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Attachments: Vegas Wealth Builder - Part I
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Vegas Wealth Builder - Part I

  • #141
  • Jan 27, 2006 11:40am Jan 27, 2006 11:40am
Quoting diallist
My VWB GBP/USD short got stopped out on the 90 something pip upward spike this morning. Fortunately, I had moved my stop to breakeven yesterday.

I re-entered at a better price this morning and am already 100 pips in the money!!

Just out of curiosity, did anyone else get stopped out at breakeven or perhaps a small loss on a trailing stop? Just curious how everyone is doing the VWB.

Dial
Hey Dial,

We musta been singin' out of the same hymnal!

I was stopped at be on friday news. (Cable) additionally I had a secondary knife buy stop order in (Weekly trend direction) the 20 pip filter ended up just above the swing, where my original stop was. I thought this might be a good VWB counter trend move.

When the "news spike" failed to breach the 233 DF or the swing bar I cancelled the 4hr order.

Watched as momentum increased to the daily range 50% ret and re- entered. up about 100 right now! lovin it!

I'm movin Cable stops to BE and parkin!

My euro position never stopped out and half was taken off at the tunnel.
135 pips.

Good day all

HJ

I'm gonna send Vegas a lobstergram!
HeavyJ -"Posterboy for Spellchecker!" "Will work for pips!"
  • #142
  • Jan 27, 2006 12:42pm Jan 27, 2006 12:42pm
Quoting diallist
Just out of curiosity, did anyone else get stopped out at breakeven or perhaps a small loss on a trailing stop? Just curious how everyone is doing the VWB.

Dial
Great start for me with VWB system. I went with the below trades..

Short EURUSD - 1.2238 SL - 1.2335 1/4 position - Closed at 1.2110 near tunnel
Short EURUSD - 1.2228 SL - 1.2335 1/4 position - Closed at 1.2110 near tunnel
Short EURUSD - 1.2207 SL - 1.2335 1/2 position - Moved SL to +50

Short GBPUSD - 1.7810 SL - 1.7945 1/2 position - Moved SL to +50

I'm planning to run the balance positions on fiber and cable to see if price
is able to pierce the tunnel and go down further.

I understand entering the trade getting the reversal signal from VWB is very crucial to get a very good entry price and to keep your SL low. Since I entered late, I had to keep my SL wide enough to cover the recent daily highs.

Still wondering how much % of capital to risk for every trade for the VWB enteries. Currently I went with 2% per position.
  • #143
  • Jan 27, 2006 1:14pm Jan 27, 2006 1:14pm
Quoting diallist
My VWB GBP/USD short got stopped out on the 90 something pip upward spike this morning. Fortunately, I had moved my stop to breakeven yesterday.

I re-entered at a better price this morning and am already 100 pips in the money!!

Just out of curiosity, did anyone else get stopped out at breakeven or perhaps a small loss on a trailing stop? Just curious how everyone is doing the VWB.

Dial
Hey Dial,

I added a 50 pip trailing stop on THIS morning but left my stop at the original buy-in stop level, of course I'm at work and can't access my account to see what happened and now after reading all this its just killing me to find out what happened (even tried to call home and see if the wife was home so she could look for me!!).

Shootist
Shootist - Have Pip Shooters Will Travel
  • #144
  • Jan 27, 2006 1:17pm Jan 27, 2006 1:17pm
KTRADE, Thanks for the reply and the indicators. The cam you included had the values I was looking for in the corner, but when I install it, I lose the EMA and fib values. The Previous High and Low indicator, draws lines but doesn't show the numbers. I'll play around with it. I just thought I ask the thread before I try to change any of the indicators because they work great as is.
  • #145
  • Jan 27, 2006 2:33pm Jan 27, 2006 2:33pm
Dont know if anyone watches for patterns, but i thought this was interesting on the daily u/j chart. Bearish bat per Scott Carney's parameters lining up with vegas fib. Have a great weekend everyone.
Attached Image
  • #146
  • Jan 27, 2006 3:05pm Jan 27, 2006 3:05pm
GBP/USD

I didn't get stopped out because I left my stop 17 pips above the high of the pin-bar which was also on the other side of the 365ema. I didn't move my stop to b/e until price hit the tunnel.

It was also neat to see the pin-bar that James teaches coincide with the new Vegas Wealth Builder.

Pretty good first ride for me, I am playing 5 micros on each half with my first half taking almost 200 pips!

Scott
Still haven't found what I'm looking for...
  • #147
  • Jan 27, 2006 3:13pm Jan 27, 2006 3:13pm
Quoting Scooter
GBP/USD

I didn't get stopped out because I left my stop 17 pips above the high of the pin-bar which was also on the other side of the 365ema. I didn't move my stop to b/e until price hit the tunnel.

It was also neat to see the pin-bar that James teaches coincide with the new Vegas Wealth Builder.

Pretty good first ride for me, I am playing 5 micros on each half with my first half taking almost 200 pips!

Scott
yes the pin bar is a great tool when used with this/these systems. i dont think the word great does it justice. its that powerful with this. dont stop in much over here but coudnt resist this one.
  • #148
  • Jan 27, 2006 3:27pm Jan 27, 2006 3:27pm
jkjk -- oops! I forgot about the fib levels on the chart! I've seen people put all of their info in one line at the top horizontally but not sure how to do this. (anybody?)

Good luck,

ktrade
  • #149
  • Jan 27, 2006 3:35pm Jan 27, 2006 3:35pm
Just wondered has anybody tried substituting the fib lines with BB's set at 1, 2 or 3 deviation points? The 20 period MA acts as a tunnel similar to the 24/28's and they adjust automatically for each pair so there should be no need to fiddle with fib levels.
  • #150
  • Jan 27, 2006 4:18pm Jan 27, 2006 4:18pm
Quoting diallist
My VWB GBP/USD short got stopped out on the 90 something pip upward spike this morning. Fortunately, I had moved my stop to breakeven yesterday.

I re-entered at a better price this morning and am already 100 pips in the money!!

Just out of curiosity, did anyone else get stopped out at breakeven or perhaps a small loss on a trailing stop? Just curious how everyone is doing the VWB.

Dial
Dialist and everybody else,

This is how I handled todays trading action [Friday, 1/27/06].

Our average trade size in cable [gbp/usd] is 1.5 million [20 globex contracts]. Our average short price on this trade is approximately 1.7891 basis the futures contract [spot rate and futures rate are about even right now].

This morning about 7 am est, cable is at approximately 1.7770 - 1.7780. The high for the day, at this time, is 1.7831. I put a buy stop at 1.7827 for 50% of the trade [10 contracts]. I figure if the market makes a new high [I am assuming GDP and housing numbers will be dollar negative] we might go test the recent highs since this is a Friday. If I am wrong, it's a moot point.

Since we have an approximate 60 pip gain from our entry to the buy stop on 10 contracts, then we have from that same entry on the other 10 contracts an approximate 50 pip loss to the other buy stop at 1.7939. So, if all hell breaks loose on the upside, we will end up with a very slight profit.

When the number hits for GDP the market immediately start jumping and our buy stop at 1.7827 gets filled at 1.7829. 10 minutes later it's putting in the high around the 1.7880 area.

Now, I know that if we go higher then everything is already in place so I have no worries. But, if the market goes back down below the old high of the day at 1.7831 this thing is in trouble. With the new high, a 50% retracement puts the market at approximately 1.7820. A violation of this and warning bells will start ringing in a pro's ears loudly.

So, when the market busted 1.7840 on the downside, after the housing number, I put a sell stop at 1.7819 to treat the 10 contract buy as a day-trade if hit. It got hit. So we lost 10 pips on 10 contracts so our effective cost on our short of 20 contracts was lowered by 5 pips to 1.7886.

Near the close, I covered 7 contracts at 1.7679 to book an approximate 200 point gain. I did this because a) the market came about 10-20 pips from the daily tunnel, and b) I did have a daytrade loss to cover as well. Throw in weekend positioning for good measure, and it makes sense to me.
Before the close I readjusted the buy-stop on the remaining 13 contracts to 1.7761.

Now the fun can begin.

One more thing.

Not this weekend, but the next weekend [after the payrolls report] I will put out a detailed file on exactly the method I used today. It will clear up any confusion you may have as to why I did what I did. It will allow you to do the exact same thing.
vegas
  • #151
  • Jan 27, 2006 6:36pm Jan 27, 2006 6:36pm
Now that's worth printing. Thanks Vegas.
Very enlightening that your early Long Stop was determined by technical support and not breakeven+1. Even more, it was 1 pip below support suggesting you do not allow for 'noise'.

I have a question. How do pit traders keep track of all those various S/R levels or whatever they are trading off of thoroughout the session?
Do they have handhelds or a really sharp pencil or what?

B
  • #152
  • Jan 27, 2006 7:01pm Jan 27, 2006 7:01pm
Quoting Bemac
Now that's worth printing. Thanks Vegas.
Very enlightening that your early Long Stop was determined by technical support and not breakeven+1. Even more, it was 1 pip below support suggesting you do not allow for 'noise'.

I have a question. How do pit traders keep track of all those various S/R levels or whatever they are trading off of thoroughout the session?
Do they have handhelds or a really sharp pencil or what?

B
Bemac,

I'll address these questions and a lot more in the file next weekend. It's not what you think it is, but I really don't want to get into it here because it's too involved for a forum response. It's not complicated but it's going to take some time and effort to explain to you thoroughly. There's a whole bunch of stuff I'm going to introduce to you. I want you to be able to visualize the movement in your sleep, so that when you get what the market did today you know exactly what to do. I think after you read it you will agree.

The pits aren't what they used to be. For the financials, they really don't exist in the same sense they did even 10 years ago. Electronic trading dwarfs, by volume, what goes on in the pits. But when they were important, most locals [at least the experienced ones] knew their methods in their sleep. They were so in tune with what they knew they had to do, it was truly a reflexive response with very little ,if any, thinking involved.
vegas
  • #153
  • Jan 27, 2006 7:03pm Jan 27, 2006 7:03pm
Quoting vegas
Dialist and everybody else,

This is how I handled todays trading action [Friday, 1/27/06].

Our average trade size in cable [gbp/usd] is 1.5 million [20 globex contracts]. Our average short price on this trade is approximately 1.7891 basis the futures contract [spot rate and futures rate are about even right now].

This morning about 7 am est, cable is at approximately 1.7770 - 1.7780. The high for the day, at this time, is 1.7831. I put a buy stop at 1.7827 for 50% of the trade [10 contracts]. I figure if the market makes a new high [I am assuming GDP and housing numbers will be dollar negative] we might go test the recent highs since this is a Friday. If I am wrong, it's a moot point.

Since we have an approximate 60 pip gain from our entry to the buy stop on 10 contracts, then we have from that same entry on the other 10 contracts an approximate 50 pip loss to the other buy stop at 1.7939. So, if all hell breaks loose on the upside, we will end up with a very slight profit.

When the number hits for GDP the market immediately start jumping and our buy stop at 1.7827 gets filled at 1.7829. 10 minutes later it's putting in the high around the 1.7880 area.

Now, I know that if we go higher then everything is already in place so I have no worries. But, if the market goes back down below the old high of the day at 1.7831 this thing is in trouble. With the new high, a 50% retracement puts the market at approximately 1.7820. A violation of this and warning bells will start ringing in a pro's ears loudly.

So, when the market busted 1.7840 on the downside, after the housing number, I put a sell stop at 1.7819 to treat the 10 contract buy as a day-trade if hit. It got hit. So we lost 10 pips on 10 contracts so our effective cost on our short of 20 contracts was lowered by 5 pips to 1.7886.

Near the close, I covered 7 contracts at 1.7679 to book an approximate 200 point gain. I did this because a) the market came about 10-20 pips from the daily tunnel, and b) I did have a daytrade loss to cover as well. Throw in weekend positioning for good measure, and it makes sense to me.
Before the close I readjusted the buy-stop on the remaining 13 contracts to 1.7761.

Now the fun can begin.

One more thing.

Not this weekend, but the next weekend [after the payrolls report] I will put out a detailed file on exactly the method I used today. It will clear up any confusion you may have as to why I did what I did. It will allow you to do the exact same thing.
Good stuff Vegas. Thank you. It will take me a bit to wade through your post. I look forward to your detailed file after payroll next week. I cannot thank you enough for your sharing.

Dial
sxaxlxvxaxtxixoxnxbxyxgxrxaxcxexdxoxtxoxrxgx
  • #154
  • Jan 27, 2006 8:14pm Jan 27, 2006 8:14pm
Quoting vegas
Dialist and everybody else,...next weekend [after the payrolls report] I will put out a detailed file on exactly the method I used today. It will clear up any confusion you may have as to why I did what I did. It will allow you to do the exact same thing.
Vegas, thanks for the time/info in your post 151 above. Very interesting, and enlightening for me and here is why:

For months i had been trading the NY morning session off shorter term charts such as the 10m and 60m, then i came across the 4hr Vmethod and the FIBOs intrigued me as they do today. Then your VWB Daily came out. Since looking at the longer time frame charts (and being back in demo mode after 50% draw down in an account on the short-term methods) I now find myself adrift at sea without a rudder...I used to get up, stare at the charts from 5am Pacific time to noonPT, now i really don't have direction for my trade day due in part to the longer-TF charts i'm looking at. Maybe that makes no sense? But when all you've known of trading is 10m charts for entry, and 60m charts for profit taking, i just need to get a new "groove" again. So i will await your "file" next weekend with eagerness and surely there is a waltz within it's pages?

Cheers,
Thom
  • #155
  • Jan 27, 2006 8:31pm Jan 27, 2006 8:31pm
Quoting downunderdave40
Hi Everyone,

I'm a newbie here and I have just started to read the VWB posts. I've installed the metatrader model for the 4hr chart. I noticed it has models 1-5. I also noticed that the daily script has models 1-5. On the daily charts the VWB says to over lay models 1 & 3 for the GBP charts. Should I over lay models 1 & 3 on the 4hr chart? The information I have is not very clear about what model to use on the 4hr chart. Also, is there a model for the 1hr chart set-up that I can download?

Thanks
Dave http://www.forexfactory.com/forexfor...ons/icon12.gif
Hi Dave,

Vegas has published three systems:

Vegas 1 Hour Tunnel Method
Vegas 4 hour Tunnel Method
Vegas Wealth Builder

They are three separate systems, but in Chapter 3 of the VWB document, Vegas explains how to use the VWB daily fib breaks and reversal bars (black dots) as a guide to getting better trades with the original 1 hour and 4 hour systems.

Because the 4 hour and the VWB are separate systems, you should put the VWB risk models on the daily chart, and the 4 hour risk models on the 4 hour chart. If you mix them up, you'll have a mess.

For your and everyone's convenience, I've just attached the original 1 hour and 4 hour system documents to the first post of this thread. So now, all three documents are in one place.

Hope this helps, but ask more questions if it doesn't.

Dial
sxaxlxvxaxtxixoxnxbxyxgxrxaxcxexdxoxtxoxrxgx
  • #156
  • Jan 27, 2006 8:37pm Jan 27, 2006 8:37pm
Quoting Isotonic
Just wondered has anybody tried substituting the fib lines with BB's set at 1, 2 or 3 deviation points? The 20 period MA acts as a tunnel similar to the 24/28's and they adjust automatically for each pair so there should be no need to fiddle with fib levels.
Last summer i did some testing w/multiple BBs on a single chart after reading John Bollinger's excellent book "Bollinger on Bollinger Bands", though in my testing there didn't seem to be a reoccuring "trigger" with the bands. Even J.B. states that a "touch on a band does not mean to sell or to buy"...and that is pretty much what the charts showed, not much consistancy.

The other thing i do like about the FIBO levels (in my case, off a 144ema which matches up w/the VWB Daily 28ema) is they give me visuals on take-profit levels at the time of entry. I have a template/profile for my 4hr charts that gives me all fibo levels in real time and i use this info when entering a trade to set profit limits, stop loss etc:

http://www.accrete.com/fx_posts/J13G...7fiblevels.PNG
  • #157
  • Jan 27, 2006 9:40pm Jan 27, 2006 9:40pm
Quoting accrete
The other thing i do like about the FIBO levels (in my case, off a 144ema which matches up w/the VWB Daily 28ema) is they give me visuals on take-profit levels at the time of entry. I have a template/profile for my 4hr charts that gives me all fibo levels in real time and i use this info when entering a trade to set profit limits, stop loss etc:

http://www.accrete.com/fx_posts/J13G...7fiblevels.PNG
Hi Accrete,

I don't understand how you are using the fibs on your chart to determine stops and take profit levels. Is this related to the Vegas 4 hour system, or is this something of your own? Would you be willing to give more detail?

Thank you sir,

Dial
sxaxlxvxaxtxixoxnxbxyxgxrxaxcxexdxoxtxoxrxgx
  • #158
  • Jan 27, 2006 9:55pm Jan 27, 2006 9:55pm
Quoting diallist
Hi Accrete,

I don't understand how you are using the fibs on your chart to determine stops and take profit levels. Is this related to the Vegas 4 hour system, or is this something of your own? Would you be willing to give more detail?

Thank you sir,

Dial
Hi Dial, "Thank you sir" LOL silly guy, making me feel all 48 of my years with that intro.

OK, In your discussion on the 4hr model you show the TP levels at point of entry on your example chart. I just took that and ran with it (wrong or right this is how i interpreted the original Vegas 4hr document). When i enter a trade i look at the fibo levels on the chart in my example image, I also look at where the currency has been and see if there are reversal patterns at a nearby FIBO such as TB/TTs etc...and then i will place my stop-loss beyod that fibo by 10 to 15 pips in case the currency goes back to the recent High/Low and tests it. No rocket science, just trying to figure out a workable system for stop loss and profitable limits. I usualy set and forget the trades and don't get greedy, (although i am begining to use trailing stops for the final portion of trades) realizing, as in your setup discussion on the 4hr, that i could move the take profit levels as they do move with the fibos. I know that this is a bit of mixing the 4fibo w/the VWB but it was working for me in the 4hr method, so i figured it should port over to the daily. (remember i'm back to demo trading these days so this ain't real money i'm playin' with).

Does that help clarify my post?
  • #159
  • Jan 28, 2006 12:11am Jan 28, 2006 12:11am
Quoting diallist
My VWB GBP/USD short got stopped out on the 90 something pip upward spike this morning. Fortunately, I had moved my stop to breakeven yesterday.

Just out of curiosity, did anyone else get stopped out at breakeven or perhaps a small loss on a trailing stop? Just curious how everyone is doing the VWB.

Dial
I entered 4 staggered positions. I got "stopped in" to my first position and got stopped out with a loss of 50pips. Then my other 3 positions got "stopped in". Took a 100pip profit when price crossed the 89 fib line. Still got 2 positions open. I'll take another profit when it crosses the tunnel and I'll let the 4th position run as long as it wants to. Even if the price turns around now, I've moved my SL to breakeven so I'll end with a net +50pip gain.
  • #160
  • Jan 28, 2006 10:25am Jan 28, 2006 10:25am
Quoting diallist
My VWB GBP/USD short got stopped out on the 90 something pip upward spike this morning. Fortunately, I had moved my stop to breakeven yesterday.

I re-entered at a better price this morning and am already 100 pips in the money!!

Just out of curiosity, did anyone else get stopped out at breakeven or perhaps a small loss on a trailing stop? Just curious how everyone is doing the VWB.

Dial
Thanks Vegas for sharing this great method.
I get stoped by the trailing stop set at 60 pips in all the trades - long USD/CHF and short on EUR/USD, GBP/USD, but per total I had 146 pips (83+39+24).
Why everybody is speaking only about GBP/USD and EUR/USD? The setup for entering long onUSD/CHF wasn't correct? Did I entered this trade by mistake? If so, I would like more mistakes like this
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