School of Pimpology - page 173
You are missing trading opportunities:
- Free trading apps
- Over 8,000 signals for copying
- Economic news for exploring financial markets
Registration
Log in
You agree to website policy and terms of use
If you do not have an account, please register
Thanks, Paul, but I'm no star, just someone who has been through the grind where you guys are going now and paid the price ($6 figure loss).
As I have said earlier, I cannot handle the short term frames. Even though I know what to do I can't do it. It might be because I started 17 years ago on the Daily chart and that is what I am most comfortable with. Everyone has to find the time frame that works for them with regard to profit, lifestyle and health. Plus, I cannot sit for hour after hour watching charts dance in front of me - that's torture to me - I need a life! I do a quick couple of minute analysis on my 11 pairs, make my plan, set my orders and then go out and have fun.
You're doing good with your analysis, Paul but don't go to the monthly tf unless you want to trade the Weekly. The Weekly governs the Daily. Yes the Weekly is an uptrend making higher highs and higher lows but the Daily is in a downtrend within the Weekly uptrend.
I don't use the Pimp strategy for my Daily trading but I will, from now on, check it before placing my orders. Again, I can't discuss my method here.
My plan is based on analysis at the end of the NY session (5pm NY). I review the Weekly, then Daily, then place stop orders and go out and party (if I can). I have an idea where my profit target is but I don't place a hard stop as many times the price just drives straight through it and many times it doesn't get there.
I don't have any indicators so I can't help you with the CCI and I only monitor the 20. I don't really care about the other ma's as I have support and resistance levels (not the pimp ones) that I use.
If you're trying to get into the EURGPB trade then yes, you have to wait for a pullback on a shorter time frame to enter BUT you want to stack all the options in your favour so that you have the lowest risk.
As I posted earlier, EURGBP has broken its Weekly support and the next support is at around 0.8550 and if it clears that then the next is 0.8100ish. If it breaks 0.8240, then the Weekly is in a downtrend.
Hope this helps.
Rock on,
Strat
PS If you're trading tomorrow be very careful around NFP time
daily charts
Evening all hope you're well
First post here as i've only recently discovered this thread.
First point-- i must be thick as i've been trying to get to get to grips with this strategy for a couple of months, and i'm struggling!!
Second point-- nicola, paul et all you're making pips so it gives me hope that once the fog lifts i will be able to join you in making consistent pips, which for me is what it's all about. been up lots pips in the am only to give them back plus more in the pm
Strat- thats a fine instrument you have there, but i feel it pales into insignificance against mine!!
I'd like to switch to the longer time frames too, as the shorter ones just don't suit me personally, i find it too distracting on a 15m or 5m chart. they give me too many reasons to trade\exit,compared to what the grey stuff is telling me.
Anyway, now i've posted, i'll try and get involved a bit more.
nice w/e to you all
that the way to go
Perfect score Bloom concrats, very nice score!
One day I hope to join you and get my trading more consistent
please keep us posted..
still struggling hans..
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.Lesson Learned
I had a horrible end to my Friday, end of the day, and I thought it was safe to trade again after non farms.
I was in a short trade, all was going well and I decided to put in my profit target (a modest not greedy 15 more pips away) and go and make a sandwich. I didn't have a stop in. Came back a short while later to find that instead of being up 80 pips up I was down 250!
Lesson Learned ...
Hope you are all having good weekends!
Nicola
hans vs hans knocked out loaded
Thanks to all who kept on sharing there pip score last week it helps me in achieving my goals..
reflections on my weekly pips score,
Monday +408 pips in 6 trades ( best day ever!!)
Tuesday -229 pips in 16 trades ( knocked out still pip drunken )
Wednesday +195 pips in 22 trades (scalping back the damage )
Thursday -52 pips in 9 trades ( lots of trades to get break even )
Friday + 34 in 13 trades ( lots of trades to get break even )
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
week 3 : 336 pips + and 658 pips - in 41 trades result -322
week 4 : 467 pips + and 336 pips - in 27 trades result +131
week 5 : 1206 pips + and 882 pips - in 66 trades result +324
the positive result over all for a 324 pips is maybe still hopeful, but far to many trades.
I make my losses mostly in the currencies, and fight my way back with oil trades.
As Dan was saying Friday "guys examine your trades " so I did.
Turns out that 40% of my trades this week where oil trades, and if I should only have traded oil this week my net pip score would have been 691 pips with a 82% winning rate per trade!!
Looks like, that I gonna keep my oil trades and quit most of my currency trades next week.
For the currencies I will focus on longer time frames, like Bloom's trades last week.
Start reading the "idiot in the mirror" again, and enjoining the weekend as well.
Cu all next week, lots of pips to you all.
expensive sandwich
Sorry to here that Nic, I'm sure it was that oil reversal that I luckily missed because of having visitors in!
That's what is missing in MT4 an automaticly placed stop loss like I have in my Oanda account, it places always a stoploss with every order you put in.
Next week a new week with lots of barrels to tackle!
enjoy the weekend..
hans..
I had a horrible end to my Friday, end of the day, and I thought it was safe to trade again after non farms.
I was in a short trade, all was going well and I decided to put in my profit target (a modest not greedy 15 more pips away) and go and make a sandwich. I didn't have a stop in. Came back a short while later to find that instead of being up 80 pips up I was down 250!
Lesson Learned ...
Hope you are all having good weekends!
NicolaEnd of Week analysis
Looking for retraces on GBP pairs and EURGBP to add positions
Be careful with USDJPY as current move is due to intervention of BOJ on high volume to keep the Yen week. If they pull out, it could fall like a rock
I had a horrible end to my Friday, end of the day, and I thought it was safe to trade again after non farms.
I was in a short trade, all was going well and I decided to put in my profit target (a modest not greedy 15 more pips away) and go and make a sandwich. I didn't have a stop in. Came back a short while later to find that instead of being up 80 pips up I was down 250!
Lesson Learned ...
Hope you are all having good weekends!
NicolaWhat pair was that on Nicola?