Pimpology Lives On - Intensive Care for Newbies - page 2
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Please put your indicators and templates in the first post of the thread.
Just to simplify things
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 use Daily, Weekly & Monthly pivot points which offer great areas to enter and exit specific trades.
On the 60M chart what are the values for the 4H and Daily. Along with the values for 5M with the bigger tf.
This thread is much appreciated, Always learning.
Rules of the game
Hi Zak,
Thanks for all the great info!
I have been trying to teach myself your method and I really think it is necessary to put together a concise set of rules for each type of trade strategy - breakouts, reversals, box plays and continuations.
Then we can refer to the rules when we go through your examples and detailed explanations.
I think it will cause traders much stress if they have to read through pages while testing live trades, you need something concrete to work with.
I would be happy to help but I am struggling to work all the rules out myself.
I thought it could look something like this on a word or excel doc at the start of the new thread that can be updated:
TYPE OF TRADE
Breakouts
Entry conditions
Trade Direction:
1) Determine which pair to trade by looking at the direction of the combination pair??
2) ?
Pivot Levels:
1) ?
2) ?
CCI's:
On 15 min chart
1) Trade with the direction of the 336cci trend
2) ?
Moving averages:
On 15 min chart
1) if 7ma is < 20ma is < 80ma < 320ma and are close together?
2) ?
Exit conditions
Stop loss, profit targets etc??
Please put your indicators and templates in the first post of the thread. Just to simplify things
Hi Joe,
Thanks for your contributions to the thread.
I have had problems in the past of some undesirables trying to sell my templates on Ebay (as mentioned in previous thread)
I have also had 3 laptops stolen in the past and have found the strategy popping up in other locations (again for sale)
I don't even keep it on my PC anymore.
Email me and I'll send you a link to a live trade room where you can pick it up
Cheers
Moving Averages
Good morning all,
Todays lesson is all about moving averages and how best to get full potential of your moving averages.
However, I have some minor difficulies with my charts so cannot display nor take a snap shot at this time.
I will endeavour to get the lesson up today but if not then 1st thing tomorrow.
Sorry for the delay.
Thank you
Zak,
I just wanted to say thank you for taking the time out of your busy schedule to enlighten us newbies.
Enjoying your new thread Zak. Much appreciated also. Requested your new template BUT is it the template in the Schools SHARED FOLDER. If so I am unable to open it - it saved to desktop with an 'Acrobat'/pdf logo but says Unable to open.
Cheers.
Chris.
Moving average setup indicator
I have created a simple indicator that checks that all the moving averages are stacked up in the right order by indicating an arrow.Then we can easily see if there were any potential trades based on the ma setup as you scroll back in history for backtesting. You can attach it to the 5 min chart to check for the setup.
For long trades it checks if:
20ema is above 50sma
20ema is above 60ema
240ema is above 600sma
60ema is above 600sma
Let me know what you think and if the settings need to be changed.
Moving Averages
Morning all. I hope you are well.
Thank you for your patience.
Here's the lesson about moving averages.
Moving averages are a very important part of my trading strategy.
In fact, they play a big part in most strategies and have done for many years.
Let's assume we are using a 20 moving average. The current plotted price of the 20 is the last 20 candles added up and divided by 20. SIMPLE ! hence the name, simple moving average.
We also use exponential which add more weight to the most recent candles and ignores - to a certain extent - the least recent of the period.
We use a 20 and 50 moving average and wait for crossovers and squeezes to guage the possible next direction of a move.
On a 60m chart we also use a 5ema which is our 15m 20ema and when all 3 are stacked in the correct way and in close proximity this indicates a good move could be round the corner.
Look at the two snapshots below.
The 1st is demonstrating the 5/20/50 stacked in correct order, one for long and one for short on a 60m chart. (please ignore trianglular chart patter)
The 2nd shows a crossover on a 5m chart, which usually indicates a reversal. Once again, we are looking for the correct order ma's stacked neatly, 4/20/60
Back test and look for these and you will become a better trader already if you didn't know about this before.
Always look for a minimum of 3 moving averages stacked neatly in correct order.
Whether this is 4/20/60 on 5m chart or 5/20/50 on the 60m chart. These will become your most reliable friends once you master how they work!
I will do some more work on this later but for now just try to identify these on your own charts so you get a deeper understanding.
Next I will introduce some more averages.
Great work Zac!
Keep it coming for all us strugglers!