School of Pimpology - page 4
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1-2-3
For all those unfamiliar with my strategy and some of the terminology used, allow me to explain what I refer to as a 1-2-3 play.
The 1 is the breakout of any given support/resistance line or any moving average.
The 2 is the top/bottom of that break.
The 3 is when the price reverses and starts to retrace toward the intial point of the break.
The CCI should confirm this move as you can see in the bottom windows.
The 84 CCI is already down so we're trading WITH the trend, the CCI21 retraces with the price. In some cases on longer term charts it crosses and re=crosses at the start of the move, sometimes it just retraces to toward the 0.0 as in example 2.
The Heiken Ashi comes in to act as a trigger.
Cable got us a few pips. Dow Jones looks weak !!
Welcome Mr Marketz
Excellent presentation, Pimp. Thanks for taking the time. MM
You are my first poster, so a big helllllllllllllo to you, Sir.
Thanks for your kind words. I like it too. So much I even voted for it myself.
Please keep the votes coming in. If what I am doing is crap I want to know about it and I will strive to improve on the content.
This method does make me 50+ pips each day and on occassion over 1000 pips a week so I know it works but am open to suggestion.
No harm in fine tuning a sports car is there now?
You'll notice the times of the posts on this thread are all pretty close.
The simple reasoning for this is that I spent over 7 hours on a Saturday morning setting it up on Forex Factory, trying to do my bit for the novice trader, but Sir Twee has chosen to suspend me for answering the question "which broker do I use for my charts"
Since I then - as a nice guy that I am - also posted a link for a free download of MT4 I have obviously broken one of the rules.
So for the benefit of all readers of this thread, please refer to the logo on the top left of the charts then do a google search, as I am not going to compromise my position on here by falling for that one again.
I will be talking CCI 63 in the next post. A very handy tool indeed for staying in these little 30-40 pip trades that little bit longer and thus maximizing profit potential.
Let me set my charts up and get cracking. I feel a posting frenzy coming on for a couple of hours.
Time & Date Adjustment
Mr. FX,
I seem to have a problem with the date and time on the bottom of the charts. How can I adjust these? Thanks for all your help.
Oil & Gold
Mr. FX,
Is it safe to say that Oil & Gold are LEADING indicators for movement of the GDP/USD pair? Or, do the pairs move in unison....?
Vampire Boy
What up me main brotha FX Pimp and all my fellow forex friends. I just wanted to give a shout out to the Fx Pimp for making all of this possible for us and it is greatly appreciated coming from your buddy Vampire here in the states. Here's to lots of good trading and prosperity. You da man!
Pimpology Morning Summary.
Mr. FX, I seem to have a problem with the date and time on the bottom of the charts. How can I adjust these? Thanks for all your help.
Hey Good Morning.
The time and date are Russian time I believe. There is no way of adjusting it.
Try ODL or Metaquotes instead.
Gold & Oil are not so much as leading indicators, but all tend to work in unison.
Gold will sometimes have a little bit of freedom until told otherwise by Crude.
The same applies to Cable. Without Gold moving much GBPUSD can have a little bit of a wander as I think we saw yesterday at this time.
It was falling with Gold having found some support.
It wasn't until crude starting taking off that Gold really got going and thus thus halting GBPUSD at 1.99.
I hope a few of you readers managed to take the long postion after the 1-2-3 later on for a possible 60 pips.
OK, onto this morning.
I have a mixed bag on the Commodities which for me personally means 'do nothing'
Gold is back in the open, having broken all shackles.
Crude on the other hand still had a lot of upside traffic, namely the 4hr & daily 20&50 m.a's.
Interestingly my 60m 20 has crossed the 60m 50, which is a good sign, so we could well see a run from the current $130.50 level to the $132.50 level, which is Resistance 1 on the pivot and my 4hr 20ema.
With any kind of upside momentum on our black beauty we could see Gold back up at $976, some 8 Dollars away !
So another weaker Dollar morning session MAYBE, unless Crude breaks all my m.a's.
So over on the currencies that leaves us with a potentially short USDJPY and/or USDCHF, with potential to the upside for EURUSD and/or GBPUSD.
We've Mr King from the BOE speaking later at 9:45 so he should rustle up the Pound.
Moving onto the 5m chart for a closer look we can actually see a different story.
These 5m charts are incicating the opposite is happening and that Dollar is getting a little bit of strength back as we speak.
Crude appears to be having a spot of bother at the pivot point so won't be getting carried away until it breaks up.
There really are no gaps to the upside for Swissie for me to exploit. The same is true for the downside of Euro & Pound. It's m.a city with nowhere really to go.
USDJPY looks good to the upside IF Crude and Gold do fall but I will remain patient and pray that Crude breaks up and takes Gold for the ride.
Then we're looking for 5m 1-2-3's in the appropriate direction on the other 3 Majors.
Any question?
Hey Pimp do ya think these same rules about sitting out when crude and oil are doing different things is a good one to apply for any system?
I got hammered today on my normal system which is usually a more consistant performer - It's a trend system by the way!
hello fxpimp,
your moving average 20 exponential,do you apply it to open or close?
thanks all the way for your lectures.
Hello guys
Got it right AGAIN !!
hello fxpimp,
your moving average 20 exponential,do you apply it to open or close?
thanks all the way for your lectures.Hey Pimp do ya think these same rules about sitting out when crude and oil are doing different things is a good one to apply for any system? I got hammered today on my normal system which is usually a more consistant performer - It's a trend system by the way!
Moving averages are applied to the CLOSE price Remmy. Welcome to the club.
Cindy, I like to see Gold AND Crude moving inn the same direction, and when they don't I do nothing generally.
One never quite knows when the Chairman of the club is going to have his wicked way with our Golden Lady.
I find that it's all too often that Gold will look good in one direction with the Majors following then all of a sudden Crude will change it's mind, change direction and cripple and further move on the Gold AND the currencies.
I hope this helps.
Onto this mornings potentials.
I did mention the strong possibility of Gold moving higher to $976 and Crude to $132.50.
Crude has moved 155 pips since that post and Gold has also moved $5.
There hasn't been any major stimulation in the Forex pairs I cover but a couple of potentials. Long on GBPUSD and short Swissie, which is not as clear cut, but a potential 1-2-3 for later.
I'll be back in a couple of hours to see what's going on.
Please keep up the questions and let's get these brokers running for the hills.