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Building an equity millipede

  • #6,881
  • Dec 29, 2014 2:50pm Dec 29, 2014 2:50pm
Quoting MCRotter
{quote} I have been taking concepts of the thread, not G's methods of entry and exit or hedging, and applying them to how I think about the market. Always lots of talk about the concept, but very little ever of people actually using it.
Yes..I agree. I believe the concept to be sound and I think its just a matter of adapting it to your own style. I think like all things if people don't get instant results they lose interest. This is not magic fairy dust but takes work and adaptation.
  • #6,882
  • Edited 3:21pm Dec 29, 2014 3:00pm | Edited 3:21pm
I have been taking concepts of the thread, not G's methods of entry and exit or hedging, and applying them to how I think about the market - with success for the moment. Unfortunately I have not been holding onto positions as long as I should, my actual gain is some x4 less than it would have been if I had of kept holding positions which I established much lower in the trend.

I think the hedging part, for lack of a better word is more difficult for those of us in the U.S. since we can't do it in the same account and opening another account is awkward. Any thoughts around it other than using another account?
  • #6,883
  • Dec 29, 2014 3:01pm Dec 29, 2014 3:01pm
Quoting marypipins
{quote} Yes..I agree. I believe the concept to be sound and I think its just a matter of adapting it to your own style. I think like all things if people don't get instant results they lose interest. This is not magic fairy dust but takes work and adaptation.
Yeh I think so. I think people who try to copy another persons method, without understanding the why are in for trouble - not always but in my experience it has not worked out so great.

I was already doing some of the things G talked about before I came to this thread, informed by manual backtesting by hand and real experience of trading a real account. This thread accelerated that process and instilled the confidence to drop the other day trading crap
  • #6,884
  • Dec 29, 2014 3:07pm Dec 29, 2014 3:07pm
Quoting MCRotter
Always lots of talk about the concept, but very little ever of people actually using it.

Isn't that just the universal truth!

I must sheepishly admit that I "looked" at this method back around 2011 I think. At the time, I had been deep into Fibonacci trading for three years and was just then beginning to really develop and favor more money management concepts. Now, after several more years of vacillating....system tweaking...system hopping...sitting on the sidelines....life stuff getting in the way....yada yada.... I am giving this approach a fresh review with some actual testing this time (ForexTester first...live next after 3X20 exercise when markets come back alive) instead of just casual tire-kicking.

Graeme's posts and his trading mentality NOW make RAZOR sharp sense to me. Maybe not to the next guy/gal, but to ME...and that is what is important. If it doesn't make sense in your own mind, then it doesn't matter how "good" or "bad" anyone else thinks it is.

Good trading to all!
  • #6,885
  • Dec 29, 2014 3:13pm Dec 29, 2014 3:13pm
Quoting Pipskateer
{quote} Isn't that just the universal truth! I must sheepishly admit that I "looked" at this method back around 2011 I think. At the time, I had been deep into Fibonacci trading for three years and was just then beginning to really develop and favor more money management concepts. Now, after several more years of vacillating....system tweaking...system hopping...sitting on the sidelines....life stuff getting in the way....yada yada.... I am giving this approach a fresh review with some actual testing this time (ForexTester first...live...

No shame in that, it is a right of passage lol.

I need someone to tell me about 3 times something new before it finally sinks in for example lol

I don't get there particularly fast, but I do tend to eventually make it.
  • #6,886
  • Dec 29, 2014 4:03pm Dec 29, 2014 4:03pm
Im S/R trader and this method allowed me to grow very quickly with no additional work, just reading Graeme's ideas in first few pages of this thread and applying them immediately to my live trading...
Lose small, win BIG
  • #6,887
  • Dec 29, 2014 5:10pm Dec 29, 2014 5:10pm
Quoting ProsteJa
Im S/R trader and this method allowed me to grow very quickly with no additional work, just reading Graeme's ideas in first few pages of this thread and applying them immediately to my live trading...
Can I ask how you are applying that.

Reason for asking is as following: taking trades of S/R is counter trends, it fades price as it comes down into an S/R level.

Are you only trading in the direction of the main trend? What is you filter for taking trades?
  • #6,888
  • Dec 29, 2014 5:36pm Dec 29, 2014 5:36pm
Quoting MCRotter
{quote} Can I ask how you are applying that. Reason for asking is as following: taking trades of S/R is counter trends, it fades price as it comes down into an S/R level. Are you only trading in the direction of the main trend? What is you filter for taking trades?
Thank you for question MCRotter.

I trade both directions. I like S/R only for one reason. I can enter and price goes immediately my direction or hit SL. I don't care much about trend direction as I move SL very quickly (or take partial profit recently).

Actually it doesn't have to be counter trend (I assume you mean in opposite direction than market is moving).

I'm not able to upload pictures but you can have a look on my old thread. I've changed my trading but idea is the same. Here is a link http://www.forexfactory.com/showthread.php?t=480059

Once price hits S/R i'm in and rest is out of my control. When I'll be at my PC in couple of days I will upload some screenshots. If you have any questions feel free to PM me or ask me here.

And I don't use any kind of filter. Only my gut.
Lose small, win BIG
  • #6,889
  • Dec 29, 2014 5:47pm Dec 29, 2014 5:47pm
Quoting ProsteJa
{quote} Thank you for question MCRotter. I trade both directions. I like S/R only for one reason. I can enter and price goes immediately my direction or hit SL. I don't care much about trend direction as I move SL very quickly (or take partial profit recently). Actually it doesn't have to be counter trend (I assume you mean in opposite direction than market is moving). I'm not able to upload pictures but you can have a look on my old thread. I've changed my trading but idea is the same. Here is a link http://www.forexfactory.com/showthread.php?t=480059...
Thanks ProseJa

What I mean by counter trend is that when you buy from an S/R level it means price is moving down, into the S/R. So with price moving down, you buy which is counter to the current price movement.

My question if you have a S/R level, but the trend is clearly up, do you only take buy opportunities?

Thanks again
  • #6,890
  • Dec 29, 2014 6:02pm Dec 29, 2014 6:02pm
Quoting MCRotter
{quote} Thanks ProseJa What I mean by counter trend is that when you buy from an S/R level it means price is moving down, into the S/R. So with price moving down, you buy which is counter to the current price movement. My question if you have a S/R level, but the trend is clearly up, do you only take buy opportunities? Thanks again
Most of my trades are re-tests of break out. I mean I wait for break-out and then wait for price coming back to the same price. By nature, those kind of trades are in direction of let's call it local mini trend (please have a look at above mentioned thread and posts 10-15 to see what I mean)

On the other hand when I like a level which against a trend and I like it i will definetely go for it (minority of my trades).

Sorry for not being able to upload pictures at the moment
Lose small, win BIG
  • #6,891
  • Dec 29, 2014 6:07pm Dec 29, 2014 6:07pm
Quoting ProsteJa
{quote} Most of my trades are re-tests of break out. I mean I wait for break-out and then wait for price coming back to the same price. By nature, those kind of trades are in direction of let's call it local mini trend (please have a look at above mentioned thread and posts 10-15 to see what I mean) On the other hand when I like a level which against a trend and I like it i will definetely go for it (minority of my trades). Sorry for not being able to upload pictures at the moment
Don't worry, I prefer no pictures actually.

Thank make sense.

I remember reading one time that price retests the area of the breakout 40% of the time, and of those 40% the probability for trend continuation is quite high.

Cheers
  • #6,892
  • Dec 29, 2014 6:11pm Dec 29, 2014 6:11pm
Quoting MCRotter
{quote} Don't worry, I prefer no pictures actually. Thank make sense. I remember reading one time that price retests the area of the breakout 40% of the time, and of those 40% the probability for trend continuation is quite high. Cheers
I'm not sure about those numbers but I'm pretty confident that I can expect (I don't like this word, expect, in trading but I didn't find better one) some kind of reaction that allows me to lock my SL at BE+ or at least to decrease my risk.
Lose small, win BIG
  • #6,893
  • Dec 29, 2014 6:59pm Dec 29, 2014 6:59pm
Quoting MCRotter
Anyone still using this philosophy, with real account?
Oh yea


Very nice P/L figures, so of course that's not banked. But have got over the 50% ROI in 3 months.
Check UJ chart from early Oct and the EU chart from mid Oct.

Regrettably I have not been setting my trades regularly (with the hindsight indicator).

I am setting my trades based on fundamentals, so UJ up and EU down.
Would have liked to also be selling AU and/or buying GJ. But have to watch the increasing Margin.
I do not calc my Margin Level (%) against the growing Equity as per crapT4, I calc it against my Balance. If there starts to be a problem, I will have to diversify a few trades.


cheers scalpz
Target 2 : Stoploss in the green
  • #6,894
  • Dec 29, 2014 8:24pm Dec 29, 2014 8:24pm
Quoting scalpz
{quote} Oh yea Very nice P/L figures, so of course that's not banked. But have got over the 50% ROI in 3 months. Check UJ chart from early Oct and the EU chart from mid Oct. Regrettably I have not been setting my trades regularly (with the hindsight indicator). I am setting my trades based on fundamentals, so UJ up and EU down. Would have liked to also be selling AU and/or buying GJ. But have to watch the increasing Margin. I do not calc my Margin Level (%) against the growing Equity as per crapT4, I calc it against my Balance. If there starts...

Sweetness...
  • #6,895
  • Dec 29, 2014 8:25pm Dec 29, 2014 8:25pm
Quoting ProsteJa
Im S/R trader and this method allowed me to grow very quickly with no additional work, just reading Graeme's ideas in first few pages of this thread and applying them immediately to my live trading...

Quoting ProsteJa
Thank you for question MCRotter. I trade both directions. I like S/R only for one reason. I can enter and price goes immediately my direction or hit SL. I don't care much about trend direction as I move SL very quickly (or take partial profit recently). Actually it doesn't have to be counter trend (I assume you mean in opposite direction than market is moving). I'm not able to upload pictures but you can have a look on my old thread. I've changed my trading but idea is the same. Here is a link http://www.forexfactory.com/showthread.php?t=480059...

Awesome...very nice example of "making it your own."
  • #6,896
  • Dec 29, 2014 11:18pm Dec 29, 2014 11:18pm
Quoting Pipskateer
Those PDF's contain most or all (not sure) of the charts and photos from pipEASY through post #3485 on November 7, 2010. He made several more posts after that and I haven't looked at those to see if there were charts originally posted. If there were, then as far as I know, no one has archived them. All credit goes to flyer415 for compiling and uploading these valuable files. If he had not done this, then all of pipEASY's charts would have been LOST. THANK YOU for your efforts, flyer415!!
Thanks Pipskateer and flyer... By the way, I am reading till page 20 or so. Pipeasy seem to mention that we can only sell below the open price or buy above the open price.. Is that so? So we should nv buy if price is below the open price?
  • #6,897
  • Dec 29, 2014 11:22pm Dec 29, 2014 11:22pm
Quoting Mattrix83
{quote} Thanks Pipskateer and flyer... By the way, I am reading till page 20 or so. Pipeasy seem to mention that we can only sell below the open price or buy above the open price.. Is that so? So we should nv buy if price is below the open price?
That's just for the exercise. I imagine it's intended to make the choice easier. It's not "Should I buy or sell this currency?" It's "Should I buy (or sell) or choose a different pair to look at?"

I've found it kind of frustrating so far... trading the Asian session, but it's also holiday season so many days I have opened a position in the morning and it still hasn't moved 20 pips by the time I go to bed.
  • #6,898
  • Dec 30, 2014 4:34am Dec 30, 2014 4:34am
Are any veterans of this thread able to answer me this quick question?

I've read through all of Graeme's posts and most of the thread up until he starts discussing the Flying Buddha. It seems at this point that Graeme has finished what he needs to teach and is now just discussing with members.

I think it would be more valuable for me to start demo trading out of my eyeballs, as the Flying Buddha stuff doesn't really appeal to me.

Good move?

Tom.
  • #6,899
  • Dec 30, 2014 4:44am Dec 30, 2014 4:44am
Quoting empowers90
{quote} That's just for the exercise. I imagine it's intended to make the choice easier. It's not "Should I buy or sell this currency?" It's "Should I buy (or sell) or choose a different pair to look at?" I've found it kind of frustrating so far... trading the Asian session, but it's also holiday season so many days I have opened a position in the morning and it still hasn't moved 20 pips by the time I go to bed.
Thanks. I think I shall read more before discussing further.. But from some of the graph, it shows he use pivot levels.
  • #6,900
  • Dec 30, 2014 7:19am Dec 30, 2014 7:19am
Quoting empowers90
Are any veterans of this thread able to answer me this quick question? I've read through all of Graeme's posts and most of the thread up until he starts discussing the Flying Buddha. It seems at this point that Graeme has finished what he needs to teach and is now just discussing with members. I think it would be more valuable for me to start demo trading out of my eyeballs, as the Flying Buddha stuff doesn't really appeal to me. Good move? Tom.
I wouldn't call myself a veteran of this thread - but IMHO Graeme stated many times that the entry method is not important - and anyone who position trades will agree. Graeme spoke of finding your one thing. The simplicity of millipede is find a reliable entry that gives a half decent chance of getting to BE and let the market decide what happens - and I think everyone's entry method will be different.
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