School of Pimpology - page 32
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Vamps, thanks for the post earlier with your "bankers thoughts".
I always found trading a bit of a lonely hobby. Now I'm aiming to be full time. And I know I can because of the community spirit being generated here and elsewhere. Being able to share the highs and lows is the biggest help any trader can have.
Things like the information you post here, to be used or not, is invaluable not just for the information, but for the camaraderie it promotes.
Brilliant
Keep 'em coming buddy, I for one appreciate it for many reasons.
Tony H
community
Well said Tony!
Hi Vampy big thanks from me and nothing wrong with caution. Better that than being macho and losing your shirt. Small steps, small leverage and build your confidence again.
Trust me everybody has a period of self doubt and low cofidence once in a while - even the pro's. So go have a couple of beers and chill ovrr the weekend and Monday will become a much brighter place.
Tune in to the Olympics!
All the best,
Rockdrive
Take Profits
.....................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.........................
FX Pimp,
As you know from all my messages sent in the chat room, this new layout is working very well for me. I have been making pips and taking partial profit after sufficient "marinating" as you so eloquently put it. Then, switching to the 4hr chart.
But, I don't know what % to leave on. I've just been taking a guess really.
I know money management is different for everybody and it will depend on how far each individual trade has gone. So for one who is still a newbie:
a) Can you give a guideline of what % to close?
b) Once on the 1hr and 4hr, do I watch CCI's or have TP levels noted or both.
Thanks in advance,
Honest Bill
Bill,
I would take out half at say S1, then a quarter at S2, then leave a quarter running.
Upto you really. I like to bank some pips and IF you are bold you may wish to take off a quarter at S1 and a quarter at S2 and leave half running but I think for added confidence it best just to leave on a very small portion.
Especially if you are already a long way from your 4hr 20.
There are a few tests running on the Correlation indicator and some very interesting new features. I will get this out just as soon as it's been tested thoroughtly. Thanks for your patience. Drop me a line if you haven't already done so and I'll get it to you just as quick as I can. thefxpimp@hotmail.com
Bonus 4hr Strategy
Hi guys.
Apologies for being a little absent this week. I have been working on a new longer-term strategy that we can use, aside from the original, to help capture pipsus maximus during these time of Dollar robustiness.
We Will cover 16 pairs in total, FX only, and each chart will take just a couple of minutes to analyze each day, just using a 4hr chart.
All we need to do is tile the 16 charts in question, then save them as a separate profile. We'll then go over them 1-by-1 in the Boiler Room during times when the markets are quiet.
The pairs are as follows.
GBPUSD, EURUSD, USDCHF, USDJPY, USDCAD, AUDUSD, NZDUSD, EURJPY, EURGBP, EURCAD, EURAUD, EURCHF, GBPJPY, GBPCHF, AUDJPY, CHFJPY
A little mix and match to keep us going and one that could have netted over 5000 pips this week alone.
These have been chosen for two reasons. A pretty good volatility and spread combination.
Here's an example of one possible trade from the last couple of weeks.
The arrows represent the possible re-entries.
So wheres the signal I hear you scream!!!
In the next post I will discuss the whole set-up, but here's just one 500 pip trade for you to keep you going.
Final Set-up
Here's how the whole gig looks once you've got it set-up.
Like my old girlfriend said to me. "size is not important"
With the voice alert you can super-size the pair you need to look at.
For all technical alalysis obviously blow them up, but to keep them like this at most times is fine. It's not like you must keep constant watch.
Remember we only need to spend a couple of minutes on each chart per day.
Next I will show a few charts with decent set-ups of late.
Again I will raise the 7CCI from the bottom to show everything matching nicely.
Set Up
Now for this strategy we need just a 4hr chart with the following m.a's and CCI's.
4hr 20 exponential and 50 simple.
Daily 20 exponential (120) and 50 simple (300)
Weekly 20 exponential (600) and 50 simple (1500)
All varying shades of red for 20's and blue for 50's.
We also need a signal 2 & 5 exponential. The 5 doubles up as a 60m 20ema.
CCI's are 21 & 126. The 126 is our directional daily 21CCI.
Finally a 7CCI tucked away at the bottom. This can stay out of view with the voice alert indicator but is on show here for purposes of demonstration.
I have added a voice CCI to alert us of the 7 cross so we'll know what pair is doing what.
Here's how the combination of the 7CCI and 2&5ema get us into continuations.
The Daily CCI is down so we are only looking for shorts. The 21 doesn't cross back through the 0.0 but retraces towards it.
Now notice how the 'chocolate' 2ema crosses the 'black' 5.
We look for a retracement toward the 4hr 20ema and 21CCI 0.0 line, coupled with the 2 crossing (or squeezing) the 5, the red Heiken Ashi AND the CCI7 re-cross.
Since the Heiken Ashi is based around the 5CCI crossover, we know that a red Heiken re-emerging on a 4hr chart must be a 21CCI crossover from the hourly chart and that's why we need not to look at any other timeframe.
I have the voice alert for each indidual pair if you'd care to email me. thefxpimp@hotmail.com
In the next post I will show how the charts look once we have them all set-up.
What to say then...
... simply brilliant!!!
Great movements on all majors, hope everybody made lots of pips this week.
How big is your dollar
Dear Le Pimp
Welcome back to the world of grog. No more detox I hear you say.
I am very impressed indeed with your little plaything!
The chart set ups are pretty neat too!
One tiny question - beer or wine? Yeah
Have a great weekend fellow pipster.
Where's Dan007 hiding - I do hope that rather nice young man is not too far away and ready to come back and play.
Vive le pimp and le dan
Olympic rockie