Building an equity millipede | Page 105 | 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

  • #2,081
  • Edited 4:17am Sep 7, 2010 4:02am | Edited 4:17am
I'am having a problem at moment.
eur/jpy been going down today.
Am using 10 pip stop to control losses if i raised the stop to say 25 i would still be in the trades.
But when I'am wrong each time i would be down 25 pips instead of 10.
And not sure how far to let price go before setting stop to b.e. without it causing me to get stopped out prematurely.
Any thought buddies?

The frustrating part is looking back I should be well up.
making green pips large and red pips small this is my goal.
  • #2,082
  • Sep 7, 2010 4:26am Sep 7, 2010 4:26am
Quoting paul1
I'am having a problem at moment.
eur/jpy been going down today.
Am using 10 pip stop to control losses if i raised the stop to say 25 i would still be in the trades.
But when I'am wrong each time i would be down 25 pips instead of 10.
And not sure how far to let price go before setting stop to b.e. without it causing me to get stopped out prematurely.
Any thought buddies?

The frustrating part is looking back I should be well up.
Remember, looking for volatile breakout ...
Support/Resistance/Trendline have to be taken into consideration ... on H4 chart in area of Trendline so will not be smooth in that area ... any type of small SL will more and likely be taking out, no real news to push, I would wait for a close below at least on H1 candle before try going short again.
  • #2,083
  • Sep 7, 2010 4:26am Sep 7, 2010 4:26am
Quoting paul1
I'am having a problem at moment.
eur/jpy been going down today.
Am using 10 pip stop to control losses if i raised the stop to say 25 i would still be in the trades.
But when I'am wrong each time i would be down 25 pips instead of 10.
And not sure how far to let price go before setting stop to b.e. without it causing me to get stopped out prematurely.
Any thought buddies?

The frustrating part is looking back I should be well up.
U might want to look into using prev hour or prev prev hour candle H/L + 2-3pips for SL if u trade 5 or 15min chart.

Try not to fix a number(pips) for SL... because market has mood. Sometime slow and sometime volatile.
  • #2,084
  • Edited 8:05am Sep 7, 2010 7:50am | Edited 8:05am
Quoting paul1
I'am having a problem at moment.
eur/jpy been going down today.
Am using 10 pip stop to control losses if i raised the stop to say 25 i would still be in the trades.
But when I'am wrong each time i would be down 25 pips instead of 10.
And not sure how far to let price go before setting stop to b.e. without it causing me to get stopped out prematurely.
Any thought buddies?

The frustrating part is looking back I should be well up.
Each entry is different so I use whatever size SL the entry requires. The smaller the better of course but I always try put it just beyond previous s/r. Same with setting stop to BE. I wait at least till I pass another s/r area. It can be frustrating because sometimes you can be waiting for hours on 5min chart before you feel comfortable putting SL to BE.
  • #2,085
  • Sep 7, 2010 8:52am Sep 7, 2010 8:52am
Hi Paul

I was in the same predicament.
I entered early in Asian session and if not for being stopped out, I would be in huge profit. Price never looked back.
I was stopped out in M15.

Reentered before London session, but this time I used the H1 as a guide. SL was bigger, but there was enough space for the trades to run, and for stacking. This obviously works in strongly trending market like EJ today.

I suppose we need to find a compromise.
Any ideas?
  • #2,086
  • Sep 7, 2010 8:54am Sep 7, 2010 8:54am
anybody with success in using the double/triple wick bounce as entry signal?

personally I find it very unreliable, or have I interpreted the signal wrongly?
  • #2,087
  • Sep 7, 2010 9:26am Sep 7, 2010 9:26am
Quoting the novice
anybody with success in using the double/triple wick bounce as entry signal?

personally I find it very unreliable, or have I interpreted the signal wrongly?
Maybe it's just me but I don't remember the double/triple wick bounce having been discussed as a definite entry signal... I use the wicks to gauge the market direction, to see when a certain movement is losing strength and reaching some support/resistance by not making higher highs or lower lows or when market is about to resume movement as well by making new highs/lows. I use the wicks as an indication of when to start looking for entries, not as an entry signal per se.
  • #2,088
  • Sep 7, 2010 9:30am Sep 7, 2010 9:30am
Quoting the novice
anybody with success in using the double/triple wick bounce as entry signal?

personally I find it very unreliable, or have I interpreted the signal wrongly?
more appropriate question would be....Anybody with success using ANY type of volatile breakouts on ANY timeframe?
I think I am not successful because I am focussed on learning/practicing and taking every breakout. Contrary to Graeme advise, I am not spacing my entries over time and across multiple pairs which could make a positive difference in the outcome. I am also not pausing my stack after first SL is hit. Having said this, I am convinced Joe's approach in taking only FB-based Short positions is more profitable and long positions. Personally, I am not sure I can blindly use just an FB as a 'signal' to enter positions due to spreads and candles based on bid/ask price. If charting software can draw candles based on midpoint, we might have better results....my practice continues in whatever direction it takes my account balance
Staying in my lane...
  • #2,089
  • Sep 7, 2010 9:38am Sep 7, 2010 9:38am
Quoting VEEFX
more appropriate question would be....Anybody with success using ANY type of volatile breakouts on ANY timeframe?
I've used breakouts with success, in fact I would say that the breakout of a range, then a small retracement and continuation in the direction of the breakout is probably one of the higher probability trades out there...
  • #2,090
  • Sep 7, 2010 10:13am Sep 7, 2010 10:13am
Hi all,

as i check graphs i think all who follow Greames rules, now should have lot of short positions on E/U lot of weekly, monthly tools for price interpretation have been broken
  • #2,091
  • Sep 7, 2010 10:45am Sep 7, 2010 10:45am
I see that EURUSD and EURJPY has finally resumed the down trend. I'm actually a bit surprised that we're headed down but very happy. I have held short positions in both since 9-10 August. I was very tempted to close them several times when price started to go up but I held on and now they are looking very good. I have also added 1 position in each pair which has gone into profit due to the nice down move today. This is the first time in my trading career that I have held onto a position this long. I must say it's a difficult mental challenge for me but one that I am determined to master.
  • #2,092
  • Sep 7, 2010 11:03am Sep 7, 2010 11:03am
hi all
can anyone please upload the pdf of Grandmaster Graeme's post compiled by Flyer415. I am having difficulties to download
thanks in advance
  • #2,093
  • Sep 7, 2010 11:26am Sep 7, 2010 11:26am
Thankyou all very much to my stop loss problems .
I've since not been stopped out and have 10 live positions using break of low entry. And I'am now placing the stop over the last obvious high.
My stop would be ok if i could pick highs on a short trade but i can't so i just enter on break of bottom so price has usually moved a fair bit before it gets to my entry so putting the stop above a previous high seems to be much better.
10 pip stops are no use on volatile pairs like these so am just going to keep an eye on the highs and lows on 5 minute and until it makes hh/hl
stay in. Take some off if i see a hh/hl.
I'am a work in progress but when i get something to work consistently i will stick to it.

Cheers buddies.
making green pips large and red pips small this is my goal.
  • #2,094
  • Sep 7, 2010 1:10pm Sep 7, 2010 1:10pm
Hi ya,

Well i have a question, i have started following Graham's and your advice and so far i seem to be doing really good, how do you stop yourself from cashing in, i'm looking at it thinking my profit is double my account balance should i just take it to get me on a decent starting pot or continue to run with it. I think lack the confidence in my own ability and i keep thinking i will kick myself if i let this profit disappear.
Attached Image (click to enlarge)
Click to Enlarge Name: sofar.jpg Size: 48 KB
  • #2,095
  • Sep 7, 2010 1:30pm Sep 7, 2010 1:30pm
Quoting cumquat
Hi ya,

Well i have a question, i have started following Graham's and your advice and so far i seem to be doing really good, how do you stop yourself from cashing in, i'm looking at it thinking my profit is double my account balance should i just take it to get me on a decent starting pot or continue to run with it. I think lack the confidence in my own ability and i keep thinking i will kick myself if i let this profit disappear.
You can diversyfy anytime you feel like mate but if possible try leave a leg on to run. unless you see definite reversal on daily t/f.



Graeme did say it was at our discretion.

But the aim is for some positions to be long term .
Greame is only interested in the long term positions but if we have small account to build am sure its ok to liquidate some smaller legs.
Like mine your account needs building.

Hope am correct buddies .
making green pips large and red pips small this is my goal.
  • #2,096
  • Sep 7, 2010 1:49pm Sep 7, 2010 1:49pm
Thanks for that, i think i may have to cash some out. Haven't really been doing this long enough to be fully happy with my entry's. Also the Eur/Aud doesn't seem to have gone as low as it is before so wonder what the chances of it continuing further down are.
  • #2,097
  • Sep 7, 2010 2:49pm Sep 7, 2010 2:49pm
Thanks for that,

It was the live account, the demo is doing really well but then hey it's not real money so of course it would...

I understand your loss, it's a totally different way of trading than what i'm used to but so much better and as time goes on i should get used to letting the legs grow or alas die, it's just so hard at the moment with minimal funds to start with to think about the risk. I guess the more you think about the worse it gets so just try and detach yourself from emotion of the trade.
  • #2,098
  • Edited 3:14pm Sep 7, 2010 2:57pm | Edited 3:14pm
Just my opinion but I wish we could agree to only talk about real accounts. Most of the secret sauce is psychological and there is almost none of that trading demo.

As I recall Graeme also recommended getting off a demo account as soon as possible. Open an account somewhere for $100 and trade fractional micro (1 cent a pip). It's still better than demo IMHO. When I find out someone posting here is on demo I'm tempted to just put them on my ignore list. Just to try reduce the noise somewhat. Nothing personal and again, just my opinion.

I often take it even further than most. I do most of my testing on real accounts as well. Usually just pennies a pip but I'll up that if I see a higher probablility entry. For me, trading live is much much better than backtesting or demo even though a lot of pro's recommend that first. So maybe it costs me $5 or $10 a week. I would have spent that anyways if I went to Starbucks instead. I wouldn't recommend it for everyone but that's what seems to work best for me.
  • #2,099
  • Sep 7, 2010 3:01pm Sep 7, 2010 3:01pm
Quoting cumquat
Thanks for that,

It was the live account, the demo is doing really well but then hey it's not real money so of course it would...

I understand your loss, it's a totally different way of trading than what i'm used to but so much better and as time goes on i should get used to letting the legs grow or alas die, it's just so hard at the moment with minimal funds to start with to think about the risk. I guess the more you think about the worse it gets so just try and detach yourself from emotion of the trade.

I'am in the same boat as you m8 been demo trading for months this is my first live account just opened today.
gonna test a few micros out tomorrow.
Are you using micro lots cumquat?

But congradulation on doing so well. Think if you do well early you may get too confident, I'am going to have to keep reminding myself of this.
making green pips large and red pips small this is my goal.
  • #2,100
  • Sep 7, 2010 3:03pm Sep 7, 2010 3:03pm
Quoting pip_daddy
Just my opinion but I wish we could agree to only talk about real accounts. Most of the secret sauce is psychological and there is almost none of that trading demo.

Just my opinion and as I recall Graeme also recommended getting off a demo account as soon as possible. Open an account somewhere for $100 and trade fractional micro (1 to 9 cents a pip). It's still better than demo. Again, that's my opinion. When I find out someone posting here is on demo I'm tempted to just put them on my ignore list. Just to try reduce the noise somewhat. Nothing...
But he did say while we were doing the exercise this 2 weeks if we weren't confident to demo till were used to the method but not to demo for too long .
making green pips large and red pips small this is my goal.
4 traders viewing now