Weekly Millipede Idea | Foreign Exchange EA Download - MT4/MT5 Resources
Hello everyone,
I'd like to get some feedback on an idea I got after reading Graeme's topic on Building Equity Millipedes.
Some key things I remember from Graeme:
- The best time to capture the entire range of a candle is to enter at the open
- Send out scouts to catch the start of new trends
-Add multiple locations along the way
- Little risk, unlimited profits
-Participate in the market and follow the prices
- Buy when it rises and sell when it falls
With all this in mind I developed the following system:
- Every Monday, on the weekly chart, I place buy and sell orders at the first .00 above and below the weekly open with a stop loss of 100 pips
- 2 lots per order, close 1 lot with +100 pips profit, so from then on I can trade freely
- As you can see from the chart below, following the rules above, more than half of the weeks in 2011 were profitable ( marked with arrows ) and would have allowed you to maintain an uptrend in the first half of the year, a downtrend in the second half, and make a little profit on the range for the year
-The key to doing this is to keep growing successful trades and accumulate weeks of profits following long-term trends and trade multiple currency pairs to smooth out the asset curve
- This way you will catch the start of a new trend and you will gain 500 points every week (see December 2010, January 2011 and September 2011)
- Price action is also important for the overall view (Pin bar, Inside bar, Engulfing bar)
- Withdrawal is discretionary. Graeme calls it diversification. This is done by closing the smallest trades to replenish capital in order to earn a profit of at least 500 pips. In the example chart, you can clearly see that May is forming a range, so you should not hesitate to close all long positions except for the first entry point.
I will post the trades I made and my thoughts. Now I place orders at A/U, E/U, N/U, U/CH, G/U, A/CH, E/A, G/CH, G/N.
Indicators are not allowed in this thread. After looking at some currency pairs on the weekly chart, please share your thoughts on this system/method.
Update : See post #42 for modifications to this system.
Disclaimer: Do not trade this system with real money on a live account! I am not responsible for any losses or profits incurred from trading this system.
I'd like to get some feedback on an idea I got after reading Graeme's topic on Building Equity Millipedes.
Some key things I remember from Graeme:
- The best time to capture the entire range of a candle is to enter at the open
- Send out scouts to catch the start of new trends
-Add multiple locations along the way
- Little risk, unlimited profits
-Participate in the market and follow the prices
- Buy when it rises and sell when it falls
With all this in mind I developed the following system:
- Every Monday, on the weekly chart, I place buy and sell orders at the first .00 above and below the weekly open with a stop loss of 100 pips
- 2 lots per order, close 1 lot with +100 pips profit, so from then on I can trade freely
- As you can see from the chart below, following the rules above, more than half of the weeks in 2011 were profitable ( marked with arrows ) and would have allowed you to maintain an uptrend in the first half of the year, a downtrend in the second half, and make a little profit on the range for the year
-The key to doing this is to keep growing successful trades and accumulate weeks of profits following long-term trends and trade multiple currency pairs to smooth out the asset curve
- This way you will catch the start of a new trend and you will gain 500 points every week (see December 2010, January 2011 and September 2011)
- Price action is also important for the overall view (Pin bar, Inside bar, Engulfing bar)
- Withdrawal is discretionary. Graeme calls it diversification. This is done by closing the smallest trades to replenish capital in order to earn a profit of at least 500 pips. In the example chart, you can clearly see that May is forming a range, so you should not hesitate to close all long positions except for the first entry point.
I will post the trades I made and my thoughts. Now I place orders at A/U, E/U, N/U, U/CH, G/U, A/CH, E/A, G/CH, G/N.
Indicators are not allowed in this thread. After looking at some currency pairs on the weekly chart, please share your thoughts on this system/method.
Update : See post #42 for modifications to this system.
Disclaimer: Do not trade this system with real money on a live account! I am not responsible for any losses or profits incurred from trading this system.
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