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Building an equity millipede

  • #2,061
  • Sep 6, 2010 7:26pm Sep 6, 2010 7:26pm
Quoting Starvin4Pips
I have two live accounts that do what you're asking. MB Trading using MT4 platform and FXCM-UK.

Kevin
thanks!
  • #2,062
  • Sep 6, 2010 7:29pm Sep 6, 2010 7:29pm
Hi Guys,
For what its worth I prefer to play the wicks on flying buddahs. So I would not take a f.b. straight off but zoom in and try and get in on the wick of the next candle.
This is an interesting debate because it shows that whatever system you implement it is still down to personal interpretation. Marion might make 10k a week using F.B.'s but I on the other hand might loose 10k a week. Thats why in my opinion you need to find your own edge and as long as it works for you then that's all that matters.
On this note guys I am withdrawing from the assignment to work on my edge. I have p.m. Graeme and told him. I do not feel that I have an entry method that I trust yet. I am reverting to the 20 pip challenge while trying a few new things. When I feel that I am having some success with the 20 pip challenge I will return.
Best of luck to you all and I will keep you informed on the challenge!!!
Regards,
Ben
  • #2,063
  • Sep 6, 2010 7:39pm Sep 6, 2010 7:39pm
Quoting leggo
Hi Guys,
For what its worth I prefer to play the wicks on flying buddahs. So I would not take a f.b. straight off but zoom in and try and get in on the wick of the next candle.
This is an interesting debate because it shows that whatever system you implement it is still down to personal interpretation. Marion might make 10k a week using F.B.'s but I on the other hand might loose 10k a week. Thats why in my opinion you need to find your own edge and as long as it works for you then that's all that matters.
On this note guys I am withdrawing from...
Good luck, Ben. Hope to see you back soon!

Kevin
  • #2,064
  • Sep 6, 2010 7:42pm Sep 6, 2010 7:42pm
Quoting leggo
Hi Guys,
For what its worth I prefer to play the wicks on flying buddahs. So I would not take a f.b. straight off but zoom in and try and get in on the wick of the next candle.
This is an interesting debate because it shows that whatever system you implement it is still down to personal interpretation. Marion might make 10k a week using F.B.'s but I on the other hand might loose 10k a week. Thats why in my opinion you need to find your own edge and as long as it works for you then that's all that matters.
On this note guys I am withdrawing from...

Best of luck in finding what you need ben.
look forward to hearing from you.
cheers
Geoff
  • #2,065
  • Sep 6, 2010 8:19pm Sep 6, 2010 8:19pm
Quoting leggo
Hi Guys,
For what its worth I prefer to play the wicks on flying buddahs. So I would not take a f.b. straight off but zoom in and try and get in on the wick of the next candle.
This is an interesting debate because it shows that whatever system you implement it is still down to personal interpretation. Marion might make 10k a week using F.B.'s but I on the other hand might loose 10k a week. Thats why in my opinion you need to find your own edge and as long as it works for you then that's all that matters.
On this note guys I am withdrawing from...
Hi Ben,

All the best to you. I still think you can experiment your entry methods, etc., in the assignment itself,as long as it is demo. This way you will also go thru the pain of frequent BE and loss trades and get over that as well.

Regards,
TradeStar
Haste not to Enter AND Haste not to Exit !-TradeStar
  • #2,066
  • Sep 6, 2010 9:43pm Sep 6, 2010 9:43pm
Leggo,

IMO, FB is an indication of price exhaustion and wait wait... till see some breakout/momentum... etc. Don't focus too much wicks yet, there are the 50% and breakout... which is just as reliable.

The easiest is using breakout on 5 or 15mins... which still give you very small SL and confirmation to enter market. Breakout (123 method) is a very good bread and butter entry method.
  • #2,067
  • Sep 6, 2010 11:14pm Sep 6, 2010 11:14pm
Hi Guys,
Thanks for positive feedback. I understand I could do the assignment alongside the 20 pip challenge. However, I really want to focus on sharpening up my entries first. I dont see it as falling behind as such, the market will always be there. Just need to find some direction, I feel like Im trying to run before I can walk. I will be leaving positions open on the 20 pip challenge so I can still post results.
Cheers,
Ben
  • #2,068
  • Sep 6, 2010 11:54pm Sep 6, 2010 11:54pm
Quoting emjay
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
update : two positions of gbp cad closed out for +88 pips. two eurnzd closed out at breakeven. two running +91 from 1.7796
  • #2,069
  • Edited 12:52am Sep 7, 2010 12:37am | Edited 12:52am
Quoting songbo
Leggo,

IMO, FB is an indication of price exhaustion and wait wait... till see some breakout/momentum... etc. Don't focus too much wicks yet, there are the 50% and breakout... which is just as reliable.

The easiest is using breakout on 5 or 15mins... which still give you very small SL and confirmation to enter market. Breakout (123 method) is a very good bread and butter entry method.
Thanks for pointing out the 123 method. Looks like a nice and simple no guess work entry that deals with FB confirmation. I'll have to give it a try.
  • #2,070
  • Sep 7, 2010 12:41am Sep 7, 2010 12:41am
Quoting VEEFX
It is interesting to see you closed your GBP/CAD position. I have one still running at the exact same open price as yours. May I ask what prompted you to close this position? It has been a very boring (range!) day for this pair for past 20 H1 candles. I have been waiting patiently for a breakout as an indication to either start stacking or close out.Attachment

I closed it bcoz of few FBs and pinbar and inside bars in the 1 hr charts. Perhaps I should have closed one postion and let other run . Anyway i am waiting for it to breakout of the current range and probably enter at 1.5910.
  • #2,071
  • Sep 7, 2010 12:52am Sep 7, 2010 12:52am
Quoting pip_daddy
Thanks for pointing out the 123 method. Looks like a nice and simple mechanical entry that eliminates the guess work of dealing with FB confirmation. I'll have to give it a try.
Hi pip_daddy,

One tip. Try not to use the high/low wick to do breakout... because market love to retest those area. Use the clusters of close price which will save u few pips and also market seldom retest those entry point . I think pipeasy uses that also.. which gave me the idea else 50% is even more reliable. To me, breakout means momentum and more confirmation.
  • #2,072
  • Sep 7, 2010 1:00am Sep 7, 2010 1:00am
Quoting songbo
Hi pip_daddy,

One tip. Try not to use the high/low wick to do breakout... because market love to retest those area. Use the clusters of close price which will save u few pips and also market seldom retest those entry point . I think pipeasy uses that also.. which gave me the idea else 50% is even more reliable. To me, breakout means momentum and more confirmation.
So just ignore the wicks right? That works for me. Tighter SL. Not sure what that has to do with testing them as ignoring the wicks means you are entering sooner. Also makes the SL more likely to be hit. Perhaps ignore the wick on entry but use the #3 wick for SL?
  • #2,073
  • Sep 7, 2010 1:04am Sep 7, 2010 1:04am
Quoting pip_daddy
So just ignore the wicks right? That works for me. Tighter SL. Not sure what that has to do with testing them as ignoring the wicks means you are entering sooner. Also makes the SL more likely to be hit. Perhaps ignore the wick on entry but use the #3 wick for SL?
Well, u dont use the tip of wick for entry. If there are some long wick, use in-between the wick for entry is still ok too... just not the tip of wick. When there is momentum, nothing else matters because very soon, u can BE the trade..haha. Free trade !!
  • #2,074
  • Sep 7, 2010 1:35am Sep 7, 2010 1:35am
Quoting songbo
Well, u dont use the tip of wick for entry. If there are some long wick, use in-between the wick for entry is still ok too... just not the tip of wick. When there is momentum, nothing else matters because very soon, u can BE the trade..haha. Free trade !!
Just did it on E/U as there is a lot of action right now. Will see what happens.
  • #2,075
  • Sep 7, 2010 2:09am Sep 7, 2010 2:09am
Quoting VEEFX
It is interesting to see you closed your GBP/CAD position. I have one still running at the exact same open price as yours. May I ask what prompted you to close this position? It has been a very boring (range!) day for this pair for past 20 H1 candles. I have been waiting patiently for a breakout as an indication to either start stacking or close out.Attachment
did u close your position out?
  • #2,076
  • Sep 7, 2010 2:34am Sep 7, 2010 2:34am
Graeme:

I've got it!!!! 3 cheers for consistent pips!

Thank you so much for your time and teaching.

Best wishes and I will be donating portions of my winnings to church and charity.
  • #2,077
  • Sep 7, 2010 2:43am Sep 7, 2010 2:43am
I am still eagerly waiting for another post from the master

TradeStar
Haste not to Enter AND Haste not to Exit !-TradeStar
  • #2,078
  • Sep 7, 2010 2:52am Sep 7, 2010 2:52am
Quoting TradeStar
I am still eagerly waiting for another post from the master

TradeStar
+1
  • #2,079
  • Sep 7, 2010 3:02am Sep 7, 2010 3:02am
Quoting VEEFX
I just did... after stacking up long on the breakout that lasted for 50-60 pips. Quite disappointing result of only +10 pips net from a day's worth of holding my patience watching this pair :-

My long E/J leg from last week also stopped out. I am almost ready to change my hindsight on E/J and start taking some short positions.

I don't see UJ or jpy crosses dropping much soon....
Attached Image (click to enlarge)
Click to Enlarge Name: UJ.png Size: 69 KB
  • #2,080
  • Sep 7, 2010 3:27am Sep 7, 2010 3:27am
Quoting VEEFX
not sure what to hope for..... I am long u/j and e/u and short e/j in my live account yet have a long hindsight on e/j for this assignment in my demo.
It's ok. I could be wrong... like pipeasy said, market doesn't care abt my opinion. Haha...

My immediate objective for trade is BE to become free trade. Then plan for taking out 1/2 position near supp/resistance or big timeframe FB. The rest will let market decides. Right or wrong ultimately, i dont really know and time will tell.

BTW, my hingsight is Long for EJ too..
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