School of Pimpology - page 109
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Ok, I've regrouped now. Spent the morning updating my trade journal for the week, looking back over the charts. God almighty, what a random bunch of trades I've done.
14 trades.
10 with incorrect setups - 10 losses, -220pips
4 with correct setups - 3 wins, 1 loss, 101pips
The thing was, I was doing incorrect setups with smaller stakes, say 1/2 stakes, but cause they were losing I couldn't (confidence wise) trade some good setups that were right in front of me.
It's a confidence game, and wee 'gamble/fun/bung one on' trades that lose, dent the confidence.
If I had just taken the correct setup trades, I'd be smiling like a bag of chips.
Away for a few pleasant jars.
BloomHey Bloom
I,ve had a really bad week as well, missing set ups then jumping in at the wrong time ,giving me a few small wins and a lot of large losses.
So I decided to do some demo trades just to take the pressure off and get some confidence. I took 5 trades between 7.15 pm and 8.20 pm all with MA,s and CCI,s in right place and trend line breaks
Oil + 136
cable +34
USD/JPY +38
Gold +24
EUR/USD +14
246 IN 1hr 5 mins
just proved to my self that if i trade properly and by the rules and that if I dont dither just because money,s involved ,there,s alot of money to be made
every day
Billy P
1min Strategy leads to +283 pips in 43 minutes
Wooooooooohoooooooooo !!!!! What a ride.....
Having had a few bad days making silly mistakes, this evening I decided to go back over some of the trades I had taken, but also got onto looking at breakouts that I had missed and wondered if I could get a late entry from the 1min strategy.
Now, I don't know if the 4cci applies to the 1min, but it looked good for getting in (feedback, please).
So, I noticed Dow was heading to the psychological 9000 mark. As you can see from the 5m chart below, for a short my s/l would have to have been -160 above the last green candle. Too far away.
I switched to the 1min, waited for a retrace, then a strong4cci cross, then break of 9000, bam - enter my first ever Dow trade.
Closed 75% +88 (tried to close for +100 at DS1, but got a little retrace)
Closed 12.5% +200
Closed 12.5% +283 (I let it run with a 45 trailing s/l). Lovely exit and bounce of DS2.
Amazingly, you can see to the right of the chart the 1min strategy could have given a similar re-entry which went +200. But, I was busy typing this!!!!
Now I knew gold would head north, but even the 1m strategy couldn't offer an entry. To be honest I don't think I would have had the b*lls to trade both. I was already on the edge of my seat.
I've attached the orders below too. Note that, GFT prices are lower than actual charts.
Pip Trip
Hi kiddos.
I've been in the monkey cages for a few sessions now. Nice places. Nice people.
I'd like to offer a suggestion or 2 if you folks don't jump on me for it b/c I've been in and have seen countless chats/threads keel over and this may help the life of these as well as offer better results/learnings for all:
In chat, if you guys (gals ((bunny)) oh btw bunny I cut my teeth on your system at Stratbldr fx a few years back if you're the same gal) could add a quick reason why you're entering your trades along with your stop loss/take profit targets and a reason why, it would be soooo helpful for all. I'm seeing a lot of "i'm in oil at 95", "out for 50,000 pips, thanks pimp", 'bad trade, 3 losses now", just scalped 15 pips" etc. etc. etc. with no reasons for anything, anywhere, anyways, anyhow.
Demo trading is fun as most on this forum are doing right now as I see things but you can't trade this way for a living and it doesn't help anyone improve their skills.
Also, posting charts as the trade begins is probably the best tool for good, solid skill building in this field. In live trading, we can only trade from the right side of the chart. Oh, I just saw a good one a few posts back by Pimp. So helpful.
Just some observations. Nice stuff you all. Fx Pimp - you're a good dude. Like Valeo on another thread whom I've gotten to know over time.
Nevertheless, keep up the good work all you monkeys!Hi, Pip Trip,
As Mr. Pimp keeps saying, go back to the beginning of this thread and read it. Then read it again. Then practise and practise.
If I enter a trade and post it in the chat room, it's usually to draw people's attention to that chart. If they have been reading the thread and practising the strategy, they will know the how's and why's. And just in case anybody jumps in, I let people know if I have closed and why. But, in between entry and exit, I usually like to focus on my open position rather than going into detail. There are plenty of examples on this thread such as my post above.
This thread and the chat room is not a signal service. It is about learning.
I'm sure you mean well, but the only way to learn is to have those 'bad trade, 3 losses now' scenarios.
Now that's what I'm talking about
Forgetting correlation the Swiss is destined, in my opinion to hit the weekly pivot at around the 1.1150 with people pumping money into Swiss Francs and Gold. The only issue I have here is an entry. Ideally I am looking for an entry around 1.1260...................
Another day another Dollar.
Been working on the targeting and I think I might just have nailed it here, without trying to blow my trumpet too much.
Some pretty good morning reports this week. I am happy with how things are developing and it's nice to have settled in over here.
It's also great to see the interest mounting and the participation of the memebers of the thread is incredible. All the private message and emails I receive are very touching and the posts are just fantastic.
I will be hosting the afternoon Pimp-Show live for everyone this afternoon with Monkey Magic.
For those who don't know about what we do then let me explain.
It's Friday afternoon, we have a couple of beers and open some fast charts for the U.S session, with which we try to get a few cheeky pips and have a bit of a laugh.
It's all light-hearted banter and free to anyone who wants to participate.
Just give me a shout and I will get you in for the fun and frolics.
Look forward to seeing you there.
Go Bill
Great trading Bill.
Just goes to show what a bit of a calmer mind can do for you.
Are you still doing the meditation?
Either way, Sir, some fantasico results. Well done.
Now on to the CCI 252 and your statements "Never go against the CCI 252" and "Never fight the CCI 252".
In this Crude trade, the CCI 252 has been negative and under zero for a while confirming the "short" side. If we follow your advice, we would never ever take this long, counter trend trade.
I know that all rules are there to be bent and every counter trend trade carries with it significantly more risk.
However, my paralysis analysis also tells me that even though the CCI 252 is negative and below zero, it is RISING with prices getting shallower and bottoming. Similar to the MACD, where the best entries are at maximum displacement in the opposite direction, do you look for the CCI 252 to be rising from an extreme low and then where it crosses -150 or -100 do you look to go long, counter to the trend?
And, when divergence is present, the CCI 252 could be rising while prices are still falling or levelling off bringing us on to my other subject of CCI Divergence in my emails. Normally, divergence supported by other signals and indicators, is a good indicator, except of course when the trend is strong.
If only I could start doing and stop thinking! Please sort me out O Master of the Pips!
Muchas grassy ass!
RobertSorry I didn't reply earlier. As the thread has grown so has the amount of private messages and emails and "how long is a moving average" questions.
I do try my best to get round to everyone, really I do.
252 is your best friend in the world ever vol. III
Trade against it at your own peril.
think about it. In a downward trend on a 60m chart, what happens when after a little fall and a retracememnt back to the 20ema ?
It usually bounces off and goes another 200 pips south right?
If you don't beleive me, go ask Euro or Sterling or Ozzie Dollar. They'll tell you.
The 252 0.0 line IS pretty much that 60m 20ema. By all means try trading against it. It does work. SOMETIMES !!!
They key word here is sometimes.
We are about to start working on some defined statistics with this, but I would say from experience that 4 in 10 times playing against the 252 will cost you money.
Sure if you add other factors in like lower lows in price, but higher lows on 252 then maybe you can play the divergenge game.
All we are trying to achieve is low risk, high probability trades for "newbies".
I will do an advanced section on this thread since many of you are getting very used to it.
I hope this helps.
Gold Weekly set-up
Now I am not a big fan of fundamentals. Nor am I a fan of so-called experts on one side of the fence calling Crude oil to $200, whilst the other side are calling it to $50.
Being no expert myself I am more a 'trade what I see' type.
Many analysts are calling gold back up to $1000 and beyond. Some are as bold as to call it to $1800 as people seek a safehaven for their money.
I'm just wondering whether they are right.
If you had a bank and were going broke, but all your deposits were backed by an equal amount of Gold what would you do?
Personally, I'd take the loot and run for the hills but I suspect that a lot of central banks that have not already done do will be outing some of their wares in the forthcoming months.
This weekly chart clearly demonstrates that Gold has been supported heavily since 2005.
However, since about May of this year it has been making lower highs too and a nice resistance line is coming down from the $1030 levels of the beginning of the year.
Now from this we can gain an insight to what is likely to happen over the forthcoming weeks.
We will either :-
Breakout of the top
Breakout of the bottom, or
Range with support and resistance.
My feelings are that it will push higher, but my chart tells me it's about to push lower, much lower.
Why?
The price has fallen below the 20ema (pink)
The 20ema has now fallen below the 50sma (light blue)
This is a brearish signal and both are now acting as a double protection resistance to the upside.
Price has bounced off the supprt line and the monthly 20ema (bold red)
but has struggled so far to put a dent in the armour of the 20 under 50 mentioned above.
The monthly 84 CCI is still in positive BUT If next weeks Heiken ashi is a red one, be prepared.
These last few greens have hardly been bullish and this could be a 1-2-3, which could smash the supports and go $600 !
Have a good weekend.
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GBPUSD to 1.6000 ???
USDJPY to 78.00 ???
GBPJPY to 148.00 ???
Monkey Madness ??
Maybe, but that's the content of our 1st ever weekly newsletter.
Gain our insight into Gold, Oil, the Majors, The Indices and much more to come as we develop this token of appreciation for your support on here.
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Monkey Magic
Hi All
Did anyone in the UK see "Paul Merton in India" on telly last week?
Well, Delhi is overrun with errant, cheeky street monkeys which terrify the locals so they have The Monkey Squad, government employees to chase them away - yep, bigger "take no prisoners" Langur monkeys that steam in shouting abuse and send them packing. They were real mean dudes who strolled in and loved their job. Those cheeky little monkeys just scarpered to the next neighbourhood mind you, and then the heavies have to go down the road and start again.
Ooo ooo ooo Monkey Magic.