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Build an Equity Millipede with the filtered Flying Buddha

  • #21
  • Feb 7, 2012 2:24pm Feb 7, 2012 2:24pm
We have a new signal on the EUR/GBP.

Entry is at .83422 with a stoploss below yesterday's low at .82760
Attached Image (click to enlarge)
Click to Enlarge Name: fb entry.jpg Size: 138 KB
  • #22
  • Feb 7, 2012 2:25pm Feb 7, 2012 2:25pm
Quoting maaj
Hello Spyderman,

Thank for starting this thread. I am still following Graeme's thread which is one of the gems among all forex forums. I like the way you have modified Graeme's teaching to suit your need.

-HappyTrading-
Thanks for the input maaj and welcome aboard.
  • #23
  • Edited Feb 16, 2012 6:53am Feb 15, 2012 7:34pm | Edited Feb 16, 2012 6:53am
Personally I believe that waiting for the 5/8 Ema crossover could result in a late entry. Now the problem with a late entry is not the missed pips, but the "big SL".

Also it is very important to remember that the core of his system is not the FB candle entries, but adding positions at every %50 retrace. FB's are just indications of a starting -mostly strong trend.
  • #24
  • Feb 19, 2012 7:12am Feb 19, 2012 7:12am
Hi,

I have get confidence to trading in forex for your live trading with explanation.

I also watching reqularly

Thanks lot,
bye
ajentha
  • #25
  • Feb 19, 2012 7:25am Feb 19, 2012 7:25am
Hi,
I have attached the screen short, USDCAD signal is correct or not?

Please confirm

bye
ajentha
Attached Image
  • #26
  • Feb 19, 2012 7:54am Feb 19, 2012 7:54am
Quoting ajentha
Hi,
I have attached the screen short, USDCAD signal is correct or not?

Please confirm

bye
ajentha
ajentha,

You're screen shot is zoomed in so its hard to see what price action has been doing.

However in your shot you do have a MA cross but there is no previous flying buddha . Remember we need to see a flying buddha first, then confirmed with an MA cross.

Here is a classic FB setup and trend running the way we want. You can see we started with actually 3 flying buddhas then we got a nice confirmation.

I've stacked on at daily and 4h levels and am currently sitting at six positions.
Attached Image (click to enlarge)
Click to Enlarge Name: fb.jpg Size: 175 KB
  • #27
  • Feb 19, 2012 8:06am Feb 19, 2012 8:06am
Hey all,

I apologize I haven't been posting as often as I'd like. I must admit I didn't appreciate how much time it would take to try and keep up with my trading and posting on every trade.

So here's what I'm going to do. I'll take one pair... like the USD/JPY and post all my trades on that one. You'll see how the strategy works.

You can also see how the results show on my journal at the top for all traded pairs.

Feel free to ask any questions and we'll see how it goes.
  • #28
  • Feb 19, 2012 9:03am Feb 19, 2012 9:03am
Quoting spyderman
Hey all,

I apologize I haven't been posting as often as I'd like. I must admit I didn't appreciate how much time it would take to try and keep up with my trading and posting on every trade.

So here's what I'm going to do. I'll take one pair... like the USD/JPY and post all my trades on that one. You'll see how the strategy works.

You can also see how the results show on my journal at the top for all traded pairs.

Feel free to ask any questions and we'll see how it goes.
Hi Spyder,

Its good idea IMO.

For last two weeks, I too tried to trade FB on 4hr charts. Most of them closed at BE. I am bit satisfied with my results as i did not lose a singe dollar, but I need to practice more.
-happyTrading, maaj-
  • #29
  • Feb 19, 2012 9:25am Feb 19, 2012 9:25am
Quoting maaj
Hi Spyder,

Its good idea IMO.

For last two weeks, I too tried to trade FB on 4hr charts. Most of them closed at BE. I am bit satisfied with my results as i did not lose a singe dollar, but I need to practice more.

Yes the trick (I think) is staying with it until you hit a trend. Then cashing in on those stacks will more then offset the small losses. I've recently cashed in on G/U and E/U and am building U/J nicely.

It's also a great way to study price action.
  • #30
  • Feb 19, 2012 9:57am Feb 19, 2012 9:57am
Quoting spyderman
Yes the trick (I think) is staying with it until you hit a trend. Then cashing in on those stacks will more then offset the small losses. I've recently cashed in on G/U and E/U and am building U/J nicely.

It's also a great way to study price action.
Hi Spyder,

Thanks for the tips.

My plan is to stick with FB for while, so that i will know in-and-out of it. I am sure your journal will help me to understand better.
-happyTrading, maaj-
  • #31
  • Feb 19, 2012 2:09pm Feb 19, 2012 2:09pm
Ok, So you will post usdjpy trade

Thanks

bye
ajentha
  • #32
  • Feb 19, 2012 2:17pm Feb 19, 2012 2:17pm
Quoting ajentha
Ok, So you will post usdjpy trade

Thanks

bye
ajentha
Yes as soon as we have one. Right now U/J is climbing fast so we have to wait for a retrace to the 50% fib on the H4 or Daily to take another position. At 8:00 pm EST I will enter a new pending order off the H4 (that's when my 4H ends).
  • #33
  • Feb 19, 2012 4:10pm Feb 19, 2012 4:10pm
Was going to wait for the end of the H4 to place a pending. But price action has taken us down around the 50% fib and moving back up so I'm going ahead and opening a position on the U/J with a stop just below the H4 low.
Attached Image (click to enlarge)
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  • #34
  • Feb 19, 2012 5:19pm Feb 19, 2012 5:19pm
Quoting spyderman
Was going to wait for the end of the H4 to place a pending. But price action has taken us down around the 50% fib and moving back up so I'm going ahead and opening a position on the U/J with a stop just below the H4 low.

Order stopped out for -20 pips
  • #35
  • Feb 19, 2012 6:00pm Feb 19, 2012 6:00pm
Okay. Placing a stop order on the U/J H4 at the new candle. Red lines show High/Low for previous H4 bar. Stop entry is at 79.67 with our stop just below the previous bar low at 79.44
Attached Image (click to enlarge)
Click to Enlarge Name: fb.jpg Size: 142 KB
  • #36
  • Edited 9:05pm Feb 19, 2012 8:51pm | Edited 9:05pm
Quoting spyderman
Okay. Placing a stop order on the U/J H4 at the new candle. Red lines show High/Low for previous H4 bar. Stop entry is at 79.67 with our stop just below the previous bar low at 79.44
Hi Spyder... When exactly are you exiting your trade? If there is a opposite FB signal when you following the trend,what decides you to stay in and not open a trade in the opposite direction??
  • #37
  • Edited 8:07am Feb 20, 2012 4:22am | Edited 8:07am
Quoting The7
Hi Spyder... When exactly are you exiting your trade? If there is a opposite FB signal when you following the trend,what decides you to stay in and not open a trade in the opposite direction??
I'm following the exit strategy laid out in the FB text. Once you're in a series you disregard what's happening with FB's and MA crosses for that pair. EDIT ---- Note post #39

On short trades...when a daily candle closes above the last down candles open, then close about half your positions. If the trend then continues in the original direction continue stacking. If it closes again above the last down candle open, exit half again. This continues until you close all positions.

Once all positions are gone then you look to the original parameters to enter a new series.

Recently I was long both the E/U and G/U. Price action closed all my positions for several hundred pips and then resumed upward. I'm back in both pairs long again. When price went down I actually took a short on each as I had the FB and MA cross. But of course these were taken out when price resumed upward.
  • #38
  • Feb 20, 2012 7:30am Feb 20, 2012 7:30am
So, when you place a up trend (buy), the price action is over, then retrenchment start, you place a sell order. which ever the market move one order has close and other order has live (melliped)

Is it correct, please if I'm wrong explain more clear

Thank you

bye
ajentha
  • #39
  • Feb 20, 2012 8:01am Feb 20, 2012 8:01am
Quoting ajentha
So, when you place a up trend (buy), the price action is over, then retrenchment start, you place a sell order. which ever the market move one order has close and other order has live (melliped)

Is it correct, please if I'm wrong explain more clear

Thank you

bye
ajentha
Yes and No..

There's room for discretion here, and to be honest I'm not sure which is the best way to go.

The first option would be to do as follows:

If we place a buy order for example, that starts the series. As long as we have any buys open we no longer are looking at the FB's and MA crosses on this pair.

We continue to monitor price action and look for retracements on the Daily and H4 back to the 50% fib and stack trades there (again refer to the PDF in post #1)

We exit positions as per our guidelines as already outlined. If we get a daily cross in the other direction it probably would have been the result of several daily bars closing below previous up bar opens, so we would have been closing out our positions as that happened.

If we close all positions in a pair, then we can resume looking for our FB's and MA crosses to determine where next to enter the pair.

The way I understand Graeme's description of this FB technique, we may not get the long holds on positions due to closing out in this manner. That is unless we get a long string with smaller retracements.

Imagine if we had 30 positions open. It would take 6 bars closing below the previous up bars open before we would zero out. 30 down to 15...down to 8...then 4...2...1...0

Good chance it would move back to the up side by then.

Option 2

Basically same as 1 except we continue to monitor Daily price action of FB's and then confirming MA cross in opposite direction. We enter short on those while still holding long positions.

We would continue stacking short as 50% fibs are met, presumably while closing out our long positions 1/2 at a time.

The advantage here is that if we are getting a long term change in direction we are getting in earlier then waiting for all our longs to close and then watching for a short signal that may already of come and gone.

The disadvantage is that if it is a short term retracement and price move back to the upside we obviously will have more short entries stopped out (but hopefully most were at break even).


I tend to favor the 2nd option (which is more aggressive) and I will trade the U/J that we are using that way.

I welcome others input on this as to their opinion.
  • #40
  • Feb 20, 2012 2:00pm Feb 20, 2012 2:00pm
Market has been slow today with the US being on holiday, but our buy stop on U/J just got hit at 79.67 with our s/l at 79.44
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