Pimpology Lives On - Intensive Care for Newbies
I look forward to it.
I look forward to your teaching, I also sent you an email and look forward to the info. I will reply with trades. Thank you.
Introduction
Good morning all & welcome to Intensive Care for Newbies.
My name is Zak Lloyd and I am a full-time trader / teacher of the FX markets.
My aim here is to not only show you a proven strategy that works and to demonstrate how it makes pips. Thousands of you already know that it works.
Some followers of the old thread regularly make in excess of 1000 pips per week.
What I am here to do is to actually help you use it consistently and profitably.
Now the FX Markets are a strange beast, so I am not going to sit here in my big white fur coat and promise you it's going to be easy. It won't be!
You will need to be patient, disciplined and hard working.
If you don't meet these criteria or are not prepared to learn then you will fail along with 95% of the others that try this.
However, if you recognize that you are impatient for example, yet are prepared to do something it about it in order to succeed at this, then you will have taken the first steps to success.
You will need to thoroughly back-test what I am teaching. Every currency pair over every timeframe will need to be examined time and time again before you start to see for yourself how m.a crossovers work, how retracements work or how CCI's work.
History tend to repeat itself in this game so once you begin to see and understand these set-ups from the past you will then be able to practise on a demo account.
Once you have doubled a demo account you should try to double it again and then, once you have achieved this milestone you are ready to start small with a live account.
Start small and become big, start big and you will become small !!!
If you have had enough already then please feel free to enjoy your life in any which way that makes you happy, but if you are ready to take this journey a step further then I'll be back shortly with some settings and suggested timeframes to be watching.
What a great idea. Looking forward to these lessons. Thanks, Zak.
Great work!
Ole!
Puting all those threads in one compact thread is excellent idea. I gave up after 25th page of original thread.
As a Newbie I would also like to see all abreviations explained.
It would also not be a bad idea to put some sort of Instruction manual, in .pdf file or similar. Downloadable. Actually I am prepared to do that after all 12 topics are posted.
Viva la Forex!
Have fun,
Simon
Slovenia
i use your setup joesmoe.great.i add a 200 ma .price gets far enough away from 200ma. the 200ma on 1min charts is like a Magnet.so wait for 3s to pop up and a break of a 5min sr.time to lock and load .price target 200ma. imstead of duck hunting ,200 ma hunting...........................................
Good Morning
Hey guys,
having no internet at home yet and having to patiently wait for the Spanish telephone company to do things in their time I was unable to post lessons over the weekend.
Apologies for that, but just to let you know I will post a couple of lessons today in the next hour or so.
Thanks for the support so far
Settings and Timeframes
This lesson is designed to outline what in my opinion is one of the best set-ups a day trader can use to help maximize profits both long-term and short-term.
If you want 20-30 pips from a trade lasting under an hour this set-up is for you. If you want 200 pips or more from a trade lasting a few hours or days then this is for you too.
It makes no difference of your trading style, everyone can benefit immensely from mastering this strategy.
I look at a 60m chart for overall direction and a 5m chart for entry for breakouts, reversals, box plays and continuations.
simply set out your charts side by side with a 5m on one side and a 60m on the other side of your screen.
the only pairs we are interested in trading are GBPUSD EURUSD USDJPY GBPJPY & EURJPY.
these are the only 5 pairs you'll need to trade in order to make over 1000 pips per week.
All the moving averages on the charts are 20's and 50's.
20 exponential and 50 simple from different timeframes.
On the 60m chart I have 20/50 from 60m, from 4hrly and from daily.
On the 5m chart I have 20/50 from 15m, 60m and 4hr
I also have a false breakout m.a which runs through the candles and works well most of the time.
On the 60m it's a 5ema and on 5m it's a 4ema.
On the 60m chart this represents the 15m 20ema and on the 5m it represents the 1m 20ema.
The CCI's I use on the 60m are 21/84/5
The 21 is the immediate trend, the 84 is the 4hr trend and the 5 is the 15m 21CCI or the 'trigger'
On the 5m chart I use a 63 which is the 15m 21CCI and the 4 which is my 1m 21CCI or my entry trigger.
I also use Daily, Weekly & Monthly pivot points which offer great areas to enter and exit specific trades.
Here's a snapshot of how your charts should look.
Whilst here. Keep an eye on this GBPJPY. IF it breaks up through 142.00 with the averages close enough to sustain a push this could go up by 2000 pips.
My order is set at 142.10 and I'd expect it to get triggered at some point this week.
In the next lesson I will explain in greater detail the pairs we want to cover, why, and how each of these affects the performance of the other.
i use your setup joesmoe.great.i add a 200 ma .price gets far enough away from 200ma. the 200ma on 1min charts is like a Magnet.so wait for 3s to pop up and a break of a 5min sr.time to lock and load .price target 200ma. imstead of duck hunting ,200 ma hunting...........................................
I too use a 200. It's the 4hr 50sma
"Whilst here. Keep an eye on this GBPJPY. IF it breaks up through 142.00 with the averages close enough to sustain a push this could go up by 2000 pips.
My order is set at 142.10 and I'd expect it to get triggered at some point this week."
Please please please tell me some of you took this trade!
Almost 300 pips up in 24hrs and now targeting 165.00 !!!
Today's lesson will be here in the next couple of hours and will focus on inter-currency-correlation. Demonstrating how you can get the edge over the average trader simply by keeping an eye on a couple of other pairs that are inter-related with the pair you wish to trade.
Have a good morning
Inter-Currency-Correlation
Good Morning all.
Today I will talk about inter-currency-correlation.
We are only interested in trading GBPUSD EURUSD USDJPY GBPJPY & ERJPY with this strategy and there are certain reasons for this.
The main reason is that an added advantage of trading the Yen pairs for example is that we can get a pretty good idea of how powerful the moves will be.
On the other hand we can guage overall dollar strength/weakness by looking at the 3 USD pairs, gbpUSD eurUSD USDjpy.
Why do we need to look at USD pairs when trading Yen?
Well, USDJPY and GBPUSD are the driving force behind GBPJPY and USDJPY and EURUSD are the driving force behind EURJPY.
Imagine it like a game of football/soccer.
All these currencies are benchmarked against the dollar. Perhaps not the correct term but I like to see GBPUSD as a general benchmark of GBP strength. I like to see EURUSD as a general benchmark of EUR strength and so on.
So, back to footy, if pound can beat dollar (GBPUSD up) and if dollar can beat yen (USDJPY up) then on the form-book, what should pound do to yen??
Very simply, pound should annihilate yen (GBPJPY moves up aggressively)
Take a look at the screen shot below.
It clearly demonstrates exactly what I am saying, so the secret here when trading Yen pairs it to monitor the two pairs that make-up the particular yen pair.
If USDJPY is flatlining and GBPUSD moves up then can GBPJPY move up still?
Absolutely yes it can. Not as aggressively and more likely to be a sterling move than a yen move, but we'll come onto that later.
Can EURJPY move up if EURUSD is moving up aggressively and USDJPY is moving down aggressively?
Usually no, due to a tug of war beween euro strength and yen strength.
That gives you the foundations of how currency correlation works.
Learn it well, backtest it and remember it. It's one of the most valuable lesson you'll learn.
Next we'll cover the pairs to watch.
I will incorperate EURGBP into this too just so my charts tile nicely.
I will also give you an idea of what to loook out for before moving on to moving averages and how best to use these to your advantage.
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Greetings Traders,
Following the success of my 60m/5m strategy and the School of Pimpologythread I put together some time ago on here, I now branch out with an intensive care course for both beginners and some of you that may be struggling to get to grips with trading the FX markets.
The School of Pimpology was a great thread and still continues to be the 2nd biggest on here under this section and I'd like to take this opportunity to thank everyone from the bottom of my heart for the support I have recieved on this thread but the size of it now is the whole problem. It's just too big and has had it's day, especially since we have modified a lot of indicators and added some different techniques to help you further.
It's also understandably daunting to see almost 200 pages of info to plough through.
This will be a short sharp shock treatment covering just 12 lessons, which WILL improve your overall outlook to trading as well as sharpen up some of your skills.
In these lessons you will find...
1) Introduction
2) Settings and Timeframes
3) Inter-Currency-Correlation
4) The Pairs to Watch
5) Moving averages
6) CCI's
7) Pivots & Support/Resistance
8) money Management & Psychology
9) Stop Losses
10) Types of Trade to Look For
11) Entry
12) Exits and Targets
I will also post chart set-ups as they happen displaying both 60m and 5m charts with explanations of stop-losses and profit targets.
There is a new template available should you wish to set your charts up as I do and many of these set-ups will net you in excess of 200-300 pips.
If you'd like this template then please drop me a line on thefxpimp@hotmail.com and I happily forward it to you along with instructions on how to install it.
You will make a lot of money from this strategy IF you follow all the rules and 50-100 pips a day is very achievable after little practise.
Please feel free to contribute to the thread with any chat or charts or questions. I am here to help!
Good luck to you all
Regards,
Zak Lloyd
F$X$P