School of Pimpology - page 76
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Cake Man
Nice tan.......looks like somebody needs to get back to his charts....you've been in the sun too long!!!!! I am only jealous as the UK summer was a wash out and it continues to rain...Pathetic
Two questions;
1. Where's your beverage
2. Where's your beverage
Sorry Cako - buts its a holiday and its is compulsory to ensure appropriate lubrication........
Hope you are having a great time - but talking of scalping did Andre do your hair!
Have fun,
Drowning Roclie
Anyone out there watching these markets?
So is anyone getting involved
I've been stopped out of my Eurchf short. It was 200 points in profit.
My Gbpnzd has also been stopped out
wild?
Huge jumps on the FTSE and Wallst
thanks
Pimp,
Thank you for burning the mid-night oil with me....We should all chip in and hire you a full time cook and bartender!!!!
Can't thank u enough,
Matt
Good morning all. I hope you had a fantastic weekend.
Mine was a little bit eventful having left my keys indoors on Friday night !
Shame, had to stay out the whole evennig until I was fit enough on Saturday to climb on top of the conservatory and let myself through an open window.
Never going out again I can tell you.
So, onto business. Looks like Fannie and Freddy are going to get bailed-out, which one would naturally assume would be good for American economy and thus the Dollar would rise. However, accross the board people have been selling Dollars apart from against the Yen, who has been acting very strangely of late.
Crude is up 200 pips, Gold 100 and it looks like once again the dark stuff is going to have a go at the 4hr 20ema and the weekly pivot.
The 60 20 is still underneath the 60m 50sma so we're still bearish, but a break of $110 could well see a bit of a comeback after not really having penetrated the weekly the 50 last week at $105.
Once again the Asian session has stolen our fun, so it's just a waiting game until the price moves back toward the averages on the currencies.
I shall return with an update in a couple of hours. I won't be jumping into anything this morning
CCI colours
FX Pimp,
How should the colours on the CCI's be interpreted and what are their significance? (Green and red are pretty obvious).
On the chart below yellow appears on the 63 as the 5m20 crosses the 15m20. Does this mean anything or is it coincidence?
Thanks.
FX Pimp,
How should the colours on the CCI's be interpreted and what are their significance? (Green and red are pretty obvious).
On the chart below yellow appears on the 63 as the 5m20 crosses the 15m20. Does this mean anything or is it coincidence?
Thanks.Hi Bill
Notice when the CCI first crosses 0.0 ?
The first few bars are grey. This indicates a 'possibe' change of direction. Then ater 3,4 or 5 bars, providing the trend remains the CCI changes to colour, which signifies and established trend.
The yellow is just the spacer between grey and colour.
I seldom pay this any attention but you might find it reasssuring if you have taken a trade on the cross, then see the CCI go to colour after a few candles.
Monday morning success using Pimpology System - 185 PIPS!!
Hi Guys and especially you Zak,
I would like to share my success for this Monday morning using the techniques Zak is teaching us here!
I use the H1 charts of the 4 majors ONLY!! Look for breakouts/breakthroughs .. where there is nice BIG GAP in front of the price on the H1 chart ... then use stoch-histogram that was added by Zak to help with naughty CCI7 that sometimes let us down to show pullbacks/retracements ... then I place either a SELL STOP or BUY STOP ... but mostly only play SELLS for some reason.. perhaps one get so used to stocks etc dropping FAST!!! BUT this morning had 3 buys!! - Always play with CCI trend!!
I mostl use 15-20 pip stop loss and target a few pips short of first Ressistance/Support like Pivot, S1, R1 etc ... you will notice this from my stop loss trades .. If you compare it to the pips for Take Profit deals you will see risk reward of at least 1:2 on average. So I can loose 3-4 deals out of 10 and still make PIPS!
Here are my trades - DEMO STILL - to show the results! - 185 pips for the morning session .. please note first few trades were at 0.01 lots in stead of 0.1 lots ... so the pips must multiplied by ten for those trades .. the last few was at 0.1 .. where 1 pip = 1$
Thanks Zak/FX for all you effort and input and for all you are sharing so willingly with us in Pimpology Thread and BOILER ROOM!!
Enjoy!!
Regards
PipSqueek
Great work Pipsqueek.
Always very reassuring when the week gets off to a good start. You're moving ahead very well. Keep it up.
I am surprised not more people got into the Ozzie trade which was good for 75 pips too. Well done Chris. I know you did, and TP.
Overall the group is doing very very well. It's coming together nicely.
Please feel free to post questions for clarification about anything.
Gold and Crude
I would hazard a guess that lots of fresh readers to this thread have not actually read from the beginnning where I talk about Gold and Crude in post 2 or 3.
It's compulsory that we pay attention not only to the pair we are trading and how far it has fallen/risen prior to taking the trade but also to see Gold and Crude in the same light.
Gold and Crude are big players in determining Dollar strength/weakness so you must always ask yourself "which way are these 2 travelling" and "how far have they gone"
Here's the entry from the Ozzie trade of this morning with the correct entry point highlighted by the vertical line.
At this time Gold and Crude were falling and the target was the pivot point some 60-70 pips lower.
However, some in the group were going short a long time after this, once the pair had bounced off the pivot.
Sure, hindsight is a wonderful thing, but as Honest Bill recommends, make yourself a little mental checklist.
1. Where is Gold going
2 Where is Crude going
3. How far have these two fallen.
4. Can these two fall much further. (any obstacles in the way)
5 How far has my pair already fallen.
Had you done this when contemplating the trade at the correct entry point all the boxes we ticked.
But had you waited until later it was apparrent that Gold failed to breakout below the pivot, Crude wasn't falling heavily, and Ozzie had already gone 200 pips south.
What was the likelihood of Ozzie falling another 50 having gone 200 and with Gold finding support on the pivot with a bottoming out Crude?
Not very likely in the immediate term and unfortunately those who took the trade took some losses.
Just a little handy tool to think about. It might seem slow and alien to start with but once you methodically think these things through time after time you will be doing it as second nature in a matter of seconds.
4 hr
Hi Pimp,
I notice on the 4HR chart using the latest template you can only see the Monthly Pivot. Is that enough at the 4 hr level (i.e. you dont need to see weekly)?
Regards,
Paul.