Building an equity millipede | Page 143 | 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

  • #2,841
  • Sep 23, 2010 11:33am Sep 23, 2010 11:33am
Took EURUSD short off H4. Several flying buddah's in a row. Entered short just below major psychological of 1.3400.
Attached Image (click to enlarge)
Click to Enlarge Name: eur h4 09 23 10.gif Size: 20 KB
  • #2,842
  • Sep 23, 2010 11:36am Sep 23, 2010 11:36am
Quoting VEEFX
Should I recover my SL losses or should I stick to 80 pips and close out on this opportunity?
Perhaps you should only close if your hindsight has changed on a higher time frame. If your hindsight is still down, why not try looking for another opportunity to stack? Just my $.02
  • #2,843
  • Sep 23, 2010 11:41am Sep 23, 2010 11:41am
Quoting VEEFX
I still think another discussion/clarification from Graeme is need on my/our understanding of R:R as part of our mission statement. I am struggling to make the call on the outcome of my U/J positions.

I have lost two trades at SL. Total loss = 20+20=40pips + 2*spread
I am currently at 70 pips profit on my two open trades.

Question to all and Graeme: Should I close when the two open positions reach 80 pips in profit or should I close when the two open positions reach 120 pips to recover from my 2 SL trades?

[b][u]Please only respond to this...
Hi Vee

Since you've asked I would like to suggest the possibility of only closing the remaining trades if profit of 160pips is reached. Thereby sticking to your mission of 1:4 RR if your target is reached.

Dan
  • #2,844
  • Edited 12:27pm Sep 23, 2010 11:55am | Edited 12:27pm
Vee,

My understanding of the exercise was that you get 5 different and separate chances (with each position having a S/L and T/P) to hit your TP. If that were to happen within the sequence of 5 and you lost all others, you would be at breakeven and, hence, move-on from the pair.

The only way, IMO, that you would be able to stack (although I don't think this was part of the instructions) within the exercise would be to add such as dictated in the following example:

Say you are in a position and it moves 1R in your favor. At that point you could add another position while moving the first to B/E and your S/L on the second position would be at the same point. Based on that you would have two positions but still have the same 20 pip exposure; you would also keep the same T/P for all positions. Again, I don't think this was part of the instructions, but something that could be done.

Quoting VEEFX
I still think another discussion/clarification from Graeme is need on my/our understanding of R:R as part of our mission statement. I am struggling to make the call on the outcome of my U/J positions.

I have lost two trades at SL....
  • #2,845
  • Sep 23, 2010 12:16pm Sep 23, 2010 12:16pm
Quoting johnsund
Took EURUSD short off H4. Several flying buddah's in a row. Entered short just below major psychological of 1.3400.
Just my thought about it because i 'm waiting for an opportunity to go long.
On a daily chart, we can see that we are in a up trend since september 10th.
I think eur/usd needs a small retrace, that is what we can see on 4H.
Zooming on 1H, i'm waiting for the price exit clearly from the range , and close above 1.3355 to go long...
First soldier from 1.2958
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 10-09-23 19 01 57.jpg Size: 76 KB
Click to Enlarge Name: 10-09-23 19 06 22.jpg Size: 92 KB
  • #2,846
  • Sep 23, 2010 12:53pm Sep 23, 2010 12:53pm
Quoting zebulon
Just my thought about it because i 'm waiting for an opportunity to go long.
On a daily chart, we can see that we are in a up trend since september 10th.
I think eur/usd needs a small retrace, that is what we can see on 4H.
Zooming on 1H, i'm waiting for the price exit clearly from the range , and close above 1.3355 to go long...
First soldier from 1.2958
Hi zebulon,

I agree as I'm also waiting for the same thing to occur so I can go long as well.

Dave
  • #2,847
  • Sep 23, 2010 2:17pm Sep 23, 2010 2:17pm
Quoting thx1139
Thanks guys for pointing out E/A....
If you keep one chart with only the EMA's on it, then open up Market Watch (Ctrl M) and simply drag each pair on to this chart.

Works well for me
  • #2,848
  • Sep 23, 2010 2:37pm Sep 23, 2010 2:37pm
Quoting VEEFX
I still think another discussion/clarification from Graeme is need on my/our understanding of R:R as part of our mission statement. I am struggling to make the call on the outcome of my U/J positions.

I have lost two trades at SL....
Hi VEE,

My take is you should do whatever you feel is right. That was the request of Graeme, for us to let you do the trading decisions. I'm sure we will learn valuable lessons no matter what you choose to do. There is good reasoning for any of your choices. If one seems best to you, go for it.

Michael M.
  • #2,849
  • Sep 23, 2010 3:28pm Sep 23, 2010 3:28pm
http://i53.tinypic.com/zlem8g.gif

Price is near 200ema.
  • #2,850
  • Sep 23, 2010 3:35pm Sep 23, 2010 3:35pm
[quote=pipEASY;3879881]Good evening, ozziedave





have to? I know what you are asking but I assure you nothing is have to. What would you say on some selected days I dont even have a stop loss? Not because I cant be bothered but after an extended period of screentime you just know what the market is telling you and confident in your interpretation. What would you say that Im confident to 'manually' enter 10 times and perhaps 1 or 2 would be -20 pips loss each? And this is on gbp/jpy. Some gbp/jpy 1hr candle wicks can be more than 20pips easily so I must have a larger stop loss? Price can move away from my entry by 200pips but I will never allow that much damage to be done on me. I know very soon after entry if something is wrong. If you are referring to one of my early posts at the start of the thread about using a hard stop loss at open of daily candle. This is true but there was so much more to it than just that and i was revealing just enough to lead the readers smoothly into the next topic of low risk entries.



From the thousands of entries I have performed, out of 10 'manual' entries, I would lose 1 or 2 at -20pips or so. And this is on gbp/jpy or any other currency pair.

Perhaps you have missed some of the important posts that I spent so much time typing in the middle of the thread. I understand its a bore to read but entering from daily chart is not the only entries I do but also use 1hr, 4hr. Some days when I cant be around to enter manually I would open a position at open of daily candle and I would set a hard stop loss of 70 to 40. Often it gets hit but for me 70, 100 pip loss doesnt even worry me. It could be my perception or the fact that stacks of positions growing larger by the minute on every main trend of every curreny pair is simply too powerful to even be dent, let alone few sloppy entries. 70, 100 or even 200 pip loss becomes just irrelevant. Also any loss will be settled and accounted for in my diversification and the market will technically pay for any of my careless mistakes. As long as im increasing my equity curve at every diversification then my scoresheet becomes zero. This is important for everyone to understand.

If anybody is allowing price to hit a 100 pip stop loss from a manual entry then they have major issues with their entry methods.

Hope you appreciate the detailed effort I put into my reply and was no way an attack on your beliefs or ego.
----

H!

I just came accross your post and new to forex. I am in the middle of searching the right tool to achieve my goals. Hopefully with your thread I will be able to find the answer I am looking for. Thanks for creating this thread. I am learning a lot from it and hope to recover my losses. You mentioned something about 200 pip losses. Incidentally in another thread there is a method called 1.3.1 system recovery that is when you reach a negative that big, when the market has exhausted its strength and about to return back to the median, the recovery comes in. Have you considered this kind of strategy in your trades? Thanks.
  • #2,851
  • Sep 23, 2010 4:45pm Sep 23, 2010 4:45pm
Hey, what about doing nothing buddy? I'm sure your whacked with all of this as I am also sure poor Graeme must be.

Kiss the wife, hug the kids maybe take the dog for a walk? If none of these is appealing at least fix that light bulb in the hall she asked you to do last month.

This in particular, is a marathon and not a race.

Have a break is my vote, you have earned it buddy.

NE
  • #2,852
  • Sep 23, 2010 4:54pm Sep 23, 2010 4:54pm
Quoting NelsonEddy
Hey, what about doing nothing buddy? I'm sure your whacked with all of this as I am also sure poor Graeme must be.

Kiss the wife, hug the kids maybe take the dog for a walk? If none of these is appealing at least fix that light bulb in the hall she asked you to do last month.

This in particular, is a marathon and not a race.

Have a break is my vote, you have earned it buddy.

NE
A lot of people will say that sometimes not taking a trade or any trade is just as much a position as taking a trade. Seems one of the biggest mistakes people make is overtrading. I'm constantly trying to talk myself out of taking trades. Coming up with the right answer depending on market conditions is where experience comes in IMHO.
  • #2,853
  • Sep 23, 2010 6:29pm Sep 23, 2010 6:29pm
Quoting VEEFX
I still think another discussion/clarification from Graeme is need on my/our understanding of R:R as part of our mission statement. I am struggling to make the call on the outcome of my U/J positions.

I have lost two trades at SL....
Thanks everyone for you advice on my open positions for U/J pair. They are all good approaches and I thank you all for your time.

Here's what I plan to do. If this was prior to running into this thread, I would have closed all my trades to net out at breakeven (recover my pips from two SL trades). Since this is the new 'me', here's my thought process

Since all my entries were based on price action, I am going to let price action whisper in my ears what to do with these open positions. I have edited the charts with some what-if scenarios that could take place in the next hour or so.

Bottom Line: I will have to get out at one SL per opportunity in order to follow the mission statement for this project.

(1)IF (and only IF) price dictates another FB on H1, giving me the opportunity to move my last trade to BE, I will do that right away. Once both my open trades are at BE, I am off the hook for this opportunity as far as mission statement goes.

(1) If I am successful at step1 above and only if price action warrants more stacking on M15, I will continue stack a few more short entries. I see a FB surfacing on M15.

Hope this helps in understanding what is going on in my head.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 9-23-2010 4-11-16 PM.png Size: 89 KB
Click to Enlarge Name: SnapShot048 2010-09-23.jpg Size: 68 KB
Staying in my lane...
  • #2,854
  • Sep 23, 2010 6:39pm Sep 23, 2010 6:39pm
Quoting VEEFX
Thanks everyone for you advice on my open positions for U/J pair. They are all good approaches and I thank you all for your time.

Here's what I plan to do. If this was prior to running into this thread, I would have closed all my trades to net out at breakeven (recover my pips from two SL trades). Since this is the new 'me', here's my thought process

Since all my entries were based on price action, I am going to let price action whisper in my ears what to do with these open positions. I have edited the charts with some what-if scenarios that...
Hi Vee,

Nothing to say you couldn't consider a long - the stalling range of 23-54 of the last 36+ hours may have a breakout in either direction! My long has just been triggered.

My 2cs worth.
  • #2,855
  • Sep 23, 2010 6:45pm Sep 23, 2010 6:45pm
Quoting thx1139
Can someone remind me what this exercise is all about? Are we just practicing entries in real time and discussing it as we go along? The exits after 80 pips or whatever is not part of Graeme's system which is why I'm asking..
Glad you asked Thx. Our effort will go waste if folks following this thread do not understand the reasons behind my trading activity.

I strongly urge you and all new readers who wish to gain valuable insight our of this project to start reading from Graeme's post #2401 and catchup on a few lessons we all learnt from my live trades. I might just put this link in my signature for new comers to catchup:-

http://www.forexfactory.com/showpost...postcount=2401
Staying in my lane...
  • #2,856
  • Sep 23, 2010 6:58pm Sep 23, 2010 6:58pm
Quoting traderray
Hi Vee,

Nothing to say you couldn't consider a long - the stalling range of 23-54 of the last 36+ hours may have a breakout in either direction! My long has just been triggered.

My 2cs worth.
Hi Traederray,

I believe diversification will follow soon from Graeme once I have a few 200+ pips positions in this project. I really hope I do get there by next week as I personally am unable to visualize the concept behind diversification/hedging. Perhaps, I am a bit biased as diversification forces me to move my account outside of USA. For those who will tell me to deal with two separate accounts, I have done that for carry trade yields and it becomes a royal pain to monitor account balances and transfer amounts back and forth.
Staying in my lane...
  • #2,857
  • Sep 23, 2010 7:06pm Sep 23, 2010 7:06pm
Quoting VEEFX
Hi Traederray,

I believe diversification will follow soon from Graeme once I have a few 200+ pips positions in this project. I really hope I do get there by next week as I personally am unable to visualize the concept behind diversification/hedging. Perhaps, I am a bit biased as diversification forces me to move my account outside of USA. For those who will tell me to deal with two separate accounts, I have done that for carry trade yields and it becomes a royal pain to monitor account balances and transfer amounts back and forth.
Hi Vee,
Not quite sure that taking a long on a BO is diversifying per se in terms of G's method, just a realisation that move has changed/ may have changed direction. Perhaps G will enlighten us.
Keep it up.
Ray
  • #2,858
  • Sep 23, 2010 7:18pm Sep 23, 2010 7:18pm
Quoting tic
Hi all,

2 mq4 tools that may be of use:

#1) MA_PriceCrossover_Email_Alert
This may be of interest given the focus includes using pairs near an EMA. It’s not mine, just a tool in my box that was generously given out in a different thread a long time ago.

Put simply, it draws the EMA for you and alerts you when price touches it

Modes in the input field are self explanatory, defaults are:
[font=Arial]MA_Period=200, relevant...
thanks tic. Appreciate it. could you please pm me what I should set for this code to send me emails to my gmail account.
Attached Image
Staying in my lane...
  • #2,859
  • Sep 23, 2010 7:45pm Sep 23, 2010 7:45pm
Quoting VEEFX
thanks tic. Appreciate it. could you please pm me what I should set for this code to send me emails to my gmail account.

Vee,

This site has a very elementary alert system that will send sms's to your cell phone, from either a 200 ema, or any ma for that matter, or price alerts. Might be worth a look; possibly get you going until you can figure the above out.

http://www.alertfx.com/admin/types.asp

Enjoying the commentary. Thanks,
T
  • #2,860
  • Sep 23, 2010 8:08pm Sep 23, 2010 8:08pm
Hey Vee,

In reference to the 80 pip take profit-

How about instead of entering a take profit value and killing your loyal hard working pip soldier, you lock it in at 80 pips? Then set a trail stop of xx pips to follow it and let it run. It could be the start of a new trend. It could be the one that would feed your pip soldiers for the entire next year!
2 traders viewing now