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Building an equity millipede

  • #2,701
  • Edited 5:19am Sep 22, 2010 5:08am | Edited 5:19am
Quoting pipEASY
I forgot to add. By alot.
Personally took 1st UJ short just before close of week - my anticipation. Took a while to get going, but emas 5 & 10 widening nicely showing keenness of sellers and lack of real buying interest - plenty of momentum
IMHO

Ray

Also from a fundies viewpoint anything BOJ does to raise liquidity BOC will soak up
  • #2,702
  • Sep 22, 2010 5:31am Sep 22, 2010 5:31am
Hi Graeme/VEEFX,
thanks to both of you, Vee you are doing a great job for all of us, we appreciate your effort, and graeme, as always thankyou for your patience with us all.
cheers
geoff
  • #2,703
  • Sep 22, 2010 5:51am Sep 22, 2010 5:51am
Thank you to Graeme for this excellent class, i am a newbie in forex, just learning for about 5 months and i found your thread just in random, and i found this is the best forex 'class' that i have found, and it's free !!!! ^^

you're blessing many trader with your thread
i am on page 90 right now, and begin implement your method, but the most difficult is the patient emotion , but i am begin used to it and still learning the patient it self

i found flying budha in eur/usd 5mnt frame right now and enter sell position on 1.3390 sl 1.3999, hope this this is work out and if not i will lose 9 pips, or BEP

wishing you health and warm,
fredy
  • #2,704
  • Sep 22, 2010 7:05am Sep 22, 2010 7:05am
Quoting pipEASY
To all readers,

Thank you for your participation today.

Today we have discussed some very important topics.

It is selecting your pairs.

However, there are pairs that are moving 'nicely' and there are pairs that are 'nasty.' And it very simple to tell.

Also answering tradpat while continuing to explain.

gbpcad had a messy price action. Too messy with long wicks everywhere.

gbpcad 4hr

now compare to usdjpy 4hr

Can you feel/see...
Thank you, Graeme, for further explaining on selection of "nice" pairs!

Cheers
  • #2,705
  • Sep 22, 2010 7:43am Sep 22, 2010 7:43am
Quoting VEEFX
Moved 1st position to breakeven and took another trade at 50% FIB of current H1 candle which also happens to be at 50% FIB of M15 candle. Let's see if these two survive overnight. It's 2:28am pacific. Time to catch some sleep.
Good morning everyone,

Just woke up to see both my positions survive from last night.
Attached Image (click to enlarge)
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Staying in my lane...
  • #2,706
  • Sep 22, 2010 7:50am Sep 22, 2010 7:50am
Quoting VEEFX
Good morning everyone,

Just woke up to see both my positions survive from last night.
Vee,
you need to get some sleep pal, you will wear thin with only 3 hrs mate
  • #2,707
  • Sep 22, 2010 8:01am Sep 22, 2010 8:01am
Quoting VEEFX
Good morning everyone,

Just woke up to see both my positions survive from last night.
Once we succeed this type of trading then it should not be that one has to sleep 3 hours/day in order to trade this style
Haste not to Enter AND Haste not to Exit !-TradeStar
  • #2,708
  • Sep 22, 2010 8:16am Sep 22, 2010 8:16am
breakeven at 1.3390 but it's exciting ^^


best wishes,
fredy
  • #2,709
  • Sep 22, 2010 8:22am Sep 22, 2010 8:22am
Quoting VEEFX
Good morning everyone,

Just woke up to see both my positions survive from last night.
Vee!

Are you gonna take your profit at R4 as first planned, or you try to build a millipede onto this trade?

In case of following the initial plan, (stop loss or R4), I feel that maybe you shouldnt move stop to BE, cause it may mix the results (example: hitting the BE and then jumping to R4 point).

Sorry for interupting, and please keep up the great work!
You wont survive without preserving!!!
  • #2,710
  • Sep 22, 2010 8:22am Sep 22, 2010 8:22am
Quoting VEEFX
Thanks Graeme for your help and guidance tonight. Excellent explanation on how to choose a pair. I certainly will be applying this concept in choosing tomorrow's pair.

Have a good night everyone and thanks for your patience in following my trade setups.

See you all tomorrow same place same time :-
Will you consider Flying Buddahs when you choose your next pairs?
  • #2,711
  • Sep 22, 2010 8:41am Sep 22, 2010 8:41am
Quoting coronajazz
Vee!

Are you gonna take your profit at R4 as first planned, or you try to build a millipede onto this trade?

In case of following the initial plan, (stop loss or R4), I feel that maybe you shouldnt move stop to BE, cause it may mix the results (example: hitting the BE and then jumping to R4 point).

Sorry for interupting, and please keep up the great work!
Moved 2nd to BE and opened 3rd trade at 50% FIB of current H1 candle (based on 50% on M15 TF). Total 55+ pips in profit.

Now to address your question... To me, one opportunity is a single H4 setup on a single pair. All stacking based on that 'profit ground' is part of overall R:R. So, in my current trade setup, if I reach a TOTAL of 80 pips across however many trades, my profit target is reached.... I will close out all my trades and move to the next H4/pair opportunity. I am leaning towards this as regardless of the amount of stacking, my SL is always going to be 20+spread and my TP is also set to a constant 80 pips per trade. Hope this helps.

p.s. This is only for this exercise. Otherwise, it absolutely makes sense to continue stacking as long as the opportunity keeps knocking on this pair (most probably, based on PA, I might let it run longer as long as it supports my intended direction)
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Staying in my lane...
  • #2,712
  • Sep 22, 2010 8:44am Sep 22, 2010 8:44am
Quoting tjfxtrader
Will you consider Flying Buddahs when you choose your next pairs?
I will close only on an engulf green candle. Personally, I don't like FB as an exit signal.. and I also need to follow the rule as per my trading plan i.e. "If I am looking to buy, then I want to see close above the open of the previous red/down candle"
Staying in my lane...
  • #2,713
  • Sep 22, 2010 8:49am Sep 22, 2010 8:49am
Quoting thx1139
Can we please stop with this coin toss distraction. It is not relevant to the thread IMHO...
OK thx1139, I don't wish to interrupt the present flow. But if you think the concepts of using R:R to your advantage, infinite yield and taking small losses whilst aiming for a large return are a distraction, then I think you may have missed the original point of this thread.
The coin/board game was just an analogy. Look past the coin and see the growing millipede beneath

I now have my fingers firmly on my lips

Take care. Beastie.
  • #2,714
  • Sep 22, 2010 8:52am Sep 22, 2010 8:52am
Quoting the novice
I thought that you should have left this as a 'leg' instead of closing it.
That is the whole point of this thread, isn't it?

But of course you are right this time, as mine just closed BE.
Yes, you are correct about leaving the leg. Got out early because I needed to take profit and build this account for margin requirements. Daily, weekly and monthly trend is down and price was approaching major downtrend line and 61% fib of recent downmove. Plus I need the practice on good low risk entries so wanted to look at other pairs.
  • #2,715
  • Sep 22, 2010 9:04am Sep 22, 2010 9:04am
Quoting Beastie Boy
OK thx1139, I don't wish to interrupt the present flow. But if you think the concepts of using R:R to your advantage, infinite yield and taking small losses whilst aiming for a large return are a distraction, then I think you may have missed the original point of this thread.
The coin/board game was just an analogy. Look past the coin and see the growing millipede beneath

I now have my fingers firmly on my lips

Take care. Beastie.
Staying in my lane...
  • #2,716
  • Sep 22, 2010 9:17am Sep 22, 2010 9:17am
Quoting VEEFX
Moved 2nd to BE and opened 3rd trade at 50% FIB of current H1 candle (based on 50% on M15 TF). Total 55+ pips in profit.

Now to address your question... To me, one opportunity is a single H4 setup on a single pair....
Chart illustration to highlight my thought process, price interpretation and entry levels (50% H1 based on PA with M15 candles)

EDIT: Do you all notice how I am using M15 timeframe to enter positions on current H1 candle as it builds in real time ??? For H1 based entries. I am getting ahead of myself in my entries but for M15 I am still following the rule of entering only at 50% FIB of previous M15 candle. I guess, my point is, entering 'early' is purely relative to scaling as mentioned in my previous post. Graeme confirmed my theory of 'relativity' over instant messaging last night so I am doing good with my early entries
Attached Image (click to enlarge)
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Staying in my lane...
  • #2,717
  • Edited 9:41am Sep 22, 2010 9:24am | Edited 9:41am
Thanks for pointing out U/J Graeme. I probably would have passed on it (because of possible BOJ intervention) had you not pointed some things out. I now realize how silly that would have been given the technicals.

Also got in 2 entries on E/U which are already into triple digit gains. Hopefully it sticks but if not there will be other opportunities.
  • #2,718
  • Sep 22, 2010 9:29am Sep 22, 2010 9:29am
Hi Vee

Would like to thank you for the effort.
You mentioned you stack at 50% fib on H1 candle based on M15. I don't really understand that. Could you explain?
Also, do you enter at 50% fib 'blindly' or do you enter based on PA eg the pennant?

Thanks, hope I am not taking up your sleep time.


edit: you replied even before my question!
  • #2,719
  • Edited 9:46am Sep 22, 2010 9:38am | Edited 9:46am
Quoting the novice
Hi Vee

Would like to thank you for the effort.
You mentioned you stack at 50% fib on H1 candle based on M15. I don't really understand that. Could you explain?
Also, do you enter at 50% fib 'blindly' or do you enter based on PA eg the pennant?

Thanks, hope I am not taking up your sleep time.


edit: you replied even before my question!
Preparing myself to move my 3rd position to BE and take my 4th and final position. Anticipation: Price will touch 84.'00' level and bounce upwards ending with an sharp green engulf H1 candle.

EDIT: My account balance is back to starting balance of $5000. Fighting my old habit of closing out all trades to net out on my account balance. Should I ?

EDIT2: Big sellers are still going strong. No long wicks on either side of the past 8-12 H1 candles
Staying in my lane...
  • #2,720
  • Sep 22, 2010 9:51am Sep 22, 2010 9:51am
Quoting VEEFX
Preparing myself to move my 3rd position to BE and take my 4th and final position. Anticipation: Price will touch 84.'00' level and bounce upwards ending with an sharp green engulf H1 candle.

EDIT: My account balance is back to starting balance of $5000. Fighting my old habit of closing out all trades to net out on my account balance. Should I ?

EDIT2: Big sellers are still going strong. No long wicks on either side of the past 8-12 H1 candles
Is it one of anticipation that price will bounce strongly at 84.00 because it is a key level? Or do you base it on other considerations?

It is a strong urge to close out profitably, isn't it? I have had 2 legs that were up considerably, closed out BE during the London session. Hurts but this is what Graeme preaches, so going to give it a try at not closing!
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