School of Pimpology - page 182
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AUDUSD
Sell order at .6380 with TP at 0.6300
CHFJPY
Sell order at 80.50 with TP at 77.00
EURGBP
Sell order at .8730 with TP at .8550
EURJPY
Sell order at 119.60 with TP at 117.00
EURUSD
Sell order at 1.2686 with TP at 1.2590
GBPCHF
Sell order at 1.6610 with TP at 1.6500
GBPJPY
Sell order at 134.50 with TP at 130.50
GBPUSD
Sell order at 1.4450 with TP at 1.4150
USDCAD
Buy order at 1.2565 with TP at 1.2670
USDCHF
Buy order at 1.1700 with TP at 1.2130
USDJPY
Buy order at 95.00 with TP at 96.30
TP on 50% of position, go to BE and trail
Rock n Roll,
StratThanks for posting Strat. Very interesting. I'll keep an eye on these. At the moment only the USD:JPN trade has triggered right?
Can I ask how large a stop do you use? Do you use the daily ATR to help decide, or use previous s/r levels?
Most of your entries appear to be breaks of the previous days highs or lows, but direction confuses me. I assume you are using fib levels for reversals of trends?
Thanks again.
Edit: Cable trade in now. Broken yesterday low.
Daily updates
Thanks for posting Strat. Very interesting. I'll keep an eye on these. At the moment only the USD:JPN trade has triggered right?
Can I ask how large a stop do you use? Do you use the daily ATR to help decide, or use previous s/r levels?
Most of your entries appear to be breaks of the previous days highs or lows, but direction confuses me. I assume you are using fib levels for reversals of trends?
Thanks again.
Edit: Cable trade in now. Broken yesterday low.Correct, Stuart, only GBPUSD and USDJPY triggered, the rest are cancelled now. Most markets are moving very irrationally and being tugged in the direction of who and whichever country makes the best speech.
My stops go either at swing highs or lows or major S&R and are never by pip value.
Most of my entries are breaks of highs or lows - I only want to be in a trade when the market is moving in my direction (momentum).
I use a combination of everything I know to forecast direction and only get it right about a third of the time (even less in these turbulent times).
BOJ is buying boat loads of Treasury Bonds again forcing the $ up (and the Yen down) and in sympathy, the other Yen pairs. They and China will continue to do this until they weaken their currencies to the point that their exports are attractive again.
This makes the forecasting part of technical analyis difficult and strengthens the argument for funny mentals.
At least they can't mess with Rock n Roll!
Cheers,
Strat
Correct, Stuart, only GBPUSD and USDJPY triggered, the rest are cancelled now. Most markets are moving very irrationally and being tugged in the direction of who and whichever country makes the best speech.
My stops go either at swing highs or lows or major S&R and are never by pip value.
Most of my entries are breaks of highs or lows - I only want to be in a trade when the market is moving in my direction (momentum).
I use a combination of everything I know to forecast direction and only get it right about a third of the time (even less in these turbulent times).
BOJ is buying boat loads of Treasury Bonds again forcing the $ up (and the Yen down) and in sympathy, the other Yen pairs. They and China will continue to do this until they weaken their currencies to the point that their exports are attractive again.
This makes the forecasting part of technical analyis difficult and strengthens the argument for funny mentals.
At least they can't mess with Rock n Roll!
Cheers,
StratThanks Strat.
Even the pimp strat has been strange over the past few days. On a 1 hour basis, nothing has held. MA's have been stacked in one direction and the price flying the other etc!
I took 1 trade this morning, a EUR:CHF short. Came out of it for a very very small profit when it turned mid morning.
Watching the cable trade now. Will delete the rest.
Think you are right. FX seems to be super tough at the moment.
Good evening.
I've annoyingly been stopped out on the cable trade. Stop above yesterdays high, hit- passed by about 20 pips and now reversing.
Trading is frustrating as hell sometimes!
I've annoyingly been stopped out on the cable trade. Stop above yesterdays high, hit- passed by about 20 pips and now reversing. Trading is frustrating as hell sometimes!
All part of the learning curve, Stuart.
As you have found out, moving your stop based on the previous day's extremes is not the way to do it. Yesterday's bar confirmed the previous bar (Feb 23) as a SWING HIGH, therefore a better place for your stop would have been a few pips above that high. My stop was even further away at major resistance at 1.4760 but is now moved above the swing high.
I anticipated the Feb 23 as a swing high because, to me, it was an exhaustion bar at minor resistance with a few cycles topping at that time and together with volume, seemed like a good place.
Also notice the 50 acting as resistance and the 20 bouncing off it.
The major support at 1.4130 holds the key to future direction.
Hope this helps.
Rock n Roll,
Strat
I understand.
Yesterday had a higher high than the day before which isn't great, but the price bouced straight off the falling resistence.
I should have seen that, but a 200 pip stop seemed a lot when the target was 300 pips.
Do you think GBP:JPY looks to be reversing now? Double top and reversal?
That would require a 400 pip stop though!
I closed my GBPUSD trade at yesterday's close as it stopped at minor support. This may be premature but I prefer to take some profit as the market is lacking direction right now.
As per my previous post, technical analysis on JPY pairs is very difficult now due to BOJ weakening the Yen. It looks like BOJ is taking the exchange rate back to 100 Yen to the $, so until BOJ pulls out, it is best (safer) to stand aside and let the market declare it's direction rather than trying to guess it.
Rock n Roll,
Strat
Edit: Although market participation in USDJPY seems to be drying up, I am putting in a TP order on 50% of my position at 99.87 in anticipation of an exhaustion spike as BOJ tries to get to 100:1
you are great Mr Pimp
Here's the same set-up on the Crude but from another day.
Exactly the same as the second highlighted area in the previous post.
How easy is that?Yes it's too easy to understand. Thanks a lot for sharing it with us.
so kicking it on demo first to ............
Nice one Hans. Good week
Have a good weekend all.
Strat, do you like USD:CHF going lower longer term?
Feb 20th as reversal day, with stops above the high?
Entry below the low of the day before?
Nice one Hans. Good week
Have a good weekend all.
Strat, do you like USD:CHF going lower longer term?
Feb 20th as reversal day, with stops above the high?
Entry below the low of the day before?USDCHF:
Both technically and fundamentally, USDCHF is looking for direction from EURUSD.
Here is what we know technically:
Weekly:
In a corrective up move within the larger, dominant down move. This correction is now losing momentum having been rejected by Fib resistance.
The 20 continues to move in parallel above the 50 telling us to expect higher prices.
Daily:
We have a swing top in place on Feb 20 and now in a down cycle. Prices are in a corrective up cycle within the down cycle trying to re - test the swing high, however, momentum is non - existent. Again, the swing high is at final Fib resistance.
The 20 is above the 50 telling us to expect higher prices but they are converging.
There is major support at 1.1400 which, so far, is being successful in rejecting the downward attack.
What's next?
Who knows? I certainly don't.
A possible scenario is that when both the Weekly and Daily down cycles are in harmony, we may see a retrace down to their respective 38.2% Fib retracements before making a push to newer highs.
Now throw in a splash of funny mentals which are saying "we are in a world financial crisis, what shall I do with my money?" The answer, by the majority of actions, is to go to cash. "But which currency I hear you say?" GBP is teetering on the edge of the cliff with EUR a couple of steps behind. JPY is being whored by BOJ and CHF, although backed by gold, is being overlooked by the big boys so what is left? Well Japan and China are buying US$ which is still the World currency and backed by the World's largest economy (printing press) so that's the situation right now.
So how to trade USDCHF? - don't (at least not until we have clear direction).
Most currencies are in some sort of daily consolidation/ranging phase right now which is when the Pros put their hands on their wallets and the novices/amateurs use theirs like monopoly money.
Wait for the right opportunity - it is already being set up somewhere - our job is to find out where, when and which one, but it is there.
Me, I'm taking the strings off my 59 Strat to see why they are rattling on the frets so I think I'll give her a good going over.
Rock n Roll,
Strat