Building an equity millipede

Lets see whats happening live on 5min chart

http://img835.imageshack.us/img835/5286/aa1o.png

And the decision is coming up soon

http://img185.imageshack.us/img185/4544/aa1n.png

I have added another sell position as this would be a tight entry if it works. If it doesnt work out I risk very few pips for something very large. Having more positions doesnt necessarily mean you have to lose more. More positions means more profit when the risk is controlled. At the moment if I lose both positions, I lose a total of 7 to 14 pips but I can also control my exit and try for a tighter exit. Worse case scenario that is an average loss of -7 pips per position. A definite bargain

http://img837.imageshack.us/img837/5306/aa1d.png

Now nobody knows which way it will breakout. But lets think about my current r:r

Im risking 14pips for x2 lots of +100 pips. My positions are also in a better area where it will survive the next few candles

And if my positions does workout I will continue adding as this stall on eur/usd could be the next new swing. You never know until you participate with low risk entries.

Sincerely,

Graeme

Most traders believe;

more positions = more potential loss

I assure you with good price action interpretation which could also translate to good money management, it means;

more positions = more potential reward

I wince at the notion of placing 1 trade at SL for 50 pips and TP of 100 pips and then raising lot size.

If we look at my trades of yesterday. It was going up. So I bought and bought and bought. Mostly near opens of 4hr candles.

I used price action interpretation to control risk to risk very small for 10 positions of +100 each. (kept 1 of them. You can see it on my chart)

Im encoding excellent r:r into my trading approach and not using r:r as a mathematical formulae.

What you are witnessing now is a very very tight pennant.

http://img826.imageshack.us/img826/5286/aa1o.png

If it doesnt work, I shrug and wait for next opportunity.

Is it breaking out? There is something moving. A new sign of hope as the current 5min candle makes a new lower low

http://img200.imageshack.us/img200/258/aa1h.png

http://img822.imageshack.us/img822/5396/aa1v.png

Anticipate and participate via low risk entry

http://img502.imageshack.us/img502/9844/aa1q.png

http://img207.imageshack.us/img207/4514/aa1a.png

Current realized loss is now -5 pips

http://img810.imageshack.us/img810/7070/aa1.png

http://img218.imageshack.us/img218/259/aa2wg.png

http://img530.imageshack.us/img530/3235/aa3.png

http://img16.imageshack.us/img16/9675/aa4e.png

http://img573.imageshack.us/img573/3046/aa5.png

Well this time it didnt work out. I hope my price action interpretation is helpful. My current realized loss is at -16 pips with 0 positions (I dont consider the surviving buy position from yesterday. This is afresh)

Current average loss per position is -5 pips. What a bargain.

Current net profit for this week, +760 pips

If the volatile did happen, I risk very little for a larger reward which is also amplified with multiple positions.

Thank you for watching.

Good day all. I will return later.

Sincerely,

Graeme

Incredibly helpful I would say, Graeme.

Thank you very much for taking the time to post.

Kindest Regards,

Cam

Good morning, all

I have mentioned yesterday that I believe 1 out of 5 days in a week of trading one of the asian session does have a good burst on eur/usd. It is a belief that I have taken advantage of at least 2 years.

My new set of trades.

Why/how did i take them?

This is my anticipation on 4hr chart

http://img340.imageshack.us/img340/1583/aa1m.png

I dont know what will happen. It could be a wick bounce on the top one, or the middle one. Or a descending wick pattern at a classic 45 degree angle. It could be anything. But I will not know until I participate in a low risk entry and hope for a volatile breakout after I enter to capture it.

eur/usd 5min

http://img189.imageshack.us/img189/7851/aa2g.png

It looks like I got one of my anticipation correct which was descending wick pattern. Sometimes I get none of my anticipation correct which means I lose few small positions. But then again I will control my risk and ensure that I do not lose much.

One side note about descending/ascending wick pattern is that it doesnt work all the time but enough times in a week for a keen intraweek trader to take advantage of. I do it all the time

http://img703.imageshack.us/img703/3235/aa3.png

eur/usd 5min

http://img824.imageshack.us/img824/2079/aa4t.png

Current realized loss is at -29 pips with 4 positions established. Average loss per position is -8 pips per position. Still within my -15 pips per position threshold. I have bought these positions at a discount.

Now there is a movement against my intention. Is this just a short blip or permanent change?

http://img227.imageshack.us/img227/3046/aa5.png

This is currently happening.

http://img232.imageshack.us/img232/6686/aa6.png

I need the price to at least stall for me.

If not this is over.

Im still holding as Im still little bit in profit.

http://img607.imageshack.us/img607/2192/aa7.png

I wonder why there is sharp retrace like this? Lets find out why on other timeframes.

eur/usd 15min

I see a good pin bar setup on 15min chart which is on the wrong direction as my anticipation. Lets see other timeframes then.

http://img600.imageshack.us/img600/172/aa8.png

Oh. But look.

http://img217.imageshack.us/img217/3592/aa9.png

Closed all positions.

Lost -14 pips from 4 positions.

Current realized loss is -43 pips with 0 positions established.

I say something important for all.

When you experience a loss. Make sure you wait until price moves away from the area you have lost. This is just my personal thing and it has saved me alot of anguish from ranging periods.

Always reassure yourself there are many more opportunties soon.

My new anticipation

http://img9.imageshack.us/img9/9465/aa10i.png

Some may wonder why I come to such anticipation. Most of the pairs when considering to trade intraweek will fluctuate in between 100-200 pips.

If you are aiming at intraweek trading you should be looking for 100 pip opportunities.

My anticipation is quiet simple.

I buy when sellers run out of money.
I sell when buyers run out of money.

And this is simply done by noticing exhaustion which is;

when price cannot make anymore highs or lows.

Exhaustion of sellers or buyers.

There are plenty of intraweek 100 pip opportunties. Sometimes there are multiple oppotunities in a week and sometimes there are only 1 or 2.

I aim to capture only 1 of them per week that will give me plenty of pips for the following 2 weeks or more.

Lets look at last 4 weeks of eur/usd on 4hr chart

http://img534.imageshack.us/img534/2486/aa10r.png

I have placed orange line at only compelling +100 pip opportunities. There are plenty of opportunities so there is no need to rush.

Every intraweek 100+ pip opportunity is profitable once you maximize your profit taking and control your losses.

Good day all

Sincerely,

Graeme

This is great stuff Graeme, lights bulbs are turning on right now big time.

Thanks again!!

Marc

Re-attempt

http://img34.imageshack.us/img34/8785/aa1fw.png

Stacking

http://img221.imageshack.us/img221/3140/aa1y.png

eur/usd 4hr. I anticipated that it will be down. First 4hr candle of the day (asian session) looks like it will be a bold down. For how far, im not sure. But I have my position at the best spot which is on the retrace wick and open price of the current 4hr candle. This will ensure that any minor retrace of next 4hr candle is far away from my positions

http://img574.imageshack.us/img574/7070/aa1.png

And voila.

http://img820.imageshack.us/img820/7607/aa1e.png

Current realized loss is -63 pips with 9 sell positions established. Average loss of -7 pips per position (I still have 1 buy position which I dont even consider as it has already been paid and settled for).

I will continue watching until price is at least 20-30 pips away before releasing my finger off the mouse.

Thank you for the compliment, maxxtrader.

Sincerely,

Graeme

Just before I consider everything to be ok. Let us check current status

eur/usd 5min. Compelling momentum

http://img340.imageshack.us/img340/258/aa1h.png

eur/usd 15min. Clear breakout with momentum

http://img220.imageshack.us/img220/9643/aa1i.png

eur/usd 1hr. Support breakout with no retrace candle

http://img181.imageshack.us/img181/4514/aa1a.png

However, I wont walk away until most of my positions SL moved to BE or very small loss.

And when everything looks so rosy

http://img547.imageshack.us/img547/1876/aa1b.png

I can only watch and control my risk

Hi Graeme..This is magical. You are a trading machine. I just dream about being half as good as this.

I have read all your posts a couple times and have been struggling thinking about where to start. Would you please guide me here?

In the long term I would like to swing trade long term, daily charts, I am thinking at this learning stage I must make time to do the 3X20 daily exercise. Would you agree?

Graeme thank you for your dedication, including getting up at 4 o'clock in the morning, after a lengthy period of time when all had not been well!

I'm posting in support of your current teachings using a shorter (weekly) time frame. Whilst I appreciate the goal is to get the trades managed on the longer time frames you use, this results in a lot of unrealised profit going up in smoke. Someone once likened trading to sitting on the floor setting fire to one hundred dollar bills.

To mentally handle your sort of drawdown (% wise not $ wise) I believe many of us peeps need to be approaching this from a position of being accustomed to profitable trading.

A stepping stone was needed.

If I had a wish, it would be

The current 4hr candle to close below the previous open price of the up candle + also close below the 1.40000

That would be the best anticipation I can hold for now.

http://img195.imageshack.us/img195/6261/aa1jr.png

Currently, eur/usd 5min

http://img153.imageshack.us/img153/5306/aa1d.png

Come on kitty, jump down.

Eklavya - Thank you for the compliment. Yes. Correct. As mentioned very early in this thread, if anyone wants to be pro trader you need to read the price action very well. My trading approach is the same but I do not trade intraweek. Yes, but you can do this on higher timeframe but with bigger stop losses and bigger rewards.

Aud - Thank you for the compliment. Hopefully my new showing is different angle. However I will continue on with VEEFX short time in the future

Update eur/usd 5min

http://img809.imageshack.us/img809/5396/aa1v.png

Good. Danger is passing away.

http://img840.imageshack.us/img840/9844/aa1q.png

Oh. Now 200ema is coming up. Interesting.

http://img837.imageshack.us/img837/4259/aa1g.png

Let us watch. Still keeping my guards up

Ok. Danger is over for myself.

Apologies but I need to lie down for a bit. However my showing for today is complete for now.

http://img526.imageshack.us/img526/1506/aa1s.png

Current realized loss is -63 pips with 9 sell positions established. Average loss of -7 pips per position.

Moved TP of 8 sell positions to 100 pips each.

Keeping 1 sell with no TP.

I still have 1 buy position from yesterday.

Just to continue answering to Eklavya. The first skill you need to acquire is correct price action interpretation on lower timeframe. I upskilled from x3 20 TP exercise for few months.

Once that is done and you are profitable on intraweek or any short term trading you will naturally phase out to longer timeframe as you get more confident.

Current status on eur/usd 4hr. Im near the open of the current 4hr candle. Which means I have placed myself to be in the better position as the retrace of the next 4hr candle most likely wont reach this far.

http://img258.imageshack.us/img258/4544/aa1n.png

Good day all.

Sincerely,

Graeme