School of Pimpology - page 77
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Not sure about this one?
Saw this chart on GBPCHF and looks like to me start of a 123 move north of the 200ma.
Thinking of targetting 2.0070 for a nice 200 point move.
Problem is that the previous low is at the 1.9800 level, so I would need a 100 point stop for 200 point gain. Looks good on 1 hour and not so good on 4 hour.
thanks so much for this thread mr pimp..
i`am using generally the same technique with u,and your post on page one give me a clear view about what correlation is..thx so much.
so sry for my bad english ( i`m indonesian )
may the green pips always be with us yaa
Trend Direction
Hi FXP,
I need some help with the oil and gold trend
In yesterdays post you said about crude "The 60 20 is still underneath the 60m 50sma so we're still bearish".
But the Gold 60 20 was above 60 50 and also above 4Hr 20 which to me give alot of weight to the bullish side.
Does Oil have precedents over Gold no matter what?
Because I thought if gold is bullish while crude is bearish that = no trades.
Thanks
Swagman
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.I like this mult-quote feature. Very swish. I can go have a little siesta each afteroon then catch-up with everything at once.
To answer your question Paul, the 4hr chart looks very congested with s/r levels for monthly and weekly so chose to, for clarity, to remove them.
Later I will do a series of set-ups showing which timeframes to use together for some nice results and you will see that with a 4hr/15m set-up for example you would be able to clearly see both.
I will cover it this afternoon. With Cako away still its very hectic for me right now. I am not even trading.
Saw this chart on GBPCHF and looks like to me start of a 123 move north of the 200ma.
Thinking of targetting 2.0070 for a nice 200 point move.
Problem is that the previous low is at the 1.9800 level, so I would need a 100 point stop for 200 point gain. Looks good on 1 hour and not so good on 4 hour.Hmmmmmm. Yes it does, doesn't it?
Just thinking aloud I would say that the bulk of that upmove was created by the Fanny & Freddie palave on Sunday.
On a 4hr chart it looks rather different. 4hr 20 has yest to cross above the 4hr 50, the daily CCI, it's still beneath the 0.0. and price is under the daily pivot.
Once again I will how we might trade this later in the combi-chart package.
Hi FXP,
I need some help with the oil and gold trend
In yesterdays post you said about crude "The 60 20 is still underneath the 60m 50sma so we're still bearish".
But the Gold 60 20 was above 60 50 and also above 4Hr 20 which to me give alot of weight to the bullish side.
Does Oil have precedents over Gold no matter what?
Because I thought if gold is bullish while crude is bearish that = no trades.
Thanks
SwagmanHi Swagman.
Yep, Crude is the Chairman of the club. Gold does what she's told at the moment.
The important thing to realise also is targets.
If the 60m 20 is crossing over the 60m 50 then the next target are is the 4hr 20, no further. Once this very 60m 20 has crossed the 60m 50 and the 4hr 20 then the target area is the 4hr 50.
I hope this helps you guys
Good morning from sleepy-hollow. I hope you are all pumped-up after a fantastic start to the week by most.
Typical really. Bloom was moving and I am not trading and so what happens, it all goes mental first thing. Charming.
Looks like the slide could well continue but one must be asking themselves now just how much longer this can go on for without at least some retracements towards the daily 20ema.
Gold and Crude are quite difficult to read on the longer term charts simplay because of how far they have come.
Crude actually doesn't look like its making any significant lows and as for Gold, there's the treble bottom on the 60m chart to look out for.
On the currencies there are very limited opportunities at the moment until we wait for the 60m 20 ema's to catch up.
There is one possibility for me if Gold and Crude manage to find a little support.
Our very cheeky little miss Yen has been full of mischief of late but was once again denied by the monthly pivot yesterday. We're now back below the 4hr 20ema the 4hr CCI has crossed from positive to negavie and a decent break of the weekly pivot might just be possible for a nice few pips.
I wont's be playing any thing else at the moment.
Hi FX Pimp,
When using multi-timeframes for trading, how do we read the higher timeframe?
If we want to trade on the 5m chart and we check the 1h timeframe for the trend direction, how should we behave when on the 1h timeframe the price was going down, but it is a little far from the moving averages? Should we consider that it can reverse or do we still assume that the trend is down? Or should we look at a still higher time frame in that case?
Hi FX Pimp,
When using multi-timeframes for trading, how do we read the higher timeframe?
If we want to trade on the 5m chart and we check the 1h timeframe for the trend direction, how should we behave when on the 1h timeframe the price was going down, but it is a little far from the moving averages? Should we consider that it can reverse or do we still assume that the trend is down? Or should we look at a still higher time frame in that case?Hi.
You read your 60m chart like any other. I like to use a comdination of 15m/5m but they are very similar and actually prefer the 5m/60m.
That way I can see 1m up to daily information on just two charts.
You might only be looking for 10 pips, in which case use a 5m/15m but if you want a little bit more meat then use the 5m/60m combo.
We can see from the 60m chart that the 84 is the only visable CCI. It's all we need to see when using this combination ad the 21 is the same as the 5m 252 and the 5 trigger is the same as the 63 on the 5m.
The 84CCI is our 4hr and tells us here we are only ever interested in shorts.
Yes it pops over a few times but the 4hr 20 is always below the 4hr 50sma so clearly the longer term trend is down.
The Bold m.a's are your main players, so when you see big red below big blue on both you know you are in business. It's very important you study these averages and get to learn what happens when one is above the other then what happens when they cross but when the 60m chart ones are too spread apart and so on.
Sure you can take little retracements but your success rate will always be higher trading with the 4hr trend
I will cover a couple of other alternatives later. A 1m/15m and a 30m/4hr
1m/15m
This is slightly more risky as we're playing against the 4hr trend and instread just with the hourly trend.
We can see from the 15m chart at the bottom that the 15m 20ema is supporting price action and this in turn is getting close to the 60m 20.
we can have a little go at filling this gap with the 1m chart and wait to see what happens.
On many occassion price action will fall back, finding rhe resistance of the 60m 50 too much but on this occasion this morning, we could have played either the run up to the 60m 20 or the break.
Again, smae theory. The CCI of the bottom chart should give you the main direction.
Next I will show the 4hr/30m combination
30m/4hr
Here we have exactly the same scenario, playing with the main trend.
The 4hr has the daily CCI so we are playing the daily trend with a 4hr chart for a bit more clarity, then an entry off a 30m chart to get us in.
We have the 4hr and 30m CCI on the 30m chart so if we know they are not oversold we could very well get a nice run for our money.
These combinations are not preference as such they are just logical, to help you see a bigger picture, hold a trade for longer and to get maximum pips from minimum risk.
If you prefer a 1m/60m or a 5m/4hr then please feel free to use it in this way.
Nothing is impossible in this game but each of us are different. Have a play and see what suits you.
Good luck
Weekly & Monthly Pivots
Okay, All,
Who took the trade below? Beautiful set up with a trendline, cross of the 63cci, cross of the 5cci, cross of the 1hr20ma. Okay the 252cci was a little late crossing, but this was a breakout play with the trendline. +90 pips.
Buuuuuutt!! It was against the 4hr21cci, so I didn't take. I saw it happening, but wasn't confident enough to go against the trend.
Anyway. My point is that my target would normally have been daily support 1 and can't even be seen here. So, it was unlikely to go that far in a straight run.
Look how the price bounced off FX Pimp's new Weekly Pivot indicator (ws1).