School of Pimpology - page 179
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End of Week analysis
AUDUSD
Forming a head and shoulders pattern. When neckline is broken, there is possibility of 100 pip move. I'm no EW expertbut it looks like the final 5th wave down is yet to come once it clears the triangle it is currently in.
I'm still short.
CHFJPY - same EW scenario
EURGBP EW looks much clearer (said the blind man!). You can see waves 1, 2 & 3 and the A-B-C of wave 4. Now trapped in a triangle and at 50/61.8% Fib support so everything is telling us to expect the 5th wave up.
EURJPY EW looks complete and ready to start anew. Also trapped in a triangle.
EURUSD EW not as clear might be waiting for the final correction up in wave 4 before the dive down for wave 5.
GBPCHF Looks to have completed wave C of 4 and readying for the 5th wave down. Also trapped in a triangle.
GBPJPY Looks to have completed 5 waves down and a simple A-B-C and has formed an inverse head and shoulders in the triangle. If correct, a 2270 pip move can be projected when it breaks up and out of the neckline.
GBPUSD Same scenario as GBPJPY except a 1900 pip move
USDCAD Seems like its in a complex wave 4 and if so, wave 5 up should follow, Also, its in an ever tightening coil so a 1540 pip move when it breaks up out of the coil.
USDCHF Can't figure this out, the move down to 1.0366 caused the EW pattern to fail. Its making lower lows and lower highs so......
USDJPY Looks to have completed 5 waves down and a simple A-B-C and has formed an inverse head and shoulders in the triangle. Also, its in an ever tightening coil so a 745 pip move when it breaks up out of the coil.
Don't base any trades on this, I'm not. I need to see more action and direction first.
I don't normally do EW analysis as it is soooooo subjective - you can put Procter and Frost in the same room and neither will agree on the same EW configuration. The MAIN problem with EW analysis is that you don't really know where to start and because of that there is always an alternate wave count.
Sorry for wandering off topic, Zak, won't do it again - I promise!
Rock n Roll,
Strat
Thanks Neb
Hello neB
Thanks for the indicator, that is the best valentines gift I got today!
Nicola
(PS Nice chart and nice trade!)
Hi Nicola A,
I like price action to, so I did Heiken Ashi in separate window.
Hope it will help you to trade with the strategy.
neBhans vs hans
Good to see so many doing well
I'm still struck ling with the short time frame's, and cant stay of the keyboard during chat hours.
Now my capital is down to 41,5% I will take time out and work on my longer time frame set up.
I will keep you updated
weekly pip score 2009
pips pos. pips neg. trades nav.
845 28 -1431 34 62 57,1%
872 26 -892 32 58 55,4%
336 16 -682 25 41 39,1%
467 16 -336 11 27 44,7%
1206 35 -882 31 66 54,8%
1790 31 -2490 44 75 41,5%
Regards
hans...
Brent
Looks like it might be down ... along with the indices.
Nicola
Gold and crude appear uncorrelated now. How will this affect the trading methodology?
Do anyone know about 15m&1H this strategy?
Indicator update
While everyone seems to have fallen asleep here, I thought I would share my experience with the "latest and greatest, award winning" indicators.
I was sent (sarcastically, I think), several links to the very latest indicators available which I normally would just delete but seeing as I had Time on My Side (Rolling Stones), I took a look.
They look so colourful and fancy now but STILL, all they are doing is painting a very beautiful picture of what happened in the past.
I haven't seen one that gives even the remotest indication of what to expect on the next bar.
I did a test and found the most obvious price action bar I could find which turned out to be a hammer at the end of a 3 week daily downtrend from which a 4 month uptrend erupted in a 1367 pip move, and ran most of these "award winning indicators" on it.
The best squiggly line I could find, triggered a "long" 20 days later and then it REVERSED in the middle of the trendiest part of the up move for only 420 pips! I think a blind man would have known not to get out at that point!
I really admire the traders who are profitable using indicators for they are far more clever than I.
Well, I gave them my best shot but now they are Gone, Gone, Gone (Robert Plant & Alison Krause - see I'm getting very modern and up to date now!).
Rock n Roll,
Strat
Gold and Oil don't seem to be correlated at all at the moment. I use the US indices for direction in Oil.
Just my opinion but gold seems to move inversely to the indices and the dollar and is all about risk aversion. Appetite for risk decreases and people seem to shun equities and buy gold and treasuries (good for dollar).
Just my newbie observations.
Gold and crude appear uncorrelated now. How will this affect the trading methodology?
I use 1hr & 15min, most of the guys who trade with the pimp do now.
Do anyone know about 15m&1H this strategy?
Daily updates
GBPJPY
Price being rejected by major resistance on lower volume and where several cycles are topping. 131.20 where 20 & 50 cross will provide strong support, if it breaks that, next support is at 130.30, 129.30 and 127.50 with major support at 121.75
USDJPY
Already discussed
CHFJPY
Price being rejected by major resistance on lower volume and where several cycles are topping. Also at 50. Next major support at 78.60
EURGBP
Price trapped between major support and resistance and Daily 20 and Weekly 20
EURJPY
Price being rejected by major resistance and 50 on lower volume with some cycles topping. Next major support at 114.00
EURUSD
Price well and truly trapped between major support and resistance at 1.2550 and 1.2950
GBPCHF
Price being rejected by major resistance and 50 on lower volume with minor cycles topping. Next major support at 1.5870