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Building an equity millipede

  • #1,361
  • Aug 25, 2010 5:41am Aug 25, 2010 5:41am
Quoting @mel
Hi guys,

I hope you're all fine.

Slazo, for how long you have been working on your millipede. I think you have been doing a great job here....

Thanks,
Mel
hey everybody,

Mel - Thank you! My 'oldest' position is from 10 Aug, and funny enough it's the biggest one as well. Never thought it could be this simple, just follow graeme's advice - just participate with minimum risk and let the market do the rest.

Anyone's millipede growing??

Couple of my positions got knocked out with the pullbacks but got two new legs at BE. My third leg for AUDUSD - flying buddah on the weekly chart - some nice hindsight, just a pity a missed the initial entry.

When your equity is dropping - instead of thinking that you are losing out on 'profit' rather think that it's a another chance to add a leg at a 'cheap' price before the trend continues. I know it's easier said said than done, but maybe it could help someone.

Graeme thanks again for everything you have been teaching us!!

Regards
Slazo
  • #1,362
  • Aug 25, 2010 6:08am Aug 25, 2010 6:08am
h/s break short on eur/usd
making green pips large and red pips small this is my goal.
  • #1,363
  • Edited 7:18am Aug 25, 2010 6:36am | Edited 7:18am
I have short leg growing from 1.2712 (EURUSD) off the flying buddha on the 5 mins TF. This is my only running position at the moment. Yesterday my short from 2708 was taken out for BE after reaching over +100 when it retraced back from 1.2587. It was painful to watch it go to BE but I know that the pains I go through now will eventually reward me handsomely with a healthy long leg. This is a live account I am trading so the pain is real!

Bak
  • #1,364
  • Aug 25, 2010 7:28am Aug 25, 2010 7:28am
Quoting Bakuli
I have short leg growing from 1.2712 (EURUSD) off the flying buddha on the 5 mins TF. This is my only running position at the moment. Yesterday my short from 2708 was taken out for BE after reaching over +100 when it retraced back from 1.2587. It was painful to watch it go to BE but I know that the pains I go through now will eventually reward me handsomely with a healthy long leg. This is a live account I am trading so the pain is real!

Bak
I applaud you man.
Before i struggled to make small profit.
Now i watch big profit go to b.e.
At least it going deep in profit now just need some king kong type legs now lol .
making green pips large and red pips small this is my goal.
  • #1,365
  • Aug 25, 2010 9:37am Aug 25, 2010 9:37am
I took this since the high is matching with yesterday's high.
Looks like this may not survive. Will see.

TS
Attached Image (click to enlarge)
Click to Enlarge Name: USDCAD_Aug. 25 .gif Size: 69 KB
Haste not to Enter AND Haste not to Exit !-TradeStar
  • #1,366
  • Aug 25, 2010 9:56am Aug 25, 2010 9:56am
this one taken on 5 min hesitation at 3 hr level
Like Graeme says, not sure whether I am guessing or anticipating

Look forward to seniors comments

TS
Attached Image (click to enlarge)
Click to Enlarge Name: EURJPY_Aug.25.gif Size: 73 KB
Haste not to Enter AND Haste not to Exit !-TradeStar
  • #1,367
  • Aug 25, 2010 10:13am Aug 25, 2010 10:13am
Quoting TradeStar
I took this since the high is matching with yesterday's high.
Looks like this may not survive. Will see.

TS
Hi Tradestar,

I took the the same trade on USDCAD(short) 4hr FB forming. Last three buddahs failed with this pair, but who knows, this could be the turning point.

Good luck

Slazo
  • #1,368
  • Aug 25, 2010 10:16am Aug 25, 2010 10:16am
Actually (this is the first) I took this trade yesterday with PipEasy education. Sadly chickened out too soon. Hope we get better at it.

I am posting this to share and learn; Hope I am not cluttering this thread.

Thanks
TS
Attached Image (click to enlarge)
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Haste not to Enter AND Haste not to Exit !-TradeStar
  • #1,369
  • Aug 25, 2010 11:37am Aug 25, 2010 11:37am
I've wanted to thank you from my heart that for what you shared with us.
I've started live trading two and half weeks ago (totally accidently it matched with that major trend change
Till now I haven't diversified not once. So far I have 23 positions moved to BE. In first two weeks my equity balance was around zero and even less (maybe 5% from starting capital), but what is interesting is that with price fluctuations, everyday i go about the same price in a negative direction, but every day (with more and more open positions) the amount that I go in to a positive direction is larger and larger. What I want to say is that the "speed of increase" is bigger and bigger with every week that I spend participating.
I can just say that it was worth it to be patient (although I anticipate to still have drowdowns for the next month or so).
I was thinking about moving to a new broker (lite forex) and open micro account. That way I will be able to use MT4 (my favorite platform) since my current broker has lousy platform (and no ability to place stop loss at BE or to put buy/sell stops).

Graeme, you said something about a better way to share your trading few days ago. Did you think about twitter? Or maybe MeetPips.com?

P.S: So far, during these three weeks I earned most from CHF crosses (also from the JPY crosses)
  • #1,370
  • Aug 25, 2010 3:18pm Aug 25, 2010 3:18pm
Quoting pipEASY
Joe would only use sells. He never answered me properly why but Im sure if it works very well for sell then it will also obviously work well for buys. I do personally believe that his concentration is so great that he would prefer to focus just on one side of the coin. He still manages to live an outrageous lifestyle with this method so I do not further question why he only takes sell.

Joe sounds like he is a RED RAT to me. Only selling means he'll never be long when prices are falling. Sooner or later, he will be in sync with the market. Prices seem to drop faster than they rise which may be another reason he only sells. I don't recall where I saw rat trading but it seems to work.
  • #1,371
  • Aug 25, 2010 3:44pm Aug 25, 2010 3:44pm
Quoting tjfxtrader
Joe sounds like he is a RED RAT to me. Only selling means he'll never be long when prices are falling. Sooner or later, he will be in sync with the market. Prices seem to drop faster than they rise which may be another reason he only sells. I don't recall where I saw rat trading but it seems to work.
it might be worth your while and this threads long gevity to remove the Rat comments tjfxtrader, i would hate for it to compromise the integrity of this thread with the people who hold the power to close!!!!

just on this subject, over the last 4 weeks, i would say i have taken 95% short positions, so either i have some sort of internal bias, or more of the markets are moving lower??????, besides i like the idea of gravity, the heavier i load up on the rallies the faster my positions fall with the trend

cheers
geoff
  • #1,372
  • Aug 25, 2010 4:16pm Aug 25, 2010 4:16pm
Morning All,
Is anyone watching USD/CAD this am? Flying buddah on daily chart. Just waiting for a volatile breakout on 5 min and im in.
Regards,
Ben
  • #1,373
  • Aug 25, 2010 4:28pm Aug 25, 2010 4:28pm
Quoting leggo
Morning All,
Is anyone watching USD/CAD this am? Flying buddah on daily chart. Just waiting for a volatile breakout on 5 min and im in.
Regards,
Ben

nice spotting ben
i was watching the jpy crosses and the jpy earlier on the 4hr
the e/j and the u/j have lost there form, but the g/j is still lookig in play, half hour to go for it though
  • #1,374
  • Aug 25, 2010 4:41pm Aug 25, 2010 4:41pm
Quoting geoffrod
nice spotting ben
i was watching the jpy crosses and the jpy earlier on the 4hr
the e/j and the u/j have lost there form, but the g/j is still lookig in play, half hour to go for it though
Hey Geoff,
For some reason my new broker has daily candle starting at 7.00am Sydney time? Not sure why. So my flying buddah is complete. I have watched my GJ positions go from 600 net to 300 net in last 24 hrs but thats ok think its just a big retrace, in fact ive added another this am. Good luck
Regards,
Ben
  • #1,375
  • Aug 25, 2010 4:47pm Aug 25, 2010 4:47pm
Quoting leggo
Morning All,
Is anyone watching USD/CAD this am? Flying buddah on daily chart. Just waiting for a volatile breakout on 5 min and im in.
Regards,
Ben
Yeah, saw this one set up earlier. 5 short positions entered starting @ 1.0643. 3 stopped out for -18 pips total and 2 still going with SL @ BE. Curious to see if they survive the night.

Kevin
  • #1,376
  • Aug 25, 2010 4:56pm Aug 25, 2010 4:56pm
Quoting leggo
Hey Geoff,
For some reason my new broker has daily candle starting at 7.00am Sydney time? Not sure why. So my flying buddah is complete. I have watched my GJ positions go from 600 net to 300 net in last 24 hrs but thats ok think its just a big retrace, in fact ive added another this am. Good luck
Regards,
Ben

hey Ben,
yeah i dont think it will matter too much when the daily finishes, it is all relative.
i am using alpari UK myself, but if you look at anyones charts the FB's still work regardless.
i hear you on the g/j, i only have 1 position running on it at the moment, but e/j i have several, and it is up and down like a yoyo,

cheers
geoff
  • #1,377
  • Aug 25, 2010 4:57pm Aug 25, 2010 4:57pm
Hi guys,

If my calculations are correct, this week so far these are my stats:

63 trades in total divided like:

8 BE
42 Loss for a total of 525 pips
13 Win for a total of 1457 pips

profit 932 pips

(and still have open orders, about 70 pips unrealised profit currently)
  • #1,378
  • Aug 25, 2010 5:00pm Aug 25, 2010 5:00pm
Quoting Starvin4Pips
Yeah, saw this one set up earlier. 5 short positions entered starting @ 1.0643. 3 stopped out for -18 pips total and 2 still going with SL @ BE. Curious to see if they survive the night.

Kevin
Hi Kevin,
Can I ask if you based your entry on 3 wick bounce/flying buddah on 5 min? Looks like a great entry to me.
Regards,
Ben
  • #1,379
  • Aug 25, 2010 5:03pm Aug 25, 2010 5:03pm
Good morning, all

Beautiful morning here.

Im just about to step out for the day but thought I leave a post for the readers.

I can clearly see some of the areas I need to brush on before the start of the assignment this weekend.

It sounds most of the traders have the puzzle pieces and the blueprint required and they are trying to make the connection between the pieces but still missing the 'aha' moment.

I will touch on

1. Interpreting price action in a finer detail
2. Why inception method is valuable and how you are trading like the banks with the hindsights received.
3. Difference between guessing and anticipation.
4. How to use opposite signalling hindsights between different higher timeframe to your advantage on the lower timeframe.

Just quickly, yesterday daily candle of eur/usd had a double wick bounce in a 'tight' area which was also the open price of the previous 2 days before.

You can guess by saying 'price might go to the top of the previous days upper wick and then bounce back'

Or

You can anticipate by saying 'price is retracing, where is most likelyhood of a bounce and where can I enter with a very tight stop loss for an awesome ride back down again? Ofcourse this is possible if market allows the bounce to happen in the first place but I will make sure to be participating around that area'

Now, even though the eur/usd daily candle is now an oddly shaped up candle against the main trend, I still used the hindsight of the higher timeframe on the lower time frame and made a very nice profit on only sell positions just from yesterday. Its because I participated and anticipated the wick bounce and was prepared to spend few pips. On 5min chart of eur/usd a flying buddha happened just around the top of the upper wick on daily chart (where I was anticipating/hoping a bounce) @ 3rd and 4th 5 min candles of uk session. It just doesnt get better that that. The smooth drop from there to daily open price had oodles of opportunities for stacking.

Please do not worry if the above is not making much sense. I will make sure I will go over the 4 topics before the assignment.

If I could please request all serious new readers to perhaps attempt to read the thread and please join us in the assignment this weekend.

Good day all and will come back later on

Sincerely,

Graeme
  • #1,380
  • Aug 25, 2010 5:16pm Aug 25, 2010 5:16pm
Ben, signal was flying buddha on H1. First entry came two candles later at open. Please see attached chart.

Regards,
Kevin
Attached Image (click to enlarge)
Click to Enlarge Name: UC 8-25-10.JPG Size: 74 KB
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