School of Pimpology - page 30
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Adjustments to Set-up
Le pimp,
As you were kind enough to share your weekend libations I thought to do the same;
Friday - chicken madras and large naan, with several large kingfishers
Sat - BBQ butterflyed leg lamb with several beef kebabs, SA rose; supper of thai green curry and half a dozen guinness
Sun - BBQ freshly caught sea bass, and chilli tiger prawns, plus some neat burgers, several larger snifters of Auzzie red. More beer at local pub until sun-set.
That my friend was my detox!
You should join the program.
Membership - free
Pickled rockieHahahaha,
you club seems like a bit of me. Free membership too. Count me in !!
I am actually feeling quite good now. Just smoothies and loads of fruit and veg.
Got to stay away from bread and the like and certainly not looking to pollute my body with any of those toxic poisons. Not until I hit the Costas anyway !!
As far as trading goes I am having a bit of time out to do other things.
Took a few pips on Dax and lost a few on Dax. Made a few on Ftse and Currently in GBPUSD from the 60m 20.
Have been working hard on some minor adjustments to the template, just to steer people away from the 5m chart until the entry.
So, what I have done is the following.
2 Pairs tiled on the screen, GBPUSD & EURUSD in this example. (once set-up like this you can save as profile then create new profile for the other pairs)
At the top is the 4hr and at the bottom is the 60m.
The 60m shows the 4hr and daily CCI, whilst the 4hr shows the weekly CCI.
M.A's are as before.
This is where we do our technical analysis.
Once that is complete the top chart gets changed to a 15m timeframe, which shows my 15m & 60m CCI's. So now we have a 15m and 60m showing 15m 60m 4hr and Daily CCI. We spend most time one this set up until we get the signal.
Then finally. when the set-up is visable on the 15m chart and looks good on the 60m chart, then and only then, upon the cross of the 15m 21CCI we switch 15m to the 5m.
This has the 63 (15m 21CCI) so we can still see the cross. Now what we wait for is the 7 to recross.
After entry we switch back to the 15m chart at the top and just let the trade do its thing on the 15m and 60m. Once sufficiently marinated we can then either take profit, or my preference, to take partial profit and switch the 15m chart at the top to 4hr, leaving us a 4hr and 60m chart displayed.
This way we can really maximize profits.
Look at the shots, and how this method could have netted 150 pips on GBPUSD today.
Pic 1 - 4hr/60m - Technical analsyis / Running the trade(2)
Pic 2 - 15m/60m- Looking for set-ups / Running the trade(1)
Pic 3 - 5m/60m - Entry
Now can anyone tell me they would rather get in and out with 10-15 pips all day on a 5m chart?
Case dismissed !
NOTE:: THIS IS NOT A CHANGE OF SETTINGS. IT'S PURELY A VISUAL THING. ALL CCI'S ARE STILL 21'S FROM DIFFERENT TIMEFRAMES
The basket is:
"EURJPYb","AUDJPYb",
"EURUSDs","EURAUDs",
"USDCHFb","NZDUSDb",
"EURGBPs","USDCADb",
"GBPCHFb","EURCHFb",
"AUDUSDs","GBPUSDb",
"CHFJPYs"
The 'b' and 's' stand for Buy & Sell. Same lot-size used for each...Omellette
You will find that your basket will be all over the place as it's not really relative to Dollar strength or weakness.
Sure AUDUSD & USDCAD & NZDUSD & EURUSD & GBPUSD are but the rest, not so.
The Dollar will have some bearing however. For exmple EURGBP is a mix of EURUSD and GBPUSD, CHFJPY is a mix of USDCHF and USDJPY and so on.
This is why I choose, with this strategy to ignore these pairs as generally GBPUSD & EURUSD tend to travel in the same direction mostly. So if both Euro and Pound are either strong or weak, where does that leave EURGBP ?
A little bit sideways.
I tend to use that particualr pair if I am looking to trade Either Cable or Euro, just to ascertain which is likely to move the better.
I hope this helps
WHICH CHARTS, WHICH CCI's
Hello Senior Le Pimp,
I have a couple of quick questions for you. Can you clarify which CCI'S I'm supposed to have on the 15, 60 and 4 hr. Its just I noticed since yesterday your cci's on your images has changed since. Sorry if its a dumb question but I just wanted to be on the same page.
As far as everything else I think trading has been well this week so far. I love our little community and it's always nice to talk to everyone, especially when the market is at it's slow points. Anyhow, I would like to send out a big thank you to Le Pimp, Cako and the numerous other people for all their contributions to make all of this happen. Everything from peoples advice to making custom indicators, from taking the time to set up this thread and the chat room, and still making time to answer every ones questions regardless of what they are. YOU ALL ROCK and you all know who you are!!!
I can't wait to chat with you all tonight and may the pip fairy bring us all many pips.
Peace all,
Vamps y mcgee
Omellette
You will find that your basket will be all over the place as it's not really relative to Dollar strength or weakness.
Sure AUDUSD & USDCAD & NZDUSD & EURUSD & GBPUSD are but the rest, not so.
The Dollar will have some bearing however. For exmple EURGBP is a mix of EURUSD and GBPUSD, CHFJPY is a mix of USDCHF and USDJPY and so on.
This is why I choose, with this strategy to ignore these pairs as generally GBPUSD & EURUSD tend to travel in the same direction mostly. So if both Euro and Pound are either strong or weak, where does that leave EURGBP ?
A little bit sideways.
I tend to use that particualr pair if I am looking to trade Either Cable or Euro, just to ascertain which is likely to move the better.
I hope this helpsYep, I hear what you're saying. btw, I didn't pick the basket, it's from another strategy here on TSD which I believe could be pretty good if there was a way to pick a basket based on market sentiment. There is no doubt though that for the past year this particular basket has been heavily USD biased - not atm though...
Just a word of thanks for all your advice Pimp. 191 pips yesterday. These days are becoming more frequent for.... thanks to your tuition.
Blooming fantastic
Awesome Bloom - great pipping my friend. Well done and keep it up.
All the best,
Impressed rockie
Excellent
Just a word of thanks for all your advice Pimp. 191 pips yesterday. These days are becoming more frequent for.... thanks to your tuition.
Great Work Bloom.
I remember a couple of months ago you were having a moan-up about what a crap week it was for you and nothing seemed to be going right.
Now look at you go ! You've put in a few hours of overtime studying, you're recognizing the set-ups and being patient.
Look back to that time and see how far you have come.
Now project that ratio of improvement 6 months ahead.
The Force is strong Luke. Congratulations.
Correlation
If like many you are new to correlation then I have something that could be just what you are looking for.
Courtesey of one of the guys in the free trading chat room, where we trade this strategy, we've had put together a correlation indicator which is rather neat to say the least.
You only need it on one chart, but you can see what is going on in all the markets we cover over all timeframes from 5m to daily.
Take a look at the chart.
We can see on the 60m 4hr & Daily we have perfevt correlation between all the majors and Crude & Gold.
This is represented by EURUSD GBPUSD Gold & Crude displaying RED boxes, with USDCHF & USDJPY displaying GREEN boxes.
This means that the Heiken Ashi in these boxes are of that particular direction and when the correlation matches you see the bottom box $ displaying an arrow. UP for strong Dollar or Down for weak dollar.
When there is no correlation on a particular timeframe the $ box will show an X.
The ticks and crosses in the other boxes represent the correct order m.a's.
So if the 20/50/200 from that particular timeframe are are in correct order for a long position then a tick is displayed, if not, an X.
Great little tool to help you keep track of whatas doing what without actually looking.
Many thanks for all the hard work put in creating this for us Mr W. Keep up the Sterling work.
If you'd like this indicator, then please email me: thefxpimp@hotmail.com and I will let you know where you can get it for free.
Pimpology Preview.
Goood morning all.
I hope you are all well and profiting nicely from this spate of Dollar strength.
Today I will be sitting on the sidelines I think.
There is a lot of divergence on all the 4hr CCI's apart fro USDJPY, who staged an incredible breakout and comeback yesterday after smashing the old resistance AND the weekly 50sma.
We all know where crude & Gold stand at the moment and although they might well fall further I am not getting involved at the moment.
Really, we need to look at the shorter term today to sniff out some opportunity.
Yes the 60m CCI's have retraced to 0.0 but it's awefully stretched.
If you feel the need to trade then do. Wait for the 84CCI to retrace to 0.0, then look for the 21CCI cross (all on 15m chart), switch to 5m and wait for 7CCI retrace.
Be careful of retracements though !!
I will be back with something a little more concrete in a while I hope, but for now, sorry to disappoint.