name: Capture.JPG Size: 145 KB
  • #1,158
  • Aug 21, 2010 8:15am Aug 21, 2010 8:15am
I was reading about Stanley F. Druckenmiller resigning this week and closing his fund, Duquesne.

He was once quoted as saying:

"It is not whether you are right or wrong that's important, but how much money you make when you are right and how much you lose when you are wrong."

i thought that was pertinent to what we are trying to do when stacking positions.
  • #1,159
  • Edited 1:49pm Aug 21, 2010 1:23pm | Edited 1:49pm
Here is a dash board to identify the FlyingBuddha pattern on H4 and H1 time frames.
Please test it.
Warning: if you start the dashboard for the first time, not all price data are available to all pairs (Metatrader takes time to download historical prices). You must restart the indicator or the platform one more time.

For live prices you must use the dash board EA, and not the indicator to not freeze your computer (CPU problem...).
(On weekends you can test the signals with the dash board indicator).

Some functionalities
- you can turn on/off the alerts or emails
- you can sort the absolute values of the trends (image 2)
- you can enable/disable columns


Short description of the signal arrows for a time frame

Column 1 (explanations for the green arrows):
- circle with arrow = FlyingBuddha pattern as BUY signal
- thin arrows = the previous low is above the moving averages, the trend is up
- inclined arrows = the previous close is above the moving averages, the trend is up
- up/down arrows = the trend is up, but the previous close is not above the moving averages

Column 2:
- green arrows = 3cc up (last three closes are up)
- red arrows = 3cc down (last three closes are down)
.
Column 3:
- the figures are percents of the open position of the current bar in the range of the previous bar
.
Attached Images
Attached File(s)
File Type: ex4 smMilliped DashBoard_INDv1.ex4   31 KB | 870 downloads
File Type: ex4 smMilliped DashBoard_EAv1.ex4   31 KB | 816 downloads
File Type: tpl Milliped-Dashboard-Blank.tpl   < 1 KB | 1,032 downloads
  • #1,160
  • Aug 21, 2010 5:46pm Aug 21, 2010 5:46pm
Quoting SwingMan
Here is a dash board to identify the FlyingBuddha pattern on H4 and H1 time frames...

Hello SwingMan
Thank you for sharing and your generosity is well appreciated.
Am I justified to make a request?, ...could you give the two *.ex4 files in *.mq4 moreover please.

Kindest regards
&
Bon week-end!
FXcube
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