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Vegas Wealth Builder - Part I 535 replies

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Question for VEGAS and others using Vegas system..... 2 replies

Attachments: 'Vegas Wealth Builder Part II'
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'Vegas Wealth Builder Part II'

Quoting erikcw
Has this been a great VWB week for anyone else? I am in free trades and up 50-150 pips on all 5 pairs that I traded this week. Fun stuff!
Yup, I'm testing two weeks of Vegas and I had more pips flowing in than I ever had in all six months before (and still a couple of promising free trades running, including my new love gbp/chf +170). Things seem so clear now! Vegas, I'm very grateful.
Quoting erikcw
Has this been a great VWB week for anyone else? I am in free trades and up 50-150 pips on all 5 pairs that I traded this week. Fun stuff!
My account was almost beat to the ground until I found this forum. Now it is up 686% since I started the VWVB Daily Chart Analysis thread around 6 weeks ago. I had $151 when I did my first Vegas trade. I now have $1187 :-) ((1187-151)/151 = 686%)

So to answer your question...this has been much more than a fun week. This is an awesome ride :
Quoting MrMajik
Now it is up 686% since I started this thread around 6 weeks ago
Geeeeez, are you sure you are not overleveraging yourself to unhealthy levels? I mean, in order to score a 686% in 6 weeks you must have taken insane levels of risk at every trade!
Quoting WTB
Geeeeez, are you sure you are not overleveraging yourself to unhealthy levels? I mean, in order to score a 686% in 6 weeks you must have taken insane levels of risk at every trade!
Yup. What did I have to lose? $151 and a bunch of frustration.

I really thought this Vegas method would finish sinking my ship. However, I only had one bad Vegas trade in the six weeks so either I got lucky or this Vegas stuff is legit. Back testing tells me it is legit.

I am gradually calming down on the amount of units per trade as to preserve what I was able to get back at this point.
Guys, what pairs were you using this week to trade the vegas method? I dodn't see anything but AUSUSD. Are yuou holding trades for any long period? I did make some good trade with EURJPY, but that started 2 weeks ago.
Hi all

I have been testing my version of the vegas system which is a mix of the daily and 4 hour. The last 3 weeks I have made +336 pips, +206 pips and +298 pips. I have made some mistakes so far and should really have made more pips but I am working bits out as I go. So far it is going ok and am going to carry on testing for about another 7 weeks. If all is still well with it and I am happy I am going to trade live with it.

Good trading to you all

Jon
Quoting bhale
Guys, what pairs were you using this week to trade the vegas method? I dodn't see anything but AUSUSD. Are yuou holding trades for any long period? I did make some good trade with EURJPY, but that started 2 weeks ago.
I went short EURJPY and EURUSD earlier this week.
Quoting trader1969
Hi all

I have been testing my version of the vegas system which is a mix of the daily and 4 hour. The last 3 weeks I have made +336 pips, +206 pips and +298 pips. I have made some mistakes so far and should really have made more pips but I am working bits out as I go. So far it is going ok and am going to carry on testing for about another 7 weeks. If all is still well with it and I am happy I am going to trade live with it.

Good trading to you all

Jon
Hi Jon,

Could you please elaborate a bit further as of how or in which terms are you blending the daily and 4H methods? I am interested because I have just begun researching on the same process myself.
This thread gets more and more interesting the more I read it. I can't wait to get started on this VWB strategy!!
Quoting bhale
Guys, what pairs were you using this week to trade the vegas method? I dodn't see anything but AUSUSD. Are yuou holding trades for any long period? I did make some good trade with EURJPY, but that started 2 weeks ago.
eur/jpy short, eur/gbp short, eur/usd short, gbp/chf long. I use multiple microlots, it gives me more flexibility to diversify with several pairs and enables me to take profits from the table regularly which is very pleasurable. No more fighting between the daytrader and intradaytrader in me, they all get something
Warm greetings to all my fellow VWBians,

Congrats to the one who made 686 % in 6 weeks. Truly amazing.

JSC and Trade1969- I have gone thru the VWB , but did not understand how the entries and the stops work. Could you enlighten. i would appreciate if you post ur entries and ur stops , till I am able to learn the ropes.

Thanks.
Quoting WTB
Hi Jon,

Could you please elaborate a bit further as of how or in which terms are you blending the daily and 4H methods? I am interested because I have just begun researching on the same process myself.
Hi WTB

I have tried to make a blend of things that I think can give me an edge, so first of all I look at the dailys to see if they are at or near the extreme fib levels, then I will look for possible reverse signs like candle bars or James16 bits pin bars DBHLC DBLHC or outside bars but even with those in place I still like to use the Vegas 4 hr signal to enter. I sometimes don't wait for the 4 hour bar to finnish because I can see it is going to be a signal anyway. I also look at other things to try to gain as much strength like if price is at Fib retrace or extension levels previous support or resistance levels how near to trend lines etc. I do take some trades that are against the weekly trend or not at extreme levels but they have to show good signs and look to have enough room for profit before hitting other support/resistance ares.

I only trade 5 pairs at the moment because I think that is enough for me personally to concentrate on and I would like to get to know these pairs.
GBPUSD EURJPY EURUSD AUDUSD USDJPY.
I am looking to drop the USDJPY just because it doesn't fit how I trade, I get stopped out to much.

Hope some of this info helps.

Jon
Quoting faber101
Warm greetings to all my fellow VWBians,

Congrats to the one who made 686 % in 6 weeks. Truly amazing.

JSC and Trade1969- I have gone thru the VWB , but did not understand how the entries and the stops work. Could you enlighten. i would appreciate if you post ur entries and ur stops , till I am able to learn the ropes.

Thanks.
Hi faber

The entries for the VWB I am not to sure about they changed betweeen part 1 and 2 of the documents and I personally preferred the 4 hour method but was a bit worried about that using a lagging weekly indicator which is why I tried to combine the 2 methods.
As for stops Vegas says use technical methods like previous support or resistance. I use either a set amount of pips stop loss or fib retrace levels, these mean my stop levels should be lower, it will sometimes mean that I will get stopped out of some winning trades but my temprement says I have to trade this way.

Jon
Quoting trader1969
Hi WTB

I have tried to make a blend of things that I think can give me an edge, so first of all I look at the dailys to see if they are at or near the extreme fib levels, then I will look for possible reverse signs like candle bars or James16 bits pin bars DBHLC DBLHC or outside bars but even with those in place I still like to use the Vegas 4 hr signal to enter. I sometimes don't wait for the 4 hour bar to finnish because I can see it is going to be a signal anyway. I also look at other things to try to gain as much strength like if price is at Fib retrace or extension levels previous support or resistance levels how near to trend lines etc. I do take some trades that are against the weekly trend or not at extreme levels but they have to show good signs and look to have enough room for profit before hitting other support/resistance ares.

I only trade 5 pairs at the moment because I think that is enough for me personally to concentrate on and I would like to get to know these pairs.
GBPUSD EURJPY EURUSD AUDUSD USDJPY.
I am looking to drop the USDJPY just because it doesn't fit how I trade, I get stopped out to much.

Hope some of this info helps.

Jon
I agree with you about using the 4H turning point as the entry point. Usually combine the 4H and daily is very effective. The entry point is neither too early nor too late, just enough to confirm the reversal.

USD/JPY is what I hate also, it seems to be very irregular. Also I notice that Vegas method is good at trading GBP/CHF, so maybe you can take that into consideration.
Quoting faber101
JSC and Trade1969- I have gone thru the VWB , but did not understand how the entries and the stops work. Could you enlighten. i would appreciate if you post ur entries and ur stops , till I am able to learn the ropes.
Well I'm also still learning the ropes, and I'm still dealing with the stop loss question myself. I only got stopped out once with a small loss in aud/usd so I'm still not sure about the way I will deal with drawdowns. They will happen, so I'll stick with demo trading until I am confident the winners consistently outweigh the drawdowns over long term. But here is what Vegas says about stops in VWB:
Quote
Stops are placed above the recent market high for short positions, and below the recent market low for long positions.
So we look at the daily chart, we determine the latest swing high/swing low and we place our stops a bit above/below that.

For entries we look at the outer fib levels starting from the fib levels defined in VWB (page 7). Then we patiently wait for confirmation of reversal, by looking for candlestick reversal patterns like hammer and shooting star (there is a lot to be found on the web about candlesticks, if you really want a good book about it read books by Steve Nison). This is the basic entry. VWB part II gives additional edges to anticipate those candlestick patterns and improve your entries, by looking at shorter timeframes (1H):
- Do not enter when the market makes newer highs in uptrend or newer lows in downtrend.
- When market moves away from a high or low with speed and momentum, you have a bigger chance of making a good entry
- The 50% retracement rule. Quoted from VWB II:
Quote
AFTER THE OPEN [3:00 p.m. Chicago time], WHENEVER THE MARKET
SURPASSES A 60 PIP RANGE, IF IT THEN RETRACES MORE THAN 50% OF
THE DAYS RANGE [FROM THE HIGH OR LOW, WHICHEVER CAME MOST
RECENTLY] , THE PROBABILITY OF IT THEN CONTINUING TO HIT ANOTHER
NEW HIGH OR LOW [WHICHEVER CAME MOST RECENTLY] IS LOW DURING
THE TRADING DAY.

Try to find at least two of these three edges at the outer fibs before you place an entry.

It's best to read those two documents (VWB I + VWB II) over and over again until you get a grip on the concepts. It also helps to look at your chart history and do some backtesting. Then you see the great trades you could have made in the past and this gives you additional confidence

Maybe I'll post some charts later, but I've said enough for now
Get the charts rolling, chum...
Quoting JSC77
Maybe I'll post some charts later, but I've said enough for now
Please do...as I, too, am still learning and trying to grasp the concepts of the doucmentation.
There's a lot of wisdom in those VWB docs, but they don't say much about money management.

Learning about MM is what has saved my ass from what would have been crippling losses otherwise. The main point is that the distance to the stop loss determines risk, and risk determines position size. Therefore, if you have a wide stop, you must have a small position. It doesn't matter whether you're doing a long or short trade.

So I try to set my stops behind some decent S/R, but I try not to put them more than 50 pips away, about 30 on average. Some people using the Vegas systems will set stops 100 pips or more away. I don't want that kind of drawdown. I'd rather do my best analysis, be wrong, lose a little money, and get back in at a later time.

However, I do recommend thinking hard about the stuff about "dancing around" with partial positions as described in the VWB docs. This is active daytrading technique applied to long term positions, and it's something I and everyone I know is having trouble with and wants to understand more fully.
Quoting Mike Jolley
There's a lot of wisdom in those VWB docs, but they don't say much about money management.

Learning about MM is what has saved my ass from what would have been crippling losses otherwise. The main point is that the distance to the stop loss determines risk, and risk determines position size. Therefore, if you have a wide stop, you must have a small position. It doesn't matter whether you're doing a long or short trade.

So I try to set my stops behind some decent S/R, but I try not to put them more than 50 pips away, about 30 on average. Some people using the Vegas systems will set stops 100 pips or more away. I don't want that kind of drawdown. I'd rather do my best analysis, be wrong, lose a little money, and get back in at a later time.

However, I do recommend thinking hard about the stuff about "dancing around" with partial positions as described in the VWB docs. This is active daytrading technique applied to long term positions, and it's something I and everyone I know is having trouble with and wants to understand more fully.
Hi Mike I agree about MM and the VWB Doc's worry me when they talk about stops behind recent swing highs and lows. These are often on VWB entry criteria 50 to 100 pip plus, too much for my thin wallet.
The stop placement behind S&R is an excellent strategy at the begining of a trade but ofen difficult when a trade is running. I think trade management and stop management is critical to eeking out the greatest possible number of pips available on a trade without loosing your profits.

I put the paragraphs below in the PF hoping to get a discusion on stop and trade management.

[quote]
I asked in a previous post if anyone had any comments on stop strategies. The obvious difficulty is each pair have different characteristics. Some of the trades with a 30 pip trailing stop have been stopped out with only a couple of pips then gone on another 100 or so pips .

I have been looking at the Parabolic Sars as an aid to stops but as I am unfamiliar with it and it's setting I am looking for help. Or maybe someone has other suggestions or a better system or even a suggestion of a range of stops with each pair. I thought to use the ATR as a guide for a range on pairs I thought it might have some merit with placing stops.
Any comments or any help would be appreciated.

Parabolic SAR

The Parabolic SAR ("PSAR") indicator is based on the relationship between a forex market's price and time. It is used to determine when to stop and reverse ("SAR") a position utilizing time/price based stops.

Once a Parabolic SAR is reached, the current position is exited and a new position in the opposite direction is taken. It is primarily used in trending markets and is based on always having a position in the forex market. The indicator may also be used to determine stop points and estimating when you would reverse a position and take a trade the opposite direction. The indicator derives its name from the fact that when charted, the pattern resembles a parabola or French curve.
I agree about the stop loss issue. I know how to put my entries and I know how to exit, all with great confidence, but as long as I'm not sure I'm using an excellent stop loss strategy I can't go live. Obviously because this insecurity makes me emotionally more vulnerable and increases the odds of not following my stop loss rules. Never again I will fool around with real money, have paid enough "tuition fee" in the past As for now I have simply decided to test the above swing high/below swing low stop loss method... I'll just give it a chance and see how it affects my demo account. Maybe it IS the best method... Meanwhile I'll do a lot of research though, backtesting every meaningful stop loss strategy I can find.

Funny SAR is mentioned because I was backtesting with this indicator this weekend... unfortunately I can't find a good setting that is in harmony with VWB I would like to find other good stop loss strategies but I can't find much information about it... Yes there's a lot of information available about money management (the best stops related to account size) but not about the best possible stops related to price action. What is the best possible stop loss strategy giving you enough space so you're not stopped out all the time, and still minimizing your drawdowns? Every pip counts, let's say if you do 100 trades/year and win 5 pips/trade because of a better stop loss strategy, in the end that's some good money!
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