Building an equity millipede | Page 61 | 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

  • #1,201
  • Aug 23, 2010 1:01am Aug 23, 2010 1:01am
Quoting geoffrod
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
Very nice 1ema line chart.

Yes, I use 1ema line charts all the time.

It gives very accurate market sentiments.

Sincerely,

Graeme
  • #1,202
  • Aug 23, 2010 1:14am Aug 23, 2010 1:14am
insightful thread.
used to shun shorter term TFs due to time spent in front of the computer.

but i've stumbled across here on one of the weekends and have learnt a lot from ya.
looks like market is tipping its hand as we speak
thank you for sharing your many years of experience on the markets willingly.

regards.
  • #1,203
  • Aug 23, 2010 1:18am Aug 23, 2010 1:18am
Update:

4 positions closed.

2 at breakeven, 2 @ -6, -8 pips.

I paid 14 pips for the chance of so much more with 4 positions. I will do this over and over again. Average loss per position is just about 4 pips.

Wouldnt you pay 4 pips for every good setup?

There should be no hesitation in your answer. It is a definitive yes.

Eurusd had a perfect pin bar which was also a flying buddha 20 minutes ago on 5min chart indicating up.

For the traders who missed the opportunity I took but took the opportunity that was just now on eur/usd, you will be already 20 pips up and stacking.

See how all traders are different. I miss what someone else takes and I take what someone else misses. At the end of the day we still meet at the final door of profits.

Sincerely,

Graeme
  • #1,204
  • Aug 23, 2010 1:25am Aug 23, 2010 1:25am
Yep its unfortunate that it didn't pan out but I didn't lose much at all because of the move higher.

I'm still unconvinced of the GBP/USD move higher until it breaks 1.5600, I still think there could be more chances to short.

Let's se what happens
  • #1,205
  • Aug 23, 2010 1:43am Aug 23, 2010 1:43am
Quoting pipEASY
Update:

4 positions closed.

2 at breakeven, 2 @ -6, -8 pips.

I paid 14 pips for the chance of so much more with 4 positions. I will do this over and over again. Average loss per position is just about 4 pips.

Wouldnt you pay 4 pips for every good setup?

There should be no hesitation in your answer. It is a definitive yes.

Eurusd had a perfect pin bar which was also a flying buddha 20 minutes ago on 5min chart indicating up.

For the traders who missed the opportunity I took but took the opportunity that was just now...
Hi Graeme,
So what your saying is the further the flying buddah is away from the ema the better because by the time the price gets back to the ema(which it always does) you are in profit??

Regards
Ben
  • #1,206
  • Aug 23, 2010 1:50am Aug 23, 2010 1:50am
Quoting leggo
Hi Graeme,
So what your saying is the further the flying buddah is away from the ema the better because by the time the price gets back to the ema(which it always does) you are in profit??

Regards
Ben
Good question, Ben

Not better or worse per se. However, I prefer the actual flying buddha to have a smaller range from top of the upper wick to the very bottom of the lower wick.

Why?

This would be a tighter entry with smaller hard stop loss

I remember a perfect inside bar which was 14 pips on 1hr chart in total range which worked out to a 200+ pip movement after.

I do not overlook larger flying buddhas/inside bars/pin bars however, I would prefer tighter entry and usually wait for the price to slighty retrace for my entry to have a tighter entry.

This is what I mean by tighter entry.

Sincerely,

Graeme
  • #1,207
  • Aug 23, 2010 2:01am Aug 23, 2010 2:01am
Hello,everyone.
Pipeasy,Thankyou from me and my family.
I'am 44yrs old with a wife and 3 children.
My business in consruction collapsed in 2008 due to recession.
I've always had an interest in money markets but didnt think it was possible for someone like me to participate.
And also while my construction business was alive I would never have got the time to devote to deep study of this business.
I would love to find success in this,because I
would be doing something I love and find very satisfying.

Over a period of six months I've been demo trading different platforms,markets an methods.
I have read loads books,watch videos,seminars.To pick up the basics.
Also seen loads of advertisements but I never normally read past "learn to be a millionaire trader"(give us your credit card details)type of stuff.

You must have the biggest heart in the world.
Even though i just came across this thread and am half way through second read. It makes total sense to me.I'am today going to implement your generous teaching.
I could sense your frustrations early in the thread,But applaud your stamina to stay with it and go even deeper into the teaching to get your method across.
I genuinely feel That you have been successful financially ,and now you are giving back to become rich in spirit.Through the knowledge you have shared the tools that enabled your trading success.
I'am going to demo this for awhile and then go live.
I will report my progress thankyou so much again.
making green pips large and red pips small this is my goal.
  • #1,208
  • Aug 23, 2010 2:46am Aug 23, 2010 2:46am
Quoting paul1
Hello,everyone.
Pipeasy,Thankyou from me and my family.
I'am 44yrs old with a wife and 3 children.
My business in consruction collapsed in 2008 due to recession.
I've always had an interest in money markets but didnt think it was possible for someone like me to participate.
And also while my construction business was alive I would never have got the time to devote to deep study of this business.
I would love to find success in this,because I
would be doing something I love and find very satisfying.

Over a period of six months I've been demo trading...
Good evening, Paul1

Thank you for sharing your experience with us. I read your post twice before typing this reply.

Im sorry to hear your loss. I sincerely hope that you find the success you seek in the markets.

I too experienced a failure in a business venture fortunately early in my life. However, it is this failure that has kept my spirit stronger and my motivation greater.

Also would like to say thank you to miracle16 for his compliment and all others for their kind and loving support.

I sincerely hope that all traders do achieve what they are looking for in the markets. We do not need to be anti-competitive in the markets as there is no need to. There is abundance of wealth to be made for the willing that is almost everlasting and without limits.

It wouldnt be a bluff to say that anyone with a sensible approach will/can efficiently create an extraordinary source of wealth from the markets.

Once again thank you all.

Sincerely,

Graeme
  • #1,209
  • Aug 23, 2010 4:33am Aug 23, 2010 4:33am
Entry eur/usd 1.2710 now at be.(short)
previous attempt stopped out at b.e.
I would previously took profits on these 2 on first sign of reverse.
But am sticking to your method of getting to be even.
making green pips large and red pips small this is my goal.
  • #1,210
  • Aug 23, 2010 4:50am Aug 23, 2010 4:50am
put order to stack 2 at 1.2680 (short if it gets there)
making green pips large and red pips small this is my goal.
  • #1,211
  • Aug 23, 2010 5:08am Aug 23, 2010 5:08am
Quoting paul1
Entry eur/usd 1.2710 now at be.(short)
previous attempt stopped out at b.e.
I would previously took profits on these 2 on first sign of reverse.
But am sticking to your method of getting to be even.
Perfect.

You took the entry on flying buddha which was a breakout to below. I missed the flying buddha you took.

I have 2 positions from 1.27262 from 5min chart. Entered with hard stop loss @ 1.27320, risking 8 pip each position. Both positions @ +30 pips each. The area had 4 long wicks and I was prepared to anticipate another wick bounce. If not, I lose very small for something great once again.

I took 2 positions @ 133.120 on gbp/jpy 5min chart. Hard stop loss just above flying buddha @ 133.36. Risking 28 pips each position. Flying buddha also near high of todays. Current price at 132.630 making both positions @ +47 pips each.

With jpy crosses you need to be extra careful and tighter entries when possible.

Tighter entries are simply smaller tighter hard stop losses.

You can be slightly aggressive and enter immediately after a flying buddha or be conservative and wait for the next candle to retrace a little making your hard stop loss smaller.

While I took gbp/jpy, I flicked chart to usd/chf to notice a row of 3 flying buddhas on the 5min chart. Each flying buddhas had long lower wick which hints a struggle of sellers to push it down. 1.03055 was my entry with 3 buy positions and hard stop loss at 1.02980, risking 9 pips per position. Currently price is at 1.03420, +37 pips per position.

Can everyone see what I do?

I normally wont trade this many entries on 5min charts as I use higher timeframe as I aim for bigger goals. Im doing this for the benefit of all readers.

But what I do on lower timeframe is exactly the same as higher timeframe. The reason why I suggest all traders to start on 5min chart is that your drawdowns are only few pips. Once you emotionally get over the fact that small losses are part of winning then you can apply this mentality on higher timeframe with the same principal but obviously with bigger losses/drawdowns but much bigger profits.

Everything I do on 5min chart is done on 4hr, daily, weekly.

I took 11 entries today at the higher probability setups.

2 breakevens, 2 losses totalling -14pips.

7 positions roughly +260 pips and counting. All 7 positions stop loss are moved to breakeven.

If I close out now my risk:reward for today is 1:18. See how I calculate my risk:reward at end of the day and not pre-defined when I enter?

But I do not necessary want 1:18. I know the market is offering more if I persist even further.

Are you doing similar to what im doing?

Sincerely,

Graeme
  • #1,212
  • Aug 23, 2010 5:10am Aug 23, 2010 5:10am
Quoting paul1
put order to stack 2 at 1.2680 (short if it gets there)
Paul1

Your doing well. May I suggest that you shouldnt forecast in terms of price.

Please do not condition your trading habits to tell you that you should enter @ 1.2680 if price gets there. Market will disappoint you more than you prefer.

The required mentality is that you should be entering buy/sell at what is happening at the moment.

Sincerely,

Graeme
  • #1,213
  • Aug 23, 2010 5:24am Aug 23, 2010 5:24am
update:

eur/usd closed below 1.27000 after a longish looking flying buddha. Double wick bounce. Buyers cannot seem to control the sellers for now. This is ideal sell opportunity but I would like to see a tighter entry

gbp/aud is a homerun tonight and including myself I missed it sadly. Triple wick bounce just below daily open which was also high of the day. The biggest tell tale sign was at the 2nd 5min candle when uk session opened. Dark, bold and commanding. Very easy pair that should have been taken advantage of with many opportunties for stacks of position with tight entries.

All traders need to keep flicking charts and look for 'better' opportunities.

Sincerely,

Graeme
  • #1,214
  • Aug 23, 2010 5:25am Aug 23, 2010 5:25am
Quoting pipEASY
Paul1

Your doing well. May I suggest that you shouldnt forecast in terms of price.

Please do not condition your trading habits to tell you that you should enter @ 1.2680 if price gets there. Market will disappoint you more than you prefer.

The required mentality is that you should be entering buy/sell at what is happening at the moment.

Sincerely,

Graeme
thank you graeme i just have 1.2680 as the break below what i see as current range and 1.2730 as break above range.
is it ok to have orders at these prices?
making green pips large and red pips small this is my goal.
  • #1,215
  • Aug 23, 2010 5:27am Aug 23, 2010 5:27am
update:

eur/usd 5min chart. Long bold up candle completely engulfing previous 2 small down candles. Everyone should wait and see how far the buyers can push this up. Higher than the bold candle down after flying buddha means buyers are back and pushing price towarsd open price and even higher. If this current 5min candle stops around 50% of the bold down candle and then stall, that is a sell opportuntiy.

Sincerely,

Graeme
  • #1,216
  • Aug 23, 2010 5:29am Aug 23, 2010 5:29am
Quoting paul1
thank you graeme i just have 1.2680 as the break below what i see as current range and 1.2730 as break above range.
is it ok to have orders at these prices?
Good question,

Orders are fine however on smaller timeframes all decisions should be up to date and live on the fly.

I interpret price action just before my entries on 5min chart and use orders on higher timeframes.

However, if it works for you please perservere and enhance your current working method even further.

Sincerely,

Graeme
  • #1,217
  • Aug 23, 2010 5:32am Aug 23, 2010 5:32am
Quoting pipEASY
update:

eur/usd 5min chart. Long bold up candle completely engulfing previous 2 small down candles. Everyone should wait and see how far the buyers can push this up. Higher than the bold candle down after flying buddha means buyers are back and pushing price towarsd open price and even higher. If this current 5min chart stops around 50% of the bold down candle and then stall, that is a sell opportuntiy.

Sincerely,

Graeme
And boom. Volatile breakout.

if you had orders that were triggered before the current huge 5minute up candle then you have a significant loss that could have been avoided.

May I suggest that average loss per position on 5minute chart should not exceed 10-12 pips. This is your responsibility.

Sincerely,

Graeme
  • #1,218
  • Aug 23, 2010 5:38am Aug 23, 2010 5:38am
Am I contributing too much into this thread?

Sometimes less is more and I feel that I have lost few readers.

Does anyone have any questions for me?
  • #1,219
  • Aug 23, 2010 5:44am Aug 23, 2010 5:44am
Hi Graeme,
From my point of view you cannot contribute enough! Every day is like been back at school. I have had a frustrating day today. I seem to be moving my stop to b.e. to soon and then get taken out. Do you have any advice on when would be a good time to move stop to b.e. on 5 min chart.
Regards,
Ben
  • #1,220
  • Aug 23, 2010 5:46am Aug 23, 2010 5:46am
The more you say the better i like it graeme.http://cdn.forexfactory.com/images/icons/icon14.gif
I will ask questions as i go along but stop me if i as too many.
making green pips large and red pips small this is my goal.
7 traders viewing now