Pimpology Lives On - Intensive Care for Newbies - page 31

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Om_Salat:
Yup. That's why I got a jumped in early. I just waited for the Thursday's ATR to be breached and jumped in when price starts to go down in the M15 chart.

What do you mean by Thirsday's ATR breached? Could you explain please. Haven't been using ATR before, only ADX (as an indicator of trend change).

 

Hi Om Salat

Hey Om Salat,

haven't been on in a while and glad to see you are doing well and there are new names and more contributions on the thread

Is anyone else ready to post trade examples yet? I'm still a part of the club and I'm using the pimpology methods - but with my own twist. We've all got our own preferred styles and I'm sure there's lots to learn from one another. If you're interested, I would be happy to post some of my trades on the thread with explanations? Let me know Salat, you are the man running the thread now.

By the way - just had a look at your images re. the posting on longer time frame candle patterns - noticed you have an MA running through you stochastic - is that right? How did you manage that? Also, are the shaded areas highlighting certain times of day or is it something else?

All the best

Badger

 
user37:
Om Salat, have you tried any candlestick indicators? I'm searching the internet for some right now. Will let you know what I've got. Maybe it'll make life easier. After all MT4 is supposed to do all the calculations and signaling while our job should be analyzing and hitting that buy or sell button

Looking forward to know how your search comes out. I have not found any that works to my liking yet. Maybe I just have not look hard enough?

Salat

 

ATR & Stochastic

user37:
What do you mean by Thirsday's ATR breached? Could you explain please. Haven't been using ATR before, only ADX (as an indicator of trend change).

The ATR indicator is the one that's on the lower right corner of my charts. The ATR is not a trend reversal indicator. It's an Average True

Range indicator. I use a 20 days daily ATR range.

To trade the ATR reversal, I wait to see if price has gone up/down far enough from it's 5EMA on D1 chart. Next I look for Daily

Resistance/Support line. If the Support/Resistance line is not too far above the ATR range, I put a buy/sell limit order. By "too far above",

I mean too far exceeding the ATR range. I rarely set limit order less than the Daily ATR range.

This trade is based on the rubber band idea where price always go back to the 5EMA. On Daily chart, you could at least get 50 + pips.

ATR is not accurate, that's why the name begins with the word "Average". Some times the daily range is more, some times it's less. My last

Thursday limit order got hit but price continue to go up for about 30 pips before it went back down. I had a limit order put yesterday close to

D-R1, but unfortunately it did not get hit and I was not around to place manual order .

badger1777:
Hey Om Salat,

....

Is anyone else ready to post trade examples yet? I'm still a part of the club and I'm using the pimpology methods - but with my own twist. We've all got our own preferred styles and I'm sure there's lots to learn from one another. If you're interested, I would be happy to post some of my trades on the thread with explanations?

...

By the way - just had a look at your images re. the posting on longer time frame candle patterns - noticed you have an MA running through you stochastic - is that right? How did you manage that? Also, are the shaded areas highlighting certain times of day or is it something else?

Hi Mike,

Haven't heard from you for a while. Of course you're welcome to post some of your trades. I'm feeling kind of lonely here with no one else

posting and discussing their trades.

To put your MA and Stochastic on your CCI window, just drag and drop the indicators from the left side unto your CCI window.

The first shaded area represents the London session open up to their lunch time. The second area represents London session after lunch and

US session opening up to my brokers 24:00 time. The areas also shows the Highs and Lows of both.

I'm attaching the indicator. You have to experiment to set session times right according to your brokers/chart time. To set the indi to show

Highs and Lows, set HighRange to True.

Salat

 
Om_Salat:
Looking forward to know how your search comes out. I have not found any that works to my liking yet. Maybe I just have not look hard enough? Salat

Here is the only more or less useful one that I found. Can't say that I'm impressed but at least it is something Try it out...

Could you please post the ATR indicator that you are using in the lower right?

Thanks!

 
user37:
Here is the only more or less useful one that I found. Can't say that I'm impressed but at least it is something Try it out...

Could you please post the ATR indicator that you are using in the lower right?

Thanks!

Here you go. You can customize the number of periods and the time frame.

Files:
sp_range.mq4  3 kb
 

My template

Thanks Salat

I'd like to post a screenshot of my template from cable today and explain in brief how I trade. I hope it will be of interest and I will start to post trade examples and thoughts over time, if of interest to people. Any feedback welcome please.

I trade using Pimpology. I think this is a great strategy - I've learned it inside out thanks to Zak and FX500 club and now adapted the strategy to my style, which really works for me.

I trade on 5 min charts with 15min, 1h, 4h charts all open as well for quick reference. I find the 5min chart gets me the best entries. I trade with momentum and with tight stops. I look to bank 1st half at 20 pips and 2nd half either at 40 pips or I hold the trade and exit on particular MA crossovers.

I use MAs (obviously!), CCIs, MACD. I also use Bollinger - I have a 1h Bollinger envelope on my 5min chart - both 1 and 2 deviations. This gives me a great feel for momentum / volatility / trend strength. The envelop bands are also good levels to trade off in their own right.

Please see the attached pic of the template. I'll explain the MAs etc in later posts.

Highlighted area = trade today: The thick red horizontal line is the midnight GMT close price. This is very strong S/R level for the next day, well worth backtesting. Price broke the thick black 1h20 MA and GMT midnight close, then retested the horizonal level as my 5m20s were crossing - that's my entry point. This was the 50% fib retracement level too - great confluence point.

I banked at 20 pips and my final exit was the MP which is also the 161.8% extension level. Really nice set-up and trade.

I hope that is useful

Cheers

Badger

Files:
trend_template.jpg  260 kb
 

PICS attached

Don't think the pics got attached in last post?! Try again...

Files:
eurusd_210809_a.jpg  103 kb
eurusd_210809_b.jpg  112 kb
eurusd_210809_c.jpg  107 kb
 

eurusd trade

Hello

Please see attached pics of eurusd trade as it happened. (PICS Attached in next post!)

Here are my thoughts:

PIC a - Entry at 1.4246

strong move up in progress through the averages - 1h20 broken and the midnight close (1.4250 - red horizontal) tested, price falls back to the 1h20 and a short term horizonal resistance line (thin red), with my averages rushing up to meet price. I saw the 1h20 holding and took my entry, anticipating a decisive break of the midnight close. I would close out if price fell below 1.4237 (8pips from my entry).

PIC b - First Bank

My first bank point at 20 pips and stop moved to entry.

PIC c - Close

My exit at the 1.4289 level for 43 pips - 10 pips below the proven resistance at 1.4300. I find the 10 pip region below a significant round number resistance line is a messy area and I don't like to leave profit on the table and watch sideways action - especially with CCIs in overbought territory.

Price did then move sideways before breaking nicely higher - I'm happy if I can bank 40 pips before 9am. A longer term strategy and making these types of trades into 1h and 4h and daily chart trades is a skill I am interested in learning, it isn't my style at the moment.

Thanks, happy weekends

 
badger1777:
Don't think the pics got attached in last post?! Try again...

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 . We got Fed news in 30 minutes though, hopefully again the news spike won't hit my stop loss. I'm in with minimum lot though...

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