School of Pimpology - page 22
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Hi FX PIMP
just wondering if you could give us newbies a quick educational enlightenment on the first two points you made above regarding time of day to trade and elapsed time since the cross of 20 MA's
I don't remember reading anything about this in the thread.
Your entry was technically a valid one apart from
1) time of day
2) time elapsed since initial cross of 5m 20 over 15m 20
Hi Cindy.
Just to clarify. The busiest times in the markets are London/European/New York.
This is where the volumes come in.
I stop trading at 11am generally as the Europeans go to lunch, at 12 the London Boys go to lunch, so this is a fairly quiet time for me. Yhe morning session is over.
The party kicks off again at 1pm (ALL UK TIME) when the Americans start trading, but when they break for lunch at 4ish the Europeans and #London lads are all going home.
Thats why I stick to 7-11 and 1-4.
The second question. My 5m 20 crosses my 15m 20 after the price at the beginning of a move. Since the 63CCI 0.0 line is approximate to my 15m moving average its fair to say that the 63CCI would have been up a while already once the 5m and 15m 20's cross yes?
The longer a CCI is up the more tired the move becomes.
This is true on any timeframe.
I am going to do some more research on this but I'd say it's safest to get in on the 1st 2 re-crosses of the 7CCI after the 63CCI, maybe 3, but after that you are probably pushing your luck.
OK - Gotcha thanks very much
"Too much support below to look at shorting Swissie & Yen this morning.
IF Crude and Gold don't find the support then Swissie and Yen above the pivots and we can start looking [for long positions]
Just keep it tight and execise patience letting Crude take the lead"
That was a quote from this morning's summary posted around 6:00 UK time
These were a couple of vital clues for this morning's trading.
Gold and Crude DID look like retracing but once again the 4hr 20 was just too strong and they fell off giving some vital impetus to the long CHF & JPY.
USDJPY is trading 70 pips higher whilst USDCHF is 100 pips higher.
We diccussed these set-ups in the Boiler Room, a free to all Skype chat where we gather each day.
We also traded Gold short, which fell 140 pips in all, after coming a little unstuck on a cable long which cost us 25 pips, but what's 25 out of a possible 300+ ??
Great trading by all
Enty 2,3,4,5
As mentioned earlier, the first and second and third entries when the 7CCI re-cross are always going to be the best points of entry.
Start getting upto the 4th the 5th the 6th cross and you are going long at R2 of the pivot which ideally should be a profit taking area and not an entry point.
I haven't spoken much about the elastic band strategy but will come on to that later, but from the chart attatched you can see ferom the green arrows that the best entries came after the 63CCI had crossed and the 7 had recrossed.
There was an opportunity to enter a 4th time but look at the gap by now between the 5m 15m & 60m 20ema's.
Tread with caution at these seemingly nice set-ups.
7ema Cross
If like many you cannot follow the 60m chart too easily then why not stick with the 15m and 5m.
I have deliberately put the 60m & 4hr averages and CCI's on the 15m chart for this reason.
One way of knowing when to switch charts, and something I am asked about a lot is to wait for the 7ema on your 15m chart to cross your 20.
When this occurs we know that this is a sign for a closer look. Why?
As mentioned in previous posts, the key to a new move it for one 20ema to cross the next from a higher timeframe, so 15m 20 over 60m 20 is a good sign, or 60m over 4hr and so on.
Yes I use the 50sma's but you can use this method as well.
The 7ema on the 15m chart IS the 20ema on the 5m. So you know when one has crossed the other you can begin to look for a possible entry.
Attached is the 15m (right) & 5m (left) charts from todays USDCHF trade.
Once the 7 crossed (falsie earlier as well notice) you switch to the 5m, assure the CCI63 is pointing up, wait for the 7CCI to retrace then pull the trigger.
In this instance we had to wait for the cross of the pivot and 60m 50sma but you can see the potential and it cuts down the workload.
It's been bugging me all afternoon the suggestion I made to demonstrate yesterday and it's just come to me.
I was going to do a feature on how a 5m chart trade can end up being longer term.
Let me do that in the next post before my dizzy mind lets it slip.
Template
Hi Mr Pimp
Any chance of another copy of the complete template?
Did not save it to desktop and Ive mucked it up cannot get it set up properly.
Thanks
Thanks FXP
SHEER GENIUS
Thx FXP
Pardy
As you will see here, there are times that what starts on a 5m chart can often become a longer term trade.
Look how the entry on the 5m looked on the 15m chart after 30 or 40 pips. Quite attractive I'm sure you will agree.
Why not then take some profit and switch to a 60m chart and have a look and perhaps the 4hr chart for further profits and just let it ride.
The daily CCI (126 on a 4hr chart) had never returned to the positive and now the weekly 20 has crossed (630 on a 4hr chart) for the first time since last AUSUST !
This could just keep falling after some retracements and already you'd be sitting on a 200 pip profit from a 15-20 pip risk. That's a 10/1 shot in most bookmakers around the country and not easy to come by.
Try it on a demo and see how you get on. If the last couple of weeks are a guide, the Dollar is back and we may start to see some nice trends again.Longer Term
As you will see here, there are times that what starts on a 5m chart can often become a longer term trade.
Look how the entry on the 5m looked on the 15m chart after 30 or 40 pips. Quite attractive I'm sure you will agree.
Why not then take some profit and switch to a 60m chart and have a look and perhaps the 4hr chart for further profits and just let it ride.
The daily CCI (126 on a 4hr chart) had never returned to the positive and now the weekly 21CCI has crossed (630 on a 4hr chart) for the first time since last AUSUST !
This could just keep falling after some retracements and already you'd be sitting on a 200 pip profit from a 15-20 pip risk. That's a 10/1 shot in most bookmakers around the country and not easy to come by.
Try it on a demo and see how you get on. If the last couple of weeks are a guide, the Dollar is back and we may start to see some nice trends again.
Pimptastic
Dear FxPimp
This thread has saved my life. Thank you. Something interesting at last to read while away!
Well written and so simple to follow.
Satisfied Rockie
Ooooooooooo-urgh
Hi Guys n Girls,
Just a quick post.
Lots of you have asked about the m.a running through the candle again, so I will just say a few quick words.
The 4ema that runs throught the candles on the 5m chart is the 1m 20ema, the 7ema on the 15m is the 5m 20, the 5ema on the 60m chart is the 15m 20 and so on.
It's a leading ema so we want to see it travelling on the right side of the immediate 20ema prior to trading.
You can see how well the price moves in your direction when these are all in order by the picture minus the candles.
Have a good evening.
See you in the morning.