Building an equity millipede | Page 145 | 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

  • #2,881
  • Sep 24, 2010 2:01am Sep 24, 2010 2:01am
When you say that monthly, weekly, daily and 4H are have a down trend on AUDCHF, well that depends on how long a time period you are looking at for the trend.

For example on the 4H, there was a swing low on August 25 and a swing high on Sept 17. Draw a fib between there and the price is now at around a 50% retracement. In this time period the trend is still up.
  • #2,882
  • Sep 24, 2010 2:05am Sep 24, 2010 2:05am
2 positions on E/C and A/C pairs. 1BE and 1 at SL per pair
Attached Image (click to enlarge)
Click to Enlarge Name: SnapShot052 2010-09-24.jpg Size: 375 KB
Staying in my lane...
  • #2,883
  • Sep 24, 2010 2:19am Sep 24, 2010 2:19am
1st E/C BE trade taken off the table
E/A going a bit stronger than E/C

EDIT: I will stay with M15 timeframe to take new positions for now instead of M5 as I am monitoring two pairs and sending updates to this thread
Attached Image (click to enlarge)
Click to Enlarge Name: 9-24-2010 12-17-30 AM.png Size: 70 KB
Staying in my lane...
  • #2,884
  • Sep 24, 2010 2:37am Sep 24, 2010 2:37am
Good Morning All!

Big thanks for Greamie (for the whole thread and dedication) and for Vee for taking efforts to describe and post his all actions.

Vee: I do appreciate all lessons learnt, that you pointed out - please keep going and post a summary week fter week

I think stacking of positions is next layer of activity and having in mind the outcome from it I would not stack at this stage of the project. Simply keep one trade from begining to end acording to the rules of the project successfully, then move to another one. Please take it as my .02$ - no offence intended.

Regards.
  • #2,885
  • Sep 24, 2010 2:42am Sep 24, 2010 2:42am
Horrible performance tonight... here's the latest
Attached Image (click to enlarge)
Click to Enlarge Name: SnapShot053 2010-09-24.jpg Size: 430 KB
Staying in my lane...
  • #2,886
  • Sep 24, 2010 2:51am Sep 24, 2010 2:51am
Quoting VEEFX
Horrible performance tonight... here's the latest

Hey Vee, your doing fine mate,
just might have gone in too early, personally i was waiting for the last 4hr candle to close below the most obvious resistance, then look for a 50% retrace on the 1hr.

keep going.
  • #2,887
  • Edited 3:29am Sep 24, 2010 3:15am | Edited 3:29am
Quoting geoffrod
Hey Vee, your doing fine mate,
just might have gone in too early, personally i was waiting for the last 4hr candle to close below the most obvious resistance, then look for a 50% retrace on the 1hr.

keep going.
Thanks man. I broke quite a few rules tonight. I think taking trades an hour before london open is horrible. there's lot of false breakouts (big boys taking our stops etc) before moving in the intended direction. At this moment, all my audchf positions are taken out and got only one eurchf struggling at -12 pips.

Lessons Learnt:
1. I got aggressive and took positions on two pairs. It was a little crazy when both pairs had a volatility breakout. Made some execution errors by taking some entries on M15 and some on M5.
2. Due to #1, I broke the rule of having only 1SL trade per pair. I got over confidant and took on two SL positions prior to moving them to BE. This raised my exposure by 2 times.
3. I choose both CHF pairs. Bad idea not to diversify my daily 'opportunities' as they both moved in the correlation tonight.
4. I am still get used to real time executions on a MT4 platform I am not used to. I experience mental 'freeze' a little bit during breakouts unable to think, act and make decisions quickly. Perhaps, I am too tired working this late in the night.
5. I am pressured into taking as many trades as possible to provide us the opportunity to learn from this experience. I will try and take on some trades tomorrow to gain some more insight.
6. I think my hindsight for H4 timeframe needs some fine tuning. If a pair is hugging 200ema, it is hard to justify/anticipate at the micro level, which way the pair will go. My hindsight on both pairs were accurate on H4 timeframe but I feel this is after the fact. Prior to breakout, my confidence level was frankly quite low having suffered losses two days in a row.
7. well... I will let you all be my critique for tonight since Graeme is unable to join us.

EDIT: all my positions are taken out. Looks like I am done for tonight. Here's my chart and trade log for your review and constructive feedback.

Total Trades: 6 (3 for each pair)
Total SLs hit: 2 per pair (it should have been only ONE per pair!)
Total BE trades: 2 per pair
Total Loss: -100 pips
Starting Account Balance: $5000
Ending Account Balance: $4771.41
Profit/Loss: -$228
Attached Image (click to enlarge)
Click to Enlarge Name: 9-24-2010 1-12-40 AM.png Size: 71 KB
Staying in my lane...
  • #2,888
  • Sep 24, 2010 3:18am Sep 24, 2010 3:18am
Quoting wszymilo
Good Morning All!

Big thanks for Greamie (for the whole thread and dedication) and for Vee for taking efforts to describe and post his all actions.

Vee: I do appreciate all lessons learnt, that you pointed out - please keep going and post a summary week fter week

I think stacking of positions is next layer of activity and having in mind the outcome from it I would not stack at this stage of the project. Simply keep one trade from begining to end acording to the rules of the project successfully, then move to another one. Please take...
Thanks wszymilo. you are right about stacking. I believe, it applies to #5 that I mentioned in my last post.
Staying in my lane...
  • #2,889
  • Sep 24, 2010 3:23am Sep 24, 2010 3:23am
Quoting VEEFX
Thanks wszymilo. you are right about stacking. I believe, it applies to #5 that I mentioned in my last post.
oh wait... unless I am mistaken, there is no 'restriction' on stacking in our mission statement for this project. 'occurrance of each opportunity must be less than 1 per 4 cycle'... each stack could be considered an opportunity at the granular level. But I agree, it's best to avoid stacking for now.
Staying in my lane...
  • #2,890
  • Sep 24, 2010 4:00am Sep 24, 2010 4:00am
Quoting VEEFX
Thanks man. I broke quite a few rules tonight. I think taking trades an hour before london open is horrible. there's lot of false breakouts (big boys taking our stops etc) before moving in the intended direction. At this moment, all my audchf positions are taken out and got only one eurchf struggling at -12 pips.

Lessons Learnt:
1. I got aggressive and took positions on two pairs. It was a little crazy when both pairs had a volatility breakout. Made some execution errors by taking some entries on M15 and some on M5.
2. Due to #1, I broke...
Vee thanks for doing this excersize you are reflecting most of our thought processes during live trading
What i gather so far and hope you see too. Is method fine. Market fine , we trader are too emotional.
I think a major lesson for all .learn from vee, calm down you are the boss no pressure to take trades.
If you cant think straight and calm stop do nothing go for walk no pressure. let the trades that are on do there thing and chill till your ready again.
Graeme method spot on .
to be successful we need to control ourselves and have faith in plan.
I beleive from your mistakes that self control is a key ingredient to success.

Your point number 5:-
vee remember graemes lesson my friend. the one were the girlfriend thought one thing an he though another you beleive we want you to take loads of trades,we dont we just want to learn from whatever experience you have even if you only take 2 trades during the excersize you will have reasons and we will learn from them.

Thankyou so much to vee and graeme.
making green pips large and red pips small this is my goal.
  • #2,891
  • Sep 24, 2010 4:13am Sep 24, 2010 4:13am
Vee: There is no restriction indeed, though according to Greamie, stacking requires some space in between subsequent attempts, that is time and price difference - at least that is my take of his words. We do not have both in 80 pips imho.

Anyway - you're doing great job, keep going please ...

Best Regards.

Quoting VEEFX
oh wait... unless I am mistaken, there is no 'restriction' on stacking in our mission statement for this project. 'occurrance of each opportunity must be less than 1 per 4 cycle'... each stack could be considered an opportunity at the granular level. But I agree, it's best to avoid stacking for now.
  • #2,892
  • Sep 24, 2010 4:51am Sep 24, 2010 4:51am
Quoting VEEFX
oh wait... unless I am mistaken, there is no 'restriction' on stacking in our mission statement for this project. 'occurrance of each opportunity must be less than 1 per 4 cycle'... each stack could be considered an opportunity at the granular level. But I agree, it's best to avoid stacking for now.
Hi Vee,
It seems from G's teachings and looking at any TF you can see that there are numerous stacking opportunities, but perhaps the stacking should be done on the lowest TF to minimise risk while taking higher TF opportunities. I have just started today and see that the EU/Chf has just retested the 200 ema and bounced short again - the retest is not uncommon on any strong R/S level and could have been predictable. I would probably have shorted with you if I had been around, but as has been said you can get in too early, but not necesssarily too late.

Graeme also said he wants us to feel the pain of trying before succeeding so ...........

Echo others thoughts - you are not obliged to trade, just comment on what you might do if the set ups looked better.

Cheers

Ray
  • #2,893
  • Sep 24, 2010 5:24am Sep 24, 2010 5:24am
Hi Vee,
One other thought that Graeme has mentioned, but has not been spoken of much is that if the anticipated volatility momentum does not meet your anticipation, expectation whatever, you can always exit the trade with smaller loss - the SL is not compulsory!

Ray
  • #2,894
  • Sep 24, 2010 5:34am Sep 24, 2010 5:34am
USDCHF at its lowet point since spring of 2008. Almost broke .9800
  • #2,895
  • Edited 6:33am Sep 24, 2010 5:40am | Edited 6:33am
USDCHF just broke a major psychological at .9800 and still dropping. Here you can see that price is in the weekly ATR zone, in fact has dropped below it.
Attached Image (click to enlarge)
Click to Enlarge Name: usdchf 09 24 10.gif Size: 18 KB
  • #2,896
  • Sep 24, 2010 5:45am Sep 24, 2010 5:45am
Hello Vee,
If I am not mistaken Graeme says to look for trading opportunities in the 4hr timeframe and look for entries on the 1 hr timeframe. And he did mentioned one entry per bar if the opportunity arises. I feel your stacking is to close for comfort. You can go to the 15 min timeframe for entry but must revert back to the 1 hr timeframe for further trading opportunities. Even Marion do not trade anything below 30 min timetrame for his FB. Just in case got carried away and have forgotten.

Anyway take your time to find a good hindsight to trade. Don't just trade for the sake of trading. Anyway good job done and really appreciate your trading thoughts.

cheers,
chonghm
  • #2,897
  • Sep 24, 2010 5:58am Sep 24, 2010 5:58am
A couple of things have been bugging me for a while. This could be a mistake or misunderstanding but isn't HINDSIGHT supposed to be studied when the market is closed rather than each night? The other thing is ever since the 200ema has been introduced, FLYING BUDDAHS have seemed to be ignored and the results do not appear to be as profitable.

Just my 2 pips.
  • #2,898
  • Sep 24, 2010 6:05am Sep 24, 2010 6:05am
Quoting tjfxtrader
A couple of things have been bugging me for a while. This could be a mistake or misunderstanding but isn't HINDSIGHT supposed to be studied when the market is closed rather than each night? The other thing is ever since the 200ema has been introduced, FLYING BUDDAHS have seemed to be ignored and the results do not appear to be as profitable.

Just my 2 pips.
Yes, it was something that I noticed too. Maybe a better word than HINDSIGHT should be BIAS ?
  • #2,899
  • Sep 24, 2010 6:06am Sep 24, 2010 6:06am
Quoting tjfxtrader
A couple of things have been bugging me for a while. This could be a mistake or misunderstanding but isn't HINDSIGHT supposed to be studied when the market is closed rather than each night? The other thing is ever since the 200ema has been introduced, FLYING BUDDAHS have seemed to be ignored and the results do not appear to be as profitable.

Just my 2 pips.
Hi TJ,

I thought that G introduced the FB as 'another' potential opportunity - he mentioned his favourite plays were volatile breakouts, but the FB's seemed to be taking over - at least this way he is getting us to think of other methods that also work well. The 200 ema could be any number of emas as they all work and they all fail just as the FB's do. The 200 ema is (I believe) just the focus for this exercise.
JMHO

Ray
  • #2,900
  • Sep 24, 2010 6:08am Sep 24, 2010 6:08am
Quoting tjfxtrader
A couple of things have been bugging me for a while. This could be a mistake or misunderstanding but isn't HINDSIGHT supposed to be studied when the market is closed rather than each night? The other thing is ever since the 200ema has been introduced, FLYING BUDDAHS have seemed to be ignored and the results do not appear to be as profitable.

Just my 2 pips.
The teaching up to now say study at weekend for your hinsight when market closed and base trades during week based on this.
I agree with you on this.

flying budhas are only one form of entry and were never intended to be any better worse than any other entry method hence 40% success rate use any method which work for you.
any entry method that gets the pips to go green is good entry method for me.
coin toss method is working at treat at moment at least am garanteed some successful trades
making green pips large and red pips small this is my goal.
22 traders viewing now