School of Pimpology - page 149
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Hi. Welcome Back
Hi everyone, welcome back after the New Year. Hope everyone is well and looking forward to the New Year.
I'll start with some questions. I mentioned about a story a few pages ago but it'll have to wait til later tonight when the trading's done.
Anyways, I've posted pic's of a trade that I just closed. I closed it because I got scared.
Started asking myself about exits and where I 'could get out and not miss out', if you know what I mean.
Anyways. Looked to the 4hr for a set up, all looked good except the daily CCI.
When I looked at the 5min chart, I had just missed the start of the down move. (RED vert line is entry)
Hourly Chart looked all in right position as did 15 & 30 (not that 30 has many friends though!)
Anyways, I know it was close to the weekly support BUT 4hr & 1hr charts showed no signs of retracing.
Now, I'm going to watch the trades over the next few hours to see what they are doing, but is it fair to say...
That while the 1hr & 4hr are showing no signs of backing off, this would have been a valid trade to hold?....
OR should I have waited for the retracement???
OR should I have waited it to test the support and hope for a possible break?
OR should I just be happy with the petty little 68 pips I just jammed in the tin?
Cheers to all,
Martin
Good morning and happy new year to everyone. I trust you had a great holiday....
Happy New Year to you Mr.FxPimp, Sir. Thanks for the remarkable call on GY this AM.
Do you think another long at in between R1 and R2 of daily pivot would be OK if taken within 7-11 London time?
Hello friends,
The indicators are showing only to take intraday trades and not to have any open position. The same i have with soem major pairs.
GBP/USD intraday: under pressure.
Pivot: 1.4660.
Our Preference: SHORT positions @ 1.465 with targets @ 1.445 & 1.44.
Alternative scenario: The upside penetration of 1.466 will call for a rebound towards 1.4765 & 1.48.
Comment: The 1.466 intermediary congestion areas maintain a downside pressure.
Trend: ST Consolidation; MT Bearish
EUR/USD intraday: the downside prevails.
Pivot: 1.3975.
Our Preference: SHORT positions @ 1.3965 with 1.3845 & 1.376 as next targets.
Alternative scenario: The upside penetration of 1.3975 will call for 1.405 & 1.41.
Comment: the pair is capped by a declining trend line, the RSI is under pressure.
Trend: ST Ltd Downside; MT Range
EUR/GBP intraday: turning down.
Pivot: 0.963
Our preference: Short positions below 0.963 with targets @ 0.9525 & 0.9475 in extension.
Alternative scenario: Above 0.963 look for further upside with 0.9675 & 0.9725 as targets.
Comment: the RSI has banged against a major resistance around 70% and is reversing down.
Eurgbp
Cheeky bugger's on his way down again. I think part of my question is answered!
Hello - Is the thread you wanted to post at?
Hello friends,
The indicators are showing only to take intraday trades and not to have any open position. The same i have with soem major pairs.
GBP/USD intraday: under pressure.
Pivot: 1.4660.
Our Preference: SHORT positions @ 1.465 with targets @ 1.445 & 1.44.
Alternative scenario: The upside penetration of 1.466 will call for a rebound towards 1.4765 & 1.48.
Comment: The 1.466 intermediary congestion areas maintain a downside pressure.
Trend: ST Consolidation; MT Bearish
EUR/USD intraday: the downside prevails.
Pivot: 1.3975.
Our Preference: SHORT positions @ 1.3965 with 1.3845 & 1.376 as next targets.
Alternative scenario: The upside penetration of 1.3975 will call for 1.405 & 1.41.
Comment: the pair is capped by a declining trend line, the RSI is under pressure.
Trend: ST Ltd Downside; MT Range
EUR/GBP intraday: turning down.
Pivot: 0.963
Our preference: Short positions below 0.963 with targets @ 0.9525 & 0.9475 in extension.
Alternative scenario: Above 0.963 look for further upside with 0.9675 & 0.9725 as targets.
Comment: the RSI has banged against a major resistance around 70% and is reversing down.Hello Pipster,
This post seems at odds with the other posts on Pimpology thread. As interesting as this all seems its a little out of place here. Thought I'd pass on my comment and Happy New Year.
Head scratching Rockie
Trend Lines
Cheeky bugger's on his way down again. I think part of my question is answered!
Hey Martin,
Thank you for the post - just an observation regarding your charts; you dont seem to have drawn your trend lines. Do you not use them? I think it would have been a quite useful tool regarding possible entries on at least one pair e.g. eur/gbp and would probably have enabled you to get in earlier too - for more pips. I think 68 pips on a single trade is nicely thank you - so well done.
They are an important part of my set-up and help me discern key break points for maximum pips. I'll go away now and apologies if I am speaking out of turn.
Trendy Rockie
Hi Rockdrive.
I thought i did!
So, I know where MT4 is on my computer. I've downloaded the indicators to my desktop and then moved them to the indicator folder.
Is that all I need to do?
I'll scroll back to find his post with the instructions again. Thanks a lotHi Stuart - Are you sorted? It was all you needed to do and when you start MT4 again the new indicator should just replace the old one on the charts. Let me know if you need anything further.
All the best,
Nerd Rockie
template
hi guys
happy new year to all
Sir fx pimp, did e-mail you but guess you're a busy boy so thought i'd ask here.
can anyone give me the upto date template please, i'm still using 1.0 which doesn't show daily pivot, weekly pivot etc.
Also as a lurker, realise that there is now a paying service, but is the free chatroom still operable? or has everyone deserted this.
Since my dayjob unfortunately keeps me from checking in on an daily basis, i'm a bit confused.
p.s rockdrive love your posts!!!! love your sense of humour.
hoping in the near future to get to grips with the strategy and see you in the live room.
pps honest bill- you are a star sir, have learnt a lot from your very honest posts.
kind regards
b.
gbpusd
Hey thanks rockdrive. I do use trend lines, just took them out of the pic for a bit of clarity on the other indicators.
With the trend lines, I will usually draw them up on the 4hr 1st, then the 1hr and then the 5min.
Just to allow me to see the overall pic of breaks S/R and the like.
I've still gotta get around to telling my little story, but for now, a bit of H.Bills' meditation strategy, a few cartons of beer and several days by the beach has hopefully sorted me out.
Cheers,
Martin
Doc format of Whole Thread
If the pdf or doc version can be uploaded, it will help every newbie to understand the method. thanks
I know a couple of people on here have gone to the trouble of putting the whole thread in a doc or pdf.
At the mo, I am working on a word doc that has hyperlinks.
It'll link a title/contents page to all the relevant posts.
So all the topics will be covered as per the thread in an easy format to jump backwards and forwards as you please.
Should help the newbies (like me) make it easier to find the FAQ's, strategies, moving averages, cci explanations. so on so forth.
(Maybe help to curb newbies away from asking 'what is a moving average' or 'which broker do you use').
Not that these questions aren't valid, just that they have been covered here in detail already.
Anyways, gimme a couple more weeks to finish it off and I'll make it available to those who want it.
VERY IMPORTANT FAQ: 'IS THERE A WAY I CAN GET A JUMP START'?
As a lot of people on here will tell you (including myself) it is best to read the posts from #1 to #1500++.
Then go back and read it again.
I managed this over the Xmas break and it seems to me that there is not only the strategy to understand for it's technical factors, but also the wealth of psychological input contained in each and every one of these posts.
Perhaps that is the most important contribution.
No short cuts to consistency and long term profitability, as many of us have discovered the hard way.