School of Pimpology - page 54

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mthomas:
Fx Pimp...

Theres the continuation playing the fresh cross of the 63/7 during an established 252 trend.

Many are playing the 63 crooss whilst ignoring the 7.

1) I just want to make sure I have this right...The established 252 trend is crossing zero with it being red. Correct?

2) What does the 63 have to cross?

Thanks I really appreciate the time and effort you put in sharing and showing us!!!

Matt

When I refer to an 'established' trend I mean the 252 would have crossed some time ago, but you may have missed it or may have been in and out with a few pips and might want some more.

The 'cross' I refer to is the cross of the 0.0 line.

cjcornelius:
Hi Guys and Mr FXP/Zak,

I am grasping it now .. after Zak spent many hours coaching me!!!

I've placed some trades and some orders this morning on my demo account.

See what happened!!

My 2 losses on currencies was caused by my Stop Losses being TOO CLOSE - I forgot I was ordering from H4 charts and didn't use my support and resisitance line on my charts as Stop LOSSES ... and was in a rush to do something else. The Gold was also due to TOO TIGHT Stop Loss ..

I always like to try and see why some orders took PIPS from me!!! If it wasn't for those3 careless orders I would have had a cool 100 plus pips for 1/2 hours effort .. all setup and go!!

I am ready to go live with the help of ALL in the Boiler Room.

Thanks once again Zak for every thing.

Obviosly if you look at my trades and orders you will find lots of mistakes etc ..but it's my second POSSITIVE day!!

Happy PIPPING to all of you!

PipsSqueek - Hannes

Nice trading Hannes. Just a word of advice though. When playing the 4hr charts it's advisable to have a bigger stop as a safety measure.

That also means you must have a bigger profit target to justify the bigger stop and to keep you risk to reward ration the same.

What you are doing appears to be bearing some fruits but whilst still on a demo why not try either holding the whole position a while longer or just cutting it in 2 parts. One with your 30 pips and the other with a 30 pip trailing stop once youve closed out the 1st portion. On many occasions with the $ related pairs you can pick up an extra 30, 40, 50 pips.

 
jturns23:
FXPimp, USDJPY is making a good run at the R1. Think we'll make it? I hope so, i'm in for a good buy right now.

This is the one problem with the 5m scapling template that many fall fould of. Becoming complacent and never looking at the bigger picture.

I am not insinuating you are neglect the overall picture at all but many do.

I do like the USDJPY pair a bit higher yes, but if you look on the standard Pimpology template you will see the 4hr 50sma staring you in the face.

It might be advisable to do as I do, which is to watch the 15m as well for a slightly bigger overview of the action. You can close down the CCI on the 15m chart as you have everythibng you need on the 5m Madness.

mthomas:
Mr Fx Pimp

I'm still getting used to metaTrader but I've found out why I've been somewhat confused with the charts...

attached is a pic of my pimpmania tpl both cci's 7 and 63 were both gray. I have now switched the 63 line as black. What I'm still not sure of though is I still have 0.00 lines in 2 different spots how can I tell which one is what.

I'm also having problems with the pivot lines you'll notice in the pic. With the pimpologv1.2 though I do not have any issues viewing the ma's and pivots but then Using that tpl I dont have the correct cci's.

Could I please have the templete which you posted the chart in post 525 that way I could also see the distance in pips away from the ma's.

Please forgive me if I've confused anyone with my ignorance with metatrader. I'm learning and getting there.

Atleast now I know why I was getting cross eyed it wasn't from all the beers!!!

Thanks again Fx Pimp,

Matt

Sounds like you're using Vista.

If so you will need to manually add the FXSniperCCI to each chart.

There is something wrong with your pivot, I can see that. Have you tried deleting it and applying it again.

The 63 CCI 0.0 line is red, the 7 is grey. If you wish to delete the 7 and add it to a separate window then please do so. However for some reason I cannot change the content of the Zip I created with everything in it.

I hope this helps.

I'd just like to say a big THANK YOU to Benihana for sharing certain issues that many of you will surely experience.

Also to Bloom and Honst Bill for their continued hard work, determination and support.

And of course, to the lovely Larry & Scorpion for their undying love and complements.

Last but not least all the new supporters of the thread. Theres an influx of new guys coming on board now and having a good go at what we do. Congratulation to all of you for having stumbled accross such a dedicated team who will continue to help you until you are ready to leave the nest.

Thanks guys.

 

Pictures

Plenty of text on here this morning, so lets brighten it up with some charts.

WE did seee a little bit of Dollar strength coming in this morning, and few little breakout plays to go with.

Not massive moves but with Crude and Gold never really taking a tumble it was always going to be short-lived.

Anyone in any of the positions below should serously consider collecting what profit is available.

I highlight the entry points with green horizontal lines for long and red for short.

Like I say, not massive moves but still over 100 pips between the 4.

Will do a 4hr strategy update in a bit.

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4hr Update

Just a quick update on the 4hr strategy.

There's 4 ongloing trades to speak about briefly. I will look for some to add to the collection a bit later.

EURCAD & CADCHF are both looking very nice with about 200+ or so pips profit one each. AUDUSD from last night is about 120 up and GBPCHF is pretty much where it started.

Maybe a little bit naiive of me being long and short of Swiss at the same time and so this could be one for the dung-heap.

It's about 20 down but the timing was not so great, admitedly. Apologies for that.

It started well, late Sunday night going 60 on our favour, but has since gone sideways between S1 & Pivot and has now broken the pivot.

I have my stop above the weekly pivot at 2.0390 so this may cost me 60 pips.

I can't get it right every time but hope that those of you who follow the thread and the advices on here have capitalised on the others to warrant not giving a toss about a paltry 60pips if this goes wrong.

With the Euro and Swiss weakness coming in after bad data this morning, the other 3 could very easily move another 100 each.

Quick note on the suggested cutting of positions earlier on the 5m madness. I would never advocate trading a 5m chart through news.

There were some moves in the opposite direction with crude moving up, but since the news the initial direction has resumed.

By all means play the news, but if you want to make consistent 'safe' money, then close your positions 15m before and leave it to Cako and the Brussels Bankers Brigade. You will go skint !

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Possible Power-Play

Here's a potentially decent set-up IF the USD strength carries on. USDCAD

I won't be jumping in until we get a decrnt break of the resistance level.

However, with the daily 20ema headed up it's only a matter of time until this mess unravels itself. IF price can stay above the daily 20 and that can get a little nearer to the resistance level, allowing the 4hr 20 and 50 to get back into the correct formation it could well smash through with some seeeeeeeeeerious venom.

In the next pic I will show you why I am not jumping in straight away.

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Here's why

Take a look at this weekly chart of USDCAD.

We don't look at weekly charts a lot I know, but its often worth a glimpe.

I have a standard 20&50 on here along with a 100ema and 250sma, which are my monthly 20&50.

The price is presently right up against the monthly 20 and a resistance line dating back to 2004 !!!

Price is slightly overbought still AND weekly 20 is still below the 50.

I'm not saying it won't go, but well worth bearing in mind

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Anyone fortunate enough to have stayed out of the GBPCHF 4hr play may be rewarded with an entry IF and when this support line gets broken.

If you are in it then Hold it for the time-being.

I have plotted the approximate trajectory of both the 4hr 20&50 moving averages on this shot and IF the current direction plays-out then I would expect the 20ema to reach the support in 6 candles time and the 50 in 14 candles time. So 24hrs from now would be make or break time.

Maybe an order below the support

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Thanks FXP. I rarely currencies short term any more but these longer term set ups are great. Keep up the good work. Much appreciated.

Barry

 

I rarely TRADE currencies short term

 

The Beginning ?

Is this the start of the move of the GBPCHF play posted above?

It's looking quite promising from this 5m chart, making new lows at long last.

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