School of Pimpology - page 143
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Retracement/reversal, positioning
endy, where's the stoploss for ur strat?
It is "below" retracement region (for long trend). So below SMA50. At the moment, I am looking for a presence of important price level below SMA50 (daily/weekly pivots or MAs from higher TFs) and I put SL below these levels.
i've always been uncomfortable with buying on retracements when price is travelling down..cos i always have a fear that they'll turn out to be reversals instead..
am i missing the point? or do i have a valid concern?
You are not missing the point. That's exactly what we all fight with I think.
Is it retracement? or Is it reversal?
That's when the currency strength measurement come in handy and if the strength is really good, the probability of reversal is smaller (although it must come sooner or later).
would it be better to enter in the reverse order instead when price is coming up? like from the 50sma 4units, the middle 3units, then the 20ema2units?
Regarding reversed order of buying units, just look in the eurusd, last time it hit SMA50 it was on 10th Dec (that's 8 days ago).
Since then, it traveled 1.5k pips.
However, EMA20 was hit almost every day since the trend begun.
So do you want to enter only once ? or mabye 5-6 times?
bye,
endy
KHT the dust down
Bloom
Many thanks for the warm welcome to the club.
I took your advice, followed PIMPs eurchf down yesterday (from the YouTube post). I entered three times, as suggested. My results were +197, +176, +125 (all at 50p mind, which is my stake size now for everything, until my trading account can afford to lose higher value stakes)
So thats me dusted!
I also took yetserdays pm (live room) audjpy, which was stopped out for a loss and this am (YouTube) I took another loss on chfjpy. However in the live room this am I took usdjpy for a quick +80, without really looking (I didn't expect it to have moved so quickly, when I went to check it it was closed!)
So, some up some down, but at small stakes I can afford to carry on learning. I find I don't really learn anuthing with my demo account!"
keep up the good work
happy & sucsessful trades to all
Paul
Welcome Paul,
There are quite a few of us in the club now. Most important thing now is to dust yourself off and trade pure strategy plays, get the confidence back. Its always the same, increase stake and lose straight off.
BloomKHT's - The Continuation!!
Bloom
Many thanks for the warm welcome to the club.
I took your advice, followed PIMPs eurchf down yesterday (from the YouTube post). I entered three times, as suggested. My results were +197, +176, +125 (all at 50p mind, which is my stake size now for everything, until my trading account can afford to lose higher value stakes)
So thats me dusted!
I also took yetserdays pm (live room) audjpy, which was stopped out for a loss and this am (YouTube) I took another loss on chfjpy. However in the live room this am I took usdjpy for a quick +80, without really looking (I didn't expect it to have moved so quickly, when I went to check it it was closed!)
So, some up some down, but at small stakes I can afford to carry on learning. I find I don't really learn anuthing with my demo account!"
keep up the good work
happy & sucsessful trades to all
PaulOkay. Question here. What way would you trade gold at the red vertical line in these 15m and 1hr charts?
Long, of course. Right?
WRONG. I went short on the break of the 1hr20ma. Never got past my spread and a very quick -30 pips. Now -150 from my entry.
Oh, forgot to mention it was a perfect KHT strategy trade. STUPID
Impressive Bill. A 100% KHT when it never even covers your spread. Well done for owning up.
In the spirit of honesty, I had taken CADJPY short yesterday. Entered my SL at 7340, saw the chart price go through it so quit for the day. Logged in today to see I had entered the SL at 7740 (I hadn't even been drinking!) and my trade had been rolled over. Having taken the -60 on the rollover I was down another -40. I then watched it move into postive territory for the rollover price, got greedy thinking, ha I'll get you back you buggar, to see it slip back to -40 again. Bill told me to wise up and cut it, so set my limit at rollover price and eventually sneaked out BE and -60 overall.
There are so many ways to slip up in this game. In the past I've bought when I meant to sell, and have traded USDJPY looking at a USDCHF chart. This was a new one though. So I'll be checking my accounts for open positions and orders to open before shutting down.
Bloom
Welcome Paul,
There are quite a few of us in the club now. Most important thing now is to dust yourself off and trade pure strategy plays, get the confidence back. Its always the same, increase stake and lose straight off.
BloomBy 7:45am. I was -30. That put me on the back foot for the rest of the day. I just couldn't get focussed.
Bloom collecting +200 today (and not forgetting the +0.5 on your last one). And there were so many people collecting lots of pips in the live room today. Excellent stuff.
The dustdown is so important. But, even more important is staying out of the KHT's. There was absolutely no need for me to take it. There were so many more opportunites later.
Okay, I'm dusted down and ready to take on tomorrow!!
Byeeeee!
Roma
Pipsters,
I'm back from a small visit to Rome and the Vatican. A nice long weekend. Shame about the value of Sterling versus Euro, but hope you happy campers have been making pips. Beer in Rome costs about as much as having my car serviced in the UK. So I took to stealing from the local wino's and making off with the goods. If you can buy it or blag it, do a runner with it.
Back to it this morning for the first time since last Thursday. If only I'd let my Swissire trade run...I had been able to buy vino for my friends in Rome! Only took two trades today. Something gentle to ease me back in Dax short twice for +20 and +17 pips - Total +37. Was dashing back and forth to play pool with my lads home from school and just teaching them a thing or two about 'Le Hussle'. Called Gold and Cable moves for some friends. But alas they were not able to snaffle any pips. Always tomorrow in this game. You just have to be patient and wait for the set-ups.
To any residents of Rome - thank you for lending me your city for the weekend. Sorry to have brought so much rain with me. But for next time please ask the beer taverns if they can reduce the prices........I am so dehydrated I look like a dried apricot.
Love and Peace,
Vatican Rockie
I did a "Bill"
Well just after re-writing my Entry and Exit rules in my new journal, I saw the EURUSD M15 bouncing up off the 200ema so I thought a good time to go long again so I bought at 1.4310. The candle went to a doji - first red flag observed but didn't re-act on it. Next time I looked there is this huge red thing hanging down so got out at 1.4231, -79 pips later!
When I did my post mortem, I just couldn't believe it! Not one of my entry conditions were met and this just after re-writing the damn things! Not only that but the 20ema is holding the prices down to the 200ema!
So over to the mirror (again) and asked the idiot looking at me why I took the trade. All he could tell me was that he thought the 200ema was more powerful than anything else. I told him that from now on, no matter what he thinks, we are following our entry and exit rules as written - no exceptions. Reluctantly, he agreed.
I'll be glad when I can tame that guy in the mirror!!!!!!!!!!!!!!!!!!!