School of Pimpology - page 61
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Interesting Observation Part II
Take a look at this chart.
It's a daily CHFJPY chart with a weekly pivot including just S1 and R1 levels.
Don't worry if you are new to trading or to this thread. I am not trying to confuse the strategy, just making a point and doing the usual Friday waffle thaaaaaaaang.
The chart is black to showm this better and i have changed the candles to a line graph so it shows up better.
Now, here's the interesting part. Remember this post from yesterday?
We established that if the daily pivot is below the weekly and monthly pivot then the trend would most likely be down and if daily pivot is above the weekly and monthly then the trend would probably be up.
Now the interesting question here is how far below the weekly will the price go?
I had a feeling that like an elastic band the daily pivot could only more a certain distance from the weekly pivot before the price and thus daily pivot move back toward the centre of gravity so to speak, the weekly pivot.
Look at the picture. It shows quite clearly that A LOT of the time the price remains with the S1/R1 boundaries.
So, what can we guage from this?
We know that in a strong downtend that the daily price movememnt can go to S3 on our intraday charts.
The More that keeps going the lower tomorrows S3 is going to be AND the further away from the Weekly pivot the daily pivot is likely to be.
Should that continure to fall each day we would have a pretty good idea of WHEN and WHERE it will stop, and that would be approximate to the Weekly S1.
Great little way of targeting profit levels and a great little way of ensuring you are not jumping in at the bottom.
I will cover this more later.
Please feel free to ask questions
Moving On
This next shot shows the daily pivot instead of the price.
The price might move outside the weekly S!/R1 levels temporarily, but the daily pivot seldom does. It has a tendency to go find the weekly pivot again.
If the daily pivot does break weekly S1 like this FTSE chart, then theres a big chance something large is brewing
Doctor Doctor...need help
Mr FXP,
Here's our trades that's gone pear-shaped where we've been stopped out. No pips and couldn't even BE.
What's our problem? What are we not seeing?
Thanks a bunch sweetie and look forward to your feedback. Take ur time though.
The Ambulance has arrived
Larries.
I am awefully sorry to hear about your misfortune.
I don't have all the answers but I have a couple of suggestions that may serve you well.
Firstly, sleep at night. The Asian session is for the Asians. It's not for us. It's difficult, there is limited volume, meaning limited liquidity meaning limited movement. One large order from a particular institution can suddenly ruin what looked like a good set up.
Take a look at the chart I attach.
The grey vertical lines represent our office hours. London and New York session all in from dawn til dusk. The areas that are the same as the background of the chart are out of hours. ie Asian session.
Now focus your attention to the areas within these Asian sessions. There are 10 in all. All pretty colours especially to brighen your day.
Notice there are 7 peach and 3 pink.
The 7 peach are where movement was very limited during these Asian sessions. The 3 pink represent the 3 sessions of the last two weeks where something actually happened.
Notice also the volume above the CCI's, again in a sexy lilac just for you.
hahaha.
There is virtually no volume at these times in the gaps. The bulk of the money being punted is in the grey areas, our time.
If you must work then have you considered setting orders?
Now let me draw your attention to the bottom-right of the chart. The 4hr CCI on the 60m chart.
Clearly this is in a downward trend right?
Stick with this chart and play the cross of the 21CCI.
This last week would have produced 3 or 4 trades with 100+ pips each.
It's very easy to lose track on a 5m chart and to play safe I would urge you to play with an hourly.
We know the 21CCI on the 60m chart is the 252 on the 5m chart, so why not do something similar to this post
You see the 21 cross on the 60m, the 4hr is down you look for a 1-2-3 on the 5m then get back on the 60m.
It must be a good set up on the 60m chart else it won't do anything.
The reason your trade didn't go according to plan was the time of day and the fact that cable had already fallen 100 pips that afternoon.
Look at the patterns. big fall then consolidation, big fall then consolidation.
Sometimes you'll get lucky, others you get skinned. You were having one of the latter sadly
How's that for starters ?
PS. Don't let it get you down though. Everyone has done it. The important thing is you had guts to post that on here and now hopefully you can learn from it and move on.
The direction was right, just the timing was out.
Another not worthy of mention is to ensure you have a minimum of 3 contact points on your trendlines. The more the merrier.
My long term position on GBPUSD weekly has reached its destination with 1,439 pips today.
Consolation
Here you go Larry.
Cast Iron proof that not everything I do goes accoring to plan immediately and sometimes a certain degree of pain must be experienced.
Here's 4 charts from suggestions I put to the room and on here this morning.
The direction was correct, the ideas we correct, but the timing on all bar the Jpy sucked courtesey of Gold umming and arring and not really doing much.
So remember. Gin & tonic, bit of lippie, get dolled up, hit the town, get smashed, fall over, all is forgotten
Guiding Star...
Mr Gorgeous, (funny how u know who u are... hehehe)
Thanks for looking into our charts and getting back to us as always without fail. Your undying luuuurve for us is truly felt - Thanks for being such a hunnybun!
You remember in one of your previous posts that the CCI 252 acts as a guiding star???.......well, we don't think it's true.......wait for it.................cos............ YOU'RE OUR beautiful guiding star!!!
The reason why we attempted the Asian session last night was because lately the afternoon session looked far too messy so we thought the Asian market would be clearer like it has been the last few sessions until last night when we decided to keep these sleeping beauties up
As for your suggestion about putting orders in overnight or even in general...
1) We're not sure where to put the orders at; cos we don't want to get spiked into an order by a candle wick when the fast ema hasn't broken the trend line
2) And without it having a huge stop loss by the time the fast ema does break the TL
3) Whether it's any use to have a trailing stop
Pls refer to the attachment. Would you have taken these 2 trades on Cable?...
1st vertical line - we wouldn't have taken it as we'd be waiting for the 252 CCI to show the way and by the time it does the wave's gone. So we'll look for the retracement.
2nd vertical line - is the retracement shown on the 7CCI, but doesn't the CCIs look oversold to you? Or would you regard it as an ok trade to get into as it's only started the fall and this is it's first retracement on the 7CCI?
Thanks Precious P
Have an excellent weekend, go out and enjoy yourself, put on your dancing shoes, sing your little heart out, sleep, eat and be merry!
Excellent!
My long term position on GBPUSD weekly has reached its destination with 1,439 pips today.
You deserve a gold medal moremore! Brilliantly done! You've nicked Santa's bag of pips
Struuuuuuuth.
Blimey Moremore that is a real kick in the nuts for the broker. Excellent stuff, well done.
Larries. I think You might still have the old template.
If you like that one better, then cool, upto you, but the new one, if you remember last weekend maybe, I was talking about the red-light-area?
I have 150 and 200 levels on all CCI's. Between the two is dangerous but if played with maybe a half stake or something, there are pips to be made.
It matters more on the bigger CCI's than it does on the 7 for example.
Look at my charts above. You can see where silly pants here entered the cable trade of yesterday. It was a game of patience for me too.
But yes the first line was a good entry the secone not so much so, selling into an S1 level. I would have been collecting there.
Yes you have got the very old template.
We done away with the 5m and 15m 50sma ages ago from the 5m chart.
Drop me a line thefxpimp@hotmail.com and I will get you fixed up with the latest one which features everything I have done on this thread, the Pimpology, the Pimpmania. the Pimpmagic. Everything all on one template now, including some bonuses like the Pimptastic 1m mahem and a few other bits. It's very heavy artillery, so be careful.
I will do a little bit on trendlines later and include some stuff about orders