Trust everyone is well...
My philosophy in trading is TO keep it simple and stick to your trading plan...
I use a 200ma & 50ma simple and a 20ma exponential...The 21CCi and 10CCI are key as well for trends...
I work off a Daily, 60min and 15min charts for specific entry points.
The 1st point is to always remember where you are compared to to your 200ma. This is critical and the greater the distance you are away from the 200ma the greater the chance of an aggressive pullback to the 200ma.
There are 3 stages in a move...
1) The drive away from the 200ma..Use the 20 and 50ma as a support or resistance.
2) The pullback and break of 20ma and 50ma..This is what we call the Box strategy when the candles are boxed between the 200ma and the 50ma... Be careful here as u never truely know the exact support and resistance levels... However the 50% retracement rule is key here and calculate this before every trade... Look at the GBPJPY chart below... The 1st higher low before the break of the 20ma was key and then the break of the 50ma for a 50% move, then a retacement for a 123 setup and a bounce off the 50ma for a pullback to the 200ma....
3) At the point of return to the 200ma is key..This is the resting point and you need to wait for a clear move for the direction... The 21CCI is key here and on every time frame the 21 CCI shows me the trend...
Recently with the markets being so bad i have had to move onto the 15min on the currencies for entry points so i can grab at least 25 points on each trade on the london open...
I have specialised on this for ages and it definitely works...
I focus on pairings of CHF's , GBP, EUR's and then JPY's and when these pairs move together i then look for the best setup and then trade the 2,3 or 4 pairs and this tends to bank me quite a bit each am from 6.30 am to 10am...
There is a little bit more to it and i will cover it later but that is the idea...
Thats a start for now...
Will post each day around midday...
Good stratgedy ....... been following that for a while, and it the safest, most consistent method I've come across so far.
FX Pimp here, doing his funky thing.
I'll be posting my brief morning analysis here each mornng, and trying to get to grips with the likely direction of the FXMajors, Gold, Crude & Indices.
Made a few quid shorting GBPJPY this morning using the above strategies so I know they work.
Feel free to ask me qusetions about the methods of our madness.
Are you two the same guys that post over at FF?
We do post on FXFisherman, yes. Not sure of the thread address and not entirely sure I'm allowed to put it on here.
Already been told-off, so on my best behaviour.
Is Crude going to fall below $134 this afternoon ?
Good luck with this thread.
Can you elaborate on the 50% retracement? Which higher low are you using? Can you put the fibo. on the chart?
Also, you mention using the 21 and 10 CCI but I only see a 21 and 84 CCI on the chart.
Morning Pimp Show
Looks like a similar picture to yesterday morning doesn't it?
Crude looking every-so slightly offerred and Gold looking ever-so slightly bid, which is always a pain. Is it going to be another do nothing day? I've no idea, but it doesn't look that tantalising.
Gold still firmly wedged between the 4hr 20/50 & 200 on the 60m chart I would love to see it break up above.
Crude 4hr 20 has now crosed the 50 on the 60m chart, which is very similar to the 15m chart with both the 60m 20&50 having crossed the 200.
(60m m.a's on 15m chart & 4hr m.a's on 60m chart for new readers)
Without and clear direction from either of these two, where does that leave us on the FX Markets ? Well, with gold shackled, Dollar is neither weak nor strong. With no Dollar strength or weakness there is no direction on the EURUSD GBPUSD USDJPY USDCHF, which as we know, are the driving force behind most of the other pairs we cover each morning.
Let's have a look at the indices. Seems to bee a helluva lot of resistance overhead on the DAX and the FTSE and with the DOW falling 200 points yesterday, it'd be no surprise to see these open a bit lower.
It will be interesting to see whether the DAX can hold onto the 4hr 20ema.
Possibly going to start looking at some other commodities in the near future. With the FX markets being pretty poor in the A.M session, I'd like to spread my wings and try some lean hoggs and soybeans maybe, something like that. Not very classy though for the Pimp.
Trader- "I'm a Gold trader, what do you do?"
FX Pimp- "That's nothing, man. I'm into Feeder Cattle"
Yeah, maybe not.
PS Euro Boy. The 21&10 are for the higher timeframes like daily & weekly. We now use the 21 & 84 on the 15m chart and on the 60m chart.
the 84 being 4 x 21 so from the 21 from 4 x higher timframe. On a 15m chart the 84 is the 60m 21CCI and on the 60m chart it's the 4hr 21CCI. A very powerful combination.
Hey, good to see you RS. How's things ? Noticed you still swanning round the forums in your undies.
Dan7974 is that you !!
it would be nice when you take someone setup, is to make a reference for that, and give him the credit for his work, don't you think so !!
Market Bytes - Trading Strategies for Forex, Learn to Trade Forex, Trading Television
Very valid point Minime. I totally agree.
However, I never ever find myself thanking myself for my own set-up, so doubt Dan is going to do the same
Dan007 created this.
PS Thanks for sticking up for the strategy..Appreciate it.