School of Pimpology - page 171
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That is a lot of charts to watch
You can have them all available and marked up and then drop the window down but you don't have to watch all of them or trade the same ones each day.
I look at all of them each morning and see which ones I like and I mark trendlines and stuff. Then I wait for the boys notes and I see which ones are not really tradeable and drop them down to make more room for the others that might have nice setups. They are still there if something comes up but I am not staring at it all day and so not tempted into a dumb trade just because something looks like it is making a big move! Not getting tempted into bad setups is a big part of my strategy!
If there are a couple you really like to trade then watch them all day no matter what. I watch oil and the indices all day no matter what and maybe GBPJPY, USDJPY and maybe USDCHF. Just the ones I like.
I hide Gold so I cannot be tempted into giving up pips, but I keep it available to look at when I want to see what Euro might do or something. Not that it seems to have much impact lately
NicolaThanks Nicola. I realise it is more than Dan or Zak watch each, but short of ignoring one of them in the room I wanted to stay on top of everything. I do tend to do what you do. I get everything set up first thing, and then minimize everything not of interest. Problem is, I then miss stuff later on!!!!
I'm hopng I get on with the school from next week. I like the idea of longer term trends although am skeptical that they are as reliable as the shorter term stuff.
Still, I have an open mind so wll give it a good crack!
I took the short EUR;GBP this morning. Perfect set up, everything was ideal. hourly 20 crossed the 50, the CCI went down, the stoch was down. Lovely.
Came out with +35 pips. Now watching as it continues down. I would be 100+ up now. Damn.
Need to work on my exits. Probably should have waited for the first green heiken ashi, no?
Hi Stuart
Depends what it was that got you out of the trade ...
Did you get out at DS1 or DS2? Instead of getting out maybe bank some and let the rest run.
I stay in by not looking at too low of a time frame. In other words if I got in a trade because it looked great on the hourly I am not going to get out because a candle changes colour on the 5min chart. I wait until it looks time to get out on the time frame I am trading on, usually the 1hr and 15min.
I do look at the 5min because it has the support levels that the 15min does not but I won't get out because of the 5min.
It is a hard one to learn but well done on the pips you did get.
Nicola
PS I know that Dan often gets in and out of trades multiple times. He will bank some at a support level and then if it breaks it put it back on again.
I took the short EUR;GBP this morning. Perfect set up, everything was ideal. hourly 20 crossed the 50, the CCI went down, the stoch was down. Lovely.
Came out with +35 pips. Now watching as it continues down. I would be 100+ up now. Damn.
Need to work on my exits. Probably should have waited for the first green heiken ashi, no?Hello Stuart,
If I may comment on your statement, "I like the idea of longer term trends although am skeptical that they are as reliable as the shorter term stuff", I think you may have your knickers in a twist.
The totally opposite is true, the longer the time frame, the more reliable the trends AND technicals.
Oh and with regard to "Still, I have an open mind so wll give it a good crack!", reliable sources tell me you can't beat a good crack!"
Rock on,
Well and truly messed up and hung over, Strat
I'm trying to edge towards the longer term stuff. I just felt the shorter term stuff, whilst exciting, seemed like a lot of trading and stress for sometimes little reward. I'm watching EURUSD, GBPUSD, EURGBP, Dax and FTSE for longer term setups. I'm using Zak's advice for the CHF and JPY pairs but will only trade those if the 1hr/4hr agree. Only 3 trades this week
EURUSD: 180 pips
USDJPY: 34 pips, my only quick trade
EURGBP: 124 pips
Decent pip total and in weeks gone past it would have taken 20-30 trades to get to it.
Cheers
A more chilled out Bloom.
Hi Nicola
I was in at DR1, out at DR2. Trading the 15m chart.
I suppose it was a good trade, it just always hurts to see a pair carry on after you are out!
Strat, I know what you mean about technicals and trends being more valid on longer term timeframes and agree. How to trade them I think is harder though. By the time trends are confirmed you could well have missed most of the ride, and your stops will have to be a lot larger on the longer timeframes.
I'm purely interested in putting together a strategy that consistently makes money and want to take everything into consideration.
MT4 all set up for the strategy and ready to download
Thanks Rockdrive.
I'm back to using the IG charts for now. I know where I am there (plus I can't use MT4 in the office at the mo)
MT4 is very clever and far more complex than IG but you need a good brain to make it work well. I get lost with where to put indicators so i'm not sure it bodes well for me!!Here ya go. All done for ya. Just follow the link and download as free user.
Instructions included.
RapidShare: Easy Filehosting
UPDATE ON INSTRUCTIONS: You can have several copies open with the same login.
e.g. c:\program files\mt4_odl_1
c:\program files\mt4_odl_2
And here's a screenshot of what you'll have.
The 5min is there too.
Bloom,
You have seen the light! Congratulations
Rock on,
Strat
PS. Have you noticed that EURGBP has broken its Weekly lows? The next support is not until 0.8538 - but it won't be a straight line down there.
Hello Stuart,
"How to trade them I think is harder though. By the time trends are confirmed you could well have missed most of the ride"
Take a look at the Daily EURGBP. The uptrend started on October 20, was confirmed on Oct 31 and lasted until Dec 31, so a 2 month trend.
I agree if you fell asleep for 2 months you would have missed that trend.
Otherwise, I could have trained our Yorkshire Terriers to make money on that.
If you agree that was good, take a look at the trends on Weeklies, they will blow your socks off. Then look at the Monthlies and off come your pants. Don't look at Quarterlies otherwise you will be naked!
Yes, you have to adjust your stop loss accordingly but that is easily done by reducing your contract size.
Look at Bloom at the post above. He struggled, like we all do, through the shorter time frames with a lot of pain and aggro just to make a few pips. Now look at him go on the Dailys - with a lot less pain, fear and emotion - plus he is no longer chained to the one eyed monster.
Hope this helps and not wanting to get into any arguments.
Rock on,
Strat
Hi Strat,
Far from causing an arguement you are inspiring me.
My issue, looking at past data it is easy to see the trends one should have ridden, but what indicator got you in to them?
For every trend that I see I should have been in, I seem to find cases where I would have entered and then got stopped out, even with a very wide stop.
I am really interested, you are helping a lot.