School of Pimpology - page 41
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Free Skype Chat trading this method
I found your system interesting and would like to join the group. Please let me know.
Thank you
ArnaldoPlease do Sir. Everybody welcome, with no cost, plenty of humour and a little bit of trading too. The Boiler Room is here
Just for a sake of showing potential of your 4H method..
That other 1/2 of EURCAD short from 1.5880 closed for 200+ pips.
Although I think I was in luck with EUR tumbling..
Happy pips every1.
endyGood stuff Endy
Yes, Euro was tumbling, but the trend was down as per the strategy. Not luck.
Just closed my trade posted on page 40 for +233 pips at S2.
Sleeping Well Honest Bill.Way to go Guys, really.
Couple this with Tony's 100+ on EURCAD, Vampy's 80+ on EURCHF, Cako's 100+ on EURJPY plus many many more and I think as someone kindly put it earlier..........."we have the solid foundation on which to bouild the house"
Take a look at a couple of other 4hr strategy plays from the last couple of days below and see the power of 'set & forget'. Outstanding work guys and girls. Let's se if we can get 500 each on the 4hr next week, all of us.
I feel we are not far from getting the majority of the group upto a few hundred a week so thank you to everyone for the support, lets keep it up.
Have a great evening.
I will possibly looking to combine a couple of speacial entry methods into the 4hr strategy tomorrow, and for the sake of a couple of requests, a few exit ideas too.
Until then, Sayonara, Au revior, Auf wiedersehen, Adios, bye luv.
hi everyone
ive been here since the the live room started but never rearly get involed but last night studied the 4 hr strategy ,put 3 trades on and ended up 97 pips up think its about time i stated talking to you guys ,thanks to pimp ithink im finally stating to trade instead of gambling
Dear FX Pimp,
I joined Forex TSD just a day before...and came to read your - Excellent Guide to be a successful Trader - useful to both novice as well as experianced Traders...
What is more significant is that "You are Gifting your hard earned knowledge for the benefit of people -- even to unknow people" A really great virtue by any standard !!
Almighty GOD shall most definately shower his divine blessings and infinte grace upon you for your very noble, humanitarian and selfless work....
My blessings too to you for your best health, wealth, peace and happiness !!
Keep it up !! (ignoring all negetivities from anyone -- just continue to provide your selfless service to all)
with warmest regards and love,
ABINDIAThank you very much for all your kind words. They mean a lot to me.
I was meant to be in Cambodia right now, on a mission to help the kids in the many orphanages in Phnom Penh, but unfortunately have had to suspend that trip.
What I do here and in the Chat is my substitute for that. I love to see others do well and the knowledge I have with charts and correlation and so on has cost nothing to learn, so why not share it?
It brings a tear to my eye some of the private messages I have gotten these last few weeks. A few, ready to give up on trading until a few weeks ago, but feel you have since 'turned a corner'.
It's you that's putting in the effort. It's you that's pulling the trigger. It's you that's taking the profit off the table. All you. I'm just some geek with no social life, who enjoys playing with charts.
Anyway, I'm going to be around forever, so if you're new to this, it's not too late.
I have had it on good authority that there may be some real-time charts and voice, available from October, so will keep you posted.
Hi Pimp,
Your 4 hour strategy is excellent so far but tell me - If i wanted to work off a daily chart for trades would the same CCI indicators that are on the 4 hour chart work on the daily chart or would i have to tweak them, could you give me the parameters for the CCI i would have to use for a daily chart
The MA's are ok i think as i would just use a 25 + 50
Thanks in anticipation and keep up the good work
PaulHi Paul,
Thanks for the niceities. I am glad that you, as well as many others, have taken so kindly to the longer term strategy.
One minute 'scalping' seemed to be buzz word in the room, but now I am happy that even some of the 1m massive have been converted. hahaa
The 126 on a 4 hr chart is the daily 21CCI.
If you were looking for something similar then how about your daily chart, with a 20&50, 100&250 m.a's, daily and weekly, a 4hr 20, so a 3ema running through the candle, and an 8 to act as your 4hr 50, then a 21 and 105 cci, which would be your daily and weekly, with perhaps a 4 for the signal.
Have a little play, but that's about all you'll need
If you, or anyone else want the template and want to make your own adaptations then please do drop me a line. thefxpimp@hotmail.com
Let me know how you get on.
Thanks Le Pimp
Hi Pimp
I just wanted to add my thanks for a great week in the Boiler Room, trading alongside you and all the other great characters helps so much. I can't imagine sitting at my desk all alone without the banter and guys calling possible trading set-ups.
I must say you were on fine form on Friday afternoon. Woohoo party time - singing, dancing, a few beers, jokes and banter; we even managed to talk about shopping and shoes, fantastic. Oh, and we sneaked a few trades in too and welcomed some new peeps into the chat. I'm not quite sure what happened to Cako though, he left mid-morning for a hair cut and didn't reappear until very late - wow, must have had some head of hair is all I can say!
There have been so many set-ups this week and so many pips nicely harvested, but I was particularly impressed with Honest Bill's +233 pips on EURUSD. And of course my good friend Vampy exercising a little more patience and being well rewarded for his efforts - well done Vamps. Being a part of the chat room you really get to see your friends and fellow traders storming ahead and gaining confidence every day.
So thanks again Pimp for everything, I can see I am not alone with my gratitude and I am assured I am not alone with my view on your terrible singing!
See you Monday.
Rollingstone is Scorpion
Exits
Good Morning all.
I hope you all had a fantastique week. I know Tony made 20% on his bank so excellent stuff all round.
I want to talk a little bit about exits on this 4hr strategy this morning.
There have been lots of questions flying about regarding "where do i get out" and so on and this single chart shows a multitude of different ideas.
As most of you know, the 2&5 ema is an idea that some like and some don't.
I have it on here for demonstration but am torn whether to keep it as it seems to do exactly as the 7cci does. No point doubling up I say, so have changed the 2 to a 12, giving me now, a 5 and 12, being my 60m 20&50.
It's a matter of preference but I like it.
I have since last weekend, added the daily pivot too, which is looking extremly promising, without clogging up the chart.
In the next post I will discuss in more detail the entry woth the pivot but this post is about the exit.
Exits sould be targets in my opinion. Whether that be 50 or 100 or 500 pips.
A stop-loss is just for emergency.
However, you cannot realistically have a 200 pip target if there is a support or reisistance or big greasy moving average 195 pips away
In the chart below of CHFJPY, a trade that a few of us took at the beginning of last week, we can clearly see our target was not about pips, it was about the weekly 50sma.
If you fail to take profit, you will almost always get stopped out.
I like to put money in the tin in a falling market on the way down, not on the way up after a reversal, but that's just me.
If you are happy to get stopped in the hope that it may go further then you have, with this strategy, numerous options.
1. Wait for 7cci to cross
2. Wait for 2&5 ema to cross (same as above almost)
3. Wait for 12ema (60m 50) to be breached
4. Wait for 20ema to be breached, or 21CCI to cross 0.0
5. Wait for pivot to be breached.
In this example we can see that all of that has happened, which will not always be the case, but any one will do, you decide.
I like the pivot idea myself.
Also take note though. This trade would have gotten you ocer 200 pips had you taken profit on the way down once it hit the weekly 50. It was worth only 100. A MEASLY SKINNY ONE HUNDRED had you got stopped
Hi Pimp
I just wanted to add my thanks for a great week in the Boiler Room, trading alongside you and all the other great characters helps so much. I can't imagine sitting at my desk all alone without the banter and guys calling possible trading set-ups.
I must say you were on fine form on Friday afternoon. Woohoo party time - singing, dancing, a few beers, jokes and banter; we even managed to talk about shopping and shoes, fantastic. Oh, and we sneaked a few trades in too and welcomed some new peeps into the chat. I'm not quite sure what happened to Cako though, he left mid-morning for a hair cut and didn't reappear until very late - wow, must have had some head of hair is all I can say!
There have been so many set-ups this week and so many pips nicely harvested, but I was particularly impressed with Honest Bill's +233 pips on EURUSD. And of course my good friend Vampy exercising a little more patience and being well rewarded for his efforts - well done Vamps. Being a part of the chat room you really get to see your friends and fellow traders storming ahead and gaining confidence every day.
So thanks again Pimp for everything, I can see I am not alone with my gratitude and I am assured I am not alone with my view on your terrible singing!
See you Monday.
Rollingstone is ScorpionAhaaaaaa, the stone of rollingness hath spoken.
Morning Scorps. Hope you had a pleasant evening, reminising those old anthems I were banging out in the afternoon. Hahaha.
Sooo glad you are having a ball too.
I must confess too, that Bills 233 on Euro in my humble opinion had to be top
of the pops in my book too. Exceptional work.
I think this 4hr malarky is a good little lesson in teaching patience whilst trading too. I mean, for Buffy to get her teeth sunk into our EURCHF and hold it for more that 30 seconds is rather phenominal I'd say.
As for Billy P and his 97 non-gambled pimptastico effort, a sterling job.
What are you doing up so early anyway?
Been playing footsie on the sofa again have you?
Please keep the success stories coming in.
In the words of the great Hannibal Smith "I love it when a plan comes together"
Pivot Entry
AS many of you know, we used the 5m entry durin the course of the day for our standard strategy along with pivots,
Today what I am trying to put together is how we can incorperate this into our 4hr strategy, for those not wanting to have 100+ pip stop-losses.
For the time-being though, how's this for food-for-thought.
The 7CCI is a great tool when it recrosses the 0.0, but what about the occasion when it doesn't quite do what it's supposed to?
Well one idea would be a little anti-strategy entry and buy/sell off the pivot.
Maybe place just half the trade on upon the contact of the pivot, then the other half when you have the appropriate direction Heiken Ashi. That way you average your entry price and your initial stop can be as little as 20-40 pips.
Yes, you'd be selling on a green Heiken. Yes it's more dangerous, but look at the example. It can be done.
Let me toy about with a couple of bits and I will strive to make this method as risk free as I can.
How's this ?
Here's how we could have safely traded a few of those pivot bounces off a 5m chart.
I have added a 60m 21CCI to make it clear
1 More Example
Here's how we could have trades the EURCAD as Tony did so well.
The first shot is the play of the break with the 7CCI confirming straight from the 4hr chart
The second shot shows the same trendline, but this time with a 5m entry for a smaller stop loss, using a 60m 21CCI (settings incorrect in previous post. 12 periods of 5m in 60m x 21 = 252)
I will toy around with this a little more. All suggestions welcome