The London Open - page 25

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rollingstone:
Hi Dan007 and Le Pimp Just happily reflecting on another satisfying day. I took 42 pips from EURUSD today and am chuffed to bits. I read Le Pimp's morning analysis, looked at my charts and could see what he was talking about - no mention of stretchy underwear though, disappointingly. With your guidance and using your strategy I entered the trade when I was sure it was good and exited before my 50 pip target because I was happy with what I had got. I have let 30 pip trades slip by to nothing in the past (that beast GBPJPY!) because I hadn't reached my target. So, hopefully another mental barrier smashed. Not only am I learning to trade, I am learning to trade intelligently. Today's personal best lesson learnt was to give up trying to catch the last pip - and the first. These, as I have found to my detriment in the past, are the two most expensive pips in the world! I can now also see how important Gold is to USD trades, something I could never have known in the past. I have trawled through many many threads, with very meagre pickings, trying to piece together a system which works. I have learnt more in the short time that your thread has been going than in the last three years! I can also see how it is possible to make consistent pips - not just by looking at lines crossing on a chart but by weighing up the whole picture. Looking forward to many more pip-full days. Thank you again guys, you are the bestFran

F - very nicely done. The start of a beautiful thing

 
MarketMole:
200 MA Magnetism = MACD:200:100:10. When MACDSignal is 0 yet its slope is down we have Short magnetism. Essentially price attempting to revert to the 200 MA. Slope is measured as rise over run (or fall over run). And I don't use the zero cross of the CCI. I use the pivot of EMA:10(SMA:20(CCI:56)).When this EMA curve pivots (reverses direction) I check/wait for the MA magnetism to pivot also (or make sure its slope is pointed correctly) . I check to see that the EMA CCI is outside of the CCI threshold (100/-100) and then enter. I've codified all of this as such so as to automate it. Simple? Well, now that it's coded and trading on its own... yes it is simple.MM

Dear MM,

Regardless of what others might say, you have to use the system / approach that makes sense to you, and provides the information to enable you to trade as you wish. I am a relative novice, well less than 12 months, and have looked at loads and loads of approaches. I stumbled across the London Open thread and guess what a eureka moment occured. I thought to myself, it can't be this simple surely. Guess what the approach taken by Fx and Dan is that simple. I have taken to the letter, the approach used, I don't use meta trader, but another chart package, and adopted the approach. I have taken off so many different colours and grids I now wonder looking back how the hell I could spot a move when it happpened, and actually realised, personally that all the extra were my comfort blanket, cos I didn't really understand what the hell was going on. OK so I fessed up and said it - I didn't really know what was going on. I am not ashamed to admit it on the thread, cos like me there are loads of other traders out there that have some success, but its not consistent or don't understand why they hit the winners vs losing trades. But having cleared the woods, taken stuff off, and re-calibrated my head, I am finding rather surprisingly that keeping it simple really works. I have on a couple of occasions 'gone native' and wondered off reverting back to some old habits and guess what, I lost, yes lost. And getting pips is not easy, so to give them back by not keeping it simple is my cardinal no 1 sin to be avoided.

You must have on your charts all you need and want. I have been very surprised how simple information, used effectively and interpreted correctly, helps hit and close winning trades. I am thankful, that I luckily came across The London Open thread, and 3 weeks in I am a new trader - reenergised and starting to make regular pips.

I think Fx quoted 'a 6 yr old being able to understand' well I am that 6 yr old but don't tell anybody else.

Nice one MM - keep up the posts.

The Rock

 
rollingstone:
Awwwww, MarketMole We still want you around - and are happy to read your thoughts, as long as us blondes can understand them!. Please don't take the comments badly or personally!! We are all here to do the same thing - learn from professionals, trade intelligently, bank the pips and help each other out. Dan and Le Pimp are the masters, their system works exactly as it is but they are not adverse to us all using our own favourite indicators in conjunction with theirs. Stick with us Moley. BestFran

Hi RS (F), are u blonde? My hair colour does'nt seem to make a difference to my trading. I have tried all the toupe colours out there. Oh, no I wasn't supposed to say that! Great post by the way. Next time, please let me use the blonde line, I wouldn't want other posters to think it's only the girlies who has doh moments.

Funny thing is that I understand completely where MM is coming from. I really struggled to let go.......and now I have the feeling of liberation is amazing. I talking about trading cheeky!

Vive Le Pimp and Le Dan

 

Morning all,

Welcome to the last session of the week. Very sad state of affairs. I thought it was Wednedsday yesterday, so looking forward to another couple of days trading instead of one of those crappy weekends.

Onto procedings I'm quite cautious on Friday mornings. Preferring the profit taking in the P.M instead.

Gold & Crude 4hr look like they could turn and fall lower, but 15m tells a completely different story.

CCI on the Crude is positive, even though it has yet to break the old highs. Gold is making new lows but is boxed between the daily 20 & 200 m.a's so a mixed bag.

Funny how both Gold and it's old enemy USDJPY are both at their daily 200 and I wouldn't be surprised to see both bounce a bit more before gathering more momentum.

The latter really is overbought in the short-term and I'd be looking for a short position on that pair later, possibly.

How far can GBPUSD without a pullback? It's failed to make significant new lows and I can see this finding some support at some point with some profit-takers moving in later.

Might just be one of those mornings but with a tired looking USDJPY if EURUSD begins fo fall or stays still, then there's an interesting opportunity on EURJPY with a treble top formation on the 4hr.

Keep it tight kids. Give nothing away.

 

Rockdrive

Hey baby, I'm whatever hair colour you want me to be!

Fran

 
rollingstone:
Rockdrive Hey baby, I'm whatever hair colour you want me to be! Fran

F,

Way too saucy for me at this hour of the day......But thanks anyway!

p.s. I think we need to start rating Le Pimps humour on the thread. He definitely ebbs and flows and like his trading I'm think greater consistency is required. Need to keep our great spandex man on his tootsies

 

Rockdrive

I think he is overdosing on the pips a bit - needs to cut down me thinks, leave some for the rest of us to catch.

F

 
rollingstone:
Rockdrive I think he is overdosing on the pips a bit - needs to cut down me thinks, leave some for the rest of us to catch. F

Thats so true....but we are beginning the journey and every positive pip is one more closer to the Pimp....... I'm in for the long haul so I'm going to be sponge and soak up the lessons. Easier to trade and learn than trade and lose! Whoppee, off for brekie

Bye,

 

I'm quite enjoying being called 'a kid' again......not happened to me for a long while.......slow this morning, but avoided my mistake of last week in jumping in. Saw the eu/u trade but left alone as I did not like the risk of 30 pips with a s/l of 30 pips. I think I heard the words 'evens' which is not good odds.

 
rockdrive:
I'm quite enjoying being called 'a kid' again......not happened to me for a long while.......slow this morning, but avoided my mistake of last week in jumping in. Saw the eu/u trade but left alone as I did not like the risk of 30 pips with a s/l of 30 pips. I think I heard the words 'evens' which is not good odds.

Funny thing - couple of hours after seeing the trade...it would be a 100 pointer and that begins to look at lot more favourable.

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