Building an equity millipede | Page 208 | 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

  • #4,141
  • Jan 26, 2011 3:13pm Jan 26, 2011 3:13pm
Quoting ardi55
Thanks Nomask. I can definitely see where you applied Master Graeme's way of thinking there and just looking at the charts right now that 4H didn't do an engulf and the next candle was a bold up candle.
Thanks for the advice it helps very much.

Ardi
Thank you too actually.I limit myself trading with eurusd these days as I'm busy with my day job..But when you brought this pair into my attention It just gave me a good entry..Actually it wasn't best setup but did work out..I tried to stack but stopped out with a small loss as it started ranging but initial entry survived and still on..
http://www.screencast.com/users/noma...4-76b7c532934a
http://www.screencast.com/users/noma...0-0adea779cc79
  • #4,142
  • Jan 27, 2011 12:29am Jan 27, 2011 12:29am
Quoting nomask
Thank you too actually.I limit myself trading with eurusd these days as I'm busy with my day job..But when you brought this pair into my attention It just gave me a good entry..Actually it wasn't best setup but did work out..I tried to stack but stopped out with a small loss as it started ranging but initial entry survived and still on..
http://www.screencast.com/users/noma...4-76b7c532934a
http://www.screencast.com/users/noma...0-0adea779cc79...

Nicely done sir. Currently I'm looking at all the GBP pairs (GJ, GU, and GBP/CHF).

My interpretation for the next two weeks is for the price to breakout to the downside but I am not going to limit myself to that as the master has noted several times.

Here is my interpretation of GBP/CHF on the weekly and 4H. To me it seems that it has been on a downward trend for a while now (on the weekly) but has made a retrace in the last few weeks. Since the main weekly trend is down and it has retraced somewhat this, to me, is a perfect opportunity to get some probes in.

For the 4H, price had a breakout to the downside which correlated with GU but retraced back up. It still has not broken the open of the breakout candle and that is what I'm looking for to signal that my interpretation wasn't correct this time.

Any thoughts?

Ardi
Attached Image(s) (click to enlarge)
Click to Enlarge Name: GBPCHFWeekly.png Size: 39 KB
Click to Enlarge Name: GBPCHFH4.png Size: 64 KB
  • #4,143
  • Jan 27, 2011 2:04am Jan 27, 2011 2:04am
Quoting ardi55
Nicely done sir. Currently I'm looking at all the GBP pairs (GJ, GU, and GBP/CHF).

My interpretation for the next two weeks is for the price to breakout to the downside but I am not going to limit myself to that as the master has noted several times.

Here is my interpretation of GBP/CHF on the weekly and 4H. To me it seems that it has been on a downward trend for a while now (on the weekly) but has made a retrace in the last few weeks. Since the main weekly trend is down and it has retraced somewhat this, to me, is a perfect opportunity to get...

I don't want to make it seem that I totally believe that these pairs are going to go down, because as Master Graeme said we never know which way the market is going to go. It takes a while for anyone to accept that statement when they start trading, I am just starting to get use to it now.


Anyways, I do see a double wick bounce on the daily chart which I posted believe.

Nevertheless, somethings I forgot to mention were the breakthrough of the 200EMA. And also there seem to be some struggle at 50% retrace on the daily as well.

Something I've noticed with my trading is when I develop a bias to one side it is hard for me to see the pair going the other way because my mind is constantly looking for things to confirm my interpretation and ignoring those things that are completely contradictory to it. This is why I really enjoy anyones constructive feedback or criticism on my methods.
Attached Image (click to enlarge)
Click to Enlarge Name: GBPCHFDaily.png Size: 62 KB
  • #4,144
  • Jan 27, 2011 2:16am Jan 27, 2011 2:16am
Quoting ardi55
Nicely done sir. Currently I'm looking at all the GBP pairs (GJ, GU, and GBP/CHF).

My interpretation for the next two weeks is for the price to breakout to the downside but I am not going to limit myself to that as the master has noted several times.

Here is my interpretation of GBP/CHF on the weekly and 4H. To me it seems that it has been on a downward trend for a while now (on the weekly) but has made a retrace in the last few weeks. Since the main weekly trend is down and it has retraced somewhat this, to me, is a perfect opportunity...
hello ardi,

Here are my interpretation on GBP/CHF. enjoy, i know what you mean when you say once you see one way, its hard to see the other, believe me, its the same whether it be market or life.

here are my interpretation, hope you enjoy them, from my experience, if you label it out and write it out in words on the chart, you will get a much better understanding of your own flaws and most of the unconscious thoughts we have when we interpret a chart.

from my own perspective, it wouldn't surprise me if this pair gets stuck in a range bound market for a while.

disclaimer: not teaching here, i am in no position to "teach" anyone, but more or less welcoming thoughtful criticism in regard to my perspective on the same chart.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 20110126b.PNG Size: 75 KB
Click to Enlarge Name: 20110126c.PNG Size: 68 KB
  • #4,145
  • Jan 27, 2011 3:30pm Jan 27, 2011 3:30pm
Just wanted to post this to say thanks to pipeasy, I have read the thread and recently started looking to add some of these methods to my trading. It has been an eye opening experience. Thanks to all who have posted setups they have taken, especially nomask. Your charts have helped to make a lot of pipeasy's teaching more clear. Now back to the beginning for another read and soaking session.
  • #4,146
  • Jan 27, 2011 6:27pm Jan 27, 2011 6:27pm
something that i just discovered as i trade the gbp/jpy on the 5m:

i just started the trade and saw that the 200 ema showed up just under my short position. great that could AMPLIFY my turn (or bounce back)

now i cycled though all times and discovered that this started in the 1m, in my 5m trade and it will will be interesting for 15m and 1h also. dont know if this happens often, but i will look for this in the future...
  • #4,147
  • Jan 27, 2011 6:28pm Jan 27, 2011 6:28pm
1m, 5m
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 1m.jpg Size: 141 KB
Click to Enlarge Name: 5m.jpg Size: 153 KB
  • #4,148
  • Jan 27, 2011 6:29pm Jan 27, 2011 6:29pm
15m, 1h
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 15m.jpg Size: 126 KB
Click to Enlarge Name: 1h.jpg Size: 139 KB
  • #4,149
  • Jan 28, 2011 7:32am Jan 28, 2011 7:32am
Quoting rgrace
Just wanted to post this to say thanks to pipeasy, I have read the thread and recently started looking to add some of these methods to my trading. It has been an eye opening experience. Thanks to all who have posted setups they have taken, especially nomask. Your charts have helped to make a lot of pipeasy's teaching more clear. Now back to the beginning for another read and soaking session.
thanks a lot...Its been my pleasure to help and learn from each other in this thread..
I took some trades this week as well as the last week and one of them is still on and others ended as b.e..
Didn't post them because they were almost exactly same with the last week's trades I posted..
wash rinse repeat....
  • #4,150
  • Jan 28, 2011 9:38am Jan 28, 2011 9:38am
good entry even better move...
http://www.screencast.com/users/noma...3-8e78863d8f45
http://www.screencast.com/users/noma...3-c5e727f6c78f
never give up...
  • #4,151
  • Jan 28, 2011 9:45am Jan 28, 2011 9:45am
time to stack..?
added another short
http://www.screencast.com/users/noma...a-e53e0fc335a7

update:moved to b.e
  • #4,152
  • Jan 29, 2011 8:05pm Jan 29, 2011 8:05pm
Quoting pipEASY
Very good questions and thoughts.

Midknight - Thank you for your detailed response. Look at daily chart of eur/usd. There will be often candles that has less than 10 pip retrace but ends up bold candle. And most of these no retrace bold candles are the beginning of large trends. I find no difference in my profits when I focus on london session or asian session. Personally I think asian session sets the game whilst london walks in and finishes it. You will find that at least 1 out of 5 days in a week there are good setups during asian session....

I was going over some of the posts and in about the middle of page 225 Graeme was demonstrating a volatile breakout and how he stacked his positions.

One of the things I noticed was he was stacking extremely closely on the 5min charts. Some of the positions were taken with a difference of a pip. I'm currently trying to learn how to stack effectively and seeing a method like that makes me cringe.

I'm just a little confused I guess because Graeme had mentioned how he will not take a trade until his previous position is moved to b.e. It would be pretty hard to move your position to b.e if the pair has only moved a pip.

I was just wondering if anyone of the more experienced guys on the thread had a comment about this or possibly you could mention how you find it is best to stack?

For me currently, I am stacking on a 50% retrace on the 4H when I see a trend and putting me stop loss at a little above or below the previous candle. This does cause large draw downs but it allows me to not stare at the charts for a prolonged period of time.

Any thoughts?

Ardi
  • #4,153
  • Jan 30, 2011 5:39am Jan 30, 2011 5:39am
Quoting ardi55
I was going over some of the posts and in about the middle of page 225...
Hello Ardi,

In practice, I stack only when I have moved my previous position to BE.

I believe that that would be a safe way to protect your trading capital, especially when the market moves against your hindsight.

This is because if the trade were to move against you as you stacked your 2nd position, you would receive a double loss.

However, with the previous position in BE and the next stacked position is in a loss, your potential draw down would be minimised as you take one out on a loss while the other breaks even.

That's my take, but I believe you should find your own comfortable way to stack your positions with low risk entries

I believe in the power of stacking.

Zul
  • #4,154
  • Jan 30, 2011 9:51pm Jan 30, 2011 9:51pm
Quoting ardi55
I was going over some of the posts and in about the middle of page 225 Graeme was demonstrating a volatile breakout and how he stacked his positions.

Ardi
I`ve also tried to copy Mr.Graeme`s approach by stacking closely once I got the feeling that the market is really gonna run. one time I had 11 positions stacked within a few pips of each other before the market turned its direction and took out half of my stack. the rest gathered nice pips before dying two days later.

I have the following conclusion drawn from my stacking experience:
1. stacking has a very low success rate.
2. you`ll get paid handsomly if you can keep doing it despite 1. imagine one successful stacking effort brings home thousands of pips for each position.
3.in order to achieve 2 you must have the big picture in mind. plus lots of patience and endurance, and lots of hairs to pull too ...

I belive stacking works for Mr.Graeme because he always has the big picture in mind, and he`s had many successful experience with it. which are exactly what us beginners lack.
  • #4,155
  • Jan 31, 2011 3:10am Jan 31, 2011 3:10am
Quoting ardi55
I was going over some of the posts and in about the middle of page 225 Graeme was demonstrating a volatile breakout and how he stacked his positions.
I stack with the last trade still not at be. But any earlier positions are set to be+1.
This requires reducing the lot size to basicly half the amount I am prepared to risk, because of the possibility of 2 SL's.
I found the price nearly always returns to the entry area as a retest of the level.

So once its time to look for the next opportunity I need to set position before the last 1 to be+1.
Ends up with about 3 positions per 100 pip of price movement.

For me, each position set to be+1 is a win, because I have then have a no risk opportunity for a leg. If it later gets taken out, tough.

cheers scalpz
Target 2 : Stoploss in the green
  • #4,156
  • Jan 31, 2011 3:44am Jan 31, 2011 3:44am
Quoting iPlayGames
I`ve also tried to copy Mr.Graeme`s approach by stacking closely once I got the feeling that the market is really gonna run. one time I had 11 positions stacked within a few pips of each other before the market turned its direction and took out half of my stack. the rest gathered nice pips before dying two days later.

I have the following conclusion drawn from my stacking experience:
1. stacking has a very low success rate.
2. you`ll get paid handsomly if you can keep doing it despite 1. imagine one successful stacking effort brings home thousands...
To stack or not to stack, Money Management is the name of this game, which means you should not be stacking any how. IMHO, you should only stack with the profits already achieved.
Muntu
Patience is magic
  • #4,157
  • Jan 31, 2011 1:19pm Jan 31, 2011 1:19pm
Quoting muntu ntu
To stack or not to stack, Money Management is the name of this game, which means you should not be stacking any how. IMHO, you should only stack with the profits already achieved.
Muntu
Otherwise known as pyramiding or averaging up. This is how I usually stack. There are a few different ways to do it. Here is one way.
http://www.investopedia.com/articles...id-trading.asp
  • #4,158
  • Jan 31, 2011 7:34pm Jan 31, 2011 7:34pm
Quoting muntu ntu
To stack or not to stack, Money Management is the name of this game, which means you should not be stacking any how. IMHO, you should only stack with the profits already achieved.
Muntu
Look at MM another way.

I only risk 2% on any one pair and a total of 5% at anyone time.
I only enter a trade with a 1% risk,
so I have two trades on one pair to get to my risk limit of 2%.
When I move a S/L to B/E (or better), I am then free to enter another trade.
So the stack begins.
Good Trading
  • #4,159
  • Edited 4:08am Feb 1, 2011 3:21am | Edited 4:08am
One week ago thats what i posted
http://www.screencast.com/users/noma...4-5e7cbe4d4b87

and this is what happening now
http://www.screencast.com/users/noma...3-6f3a6ae68e4a

So current 4 hr candle is very important to me because of its location..Let's see how it plays out..
update: pinbar turned out a bullish bar made a close above the support..nothing good for shorts for now..
  • #4,160
  • Feb 1, 2011 6:13am Feb 1, 2011 6:13am
Quoting nomask
One week ago thats what i posted
http://www.screencast.com/users/noma...4-5e7cbe4d4b87

and this is what happening now
http://www.screencast.com/users/noma...3-6f3a6ae68e4a

So current 4 hr candle is very important to me because of its location..Let's see how it plays out..
update: pinbar turned out a bullish bar made a close above the support..nothing good for shorts for now..
Don't forget to consider the current news from the East. On CNBC they said it is bullish for euro. Don't ask me how come. Also great pieces of news are due out thursday and friday.
Otherwise, technically I totally agree with your analysis.
Patience is magic
14 traders viewing now