School of Pimpology - page 159
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OIL update
Well OIL broke the pivot and the trendline and I am still in +74. I did not mean to be but I had to go out and leave it.
Here is the 15min chart - red line shows where I entered as the ma's crossed. Not the perfect trigger but I liked the cross.
I would not have needed such an ugly stop if I had waitied for the 1-2-3 (shown nicely here) but I was not able to wait.
As long as no one declares war on anyone this weekend should be OK!
Got my Chambord, got my raspberries, Cheers guys!
The Black Beast
Morning Pipsters,
I have been following with some interest the recent posts, in particular on the Black Beast. It is one of my favourites to trade and my focus is WTI and not Brent. My comment / advice to all pipsters is beware and tread with caution. It may seem like its an easy play with fellow pipsters seemingly making barrels of pips, but its volatile, moves rapidly often counter to the trend and generall if you want to play you need a relatively large stop. If you think 30 is too many to risk then don't trade the Black One. I tend to trade with a 100 pip s/l and my last trade which I posted was over 150 pips s/l.
The upside is that the rewards are excellent and you can make serious pips each and every day. But have your rules and stick to them.
My personal trading approach is based on 60m and 15m direction and having the MA's close together. It happens so you have to be patient and wait for the set up. Next entry I use 5m chart and a very specific criteria.
1. Good price action i.e. you can see bid and offer moving
2. MA's in the right order with 5,20 and 34 lined up for upside or downside
3. 63 CCI this needs to be between +50 and +100 for a long or for a short the reverse at -50 to -100.
4. I have both 10 and 4 cci on my 5m chart. The ideal is that the triggers cross together i.e. 4 and 10 cross the 0/0 simultaneously. I find the 4CCI can be a bit willow the wisp and move before the move is ready to fire off, and can get you in to the trade too early. My 4/10 combo helps reduce this.
5. Stop loss - get it out of the way. Remember not just the last candle if you use this approach, but your spread too and add it on. You'll be surprised how often the price action closes in on stops within 50 pips. Be warned!
6. Entry and exit - Measured risk and only trade what you can afford to lose. Too much leverage and your heart will stop! Put on a small stake and sit back and relax and either use limit to collect pips or be controlled and do it yourself at a specific target. Be controlled and don't get greedy. What goes up comes down with surprising speed.
Apart from that a great product to trade and something I think other pipsters will also enjoy trading.
Not commenting specifically but Nicola was kind enough to post her trade. As she says she jumped in. Brave. The reality be patient and wait for the right set-up. The 1-2-3 came and was a safe play for 50 pips. But please study the charts and look for the set-up I mentioned above. It works but you have to be patient. Dive in at your peril.
Happy hunting.
Eco Rockie
Thanks so much Rockie!!!
I know you are Master of the Black Beast and I am copying and saving your points and I am putting in your extra ma's on my charts now too.
I did not enter this trade at a smart time and I would have been much happier to enter on the 1-2-3 and then banked right after.
Wondering whether we will have an Obama inauguration rally early next week.
Lucky Monday is a US Holiday and I will get out of this trade when the market opens first thing.
Nx
Morning Pipsters,
I have been following with some interest the recent posts, in particular on the Black Beast. It is one of my favourites to trade and my focus is WTI and not Brent. My comment / advice to all pipsters is beware and tread with caution. It may seem like its an easy play with fellow pipsters seemingly making barrels of pips, but its volatile, moves rapidly often counter to the trend and generall if you want to play you need a relatively large stop. If you think 30 is too many to risk then don't trade the Black One. I tend to trade with a 100 pip s/l and my last trade which I posted was over 150 pips s/l.
The upside is that the rewards are excellent and you can make serious pips each and every day. But have your rules and stick to them.
My personal trading approach is based on 60m and 15m direction and having the MA's close together. It happens so you have to be patient and wait for the set up. Next entry I use 5m chart and a very specific criteria.
1. Good price action i.e. you can see bid and offer moving
2. MA's in the right order with 5,20 and 34 lined up for upside or downside
3. 63 CCI this needs to be between +50 and +100 for a long or for a short the reverse at -50 to -100.
4. I have both 10 and 4 cci on my 5m chart. The ideal is that the triggers cross together i.e. 4 and 10 cross the 0/0 simultaneously. I find the 4CCI can be a bit willow the wisp and move before the move is ready to fire off, and can get you in to the trade too early. My 4/10 combo helps reduce this.
5. Stop loss - get it out of the way. Remember not just the last candle if you use this approach, but your spread too and add it on. You'll be surprised how often the price action closes in on stops within 50 pips. Be warned!
6. Entry and exit - Measured risk and only trade what you can afford to lose. Too much leverage and your heart will stop! Put on a small stake and sit back and relax and either use limit to collect pips or be controlled and do it yourself at a specific target. Be controlled and don't get greedy. What goes up comes down with surprising speed.
Apart from that a great product to trade and something I think other pipsters will also enjoy trading.
Not commenting specifically but Nicola was kind enough to post her trade. As she says she jumped in. Brave. The reality be patient and wait for the right set-up. The 1-2-3 came and was a safe play for 50 pips. But please study the charts and look for the set-up I mentioned above. It works but you have to be patient. Dive in at your peril.
Happy hunting.
Eco Rockiehans vs hans
Bonjour fellow piphunters,
Sunday afternoon reflections on my weekly pips score,
Monday Break even
Tuesday -200
Wednesday +239
Thursday Break even
Friday - 70
Overall pips score for 2009
week 1 : 845 pips + and 1431 pips - in 62 trades result - 586
week 2 : 872 pips + and 892 pips - in 58 trades result - 20
As you can see I just need to keep my losers in control
to become positive we will see next week, I keep you posted..
Would be very interesting to see some more weekly results in the same format as above..??
simply: winning pips/losing pips/number of trades
Cu all next week in the live room.
hans..
Overtrading?
hansnl,
An observation if I may.
60 trades or so per week works out to about 12 trades per day. It looks like of these, a big slice are losers.
Instead of taking 12 trades, why not stand back and WAIT for everything to line up before trading (eg the MA's, CCI's, trend, etc) and then only take those trades. I'm sure this will reduce the number of trades and also your losing trades.
Unless you are a very seasoned pro, 12 trades per day is way too much.
Just my view, nothing more. Each to his own.
Rock on
Strat
hans vs hans
Thanks for your response Strato
Will try to limit my amount of entry's to 4 a day, what will force me to pick my trades more careful as well.
I still tend to slip in a easy mode , specially when I'm in profit and then and up with a loss for the day.
regards,
hans..
hansnl,
An observation if I may.
60 trades or so per week works out to about 12 trades per day. It looks like of these, a big slice are losers.
Instead of taking 12 trades, why not stand back and WAIT for everything to line up before trading (eg the MA's, CCI's, trend, etc) and then only take those trades. I'm sure this will reduce the number of trades and also your losing trades.
Unless you are a very seasoned pro, 12 trades per day is way too much.
Just my view, nothing more. Each to his own.
Rock on
StratOIL update
It worked! The crossing of the ma's got me +304 pips, even with entering without waiting for the 1-2-3
I added a WTI short which collected +174 pips too.
-20 on a poorly judged Gold long which I cut short.
Zak - Thanks for the Fabulous strategy and the +134 pips today on GBPJPY (my only currency trade today)
Have a great week everyone
Bonjour fellow piphunters,
Sunday afternoon reflections on my weekly pips score,
Monday Break even
Tuesday -200
Wednesday +239
Thursday Break even
Friday - 70
Overall pips score for 2009
week 1 : 845 pips + and 1431 pips - in 62 trades result - 586
week 2 : 872 pips + and 892 pips - in 58 trades result - 20
As you can see I just need to keep my losers in control
to become positive we will see next week, I keep you posted..
Would be very interesting to see some more weekly results in the same format as above..??
simply: winning pips/losing pips/number of trades
Cu all next week in the live room.
hans..As Stratocaster says, you've been overtrading. Been there, bought the T-Shirt. Check this out: https://www.mql5.com/en/forum/general
hans vs hans
Thanks Bill, indeed you had the same problem with over trading,.
Seems you do better now so there is still a chance to survive for me..
hans..
All hail the pip Queen
It worked! The crossing of the ma's got me +304 pips, even with entering without waiting for the 1-2-3
I added a WTI short which collected +174 pips too.
-20 on a poorly judged Gold long which I cut short.
Zak - Thanks for the Fabulous strategy and the +134 pips today on GBPJPY (my only currency trade today)
Have a great week everyoneHey Nicola
Great start for your week - could easily be another one that gets you over 1,000 by end of Friday, may even get 2k (wicked oil, even though you didn't wait for the 'correct' signal, you really have developed the 'feel' of this market). Nice to see you manage your gold for -20, keep on stopping the losses at this sort of level (you can always go back in again) & letting your winners run and you really will be challenging Anders on the year end pip count. You really are a great example of what it is possible to achieve with the fx500 strategy.
Altenatively, you could simply take the rest of the week off, with that number of pips in the tin today (although something tells me you couldn't do that?)
keep posting & keep getting those pips in