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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
DislikedI always tell people to put $100 in a broker that lets you trade to the unit instead of demo trading. At least there's 'some' money on the line with each trade.Ignored
DislikedHi Graeme,
I know your busy with preparing for the weekend assignment. I just wanted to post this chart showing my failed stacking attempt. I tried stacking aggressively without initial stop loss. The problem I have with only closing positions after 5min candle has closed above or below s&r is that if the candle is huge you can end up with quite a substantial net loss compounded by stacking. I just wanted your take on it,(or anyone else's)as Im sure the below scenario is quite common.
Kind regards,
BenIgnored
DislikedHi Graeme,
I know your busy with preparing for the weekend assignment. I just wanted to post this chart showing my failed stacking attempt. I tried stacking aggressively without initial stop loss. The problem I have with only closing positions after 5min candle has closed above or below s&r is that if the candle is huge you can end up with quite a substantial net loss compounded by stacking. I just wanted your take on it,(or anyone else's)as Im sure the below scenario is quite common.
Kind regards,
BenIgnored
DislikedHey there Leggo, I was also in this play for the longside, and was stopped out on BE....Ignored
DislikedGood morning, Ben
I would like to step in here and answer your post.
I studied your charts and you have interpreted price action very well.
You did nothing wrong.
Lets go over the numbers:
5min chart entries, 4 positions.
3 positions closing for net -30 pips and 4th position for zero.
Thats 7.5 pips average loss per position. That is well below recommended 10-15 so its good.
What if the price was a clear breakout of .00 and never came back and went for 50+ pips?
200+ pips for the risk of 30-40 pips? I will...Ignored
DislikedThanks Graeme,
I must admit it feels a bit like banging my head against a wall at present, however its good to know my application was sound. Just Random price action that took me out.
Regards
BenIgnored
DislikedGood morning, Ben
I would like to step in here and answer your post.
I studied your charts and you have interpreted price action very well.
You did nothing wrong.
Lets go over the numbers:
5min chart entries, 4 positions.
3 positions closing for net -30 pips and 4th position for zero.
Thats 7.5 pips average loss per position. That is well below recommended 10-15 so its good.
What if the price was a clear breakout of .00 and never came back and went for 50+ pips?
200+ pips for the risk of 30-40 pips? I will...Ignored
DislikedGraeme.
Please allow me to add my two cents as I am looking forward to learn as well based on what you think
Leggo,
Position 1 -- was perfect entry
2 -- was kind of too much for Stop loss, even though it broke the support, could have waited for some 50% retrace
3 -- is a good entry with a defined SL
4 -- is too soon given you just entered 3
Technically you could have only 1 and 3 or 1 and 4
Overall too many positions too close based on Graeme's feedback to my trades earlier.
This is for my learning as well; invite inputs
Thanks
TS...Ignored
DislikedGood afternoon, TS
I sincerely hope Ben doesnt feel cornered or take any offence as we are discussing his efforts from last night.
Ben I hope what TS has added is a help to you as TS has perfectly pin pointed 'tighter' entries.
If TS was trading the same pair of currency last night and the same setups, the outcome is the same for both Ben and TS however, TS will have much lower drawdown and less risk on the table and the potential of equivalent profits. This helps alot in preserving/safeguarding your capital and...Ignored
DislikedHope the team has started to build some short positions now. Looks like they have a potential to be a long life soldiers.
Regards,
TradeStar
PS: Using 1 minute chart also seems to be helpful !!Ignored
DislikedWhat an irony! we just spoke about huge 5 min candle close this morning and the same thing happened all the soldiers got killed.
Will see
Regards,
TSIgnored