Pimpology Lives On - Intensive Care for Newbies - page 32
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Excellent trade Mike! I'm taking the reversal down. EU is already at D-R3 and It's ATR is 143. A bit over its 20 days ATR. Let's how it'll go. Hopefully my bet is right
Well, news killed it
. We just can't win them all. But then the news was good for US$, so I'm taking a short again with bigger lots with 55 pips trail stop. First target of 40 pips reached and banked 3/5 of my lot. Final target is the pivot line.
Edit: Changed my mind (I got greedy)
. It is my free trade ride after all. So I took out 1/5 lot at pivot for GU and D-R1 for EU. I'm letting the remaining 1/5 lots ride with a 100 pips trail stop. I'll stop when I see a smiley or when my trail stop got hit. Either way, I'm over my daily target already.
Have a great weekend to all.
Salat
Hi Om, greed in forex does alot to a trader. for me, some times, it makes me scream with joy and other times it makes me break down and cry(especially when doing live accounts). So what is it doing to you right now?
Pls send me an indicator called 'CYCLE INDENTIFIER' would really appreciate it. thanks
ADE
Hi Om, greed in forex does alot to a trader. for me, some times, it makes me scream with joy and other times it makes me break down and cry(especially when doing live accounts). So what is it doing to you right now?
Pls send me an indicator called 'CYCLE INDENTIFIER' would really appreciate it. thanks
ADEAde,
Greed has been good for me. But then, I only let greed run loose on my free trade ride AFTER my target has been achieved and banked.
As for the "Cycle Identifier", I'm not clear on which indicator you mean. If you mean the Smiley indicator, it's just a ZZ Semafor indicator. It does not tell or identify when a bullish or bearish trend end on real time as it repaints badly. It only looks good on dead back test chart. You can see how it repaints badly on my previous posts # 312 and 313.
On post #312, you see the Smiley at around 1.4350 level. Then on post #313, the Simley repainted and moved up to around 1.4370 level. If you've read my post #312, you'll see what my reasons are for taking that trade. I was seeing divergence also then. The point I'm trying to make is that I don't use the Smiley indicator for my entry. Smiley is only good for exiting a trade.
The trade that I took on post #313 is based on Daily ATR, Support/Resistance, and News out come. When the Daily ATR has been exceeded and price is at a major resistance level and you just have high impact news that said US$ is doing good, what kind of an outcome do we expect to have on those two pairs?
Salat
Trading News
I just love those news traders. USD is getting good news, but those guys are trading the opposite direction and taking long trades. The daily 21 CCIs for the three pairs are bellow their 0.0 lines so I'm thinking sell all day. Stayed patient and put my sell limit orders bellow Pivots and Daily Resistance lines. GJ and EJ got hit but GU did not, so I put manual order after the H1 doji candle formed.
Banked half at 50 + pips, banked 3/5 as soon as a smiley pops up on any one of them, and leaving the rest to ride over night. Those long wick H4 candles on GJ and EJ are telling me to hold my free trade over night even though D-S2 on both pairs are providing strong support. GJ tried to break through it several times already but it couldn't. So did EJ. Hopefully they break through this time.
BTW, for those who like taking long term trades. Check out the weekly chart on these three pairs. We've got all kind of signs to sell. There're double tops, divergence, price coming back to 20 EMAs, price bounces of W-R1, and of course the shooting star and engulfing candles. As always, take care of your MM.
Salat
Stayed patient and put my sell limit orders bellow Pivots and Daily Resistance lines. Banked half at 50 + pips, banked 3/5 as soon as a smiley pops up on any one of them, and leaving the rest to ride over night.
Nice work Salat, very interested in your current method.
BTW, for those who like taking long term trades. Check out the weekly chart on these three pairs.
Also check the longer term charts, even when just trading 5m charts - always good to know the longer term bias!
thanks
lol pimpology
please
i am a noob in forex. i tried to understand the strategie but i am still a lot confused about when to triger a trade using this strategies. please i will be very greatful if some one put me through exactly what to lookfor before entring any trade using this strategy. i will be very greatful to get a response
what i meant
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??i mean somrthing like this
Has someone made an EA out of the strategies discussed here?