School of Pimpology - page 31
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The 50MA's
Hi Mr P
A question about moving averages in particular the 50.
I attach gold charts from this morning which shows I think a fairly typical trade.
The 15min chart, when the trade triggered, shows both 15min and hourly 20MA's were below the hourly 50MA, but on the 5min chart the 5min and 15min MA's were all nicely stacked.
Question is do you wait for all of the MA's to stack nicely on the 15min, or do you simply wait for the 20MA's to be stacked and the price action to break the 50MA?
cheers
Tony H
Hi Mr P
A question about moving averages in particular the 50.
I attach gold charts from this morning which shows I think a fairly typical trade.
The 15min chart, when the trade triggered, shows both 15min and hourly 20MA's were below the hourly 50MA, but on the 5min chart the 5min and 15min MA's were all nicely stacked.
Question is do you wait for all of the MA's to stack nicely on the 15min, or do you simply wait for the 20MA's to be stacked and the price action to break the 50MA?
cheers
Tony HTony thanks for the question.
At 3a.m on the 15m chart you have 5m 15m 60m 20's in correct order. The target area there is the 60m 50.
Now in oder to confirm a move higher you need to see the 60m 20 cross the 60m 50. Without that you must be very careful. I jumped in seeing crude take off before the cross. Sometimes it works, sometimes not.
Look also at the angle of m.a's. if they are steep they are hard to pass but if they are flat they are easy to pass.
as I said before, trading against the 4hr trend or daily trend can be costy.
I hope this helps.
thanks for that FXP, it's becoming ever clearer. I do much prefer to trade off the 15min or 60min rather than th 5min, it's much more relaxed.
cheers
Tony H
thx good work
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.
I did have a right moan, didn't I!!
Indices
Hi FXP,
As you know I've been learning your system recently. I think its very logical and robust, giving you high probability trades, importantly keeping you out of bd ones. My understanding of the market and price behaviour has improved significantly since going thru your system and participating in the trading room.
Just building up my confidence now to stay in trades longer!
Just a question on Indices - it seems to me that currencies respect ma's and s/r's etc on the charts more than eg the ftse. Is that so in your experience or its a mistaken perception on my part?
Also, altho' I'm scared of trading the black beauty atm, I want to monitor it to get a feel for when the time is right for me. I notice that experts like you ( and Bloom) invariably get into oil at the right time. Given the way it moves, is there any additional nuance that I need to bear in mind or keep my eyes peeled for whilst watching oil? Jus want to learn as fast as possible.
BTW, good to put a voice against a name, thanks for the sound alert!
Regards
Pardy
Progress
Hi guys, hi Mr.Pimp
I am very happy to see that this thread has over 17K views in two weeks now.
Strategy is evolving with better market conditions (better trending market now) - mr.Pimp is doing great job trying to move us from 5min charts except for entries. As i can see in chatroom related to this thread (where we trade this strategy every day) these last 2 setups - with 15m 60M, and my favorite 5m 15m setup are accepted very well within traders after initial confusing. Kept me out of some bad trades so i am happy
Also, since indices are introduced by mr.Pimp in the chatroom there is nice amount of pips made every single day - congrats for that.
Then, we have over 100 traders there + some VIP indices traders that apply Pimp's strategy in conjuction with their previous experience and good news feed support - i wish i can trade indices.
I see that Bloom has officially became crude expert - good to hear that - cheers Bloom
See you there - it is free to join and you are all welcome.
P.S
Please post your strategy question here and save the chatroom for trading.
Thanx
Should of, could of, didn't
Hello my fellow traders and friends. I wanted to bring some light to myself as well as some of you traders out there. I think I have been having a serious case of traders psychology. I'm not trusting my judgements as well as the judgements I get from a pretty reliable source. I'm guessing this is due to the current market conditions and my own inability to make things go "my way". I think some of us may be a little too comfortable with the market being quite "shitty", pardon my use of foul language. I think that regardless of the current positions of everybody's economy, we are starting to see trending markets again. This could be me being naive but none the less it is what it is.
I know Cako himself was calling a top on the whole EUR/JPY for a reverse move downward. Based on his technical analysis he was right as all hell. Since he made these remarks the EUR/JPY has gone down 200+ pips in less than 2 days. It could possibly be heading down 300 or more.
Now, given my current position on things, I did nothing and I'm not sure if anyone else did either. I want to share with you though something I received at the beginning of the week that I felt I should post on the thread but wasn't completely confident in the outcome of me posting it would be. So here it is...
Here are my bankers thoughts " I have closed my USD/CHF position
taking a 300 pip hit, I closed my GBP/JPY at 212 making +400 pips. I
have already closed my USD/JPY position for +350 pips. Today my advice
will be to sell GPP/JPY and AUD/JPY and NZD/JPY. August will be a very
strong month for JPY as exporters have to repatriate for the Japanese
fiscal year and they will also have to hedge, I can see USD/JPY test
100 in August and I am short GBP/JPY at 212, Short AUD/JPY at 103,
Short NZD/JPY at 81, AND SHORT USD/JPY AT 106.75. You can have at
least a 500 pip take profit target on these positions."
Now maybe, just maybe if I had posted this at the beginning of the week we could have done our own analysis on it and made decisions based on it. I know that with this information gathered with some comments made by my friend Cako, we all could have banked some pips on this one.... I will do my best to not let mistakes like this happen again. This is all too frustrating for me to make mistakes like this. It seems as though I've scared myself into a corner, afraid to come out. That being said I'm pretty sure my mentors Dan and Zak would be disappointed with me saying that. I'm pretty sure they would say, "you miss some and you lose some, but you also get some and win some".....something along those lines. I am by no means even close to an expert or a seasoned trader for that matter. I'm just on the same learning path as most of you, trying to make something of myself and enjoy the better things in life. I'm not sure what else to say at this point except I hope we all have a great end to the week tonight or morning as it is for some of you. I'm going to try to get a few hours of sleep before we start all over again.
Cheers my friends
Ben A.K.A. Vampy
Pimpology Preview.
Morning all.
Great to see so many of you doing well.
Please accept my apologies for 'tweaking' all the time, but with Dollar strength everywhere it's important to join the market conditions. As I said before the CCI's are the same setting, still 21's from different timeframes, but shuffled about onto different timeframes for a clearer view.
On to today. I do beleive that Friday may be upon us, am I right ??
This means there could be a lot of banks around the world closing-out dollar position prior to the weekend.
The only evidence I see right now is Crude. Once again having a good look at the 4hr 20ema.
The rate of descent has not been as aggressive as at first, the 4hr CCI has actually crossed to positive already indicating a little recovery might be on its way. Or at least some sideways action for a bit. The last time the 4hr CCI crossed into positive last week we saw som nice moves north of 500 pips or more.
No doubt bloom scooped the whole lot, our newfound dark-lord demon.
Gold is still struggling and failing to make higher highs on the 60m, BUT IF the the lord of darkness, Crude not Mr Bloom, can break the 4hr 20 and make some headway then the Gold-slide will stall.
Take a look at the currencies. Just shows how much the Dollar is coming back, but these are short-term overbought/oversold even on the Daily CCI's.
So I will not be playing continuation games.
Crude has made a little higher low on the 15m chart which is promising. This is the one thing I hate about intra day. Unless you actually stay in the trade there is always something holding me back when I see lots of red or green.
I really do reccommend trying to hold these trades first on the 60m then 4hr charts.
The only currency pair I would be interested in on a possible continuation would be little miss Jpy.
On the 5m looks like the Asians have had some fun.
Not overly interested in playing reversals but Euro if it can claw its way above S1 at 1.5255 could be a little play, but I didn't say that, as I only play WITH the trean.
Keep an eye on Crude.
Currency strength for the day
So I was doing a little research for the day ahead and here is what I came up with.
Strong currencies....
USD 1.86 % ,GBP 0.87 %, JPY 0.41 %, CAD 0.2 %
Weak currencies....
CHF -0.01 %, EUR -0.36 %, NZD -1.08 %, AUD -1.5 %
Just an FYI in making trade decisions for the day.
Benny