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Building an equity millipede

  • #2,021
  • Sep 5, 2010 8:10am Sep 5, 2010 8:10am
Thanks very much for the info I have downloaded and about to start playing.
  • #2,022
  • Edited 12:29pm Sep 5, 2010 10:11am | Edited 12:29pm
Quoting pipEASY
Good question, tjfxtrader

Any trader with some degree of experience in trading will all agree that market indeed often have periods with conflicting interest in the difference of the timeframe.

4hr says UP
1hr says DOWN
Weekly says UP

and so on.

This is a normal part of randomness in the markets. Like any method/ideology/system in the markets there are both pros and cons:

If, you wait for the conflict of interest to line up between 2 different timeframes before entering, most often you will arrive late to the...
Hi Graeme,

Can you elaborate on the conflict of interest. I am not quite sure I follow you. Are you saying it may be acceptable to take trades if 2 higher time frames do not show the same direction but all the lower timeframes do? Or are you saying the opposite? If there is a conflict which of the 2 conflicting timeframes should we take direction from?
  • #2,023
  • Sep 5, 2010 11:04am Sep 5, 2010 11:04am
For those of you using the email/phone alerts, what exactly do you have sent to your phones? Are you using FB signals? How would you program that to a text message? Price movement?

Could you guys elaborate on what exactly you are sending to your phones?

Thanks

And Graeme - thanks again for the coaching. I really appreciate your daily input.
  • #2,024
  • Sep 5, 2010 11:05am Sep 5, 2010 11:05am
Quoting cumquat
Hi guys,
I know this has been said many many times before but what an excellent and positive thread, it’s taken three days to get to the end of it and yes my brain does hurt a bit but well worth it. This is the type of trading style that I think will fit for me, just need to practise practice practice.

I have a quick question, during the week I’m normally mentally busy at work so the weekends and evenings are good for me but obviously the market is closed for most of the weekend which seems like a lot of practice time I’m wasting are there simulators...
I use Forex Tester. It's not free, but it can be purchased for a reasonable (IMO) price and it is extremely robust. I was introduced to it while attending one of Rob Booker's seminars, as it is the tester that he uses. I believe he was closely involved in its design. It handles stacking and managing stops very well, as well as entry and market orders. Demo version allows try-before-you-buy. Purchase using the link below gets you a bit of a discount.

http://www.forextester.com/partners/robbooker.html

Kevin
  • #2,025
  • Sep 5, 2010 11:18am Sep 5, 2010 11:18am
Quoting kcravey
For those of you using the email/phone alerts, what exactly do you have sent to your phones? Are you using FB signals? How would you program that to a text message? Price movement?

Could you guys elaborate on what exactly you are sending to your phones?

Thanks

And Graeme - thanks again for the coaching. I really appreciate your daily input.
I look for areas of S&R on weekly, daily, and H4 charts and set alerts to notify me when price returns to those areas. I typically anticipate a wick-bounce to occur, so when I get the alert, I zoom in with M5 chart and look for signs of weakness/reversal (FB, Engulfing candle, long-wicked candle, etc.) in order to enter a position.

Kevin
  • #2,026
  • Sep 5, 2010 11:41am Sep 5, 2010 11:41am
Quoting Starvin4Pips
I use Forex Tester. It's not free, but it can be purchased for a reasonable (IMO) price and it is extremely robust. I was introduced to it while attending one of Rob Booker's seminars, as it is the tester that he uses. I believe he was closely involved in its design. It handles stacking and managing stops very well, as well as entry and market orders. Demo version allows try-before-you-buy. Purchase using the link below gets you a bit of a discount.

http://www.forextester.com/partners/robbooker.html...
Kevin,

Looks great to me for the full experience and thanks for the link...
  • #2,027
  • Sep 5, 2010 1:03pm Sep 5, 2010 1:03pm
Results as follows (see prior post #2020 for explanation of categories):
Category 1: (1) (Positions taken with poor judgment on direction i.e. flow of market)
Category 2: (5) (Positions taken with good judgment on direction & moderate momentum
Category 3: (0) (Positions lacking sufficient momentum or neutral market direction
Category 4: (0) (Positions taken with excellent direction & momentum

In the millipede world I would have only one long position remaining open currently up $9.71 (or approx 10 PIPs). The others in my tight stop world would have been BE. This is due to a recent change in direction and market flow. Notice the strong white candle at that inflection point.

On a 5 minute TF, this covers ~ 3hrs of trading simulation. This took me about 30 minutes with all the pausing, final capture of the screen shots, report for posting. So assume a 1hour to 10 minute compression in simulation.

Constructive feedback always appreciated...

RDWatkins
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 20100904_SimulatorExample1.png Size: 26 KB
Click to Enlarge Name: 20100904_SimulatorReport1.png Size: 25 KB
  • #2,028
  • Sep 5, 2010 2:51pm Sep 5, 2010 2:51pm
Quoting VEEFX
My performance stats for week1:

Pair: E/J
Hindsight this week: Long
Hindsight next week: Long
Demo Account Starting Balance: US$ 50K
Demo Account Ending Balance: US$ 50,500
Position Size: 40 Microlots (4 mini / 0.4 standard)

Net Realized Profit: $500
Unrealized/Floating Profit: +265 pips ($800) in 3 open positions

Total trades: 40
Total BE and Profitable trades: 18
Total SL trades: 22
Win Rate: 45%
Hi all,

I was able to run a report in my demo platform and calculate pips manually in excel.

Week2 Hindsight:

Hindsight: EUR/JPY Long

Anticipation: Price will go up from the current 108.50 to the monthly 50% fib of 109.80 area before it retraces down to the 107.70 area. If 110 is broken, it will be a validation of my long hindsight. If it drops below 107 and never retraces, then I will consider my hindsight to be incorrect. Watch out for range bound week on the daily/4H for this week as a possibility and avoid overexposure.

Action Plan: Continue to add/stack long positions until price reaches from 108.50 to 109.80. Based on PA in this resistance area, I will take some short term counter-hindsight trades to add to my account balance. To this effect, I have placed Long entry orders at 108.96, 109.21, 109.38, 109.60 and they all have SL set at a total of 38 pips (sacrifice 38 pips for a gain of 150+ pips). I might also plan to diversify or add another pair if my long leg go up from 222 pips to 500 pips. I also anticipate a good volatility breakout upwards in the 111 area at the top of the weekly wick.

Good luck to everyone participating in this project for this week. I hope to learn a lot from everyone's experience.

Best Regards,

- Vee
Attached Image
Staying in my lane...
  • #2,029
  • Sep 6, 2010 12:14am Sep 6, 2010 12:14am
Hi all,
I have read through the thread, and I think I keep missing this point. Where and how is the SL determined. Seems like if do it correcty as I have seen in this thread, there is very little risk. I just keep missing the SL placement part.

I anyone could mention the post number or link it, I'd appreciate it.

Thanks in advance.

Scott

also as an afterthought, is there a synopsis of this system posted. i think thre was somewhere (I read the whole thread yesterday and last night) and my eyes a killing me and some points have become a little blurry...thanks
  • #2,030
  • Sep 6, 2010 12:25am Sep 6, 2010 12:25am
Hi Scott,

There's really no substitute for reading the entire thread; at the minimum, you should read every single one of Graeme's posts.

Also, this isn't a system 'per se.'
  • #2,031
  • Sep 6, 2010 12:34am Sep 6, 2010 12:34am
Quoting longhornxtreme
Hi Scott,

There's really no substitute for reading the entire thread; at the minimum, you should read every single one of Graeme's posts.

Also, this isn't a system 'per se.'
Well, I did read it...but the stop loss escapes me. That is all. System/strategy...whatever, I am not even sure I have the time to experiment with it. Just intrigued at this point.

Thanks anyway
  • #2,032
  • Sep 6, 2010 12:44am Sep 6, 2010 12:44am
Quoting slc12312
Well, I did read it...but the stop loss escapes me. That is all. System/strategy...whatever, I am not even sure I have the time to experiment with it. Just intrigued at this point.

Thanks anyway
Scott,

Graeme has stated that he doesn't use a hard stop loss most of the time. He is relying on his superb entry skills to take advantage of momentum that will allow him to move SL to BE after a quick move of 15-20 pips. If the momentum doesn't hold, he will close the trade after one or two M5 candles and take a small loss. For those of us who are not so comfortable trading w/o SL, it may make sense to set a 20 pip SL right from the start or above/below the most recent swing high/low, but still watch price action and close the trade early if it doesn't go our way within a candle or three, rather than let it run all the way to the stop. However, the placement of initial SL is really up to the individual trader's comfort level as there are no hard and fast rules.

Kevin
  • #2,033
  • Sep 6, 2010 12:54am Sep 6, 2010 12:54am
Quoting Starvin4Pips
Scott,

Graeme has stated that he doesn't use a hard stop loss most of the time. He is relying on his superb entry skills to take advantage of momentum that will allow him to move SL to BE after a quick move of 15-20 pips. If the momentum doesn't hold, he will close the trade after one or two M5 candles and take a small loss. For those of us who are not so comfortable trading w/o SL, it may make sense to set a 20 pip SL right from the start or above/below the most recent swing high/low, but still watch price action and close the trade early if...
Totally agree personaly i use 2 times average true range of the chart I'am entering on or top of previous candle depending on price action.
making green pips large and red pips small this is my goal.
  • #2,034
  • Sep 6, 2010 3:06am Sep 6, 2010 3:06am
Quoting slc12312
Hi all,
I have read through the thread, and I think I keep missing this point. Where and how is the SL determined. Seems like if do it correcty as I have seen in this thread, there is very little risk. I just keep missing the SL placement part.

I anyone could mention the post number or link it, I'd appreciate it.

Thanks in advance.

Scott

also as an afterthought, is there a synopsis of this system posted. i think thre was somewhere (I read the whole thread yesterday and last night) and my eyes a killing me and some points have become...

http://www.forexfactory.com/showpost...&postcount=823
Haste not to Enter AND Haste not to Exit !-TradeStar
  • #2,035
  • Sep 6, 2010 3:36am Sep 6, 2010 3:36am
I have entered couple of position in an attempt to build legs for my tiny millipedes
1) EURNZD short at 1.7823
2)GBPCAD short at 1.6026
let see how it plays out
  • #2,036
  • Sep 6, 2010 4:06am Sep 6, 2010 4:06am
Hi Graeme,

Attached is EurChf weekly. My hindsight is long given the weekly pin bar.

I have marked levels where to watch for PA to go long.

However, given what is happening now, looks like I can take low risk short opportunities as well.

Is this your view, in this case, of taking positions both sides?

Thanks,
TradeStar
Attached Image (click to enlarge)
Click to Enlarge Name: EurChf_Weekly Sep. 06.gif Size: 48 KB
Haste not to Enter AND Haste not to Exit !-TradeStar
  • #2,037
  • Sep 6, 2010 8:10am Sep 6, 2010 8:10am
EUR came just to the pip to take out my BE and moved right back up!!!

Most annoying part is, it shot up right back after that!!

Will See..


TradeStar
Attached Image (click to enlarge)
Click to Enlarge Name: EurUsd_3hour Sep. 06.gif Size: 57 KB
Haste not to Enter AND Haste not to Exit !-TradeStar
  • #2,038
  • Sep 6, 2010 8:20am Sep 6, 2010 8:20am
Am doing the exercise where entry is based on price crossing 00 lines. If price is moving up thru 00 line, go long; if price is moving down thru 00 line go short. Have 6 trades open, 2 losers (both minor losses), 4 winners. Unrealized pip about 134 pips. Started this morning about 3 hours ago. No SL hit, no TP hit. Amazing results so far, and SO easy. Looked at Hindsight starting at monthly down to H1 to judge market direction, then placed orders at 00 lines in accordance with hindsight.
  • #2,039
  • Sep 6, 2010 8:29am Sep 6, 2010 8:29am
TradeStar,

Not much of a trend there though (in the screenshot). Also hope you know that it's bank holiday in US (Labour Day).
  • #2,040
  • Sep 6, 2010 9:37am Sep 6, 2010 9:37am
Not much happening on eur/jpy
Trying a short on eur/gbp see what happens.
making green pips large and red pips small this is my goal.
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