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  • #1,181
  • Aug 22, 2010 10:44am Aug 22, 2010 10:44am
Just want to say thanks again to Graeme for all he has taught us. I'm reading the posts every nite after work, but still find myself behind by about 40 hrs by the time Friday rolls around. Time constraints at work.

Havn't had the time to study the posts and stack orders at the lower TFs
yet. But the importance of participatation prompts me to be in the market
using higher TFs, where I've placed trades at the 00 method. Two of my
trades are on Eud/Usd which are still surviving, we'll see what happens.

I know there is so much more to be made with range breakouts, wicks and stacking, I know i'll be there.

Graeme
For me, the 4 and 1 hrs charts is what I trade off of now. Possibly, the
A,B position management could be applied to 00 trades, giving me 200 pip SL with a 100 pip risk. Thanks George
  • #1,182
  • Aug 22, 2010 10:55am Aug 22, 2010 10:55am
Quoting Bakuli
I can't help but notice there are usually a few "invisible" members watching this thread. Come on guys/gals, show yourselves and give acknowledgement to what Graeme is showing us here. Don't be shy now.

Bak
I admit I've been a silent lurker since discovering this thread a couple of weeks ago due to its mention on another forex site. Graeme's insights and encouraging words have definitely changed how I look at the market these days and have given me a renewed sense of hope after finding myself unable to find the trading breakthrough I've been searching for that can transform me into a successful trader. A big "thank you!" to him and to all the other posters who have turned this into a one-in-a-million thread. Looking forward to reading more in the days and weeks to come, and also to participating directly now that Bak has successfully lured me in from the shadows.
  • #1,183
  • Aug 22, 2010 10:57am Aug 22, 2010 10:57am
Hi Graeme,

Thanks for adding more candle interpretations. I find that quite useful as there doesn't seem to be a whole lot of that info in any one place.

Interesting concept you have for adding to SL. I'm fairly comfortable with how I do it which is look for s/r areas rather than height of nearby wicks but you always seem to find a unique angle on things that I haven't thought of.
  • #1,184
  • Aug 22, 2010 12:53pm Aug 22, 2010 12:53pm
Great idea! Adding the profits from one position to increase your stop loss of a previous position is brilliant!

What I am doing is taking out 4 positions with each trade. (A,B,C,D)

I close 2 at profit using trail stops (C,D) and move 2 to BE + spread as soon as possible (A,B)

I will now practice using position B to add to my stop loss of position A. C and D will be my "bread and butter" money for the time being. Position A will be used for my long term investing/home runs aka "pip soldiers".

I have one "pip soldier" that has survived for a week now since I started reading this thread. That was a .10 unit position and it is now making more than my 1 unit intraday trades -- with less risk!

Love this thread Graeme, thank you so much for your insight and your time!
  • #1,185
  • Aug 22, 2010 2:43pm Aug 22, 2010 2:43pm
Quoting pipEASY
Watch carefully please.

Did you know stop losses can also be a benefit?

http://img688.imageshack.us/img688/4514/aa1a.png

So you banked +24 pips from position B. This is where I use this 24 pips to my advantage and add it into position A as the stop loss. If the stop loss is hit then 1 position is lost for 2 positions. If price doesnt hit the stop loss you have captured position B for 24 pips + gave position A the chance to run homerun. Can you see this??
Graeme,

I think of this as a Gambit play as in chess. Sacrifice a minor pawn for a larger potential win. I tend to do this with a lot of my positions.
  • #1,186
  • Aug 22, 2010 5:32pm Aug 22, 2010 5:32pm
Good morning, all

Thank you for the kind compliments. It makes my efforts worthwhile.

The position management above is used by many. I have used it in the earlier days of trading. The benefit is quiet simple:

1. You are risking much less for greater reward so the r:r is always in your favour
2. If the focus position dies, you lose nothing or 1 position
3. If the focus position lives until you close with profit then you take profit on all the smaller position you added into its stop loss + the profit of the focus
4. It gives the focus position a much greater survivability
5. You can do this any timeframe and you will be capturing short bursts of profit and the short term growth of the focus position
6. It is repeatable in any way you like

Sorry to address all in one single post again

cameron1st - Yes, alot of traders open 2 positions. For the slight increase in risk you would be looking at slight increase in profit. On 5 minute timeframe I recommend just opening 1 position at a time as the random fluctuation of 5 minute timeframe whipsaws alot. On the higher timeframe, opening 2 positions at the same time is more viable. Correct, once the price moves away from the focus position by alot then you would move the stop loss to breakeven which captures the profit of the smaller positions that were helping out.

Bak - thank you, Lee

Ray - Fantastic results. Soon you wont even notice that you were up 1000 pips but now only 250. 1000 pips wont even get you out of bed anymore as you know that the market offers more for the resilient. Keep it up, Ray

George - Correct. Less risk for potential bigger profits. Im sure you have methods that you use to filter any bad trades as entries only from .00 with hard stop loss at 100 will cause a large drawdown. Im just saying this as I have genuine interest in your trading and hope you take no offence. I understand we have work committments however just adding the smallest touch to your current trading will work wonders. May I ask what this small touch could be?

Starvin4pips - Greatly appreciated. Thank you

pip_daddy - Also a warm thank you

flyer415 - Very true. A very small sacrifice that could turn the whole battle into our favour. How many times did we get stopped out by 2 pips for the price to move our way for 200+? Plenty.

Dear all,

You can use the position management much more than the shown.

One of the key notes I would like to address is when you see that focus position is correct and now growing larger. Add positions to double, treble your profit.

When market is in one of those dark moods and ranges. Runaway or be willing to give one position as a maintenance fee.

When market pays out, make sure you always take more than you gave to him.

Just with this mentality, you are already ahead of the rest of the group.

Good day to all

Sincerely,

Graeme
  • #1,187
  • Aug 22, 2010 5:33pm Aug 22, 2010 5:33pm
Morning Graeme,
Can I ask a question? I was wondering if you ever take a small gamble of sorts and try and get right on the tip of a four hr wick? I have shown what I mean in the chart below. It seems to me the best place to go short is as soon as the price hits the previous 4hr candle high. This way you can enter with very small risk and have your trade right on the apex of the retrace. If the price pushes through this resistance and takes you out then it wasn't to be and you can maybe try again if there is a breakout later on? It is something I have been considering for a while and would appriciate your opinion.
Kind Regards,
Ben
Attached Image (click to enlarge)
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  • #1,188
  • Aug 22, 2010 6:25pm Aug 22, 2010 6:25pm
Quoting leggo
Morning Graeme,
Can I ask a question? I was wondering if you ever take a small gamble of sorts and try and get right on the tip of a four hr wick? I have shown what I mean in the chart below. It seems to me the best place to go short is as soon as the price hits the previous 4hr candle high. This way you can enter with very small risk and have your trade right on the apex of the retrace. If the price pushes through this resistance and takes you out then it wasn't to be and you can maybe try again if there is a breakout later on? It is something...
Good question Ben

Yes, I will always anticipate what might happen.

I would normally watch price action at such areas. If its a bounce and retrace then I would enter with the flow early and place stop loss above the area. If the area breaksout with momentum then I will follow the flow and enter a buy with stop loss below the area.

This also works for yesterdays high/low, daily open, and .00

It happens everywhere.

Edit: Most important thing is never to re-attempt more than 1. We are looking for trades that goes to profit with one attempt. And when the first attempt works out, we would stack until the first loss and then stop. But this is at everyones personal risk tolerance.

Sincerely,

Graeme
  • #1,189
  • Aug 22, 2010 7:39pm Aug 22, 2010 7:39pm
Hi Graeme,

I want to thank you very much for this wonderful thread and your great support.

I see a Flying Buddha on USD/CAD H4 time frame. Checking lower time frames like M30 I see there could probably be a breakout at 1.0470. Do you think this is worth watching?
Your comment would be very much appreciated.
Attached Images
  • #1,190
  • Aug 22, 2010 8:03pm Aug 22, 2010 8:03pm
Quoting fguru
Hi Graeme,

I want to thank you very much for this wonderful thread and your great support.

I see a Flying Buddha on USD/CAD H4 time frame. Checking lower time frames like M30 I see there could probably be a breakout at 1.0470. Do you think this is worth watching?
Your comment would be very much appreciated.

Good morning, fguru

Flying buddhas are always worth watching.

Consider the tip of the upper wick of the flying buddhas a strong resistance. If price closes above it then it failed. If price closes below the flying buddha then the chances are on your side.

We can only participate with low risk and see how it plays out.

If it doesnt work out, we lose 1 position
If it does work out, we stack positions until the opportunity is over which could be few hours later, few days later, or weeks.

We will never know by sitting on the sideline and just speculating. We have to participate at low risk entry.

Your profit/growth starts from your participation.

You have clearly marked s/r on 1hr/30min. The key to successful breakouts is in the volatility.

"we are interested in breakouts that never retrace back to its entry"

Sincerely,

Graeme
  • #1,191
  • Aug 22, 2010 8:16pm Aug 22, 2010 8:16pm
Quoting pipEASY
"we are interested in breakouts that never retrace back to its entry
Do you ever look at 123 patterns for an entry? I think they work well for breakouts.
Attached Image (click to enlarge)
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  • #1,192
  • Aug 22, 2010 8:27pm Aug 22, 2010 8:27pm
Quoting pipEASY
Good morning, fguru

Flying buddhas are always worth watching.

Consider the tip of the upper wick of the flying buddhas a strong resistance. If price closes above it then it failed. If price closes below the flying buddha then the chances are on your side.

We can only participate with low risk and see how it plays out.

If it doesnt work out, we lose 1 position
If it does work out, we stack positions until the opportunity is over which could be few hours later, few days later, or weeks.

We will never know by sitting on the sideline and just...
Thank you very much for your reply Graeme.
  • #1,193
  • Aug 22, 2010 8:32pm Aug 22, 2010 8:32pm
If someone uses the DashBoard indicator (post #886), please replace it with the version 2. A bug causing multiple alerts is fixed, and I hope it now works correctly.
.
Attached File(s)
File Type: ex4 smMilliped DashBoard_EAv2.ex4   31 KB | 1,145 downloads
File Type: ex4 smMilliped DashBoard_INDv2.ex4   31 KB | 1,017 downloads
  • #1,194
  • Aug 22, 2010 10:34pm Aug 22, 2010 10:34pm
Quoting fguru
Hi Graeme,

I want to thank you very much for this wonderful thread and your great support.

I see a Flying Buddha on USD/CAD H4 time frame. Checking lower time frames like M30 I see there could probably be a breakout at 1.0470. Do you think this is worth watching?
Your comment would be very much appreciated.
Hi Fguru,
I am watching this too, 3 FB's on 4hr and counting. On my feed the last 3 wicks have a nice downward slope as Graeme discussed a few posts back. Could be one to watch.
Thanks,
Ben
  • #1,195
  • Aug 23, 2010 12:02am Aug 23, 2010 12:02am
Quoting leggo
Hi Fguru,
I am watching this too, 3 FB's on 4hr and counting. On my feed the last 3 wicks have a nice downward slope as Graeme discussed a few posts back. Could be one to watch.
Thanks,
Ben
Good observation, Fguru and Ben

Notice the slight decrease in slope which is a hint.

Top of the wick of the tallest flying buddha still holding resistance.

I would be very interested to what happens 'after' this range.

Current 4hour candle is below the range, but its important to close below it and not retrace up.

Not a volatile breakout but if you had a position at 50% fib of the tallest flying buddha candle, you are participating well.

See how you are participating on a small risk, approximately less than 20 pips for something that could yield so much more if it happens.

Once the momentum picks up and drives the price further down, zoom in and stack till the opportunity is over. It could end in few hours or few days.

20 pips for the potential of unlimited profit. Perfect risk:reward and definitely worth a position for.

It is also a psychological assurance to see that to break the flying buddha upwards, price needs to pierce 1.05000.

Volatile breakout to the north or the south?

For now, its south. The only thing that worries me is that there are no momentum after the flying buddha. Im interested in volatile movement after a flying buddha. Anything else is a stall.

Willf - I use to use 1,2,3 however noticed that what I do now is very similar to what could be done when using 1,2,3 more or less. If it works for you then please keep to it but remember to stretch out your profits when the opportunity does arise.

swingman - thank you for the continued contribution.

Sincerely,

Graeme
  • #1,196
  • Aug 23, 2010 12:13am Aug 23, 2010 12:13am
At the moment Im focusing on gbp/usd 5min.

Triple wick bounce @ 1.55720

I prefer these type of high probability low risk entries.

My entry is at sell 1.55670 & stop loss is at 1.55760. Just over 10 pips for something spectacular.

Im also interested in adding more positions into eur/usd this week and was anticipating an upward retrace.

Only low risk entry I took notice was few hours ago on 5min chart of a flying buddha @ 1.27210. I entered and stop loss above it @ 1.27260. Risking less than 10 pips for something that would be huge if the price continues the downtrend of the last 2 weeks. If this position is successful then it would be on the upper wick of the down weekly candle at the end of this week.

So at the moment just over 22 pips is on risk at the moment. But can you see that if any hits that would be at least few hundred for me + the opportunity to keep larger legs in my millipede.

All the above is slightly different to what I mainly do in position building but Im participating into this thread and doing what all traders should be doing for now. Which is low risk entries for infinity yield.

For now, Im prodding here and there

Sincerely,

Graeme
  • #1,197
  • Aug 23, 2010 12:52am Aug 23, 2010 12:52am
Just an update:

gbp/usd 5min is now well into my intended direction. Stop loss moved to BE and another position added into 1.55600. Good compelling momentum at the moment.

eur/usd 5min is now well into my intended direction. Price now dropping back to open price of the day. Another position at 1.27100 and initial position also moved to breakeven. Good momentum pierced daily open line.

Can traders see what Im doing?

Sincerely,

Graeme
  • #1,198
  • Aug 23, 2010 12:56am Aug 23, 2010 12:56am
Quoting pipEASY
Good observation, Fguru and Ben

Notice the slight decrease in slope which is a hint.

Top of the wick of the tallest flying buddha still holding resistance.

I would be very interested to what happens 'after' this range.

Current 4hour candle is below the range, but its important to close below it and not retrace up.

Not a volatile breakout but if you had a position at 50% fib of the tallest flying buddha candle, you are participating well.

See how you are participating on a small risk, approximately less than 20 pips for something...
hi graeme/leggo

i have been watching this one for a little while myself, waiting for it to show its hand.

either way i will be going with the flow

cheers
geoff
Attached Image (click to enlarge)
Click to Enlarge Name: usdcad weekly line chart.gif Size: 14 KB
  • #1,199
  • Aug 23, 2010 12:59am Aug 23, 2010 12:59am
The more price moves towards the intended direction the bigger my potential profit but the same small risk.

I can do this everyday, everyweek.

If price reverts back to its entry I lose nothing.

Will I feel disappointed? Absolutely not. Do I feel excited? Absolutely not

Why?

Cause I know inevitably market will take notice of my efforts and give me a great golden opportunity where price does move few hundred pips easily.

Does all traders know the secret to ema??

Price always comes back to ema.... whether it is 5ema or 200ema.

Im sure many traders know this little trick but do they implement it?

Unfortunately not

Traders are looking for crossovers for entries, meanwhile I look for direction.

Sincerely,

Graeme
  • #1,200
  • Aug 23, 2010 12:59am Aug 23, 2010 12:59am
I totally see what you're doing. I'm ready to stack another GBP/USD position at 1.5552.

Hopefully it pierces this with ease and doesn't see this price again for many weeks or months hopefully years.

EUR/USD a little hesitant, I unfortunately only have my first position at 1.2707

Thanks again Graeme, you're making all the difference
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