Building an equity millipede | Page 64 | 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

  • #1,261
  • Aug 23, 2010 11:32am Aug 23, 2010 11:32am
Graeme, I am feeling ecstatic ! Last night about 2 hours after the markets started I placed 5 soldiers on the field (different currencies) and one is still up and fighting (attached a screenshot of the survivor).
Attached Image (click to enlarge)
Click to Enlarge Name: surviver.JPG Size: 22 KB
  • #1,262
  • Aug 23, 2010 11:34am Aug 23, 2010 11:34am
Another example of what you might be currently doing

http://img838.imageshack.us/img838/8122/aa1x.png

http://img823.imageshack.us/img823/4514/aa1a.png

Movements like this should be avoided if you missed it. Dont try to enter movement like this after it happened. Its too late and your leaving too much for stop loss.

Watch next charts
  • #1,263
  • Aug 23, 2010 11:46am Aug 23, 2010 11:46am
Risking less and less is always better. This is exampe of the best tight entry I have performed.

http://img829.imageshack.us/img829/4514/aa1a.png

http://img836.imageshack.us/img836/4259/aa1g.png

Total risk was 3 pips

http://img842.imageshack.us/img842/1506/aa1s.png
  • #1,264
  • Aug 23, 2010 11:55am Aug 23, 2010 11:55am
Another one

http://img823.imageshack.us/img823/8601/aa1u.png

http://img839.imageshack.us/img839/7607/aa1e.png

http://img832.imageshack.us/img832/9643/aa1i.png

http://img101.imageshack.us/img101/4544/aa1n.png
  • #1,265
  • Aug 23, 2010 11:55am Aug 23, 2010 11:55am
Quoting pipEASY
Risking less and less is always better. This is exampe of the best tight entry I have performed.

http://img829.imageshack.us/img829/4514/aa1a.png

http://img836.imageshack.us/img836/4259/aa1g.png

Total risk was 3 pips

http://img842.imageshack.us/img842/1506/aa1s.png
Are these on 5 minute chart graeme ?
making green pips large and red pips small this is my goal.
  • #1,266
  • Aug 23, 2010 12:07pm Aug 23, 2010 12:07pm
Now to answer pip_daddy and for all readers

Can all traders see how I tighten my stop loss?

I do not need to force an entry.

If the big volatile movement happens before I enter: Too late

If the big volatile movement happens after I enter: Just right

Once you completely understand the important of low risk entries, this will answer pip_daddys question quiet easily.

Traders ask me how its possible to keep such low average loss per position?

It is because my realized loss of a position rarely goes over 10 pips on 5 min chart (except jpy cross which I will not go over 25 to 20).

This is possible cause most positions breakeven if they fail because I enter on higher probability setups.

Positions that does close as a loss is most often below 10 pips.

Today I took more than 10 entries during uk session however to roughly summarise 10 trades

3 loss, 3 breakevens, 4 still running.

3 loss = 18 pips
3 breakevens = 0 pips
4 sill running = 0 pips (stop loss moved to breakeven)

My average loss per position for 10 trades?

1.8 pips average loss per position.

Potential profit? Sooooooooo much more. This is my risk:reward

Im a statician. I can guarantee that my success is nothing but statistics. All I do is stack favour to my side and make sure all my choices are over 50% probability. I might experience short term drawdowns but numbers do not lie. Sooner or later I will win overall.

Thank you all.

I feel much better and returning to my bed

P.S Fantastic, cameronstar. Keep it up please. Tradestar, good question and I will address it in my next topic which will be using higher timeframe market sentiments into shorter timeframe.

Sincerely,

Graeme
  • #1,267
  • Aug 23, 2010 12:11pm Aug 23, 2010 12:11pm
Quoting paul1
Are these on 5 minute chart graeme ?
Yes they are zoomed in 5minute chart.

Graeme
  • #1,268
  • Aug 23, 2010 12:13pm Aug 23, 2010 12:13pm
I can't believe this personal help we are getting.
This is priceless.
making green pips large and red pips small this is my goal.
  • #1,269
  • Aug 23, 2010 12:26pm Aug 23, 2010 12:26pm
Graeme, it's amazing!!!
I'm ready to kiss you))))
Thank you!!!
  • #1,270
  • Aug 23, 2010 12:35pm Aug 23, 2010 12:35pm
Quoting paul1
I can't believe this personal help we are getting.
This is priceless.
Agreed! This morning I took a total of 15 positions across various pairs. 7 closed at BE or slightly ahead. The other 8 closed out for a loss. Total pips lost is at 64, with an avg loss of 4.2 pips per trade. In my previous trading life, 8 losing trades would have cost me much more than a measly 64 pips. This exercise is really helping me get beyond my fear of losing trades, which had resulted in trader paralysis, as I know when I catch a winner it's going to make up for all my losses and then some and I'm risking very little for a chance to board that train.

Graeme, you're awesome! Thank you for your patience and kindness. You're making a huge difference to this frustrated trader and it's very much appreciated.
  • #1,271
  • Edited 1:02pm Aug 23, 2010 12:46pm | Edited 1:02pm
Quoting dsan
Graeme, it's amazing!!!
I'm ready to kiss you))))
Thank you!!!
Now now. Graeme is giving us diamonds but it's not all gravy. Wait after a week or two and see most of these positions you worked so hard for and grew attached to and watched go up into triple digit gains only to die on the vine at BE. Then see how excited you are. Then watch that happen over and over again for weeks on end. All the time while you are trying move on and establish new positions and stay unemotional about it as your capital gets drawn down. Sorry to be a downer but I feel it's needed to control some of the irrational exuberance.
  • #1,272
  • Aug 23, 2010 12:57pm Aug 23, 2010 12:57pm
Quoting pip_daddy
Now now. Grame is giving us diamonds but it's not all gravy. Wait after a week or two and see most of these positions you worked so hard for and grew attached to and watched go up into triple digit gains only to die on the vine at BE. Then see how excited you are. Then watch that happen over and over again for weeks on end. All the time while you are trying move on and establish new positions and stay unemotional about it. Sorry to be a downer but I feel it's needed to control some of the irrational exuberance.
Yeah man pip_daddy.

On the weekend, analyse the weekly and mthly charts.

On weekdays, look from daily charts down to => 4hrs => 1hr => 5mins.

Hope everyone dance with the higher timeframe from daily charts and above..
  • #1,273
  • Edited 1:21pm Aug 23, 2010 1:08pm | Edited 1:21pm
Quoting songbo
Yeah man pip_daddy.

On the weekend, analyse the weekly and mthly charts.

On weekdays, look from daily charts down to => 4hrs => 1hr => 5mins.

Hope everyone dance with the higher timeframe from daily charts and above..
First of all just to be clear, I agree with everything Graeme is saying and how he is saying it.

Not sure your point but it is easy to look at chart history, point to areas, and say "if I just entered here and here now fast forward a few weeks/months and it's fat city".

Sorry but it just doesn't work that way. You gotta be in before you really know what's happening on the big picture and there will be many failed attempts before the diamonds show themselves way down the road at some point. The psychology of that is pretty tough.

I am not saying anything Graeme has not already said btw. I am just agreeing and re-stating my interpretation of what he has said.

I have some positions. I hope they survive and turn into long term legs. But I know their fate is by no means certain at this point. I see no reason to celebrate them and in fact I think that is the wrong attitude to have (at least for me, everyone is different) because if they get stopped out down the road it will make it that much harder to press on. I guess it's kind of like the attitude commanders take with new soldiers. They don't want to get attached to them because they don't know how long they will survive.
  • #1,274
  • Edited 2:08pm Aug 23, 2010 1:11pm | Edited 2:08pm
Momentum breakout on EUR/JPY 5m (and I am ready there with a buy order, the green dotted line on top). That's a good example of me arriving in late at the scene (Graeme mentioned this earlier today). I need to be more aggressive, when I sniff action I should enter and catch the big moves.
Attached Image
  • #1,275
  • Aug 23, 2010 1:22pm Aug 23, 2010 1:22pm
Hi Graeme,

Like I said yesterday, I came across this thread accidentally and again, even if we use a different way of trading, by reading all your posts, you have given me SO MUCH... The way you are taking low risk trades is fascinating me. I enjoyed and appreciate all the expalinations that you're keep giving. So I just wanted to thank you for your time and for all the support.

God bless you, Graeme.

Mel

[quote=pipEASY;3969787]Now to answer pip_daddy and for all readers

Can all traders see how I tighten my stop loss?

I do not need to force an entry.

If the big volatile movement happens before I enter: Too late

If the big volatile movement happens after I enter: Just right

Once you completely understand the important of low risk entries, this will answer pip_daddys question quiet easily.
  • #1,276
  • Aug 23, 2010 1:22pm Aug 23, 2010 1:22pm
Quoting pip_daddy
First of all just to be clear,...

i fully agree your points. Just wanna everyone not to lose sight of bigger timeframe trend when some would be focusing too much on the 5mins at times
  • #1,277
  • Aug 23, 2010 1:22pm Aug 23, 2010 1:22pm
Quoting pip_daddy
Now now....
Well, from the beginning of this thread I can honestly say that I've learned to take small losses. I take them easily now then it was before. I don't afraid them anymore.

Now, I try to work by Graeme's method on three pairs E/U, G/U, U/CHF. It's heard emotionally to see how profit turns into loss or closed by BE. So, what I do is to trade on AUD/USD and NZD/USD only with one lot without adding anything and by the end of the day I close profit (if there is) to cover my losses from trading E/U, G/U, U/CHF. It helps a lot and I know that one day I would trade fully just on Graeme's method after some diversifyings.
  • #1,278
  • Aug 23, 2010 1:34pm Aug 23, 2010 1:34pm
What helps me immensely with the emotion, was Graeme's idea about seeing all of this like being a general commanding forces. I used to play computer games where you were exactly in that role and was always getting fresh soldiers to replenish the fallen troops... seeing fx trading in that way takes away all the stress for me. I know it's silly, but as long as it works it's all good.
  • #1,279
  • Aug 23, 2010 1:43pm Aug 23, 2010 1:43pm
we are now in the ranging market. may be because it's august and big money are on vacation.
but time will come when trend followers will start make money (big money).
I've read somewhere that there are days which feed hall month.
we can say that there will be months which will feed years (our years).
  • #1,280
  • Aug 23, 2010 1:45pm Aug 23, 2010 1:45pm
Quoting dsan
we are now in the ranging market. may be because it's august and big money are on vacation.
EUR/JPY appears to be trending nicely.
4 traders viewing now