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  • #2,301
  • Sep 14, 2010 9:53am Sep 14, 2010 9:53am
And finally, daily, after 23 days in a range, the price breaks the resistance and we had today a good opportunity to buy around 1,2930 and to move now SL to BE.
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  • #2,302
  • Sep 14, 2010 10:30pm Sep 14, 2010 10:30pm
Looks like that is it then.
No post in last 12 hours, seems like a long time for an very active and very very very informative thread.

BIG THANK YOU to pipEASY for sharing his knowledge, it takes a big ego to do that.

I have one question though for Graeme: some time ago, there was a post that mentioned some document that is coming sometimes in the future that would summarize and outline this strategy in a concise manner. Is that still the plan ?

Thank you !!!

Krk
  • #2,303
  • Sep 14, 2010 10:59pm Sep 14, 2010 10:59pm
Nice move up for USDCAD after D1 Sinking Buddha.

http://i52.tinypic.com/jt47sl.gif
  • #2,304
  • Edited 1:56am Sep 15, 2010 1:45am | Edited 1:56am
Does any one know the news about the JPY? I see all the pairs rallying crazy. BoJ must have done some thing. Or ?
I believe Graeme will at least set up a new bullish "pede" beside the bearish on his GBP/JPY others. This looks like the start of a long term trend.

Muntu
Patience is magic
  • #2,305
  • Sep 15, 2010 1:57am Sep 15, 2010 1:57am
Quoting muntu ntu
can any one tell me the news about the JPY? I see all the all the pairs rallying crazy. BoJ must have done some thing. Or ?

Muntu
Bank of Japan intervention because JPY is too expensive..
  • #2,306
  • Sep 15, 2010 1:57am Sep 15, 2010 1:57am
Quoting muntu ntu
can any one tell me the news about the JPY? I see all the all the pairs rallying crazy. BoJ must have done some thing. Or ?

Muntu
Japan intervened in the market to try and weaken the JPY. And by the looks of things it worked.

oo7_ts
  • #2,307
  • Sep 15, 2010 2:11am Sep 15, 2010 2:11am
Quoting oo7_ts
Japan intervened in the market to try and weaken the JPY. And by the looks of things it worked.

oo7_ts
Last intervention lasted for a couple of months... let's keep stacking long on dips. I am chasing U/J like a mad man on M5 to catch up on the initial spike I missed when I was not at my desk (227 pips since 84.96 all but one at SL) :-
Staying in my lane...
  • #2,308
  • Sep 15, 2010 2:11am Sep 15, 2010 2:11am
Unfortunately it did work and i was on the wrong side of it
  • #2,309
  • Sep 15, 2010 4:34am Sep 15, 2010 4:34am
I tested the method for a while and as a conclusion, it's really bad

Market is ranging like hell and I've got countless positions wasted this way
My last one, 1.3919 short on EURAUD, will probably die soon too while it was a nice profit

So i'll return to this method "just take your pips when you got some because each one is important". Way less "sexy" but way more efficient...
  • #2,310
  • Sep 15, 2010 5:21am Sep 15, 2010 5:21am
Quoting oo7_ts
Japan intervened in the market to try and weaken the JPY. And by the looks of things it worked.

oo7_ts
FYI, 007: http://www.bloomberg.com/news/2010-0...-recovery.html

Cheers
  • #2,311
  • Sep 15, 2010 6:39am Sep 15, 2010 6:39am
Quoting muntu ntu
Hi Friend,
I've been told that you should start donating first and success follows, not the other way round
LOL. Perhaps that's where I am going wrong. If only it were so simple.
  • #2,312
  • Sep 15, 2010 6:40am Sep 15, 2010 6:40am
Quoting DhaoS
I tested the method for a while and as a conclusion, it's really bad
I respectfully disagree. This system or approach, rather, is as good as any other and better than most. Once you understand its potential for infinite gains, you can to begin to harness its power.

Quoting DhaoS
Market is ranging like hell and I've got countless positions wasted this way. My last one, 1.3919 short on EURAUD, will probably die soon too while it was a nice profit
True, markets have been ranging as of late. But, as Graeme would say, you never know when a current trend is going to resume or a new one start. It only takes one good position at the resumption or beginning of a trend to erase several weeks' worth of losses. When markets are ranging, a trader can switch to a range trading method, but to suggest that this method is "bad" because it does not work well in a ranging market is ludicrous.

Quoting DhaoS
So i'll return to this method "just take your pips when you got some because each one is important". Way less "sexy" but way more efficient...
In the end, you have to do what works for you. This method is not for everybody. You will suffer losses and that can be a very damaging psychologically. To succeed with this approach, you need to be, as Graeme would say, "a bigger person." Personally, I see nothing wrong with taking small gains when you can get them. I do it. I look for setups that have what I believe is the potential for long term growth and move SL to BE when I can and let the market decide. I also take setups that I'm pretty sure would not survive long term and set a profit goal, which helps offset losses and add equity to my account. There's no one right way.

Kevin
  • #2,313
  • Sep 15, 2010 7:57am Sep 15, 2010 7:57am
Hi Graeme,

First of all I would like to say thanks for sharing out a very enlightening and informative thread, which in my opinion is akin to going to those forex seminars..

Really appreciate all the hardwork you have put in and thanks for sharing again..
  • #2,314
  • Sep 15, 2010 8:47am Sep 15, 2010 8:47am
Quoting DhaoS
I tested the method for a while and as a conclusion, it's really bad

Market is ranging like hell and I've got countless positions wasted this way
My last one, 1.3919 short on EURAUD, will probably die soon too while it was a nice profit

So i'll return to this method "just take your pips when you got some because each one is important". Way less "sexy" but way more efficient...
Yes that market may be ranging, but this should be expected and potentially you shouldn't be trading it if it is in a range?

What about if you were trading JPY pairs and looking for buys? How much growth would you have been able to stack today? I am sure you would have been able to stack and even close a few legs to balance out the equity curve.

If this is the start of a significant reversal then you would be laughing all the way to the bank.. Or crying, if in a few weeks your largest leg closed at B/E...

Not trying to convert you, as I am not fully ready for this method either (just don't think you should call it bad)... Need to build my equity up a bit more, before I leave my positions to the market.

Mae.
  • #2,315
  • Sep 15, 2010 9:18am Sep 15, 2010 9:18am
Seeing as how Graeme has stepped away I'll step in and re-iterate what he has said many times. You have to be prepared to be stopped out for losses and BE's for weeks and weeks sometimes.

Lately the markets have been ranging. Many pairs at record lows/highs. So I would say that lately it has been psychologically tough starting out with a system like this without any existing legs established. Many BE's and the losses are slowly piling up. I see it as an opportunity to harden myself and see if I have what it takes to go the distance. This system is all about more short term pain for more long term gain. Psychologically it is tougher than other systems but much higher reward vs risk.

If I don't see results 6 months from now I may start getting disappointed but not right now.

Now that BOJ intervened things seem to be on the move again so let's see what the next few weeks bring!
  • #2,316
  • Sep 15, 2010 9:40am Sep 15, 2010 9:40am
Well if i came to this conclusion, it's because i had days with more than 20 trades wasted into BE's...with severals +100 and +150 pips

And now i only still have a very small +60 leg lol

Seriously i can thanks Graeme, because thanks to him i have worked on my entry points and really progressed significantly...
But following the "millipede" method seems like a pure waste : my pips can disapear everytime i'm not in front of the screen, when i can't hedge (busy work, going out, sleeping at night etc...)
  • #2,317
  • Sep 15, 2010 9:59am Sep 15, 2010 9:59am
Quoting DhaoS
Well if i came to this conclusion, it's because i had days with more than 20 trades wasted into BE's...with severals +100 and +150 pips

And now i only still have a very small +60 leg lol

Seriously i can thanks Graeme, because thanks to him i have worked on my entry points and really progressed significantly...
But following the "millipede" method seems like a pure waste : my pips can disapear everytime i'm not in front of the screen, when i can't hedge (busy work, going out, sleeping at night etc...)
Then maybe you are better suited to scalping or swing trading. As others have said this system is not for everyone. Day traders will find it particularly difficult to hang on to trades into 3digits of profit only to see them stopped out at BE days later. Being older helps IMHO and the good news is...you WILL get older......
  • #2,318
  • Sep 15, 2010 10:09am Sep 15, 2010 10:09am
Quoting thx1139
Then maybe you are better suited to scalping or swing trading. As others have said this system is not for everyone. Day traders will find it particularly difficult to hang on to trades into 3digits of profit only to see them stopped out at BE days later. Being older helps IMHO and the good news is...you WILL get older......

A lot of trading books all say the same thing. The one thing ALL successful traders have in common is that they have found a system that suits their personality/style.
I was/am a day trader when I'm on doing my trading. The way I do it is trade part of the position as a day trade and after I take my profit of 50% of the trade, just wait and see if it will run further after i moved my SL to BE+ a few. The next day I get on I review the previous trades still on and if it's still running I make a plan on what I'm going to do with the pair for the day and longer. It's the only way I've been able to keep my sanity doing it. just another thought on it.
A woman drove me to drink, and I forgot to thank her
  • #2,319
  • Edited 3:41pm Sep 15, 2010 11:03am | Edited 3:41pm
Quoting simpleguy
I was/am a day trader when I'm on doing my trading. The way I do it is trade part of the position as a day trade and after I take my profit of 50% of the trade, just wait and see if it will run further after i moved my SL to BE+ a few. The next day I get on I review the previous trades still on and if it's still running I make a plan on what I'm going to do with the pair for the day and longer. It's the only way I've been able to keep my sanity doing it. just another thought on it.
Yes, you gotta make it your own. I have problems with 5 minute entries. Too much noise, probabilities are too low for standard PA entries, things happen too quick to make a good decision. I think Graeme did mention recently that his 5min entries are different than other timeframes for PA. He only enters on momentum type action. That filled in a missing piece that was causing me some problems where I was getting a lot of stops hit on 5min entries. It's mostly because I was trying to enter on standard PA instead of focusing on momentum action.

After I decide there is a trading opportunity I start on 4H. Usually the SL is too high so then I go to 1H and try get in there with reasonable SL. If SL is too big then I go to 15min but I pretty much try avoid 5min if at all possible.
  • #2,320
  • Sep 15, 2010 11:21am Sep 15, 2010 11:21am
Quoting DhaoS
Well if i came to this conclusion, it's because i had days with more than 20 trades wasted into BE's...with severals +100 and +150 pips

And now i only still have a very small +60 leg lol

Seriously i can thanks Graeme, because thanks to him i have worked on my entry points and really progressed significantly...
But following the "millipede" method seems like a pure waste : my pips can disapear everytime i'm not in front of the screen, when i can't hedge (busy work, going out, sleeping at night etc...)
Agreed... but there are ways to cope with this emotionally. I felt the same way like you and now I am adding my small leg profits to my older legs SLs, I did that in my last round of G/U shorts and I still have two survived for 50+ pips set on each SL and they are all paid for with short term profits.

Also, most of my BEs are set to a BE+2or4 pips to get 'paid' for my time starring at the damn charts. Re-read the entire thread several times is what I had to do to really understand the true potential of this approach. It gives you a LOT of flexibility to tweak this to your own trading personality. My toughest part is starring at charts during stacking episode is just brutal as I am too used to setting my bracket order and move on to the next trading opportunity. I get physically exhausted and burnt out during each stacking opportunity and not to have distractions during stacking is not realistic on a 5M or 15M TF . So, i am not sure if I can do this forever without some systematic approach with well defined discretionary rules.... just my 2 cents bro !
Staying in my lane...
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