School of Pimpology - page 34
You are missing trading opportunities:
- Free trading apps
- Over 8,000 signals for copying
- Economic news for exploring financial markets
Registration
Log in
You agree to website policy and terms of use
If you do not have an account, please register
Order, Order
Gave my spreadbetting firm 40+ pips back yesterday. Not a happy bunny.
.
As you should do I trawled over the charts this morning, after a few beers last night
, to find out why and realised the error of my ways.
Keep those MA's in order!
I had taken a couple trades going into the MA's. No wonder they had a hard time. Also took a trade where the hourly 20 was the wrong side of the 15min 20, in other words the MA's weren't stacked in the correct order.
Well, guess what I won't be doing again. I recommend you don't either.
Tony H
Brilliant - just brilliant
Dear Le Pimp,
A wet day in wales and an excuse to play with my toy!
I have read with joy your posts. When you finally retire to the Island you should seriously consider the role of secretary of state for pimpology in the new government. Cracking work my friend.
Perhaps all your time detoxing has had a minor physiological impact after all.
I'd be concerned about the longer term health issues of no grog - you could end up on mastermind! Specialist subject - Pimping.
The olympic beach volleyball was very informative!
Vive Le Pimp,
Sandy Rockie
Stops
When using this 4hr strategy it is important to understand that the drawdown can potentially be quite large prior to the move going in your direction.
By this I mean that you may be in negative territory for a while.
With the CCI's I have added we sould be able to eliminate quite a lot of this and playing breakouts too should see our trades going in the appropriate direction immediately, but this is in an ideal world, and will not happen all the time.
Therefore the following are worth bearing in mind.
The pip potential is much greater as are the losses so play with 1/4 of your normal stake to begin with.
You can always add to the position after each retracement but start small as your stops will vary from 50 pips to 150 pips.
Personally I would play on a demo account fo a month or so until I am comfortable.
Stops should always be above the last series of green candles for shorts, or below the last series of reds for longs.
Each time the price retraces to the 20ema and continues you can then move the stop.
Next we talk about adding to the position
Hi Pimp
A question about the trend if I may.
We all know, and if we don't we should do some pretty damn quick research, that the trend is our friend. Trade with the trend, not against it. BUT, how do we identify the trend direction. Not always as easy as you may think.
I think you said about the new 4hr strategy that the trend is identified by the direction of the daily 21CCI. Simply red CCI = down trend and green CCI = up trend. So we look for trades in the direction of the daily 21CCI. Is that right?
On the shorter timeframe strategies though, how do we identify the trend? Are we talking the same basic idea i.e the 21CCI?
If I'm right then I'd be looking at the 4hr 21CCI for the trend (red = down, green = up) and then using the 60min & 15min charts to find trades in that direction, and the 5min chart for an entry point. Am I right?
thanks
Tony HTony, The main trend is the bottom CCI on your charts.
If you are looking at the new 4hr strategy the bottom 126 is the DAILY that's what we follow.
With the shorter term I usually trade in the direction of the 4hr trend, but a lot of the guys are playing the 5m/15m charts and just using the 84 on the 15m chart (hourly) CCI as their main trend.
Do not try and buck the trend or it might just buck you back.
Chocohology
Pimp, Pimp, Pimp
Is there no end to your wonderfullness? Can life as a home-trader get anymore brilliant?
Not just a great strategy to trade (I just love the 15m set-up) but now a 4 hour set-up to tinker with as well, AND we all get to talk about it in the chat room too.
As Tony (ajhill) and others have said in earlier posts, it can be a lonely life trading from home, but what a great community we have in our chat room now. Sharing the strategy, sharing the pips and sharing the pain when it goes a bit pear shaped. We need some more ladies though, there's more than enough guys to go round!
So Pimp, thank you for caring, thank you for sharing and thank you for adding chocolate into your charts.
RS / ScorpionSorry but there is no way you eat chocolate looking at your avatar - no obvious bulges, and with a white bikini which I have closely inspected and find no sticky fingerprints or little smudges!
You are no chocolate eater.
Milk Tray Rockie
Pimp, Pimp, Pimp
Is there no end to your wonderfullness? Can life as a home-trader get anymore brilliant?
Not just a great strategy to trade (I just love the 15m set-up) but now a 4 hour set-up to tinker with as well, AND we all get to talk about it in the chat room too.
As Tony (ajhill) and others have said in earlier posts, it can be a lonely life trading from home, but what a great community we have in our chat roomnow. Sharing the strategy, sharing the pips and sharing the pain when it goes a bit pear shaped. We need some more ladies though, there's more than enough guys to go round!
So Pimp, thank you for caring, thank you for sharing and thank you for adding chocolate into your charts.
RS / ScorpionThe chockie was just for you Scorpion. I remember you telling me you were down to about 3 stone, ready for that Cosmo shoot and that Paris gig, but I know your partial.
Next time I'll try to make it Belgian.
Glad you are enjoying the new template. We'll commence on Monday talking about it and all get some demo accounts rolling and start a little community competition. That way we can help out those who are struggling.
I'm already about 60 up on GBPCHF. Couldn't resist, sorry.
Hi Paul. Welcome to the thread and thanks for the question.
I should have covered this in the past but don't think I have done it in great detail.
It's actually very easy to calculate the different timeframe moving averages into a shorter term chart.
Lets take the 4hr 60m and 15m settings as an example.
I like to use this example as the timeframes are all divisible by 4.
There are 4 x 15m in 60m and 4 x 60m in 4hrs.
Therefore the calculation for the higher timeframes in this instance is the value of your 15m moving average times 4 gives you the same period 60m m.a on your 15m chart. Take this new number and times that by 4 and you have the same period 4hr m.a on your 15m chart.
Example. I want a 60m and a 4hr 20 moving average on my 15m chart.
20 x 4 = 80, so an 80ema on a 15m chart would be the 60m 20.
80 x 4 =360, so a 360ema on a 15m chart would be the 4hr 20.
If you want a weekly 20 on a 1m chart you must work up the timeframes.
There are 5 x 1m in 5m, 3 x 5m in 15m, 4 x 15m in 60m, 4 x 60m in 4hrs, 6 x 4hrs in 1 day and 5 x 1 day in a week.
My calculation would therefore be 5x3x4x4x6x5 x the m.a in question, lets say a 20.
5x3x4x4x6x5x20 = your 144,000 exponential moving average.
Unless you have 300 years worth of data this wouldn't show up too well, but you get the point.
A 15m 20 on a 5m chart is?.....................yes, a 60 (3 5m's in 15m, 3 x 20)
a daily 50 on a 60m chart?.....................yes, a 1200 (50 x 4 x 6)
This works in reverse too, so a 5 ema on a 4hr chart is a 20 from the 60m chart.
Why? There are 4 x 60m in 4hrs, so your 5 x 4 =20.
A 7 on a 15m chart is your 5m 20 (21 actually)
Does this help ? If not then email me and I will just send you the templateWow thanks FX,
No dont send me a template, i need to learn
what i am asking is
i have a 4 hour chart and i want on that 4 hour chart a 20 ema from
a 5min chart
a 15 min chart
a 60 min chart
a daily chart
a weekly chart
so on the 4 hour chart i will have 6 moving averages of the 20 ema, if you send me how to calculate that then i can work it out myself
BRILLIANT SITE
Thanks
Paul
Wow thanks FX,
No dont send me a template, i need to learn
what i am asking is
i have a 4 hour chart and i want on that 4 hour chart a 20 ema from
a 5min chart
a 15 min chart
a 60 min chart
a daily chart
a weekly chart
so on the 4 hour chart i will have 6 moving averages of the 20 ema, if you send me how to calculate that then i can work it out myself
BRILLIANT SITE
Thanks
PaulSorry Paul did the post not explain exactly how to do it? Sorry
how many 5 mins in 4hrs ?
how many 15mins in 4hrs?
how many hours in 4hrs?
Divide 20 by your answer to each for a 20, or 50 by your final answer for a 50.
A little clue. You cannot have a 5m 20 on a 4hr unless you can find a 0.42 ema.
how many 4hrs in a day?
how many 4hrs in a week?
Times your answers by 20 for a 20, or 50 for a 50.
How's that? Half help, half effort on your part
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
PardyHey Pardy,
You're right about the m.a's on indices. A lot of the old school trade ftse with support and resistance trendlines only which is why this is the case.
Try taking everything off your chart, toss a coin and go long on heads or short for tails.
No, seriously it's a matter of preference and I am probably not the best person to talk to regarding Indices as I trade them the least.
I'll get monkey-boy to shed some light but in the meantime you will be safe to use them.
As for the Dark Lord I wouldn't touch it for a year unless you have a good supply of 'just for men' or a pacemaker plugged in and ready to take over.
The 5m strategy is very good with the beast but expect a good old fashioned 100 pip spike from time to time.
I seldom play this with a stop as a spike is often just a spike.
A risky proposition when a war breaks out but keep an eye on it in the morning only. He's a little bit camp first thing !
Sorry Paul did the post not explain exactly how to do it? Sorry
how many 5 mins in 4hrs ?
how many 15mins in 4hrs?
how many hours in 4hrs?
Divide 20 by your answer to each for a 20, or 50 by your final answer for a 50.
A little clue. You cannot have a 5m 20 on a 4hr unless you can find a 0.42 ema.
how many 4hrs in a day?
how many 4hrs in a week?
Times your answers by 20 for a 20, or 50 for a 50.
How's that? Half help, half effort on your partFX Thanks
Got it now
Paul