School of Pimpology - page 113
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Good Morning
I'm a bit late today due to traffic control issues but will try to identify a cheek opportunity for you.
Dollar is looking very strong indeed with rumours of the U.S housing market stabalising.
This has seen Gold and Crude continue the downward spiral along with Cable and Euro
What interests me is a potential little 100 pip pullback from 1.6300 to 1.6400 or so in cable.
It's fallen 1000 pips in two days and must pullback at some point.
We missed the break and so got in at 1.6308 with a 1st target of 163.76 then collect part portion and let the rest run another 50 or so.
More as it happens.
F$X$P
Is the room back open!! I did not get notice, the fxmonkeychat has been down and I have been watching for it to be back up. Is it now??
thanks!!
BrianHi Brian.
Yep the chat is online. Send me an email and I will set it up for you.
Cheers.
Update Part II
So, after taking +30 on Monday night, I came to the PC at 7 last night (Tuesday). There were no decent set ups. "Thinking" I saw one, I traded anyway, giving 18 pips back. I had the good sense, only then, to shut down by 8 and call it a night. Something I should have done at 7pm. Lesson learnt. Thanks for the advice Bloom and Rockdrive. Believe it or not. I went for a long fast paced walk in the afternoon and was seriously thinking of buying a bike as a hobby. I'll get back to you on that one.
I was up at 6am today. By 9 I hadn't taken any trades, well disciplined.
So I took a break for about half an hour. By 11:30 I'm +54 thanks to DAX and FTSE.
No bike yet, Bloom, Rockdrive, but I'm off for a walk.
Had a strange day today. It must be the other side in the psychological aspect to trading, when you are getting the trades right. I have really rebuilt my confidence (and account) over the last 10 days. Today I couldn't face losing, so kept bringing my SL in too BE then getting stopped out. I couldn't even place the SL at a sensible place if the trade went my way, even if it meant a loss of -10 pips, and I called Pimp tight!! Dow and Dax were both trades that ran on after I got stopped out. Any other day and I would be up 100 pips but after 5 trades I was BE. Then Rock told me to go, I should have gone, but took a punt on the Dow: -40.
Chilling with a beer now, which is what I should have done mid-afternoon.
Always tomorrow
Bloom;
It was a strange day - glad to hear you are coming back to form. You are talking to the man that cut his FTSE trade at 4182 for +2 pips; last time I looked it was at 3900 ish.....nevermind.......always tomorrow.
I too missed some trades today - I was following the Dow like a junkie and when the time come, I managed to get myself distracted (doing familiy stuff - it is half term) and the moment came and went. Only two trades so I don't feel too bad - just 150 pips and 100 pips respectively. Hey ho.....
Got a nice Chateau Neuf going on, some back to drinking.
Tackle Dummy Rockie
Bills new approach
I was up at 6am today. By 9 I hadn't taken any trades, well disciplined.
So I took a break for about half an hour. By 11:30 I'm +54 thanks to DAX and FTSE.
No bike yet, Bloom, Rockdrive, but I'm off for a walk.Hey Bill
Shot & sweet visit to the chat room tonight:
Hi
Dax + X pips
Cable + Y pips
I'm done
good night....
proves your new approach works to me
I took a short cable tade just after you left, closed @ + 44 - first win of the day for me.
I'm going to adopt the new Bill approach too, honest
see you all in the morning
Paul
Use the Force
Hey Bill
Short & sweet visit to the chat room tonight:
Hi
Dax + X pips
Cable + Y pips
I'm done
good night....
proves your new approach works to me
I took a short cable tade just after you left, closed @ + 44 - first win of the day for me.
I'm going to adopt the new Bill approach too, honest
see you all in the morning
PaulThank, Paul, very funny.
I logged on at 7:10pmand almost jumped short on dax, but I thought no, no. If I miss it there will be more opportunities. So, I took my time re-accessed and decided the dow needed to retrace some first and it did. I came back to it a while later and set a limit for +20 at a recent low. I now see it went +150. But,not being greedy, I was happy with that.
In between the above, I played the pullback on cable long, break of 5m60 to 15m50. +28, before falling back some. This one eventually went further too.
So, 30 minutes after logging on I was up +48 bringing yesterday's total to +102. I immediately shut down the PC locking the pip tin.
One final note, I nearly closed cable for +5, but Rockdrive keeps reminding me to "believe the charts". I can't repeat this enough now. I used to say what if this, what if that, now I say "use the force, Luke"
Great work, Paul. I'm glad to see my input is helping.
Good Morning
I would just like to say a big well done to all the guys for working on what I classify as the hardest part of trading, and that's discipline.
There's a lot of work to be done in this area, not only by chat room participants and friends alike, but by myself too.
I often switch the screens on and look for a half-decent set-up to jump into straight away.
This is why it's so important to look at the bigger picture, like the 60m chart.
Everything heavily smashed into once again yesterday there must be some respite today.
There's nothing standing out at me right now but a cheeky little scalp might be had here on the oil.
Set up in a lovely little tight box formation on this 1m chart
between the 5m and 15m 20ema's one could comfortable play the break either side with a 30 pip stop.
A 30 pip stop on the black stuff, which can move 500 in a day is a great potential play.
For novices who can trade it then I recommend using half your regular stake.
Don't be fooled into a short EURUSD or GBPUSD just yet. These are headed noth in my opinion.
gutted
Not been on for a while. Lost confidence you see with a couple of back to back big weeks, the wrong way
.
Getting some coaching, and getting it back now, but thought I'd post this mornings action.
Gold breaking out long on a retracement play. The good ole lacky band.
Miss yen ditto.
Me, watching from the sidelines. Gutted.
Master Bill, the force is not strong with me yet. But it will be soon.
TonyH
Euro Set-up
Here's a nice little set-up for a little recovery on EURUSD.
A break of 1.2851 might see a good few pips to the upside