School of Pimpology - page 35
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Why weekly M.A's ?
As discussed in previous posts most chartists around the world use a 20 exponential moving average. Whether it be 1m scalpers or monthly position holders.
A lot of traders worldwide also use the 50 simple.
For me I like to not only use them, but to abuse them also, and this is why I have them from different time periods on the one chart.
In chart 1, we can see that the daily 50 has be breached and so technically this pair should take off. It possibly had a few of you scratching your heads, wondering what the hell was going on, but look at chart 2 now and you can see why hyperspace was always going to be tougher than nirvana to attain.
The weekly 20 was right there holding it back.
This went on for a few months but now look at what happened when the weekly was finally broken in chart 3.
That's why we use them!
Always remember that if the 20 is above the 50 and both are facing up the trend is up and if its below and both facing down the trend is down.
Now on this pair the 4hr 20 is above the 4hr 50, so the 4hr trend is up. The daily 20 is above the daily 50 so the daily trend is up. The weekly 50 however is right at the top of the picture, just visable in the top right corner of chart 3. It's above the weekly 20 so the weekly trend is still down. This should prove a very tough nut to crack in the next few days so a great place to take profit and wait for a retracement to the daily 20 before looking to go long once more.
The immediate 4hr 20 and 50 are in pink and sky blue, the dailies in standard red and blue and finally, the weeklies are in thick crimson and dark blue.
Girls Girls Girls
What is wrong with you?
Are all women traders sex starved? I'd be interested to know.
I have had numberous requsts for the voice CCI indicator to be a hunky male.
Sorry but I am not recording my own voice until I see photos.
Jokes aside, you have a point. I will do a his n hers indicator, but for now, to created your own hunky German male voice alert go here
Simply Type in "pound.; diollar. pound. dollar" or "oooooooooh baby, I think cable is gonna go", select the voice you'd like, play it back.
Once satisfied click download, obtain the link, right click on the link, save target as, then save as gbpusd or whatever pair it is in your Metatrader 'sounds' file.
No It doesn't have David Hasselhoff, or Ingid Bergmann or Facility Kendal.
The closest it has is Roland Rat.........Yeeeeeeeeeeahh, Rat fannnnnnns long euuuuuuuuro!!
Voice overs
If there are requirements for voiceovers I once did a little acting. It was as a munchkin in wizard of oz and. I can do a mean 'were off to see the wizard' in a beautifully annoying key!
I was also an extra and played a flower pot man!
Apparently I understand some of the ladies have the hots for Dan,s voice. They know who they are - so come on Dan be a sport your public awaits. Personally I think he sounds like Frankie Howard.
Voiceover Rockie
Dear Le Pimp,
A wet day in wales and an excuse to play with my toy!
I have read with joy your posts. When you finally retire to the Island you should seriously consider the role of secretary of state for pimpology in the new government. Cracking work my friend.
Perhaps all your time detoxing has had a minor physiological impact after all.
I'd be concerned about the longer term health issues of no grog - you could end up on mastermind! Specialist subject - Pimping.
The olympic beach volleyball was very informative!
Vive Le Pimp,
Sandy RockieHey Olympic Rockie,
I hope you're well. You certainly sound sporty. Have you taken a leaf from my book?
I slipped up last night. Had a little bottle of red. Pollutes my body with that filth again.
I am not worthy of a job in my own government on my own privately owned island. How bad is that?
Nevermind Pimpin' is better fun !
Glad you like the work.
Come home soon.
Let's finish with a chart
There's been a lot of text lately so I wanted to round the day off with a chart.
This is EURCAD Never traded it before but with the new 4hr strategy it's one we are going to monitor so I post it anyway.
It's zoomed to minus maximus so we can all see the pattern formation.
A nice ascending triangle which looks like it could break IF the resistance breaks at 1.6194.
Wouldn't be buying into a 1.62 figure but an order at 1.6210 might be called for.
The 21CCi is in the negative but a break would see that back in the positive. The daily 126 CCI is holding on for dear-life so I am not interested in a long on a green Heiken but a proper smash n grab breakout to the upside IF it turns.
The weekly 20 is above the 50, the daily 20 is above the 50. A bounce now could be profitable.
If we weigh this pair up and put it into correlatory terms, both Canadian and Euro are weak against the Dollar if we are to use the Dollar as a benchmark, so this should go sideways, but lets also remember to trade what we see. The correlation is great on the short term but I think long term it could be just a matter of getting in and holding on for the move.
The great thing about this too is that bar major major news event, such as Non-Farm, this 4hr chart is immune to econimic news.
Please put forward ideas and suggestions, charts and the like.
I am here to help and the Lord only helps those who help themselves !!
Until tomorrow.........
Settings & Stuff
For the benefit of those not using Metaquote's excellent MT4 platform I will try to list the settings of the moving averages I use here.
Later I will add some charts.
As we are dealing with just 3 timeframes I use moving averages and CCI's from higher timeframes in order to see the bigger picture.
On my 60m Chart I will use a 20&50 moving average from my 4hrly chart to save me looking at my 4hr chart, on my 15m I have my 60m settings and so on.
Remember the keeping it simple !
Each of the 3 charts will have 6 moving averages and 2 CCI's
OK, so onto the 60m chart first.
(I'll put my colours in brackets so you can easily translate my charts)
I want a 20 exponential (faint pink) and a 50 simple (faint blue) moving average.
These are to be displayed on ALL timeframes.
I also want an 80 exponential (red) and a 200 simple (blue) These are my 4 hr m.a's and are to be displayed on the 60m chart AND 15m chart only. On the 15m chart these are my 60m averages.
I then want my daily m.a's, so it's an 80x6 (4hrx6=24hrs) 480 exponential in thicker red or crimson and a 1200 simple in thick blue.
These are to be displayed only on the 60m too.
Now I have my 60m/4hr/daily 20&50 m.a's on my 60m chart, 6 in total.
The 20&50 should also now be showing on the 15m and 5m also.
Also add a 21CCI to be visable ONLY on the 60m chart, and an 84CCI to be visable on both the 60m and 15m.
The 15m chart should come next and you should already have the standard 20&50 from before, along with the 80 & 200, which on the 15m chart are our 60m 20&50's
Now add a 320 exponential in thick dark red and a 800 in thick dark blue, visable only on the 15m chart and you have your 4hr 20&50 moving averages on your 15m chart.
The 200 doubles up as not only your 200sma but also the 50sma from the 60m chart, whereas the 800 doubles up as the 50sma from the 4hr as well as the 200sma from the hourly chart.
The CCI settings for the 15m chart are 84 (which you sould already have on there) and a 336. This is our 4hr 21 CCI (21x4x4=336....15mx4x4=4hrs)
So thats 2 timeframes, each with 20&50's from 3 timeframes (6 in total) along with 2 x CCI on each, yes?............Brilliant.
Under normal market conditions we would need just this set-up to get going, but with sentiment changing daily at present, with not one single currency looking especially strong we need to nip in and out of the market with 20,30,40,50 pips. It's pretty tough for everyone right now, but by introducing this little baby, we can get a bit of an advantage by using the 5m entry.
We should already have the standard 20&50 on here, now we need to add 4 more moving averages and two CCI's which are to be visable ONLY on the 5m chart.
We need a 60 exponential in red and a 150 simple in blue. these are our 15m 20&50.
We also want a 240 exponential in thick red and a 600 simple in thick blue, our 60m 20&50.
CCI's on here are a 7 and a 63. 63 being 3x21 (3x5m=15m), our 15m 21CCI.
Finally, we add the Pivot points indicator, which I will post next time.
So to re-cap. Each timeframe should have 6 moving averages and 2 CCI's
Save this template as 'Pimpology' and we're ready to move on to some analysis.
This might seem a little confusing at first but it will come, I promise. It's essential you set this up for yourself so you know what is what and become more familiar with what I am going to talk about later.
All you need to do now is open the 6 charts, Crude Oil, Gold, GBPUSD EURUSD USDCHF USDJPY and tile these.
Next we'll talk about analysis.
UPDATE: FOR VISUALISATION PURPOSES SOME OF THE SETTINGS HAVE BEEN CHANGED. THEY ARE ALL THE SAME AVERAGES AND 21CCI, BUT THE NUMBERS WILL BE DIFFERENT ON DIFFERENT CHARTS. PLEASE EMAIL ME FOR ALL UPDATES. thefxpimp@hotmail.com
Great Help
Once again, thanks again sir pimp for posting such great information. We all should feel grateful as most professionals would not bother to take the time to do what you are doing to help so many people. I am a swing/momentum trader and enjoy scalping as well on the 4 majors. In the past few days, the 5m,15m,60m charts have simply not been big enough to tell us where we are going with such big moves. Therefore I think the new 4h template is an absolute brilliant idea timed perfectly. It also gives us insight on other currency pairs I've never traded before. Happy trading everyone and see you in THE Boiler Room.
I'll second Rollingstone & Scorpion,
As a newbie that almost became one of 95% who blow a small account only to run scared for the hills for good, this thread and it's precursors on FF and FX fishy is just what I needed to finally get the courage to start trading live again, nearly 2 years on. I've followed other threads in the past, where someone comes up with a semi decent idea (often just based on curve fitting the last 14 days or so), and the people that then tags along invariably burn 80% of the posts (often their 1st post and only contribution whatsoever) asking where they could get an EA to trade the system automatically. Everyone seems to want to retire overnight with zero effort other than to leave a PC running.
Not so here. This is very much teaching peeps how to fish, not dishing out trading signals / free EA's. I think the trolls will very quickly realise this one requires a bit of thinking to master. Also your little casual throwaway comments on markets in general are real eye openers. At last a place where every one wants to learn and in time feel confident enough to contribute too. Please keep up the good work... just because we don't always reply be asured we follow this more closely than a medals table in the olympics!
good weekend all / see you tomorrow in the room!
Spitfire
P.s. if you want to drastically reduce your risk of becoming a statistic, here is the Spitty's top tips:
a) start with a mini account trading microlots for as long as needed
b) the trend is your friend - but wait/watch out for retracements. The number of times I jumped in a clear trend just as a retracement started and stopped me out...(only for the trend to then continue)
c) stay away from monster pairs (like GBPJPY was when I started) until you have doubled your account playing the more tame, predictable ones
d) stick around here!!
The Fake-out
There is quite a bit of material to get through and digest on the new strategy now, so I need to take the day off posting and answer some questions.
I think I have pretty much covered it all but am a bit slack at times and keen on a blonde moment most days.
So please do ask qusetions, post charts, ask for clarification, and vote at the top of the page. Is this useful information or not. If it's not then maybe I will consider going out at the weekends instead of sitting behind the screen.
Please let me know. I am a very open guy and regardless of you experience or lack of I will try to help as much as I can.
I hope I am not confusing anybody and would be honoured to answer the most basic of questions to get the novices up and running with this serious weapon.
As I like a chart, I'll leave you with this.
In the words of Gordon, it's aptly named 'the fake-out'.
Rather like a breakout but one that doesn't materialise.
How do I get around that problem?
Where there is a will, there's a way my friends, as mentioned before, the 2&5ema are very important, not just as a signal.
The 5 doubles-up as the 60m 20ema and the 2 is the nearest I could get to a 15m 20ema. It's actually a 32.
If these two are crossing the breakout area, (especially the 5) we know for a fact without looking at the 60m chart that this ema is resisting the price nicely and close to a break.
If the fast ema's are not close enough, by the time the price gets there it is often out of breath, there is no springboard to bounce off.
Imagine a very little person trying to change a light-bulb, aimlessly jumping up in vain all morning as his mate is not bringing the ladder round until the afternoon.
This is the same. Wait for the ladder to arrive.
So the first time we had the fake out the second, the breakout, and this move went 1000 pips in a few days.
Have a good sunday everyone.
Your suggestions for improvemenets to the quality of imformation here on this thread and always welcome.
A++++++++++++
Le Pimp
I think I speak for everyone here who follows this amazing thread that the quality of information could scarcely get any better - for the newbie, the novice or those who are trucking along nicely. Plus we get all the gossip, advice on detoxing and get to share your culinary delights too. What else is there to offer?
I imagine most peeps are digesting their new 4 hour Pimp-Magic charts which I must say are truly the business. They will certainly help with trading on the 15m time-frame too, that old trend being your friend. It's going to be hard to get a word in edgeways in the Boiler Room chat room tomorrow talking about the new set-up, but being a girlie I'm sure I'll manage somehow.
So, nope, personally can't think of any way you could improve - one very satisfied Pimpology student! Anyway, back to those scrumptious chocolate charts.
Thanks Pimp, you rock.
RS / Scorpion