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  • #1,281
  • Edited 2:32pm Aug 23, 2010 1:59pm | Edited 2:32pm
USD/CHF breakout after FB, this time I got it on time I think (green dotted line is the buy, red stop loss).

P.S. I promise to change my charts colouring scheme to something more visible :-)
Attached Image
  • #1,282
  • Aug 23, 2010 2:13pm Aug 23, 2010 2:13pm
Quoting pip_daddy
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.
Hello, my first day with graeme's method.
Just want to say I only have £1000 account so cant last too long just placing break even trades,and losers.At mini lot £1.00 pip.
today while eur/usd was in a range, I concentrated on doing the opposite of trending strategy.ie. get 2 entries high of range for going short,get 2 low of range for going long.if price went higher but not break range i get 2 more for short and cash in the original 2 shorts when price gets to bottom of range and vice versa .just banking pips till we out of range.
when eur/usd break bottom support i exit the longs keeping the shorts which i had 4 of.As i didnt cash in 2 cause price broke support.then just follow graemes rules on the trend.
Adding some positions on way down,when price reverse more than couple 5 minute bars i drew fib take profit upto 50% of leg.
adding couple longs to retrace leg get them to b.e. see what happens with them.
At moment got a short leg about 50 pips and a long leg at b.e.
I diversified at the retrace.
cause on eur/usd i got some profit and i got a leg short an long.
just wanted to explain what I've done today any comments appreciated.
But from your post it seems your purely getting break even trades on.
with no expectation of profits in the short term.
I've got long term legs that are free hope they do well.
But i took profits/losses today on the other more vulnerable legs
I hope with bigger account maybe i wont have to diversify as often.
making green pips large and red pips small this is my goal.
  • #1,283
  • Aug 23, 2010 2:26pm Aug 23, 2010 2:26pm
Quoting paul1
Hello, my first day with graeme's method.
Just want to say I only have £1000 account so cant last too long just placing break even trades,and losers.At mini lot £1.00 pip.
today while eur/usd was in a range, I concentrated on doing the opposite of trending strategy.ie. get 2 entries high of range for going short,get 2 low of range for going long.if price went higher but not break range i get 2 more for short and cash in the original 2 shorts when price gets to bottom of range and vice versa .just banking pips till we out of range.
when...
Just my opinion for what it's worth but mini-lots on a 1000pound account is suicide. If your broker allows micro you might want to look into that. You might want to read up on proper money management in forex as well.

Again, just my opinion.
  • #1,284
  • Aug 23, 2010 2:38pm Aug 23, 2010 2:38pm
loving the thread, posting to subscribe.
The customer is always right!
  • #1,285
  • Aug 23, 2010 2:49pm Aug 23, 2010 2:49pm
Quoting pip_daddy
Just my opinion for what it's worth but mini-lots on a 1000pound account is suicide. If your broker allows micro you might want to look into that. You might want to read up on proper money management in forex as well.

Again, just my opinion.
I'am with ig markets they dont offer micro.
And from england and want british broker if possible.
amercan based brokers seem to have a lot of red tape.
A micro lot account would be perfect if any one can recommend non american one please let me know.
It would give me more flexibility to scale in to positions.
making green pips large and red pips small this is my goal.
  • #1,286
  • Aug 23, 2010 2:54pm Aug 23, 2010 2:54pm
Quoting paul1
I'am with ig markets they dont offer micro.
And from england and want british broker if possible.
amercan based brokers seem to have a lot of red tape.
A micro lot account would be perfect if any one can recommend non american one please let me know.
It would give me more flexibility to scale in to positions.
I am in the UK also. I use Alpari.co.uk. They offer micro as low as 0.01 and are FSA regulated (if that means much nowadays)!
  • #1,287
  • Aug 23, 2010 3:08pm Aug 23, 2010 3:08pm
Quoting willf
I am in the UK also. I use Alpari.co.uk. They offer micro as low as 0.01 and are FSA regulated (if that means much nowadays)!
thankyou willf
making green pips large and red pips small this is my goal.
  • #1,288
  • Aug 23, 2010 3:59pm Aug 23, 2010 3:59pm
Say "Hello" to my little friends :-)

All SL moved to BE, and so far my soldiers and doing great. Finished adding new positions for the day, will see how many will live through the night.
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  • #1,289
  • Aug 23, 2010 4:04pm Aug 23, 2010 4:04pm
Quoting paul1
I'am with ig markets they dont offer micro.
And from england and want british broker if possible.
amercan based brokers seem to have a lot of red tape.
A micro lot account would be perfect if any one can recommend non american one please let me know.
It would give me more flexibility to scale in to positions.
FXCM UK offers micro
  • #1,290
  • Aug 23, 2010 4:10pm Aug 23, 2010 4:10pm
Dear pipEASY,

Thanks for this thread as well as your time and availability.

Although I share your opinion on many points you beautifully expressed, and unless I have missed something among your many posts, I fail to understand some elements.

If I get this correctly, you look at the monthly/weekly trend of a pair and once you have identified the long-term trend, you then select opportune entry points on 5mn charts, ideally on breakouts, and then move your SL at BE and let your position live as long as possible. If I am mistaken on my interpretation of your trading strategy, please accept my apologies and ignore the rest of this post.

If however my description is not too far from your approach, I fail to understand how you manage to keep many winning positions alive as a vast majority of your positions based on 5mn configurations are bound to ether die at BE or at SL. On that point, the number of losing positions for each trade that won you over 1000 pips would be an interesting piece of data.

I appreciate the fact that you open many, many positions and limit your losses thanks to careful selection of entry points (which seems to contradict your earlier posts where you said that the entry point doesn't matter, but again, I may be mistaken on my interpretation). But even then, each losing trade should cost at least about 5 pips (including brokerage fees) and you have to be an exceptional trader to carefully select your entry points on 5mn charts for them to survive 1000+ pips. If you need 200 trades to catch a 1000 pip win, then you are merely breaking even, notwithstanding the value of your time spent trading.

However, I fully share your view on the fact that a trader shouldn't limit himself/herself to a set number of pips and that the market will take care of signalling when to get out (and this may indeed be 1000+ pips later...).

Based on what I read here, I believe you are far too modest on your trading abilities and that your success is not necessarily based on your strategy but on your talent as your strategy, which I believe I tested a few years ago, seemed to have a negative mathematical expectation.

I would love to hear from you and again, mi sincere congratulations on this great thread.

Sincerely,
D.
  • #1,291
  • Aug 23, 2010 4:52pm Aug 23, 2010 4:52pm
Quoting darko2010
Dear pipEASY,

Thanks for this thread as well as your time and availability.

Although I share your opinion on many points you beautifully expressed, and unless I have missed something among your many posts, I fail to understand some elements.

If I get this correctly, you look at the monthly/weekly trend of a pair and once you have identified the long-term trend, you then select opportune entry points on 5mn charts, ideally on breakouts, and then move your SL at BE and let your position live as long as possible. If I am mistaken on my interpretation...
Hi Darko2010,

I know your post is for PipEasy but I thought I would post some links to the information that you seek while you await Pip Easy's reply.

http://www.forexfactory.com/showpost...&postcount=389

http://www.forexfactory.com/showpost...&postcount=400

Also it may be beneficial to re-read the thread again (not meant in a rude way) to get a better understanding of what Graeme is trying to put across here about exponential growth. It becomes clearer after a few readings if one doesn't get it the first time. I have read the whole thread twice and am now on reading nos 3 !


Regards,
Bak
  • #1,292
  • Aug 23, 2010 5:01pm Aug 23, 2010 5:01pm
Quoting gasservettes
FXCM UK offers micro
Thankyou .


Can I add for anyone failing to understand this method.
Please open chart on weekly eur/usd.
Add indicator atr and set to say 14
That figure tells you the average pips per week price moved in past 14 weeks.
I think the figure is around 300-400 pips.
If all you do all week is keep one £1.00 a pip soldier alive thats £400 to your account per week.
So if your long soldiers ok.do nothing
if signs of reverse try get a short soldier to b.e.
see who survives.
only need one to survive = average £400 for one week.
Thats What i interpret from the basics of graemes method.
check charts most run for months.
no need for hand to hand combat when you got a rifle.
my rifle established leg.
hand to hand is establishing new legs right in the thick of the action.
just trying to help.
making green pips large and red pips small this is my goal.
  • #1,293
  • Aug 23, 2010 5:32pm Aug 23, 2010 5:32pm
Quoting paul1
Thankyou .


Can I add...
and if you can get 2, 3, ?........the numbers get very interesting. As Graeme has stated, you do not require a large amount of capital. You just need enough to cover your margin requirements. You could have your margin almost maxed out with all your money working hard 24 hours a day with zero risk. Even a few thousand dollars could earn you a decent profit. Of course you should be doing this while exercising proper money management at the same time. So if you only have a few thousand you should be trying to stack micro lots not mini.
  • #1,294
  • Aug 23, 2010 5:36pm Aug 23, 2010 5:36pm
Quoting Bakuli
Hi Darko2010,

I know your post is for PipEasy but I thought I would post some links to the information that you seek while you await Pip Easy's reply.

http://www.forexfactory.com/showpost...&postcount=389

http://www.forexfactory.com/showpost...&postcount=400

Also it may be beneficial to re-read the thread again (not meant in a rude way) to get a better understanding of what Graeme is trying to put across here about exponential growth. It becomes clearer after a few readings if one doesn't get...

Thanks Bak, most appreciated
  • #1,295
  • Aug 23, 2010 5:39pm Aug 23, 2010 5:39pm
Morning All,
is anyone trading this am?
I am currently trading the following.

USD/CHF short 1.0411
AUD/CAD short 0.9364(bit late to the table with this one)
CHF/JPY long 81.771.

Yesterday I had 11 attempts. 4 at b.e. 7 losses totalling 81 pips. I was disapointed but straight back into it this morning! Onwards and upwards.
I think its important that everyone stays positive in this thread, its going to be hard work to start with for those of us wanting to adapt these methods. I do believe though that this thread can act as support for us all as the going gets tough. A problem shared is a problem halved. Good luck for today everyone.

Regards,
Ben
  • #1,296
  • Aug 23, 2010 6:12pm Aug 23, 2010 6:12pm
Hello Graeme,

Due to current work commitments I unfortunately find it difficult to participate more frequently in the day-to-day dicussions so instead have to rely on the evenings & weekends to catch up with everyone's posts.

However, as a current "silent follower" I just wanted to say that I am definately still closely following this thread & wanted to take this opportunity to say that your ongoing efforts in trying to make everyone on here better traders is really appreciated.

I have learned a lot....

Cheers,

Chorlton
  • #1,297
  • Aug 23, 2010 6:41pm Aug 23, 2010 6:41pm
Quoting leggo
Morning All,
is anyone trading this am?
I am currently trading the following.

USD/CHF short 1.0411
AUD/CAD short 0.9364(bit late to the table with this one)
CHF/JPY long 81.771.

Yesterday I had 11 attempts. 4 at b.e. 7 losses totalling 81 pips. I was disapointed but straight back into it this morning! Onwards and upwards.
I think its important that everyone stays positive in this thread, its going to be hard work to start with for those of us wanting to adapt these methods. I do believe though that this thread can act as support for us all as...
Hey Ben,

I'm trading this morning. Had a few EURUSD short positions closed out at -5 pips and EURJPY long position closed out at -8 pips....nothing sticking so far this morning. Trying to keep my losses small. If the positions don't go in my direction within a candle or two I'm out. I do have 4 open positions in 3 pairs that are still growing funny thing is when you look back at your charts you tell yourself ...wow...I should have had 7-8 positions. Hindsite...what a wonderful thing.
  • #1,298
  • Aug 23, 2010 7:04pm Aug 23, 2010 7:04pm
I think eur /usd is on its way to 1.2600 good luck bed time for me
making green pips large and red pips small this is my goal.
  • #1,299
  • Aug 23, 2010 7:30pm Aug 23, 2010 7:30pm
Quoting ozziedave
Hey Ben,

I'm trading this morning. Had a few EURUSD short positions closed out at -5 pips and EURJPY long position closed out at -8 pips....nothing sticking so far this morning. Trying to keep my losses small. If the positions don't go in my direction within a candle or two I'm out. I do have 4 open positions in 3 pairs that are still growing funny thing is when you look back at your charts you tell yourself ...wow...I should have had 7-8 positions. Hindsite...what a wonderful thing.
Hi Dave,
Im the same had all positions closed out for a small loss so far. The frustrating thing for me is that often if I had just traded the 4hr or 1hr charts with hard stoploss most of my trades would of survived. Its the random fluctuations that get you on the 5 min timeframe. The reason I am persevering with the smaller time frame is that once I get some consistency it will offer me far more options. I can move up to the higher time frames but if I want to smooth my equity curve by making a few extra pips I can drop down to 5 min. If you know without question that you can make a few pips a day no matter what is happening on the larger timeframe then thats a great asset.

Very frustrating at the beginning though!!!

Regards,
Ben
  • #1,300
  • Aug 23, 2010 8:04pm Aug 23, 2010 8:04pm
Quoting pipEASY
Good question, Ben

Im prepared to lose few pips and move stop loss when the trade is away from danger.

If price reverts as soon as I enter then I will wait for the close of the 5min candle and then close it out.

The price should never revert back to your entry and then close above if your sell position/below it if your buy position.

That is sign to close with loss.

Until the above happens I will leave the entry with no stop loss for until the move develops.

Some days are great and some days...


Hi Graeme and all

Re: The above quote in red

You have hinted at your 'no stoploss' methods earlier in the thread and now you have given an indication as to how it might be done. Thank you for expanding. That information is invaluable and appreciated.

I just want to repeat to new traders that this 'no stoploss' method is not for the inexperienced trader. Using entries without SL might be very effective when price goes your way BUT could be devastating for account holders that do not have 'excess' equity built up in their account. Should price action 'spike' in the wrong direction then a severe loss must be taken. I believe you have said it is not for the inexperieced trader earlier.

All that being said I would like to ask if you use any sort of 'emergency' stop on your overall account balance to protect against an adverse price spike?

Thank you for your lessons - I have learned alot.

Sincerely

Dan
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