School of Pimpology - page 20
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FX, Here's my first post for an amateur techie...fingers crossed...
How do I read this...US/CHF looked good to short as looked set for a 123 with the 7CCI passing 0.00 from north, however when I was looking at my Gold it wasn't showing UP for me to take my swissy down at that time (18:25).
So would one have traded swissy at that time or wait for the Gold and then jump in on swissy even though by then my 7CCI went all the way down to -100?
Hope this makes sense. Thanks.
Larries,
Welcome aboard.
i thought you would never emerge. Good to see you.
I cannot comment on your charts, sadly. There seems to be a problem with how you have attached them.
Edit post, go to advanced, click the paperclip, manage attachments, remove those two and try again.
Just click on the paperclip, browse, select pic for your p.c, attach, then close window. This should do it.
It's 167 degrees in here with the mainframe flat out so I have turned a lot of things off for the day. If you can do that I will get you an answer very soon.
Take care.
Ooops Charts again (hopefully)
...here's my attachements again, don't know why it didn't work the first time.
...here's my attachements again, don't know why it didn't work the first time.
Hi Larry,
There are a couple of issues here. Both of which are worth a mention.
Firstly, there is a time and a place for everyhing and I am not sure whether there is gernerally enough volatility in the FX markets after all the London and European Investment firms have gone home for the day.
Generally, the busiest time is the p.m session, but when London Frankfurt Paris & New York are all at it from about 1p.m UK time.
I would only trade currencies for a couple of hours after that, maybe until 3.
Secondly, none of this correlation is perfect all the time. See the weekly charts posted on the previous page and you can see it clearly.
The point I try to make is that if we see these pairs and commodities as the corner pieces of our jigsaw, once we have these in place the rest is relatively easy.
All I am saying is that my preference is to wait until it makes sense, ie. EURUSD & GBPUSD up or down with Gold AND Crude withb USDCHF & USDJPY going the other way.
If you have the Indices trading in the same direction as Swissie and Yen too that's like having all the edges of the jigwas too.
Any other time I am on the fence or trading Gold / Crude / Indices.
Your entry was technically a valid one apart from
1) time of day
2) time elapsed since initial cross of 5m 20 over 15m 20
3) Not correct correlation with Gold.
I am sorry if you kick yourself for not taking the trade but I guarantee you will miss out on minimal pippage. If you wait for everything to move into place then you are more likely to have a higher success rate.
Sometimes it's important to realise the strike rate of the trades you do take, and to forget about the result of the one that got away.
To term another analogy of sorts, if I may........ If I walk outside the house and it starts to pour down with rain whist I am leaveing fro a party what can I do ?
1) go back and get a jacket or umbrella
2) go back and stay indoors and have a moan.
3) grin and bear it and venture out but moan all night about it.
Of these three which 2 serve absolutely no purpose?
I lose mental equilibrium if I cannot accept defeat and instead blame something beyong my control.
I lose mental balance if I just quit and sit stuffing my face with chips in front of the TV all night.
The only way I can grow as a person is by finding solutions and to find solutions I need a clear head and to maintain a clear head I need to forget about what I don't have and instead concentrate on what I do have.
I miss 20 trades a week because the odds were not in my favour and all conditions were not met.
However, over half those trades with valid signals produced a loss and not a gain.
On the other hand, the trades I did take produced a success rate in excess of 75%. If I risk 20 to make at least 30 with a 75% hit rate do I really need to be trading the Uzbekhy vs the Mongolian at 3 in the morning.
Nope & neither do you. Time managememnt is as essential as money managememnt here and compulsary you take only what the market gives between the hours of 7-11am and 1-4pm. If you make 50 pips, great, if you lose 50 pips, then so be it. You are playing by your rules and there's always tomorrow.
Sorry, got the overdoing it bug. Soooooooooo tired after the weekend I am waffling again.
Thanks FX
U're a star! Just to warn U...now that I've emerged y'gonna wish that I hadn't...coz m'gonna drive U up the wall...Heee hee
Thanx for clarifying!
:)
Hi FX Pimp,
Your this thread is one of the most popular for the past week. And not on the our forum only (it is on this post).
It is really good.
Thanks.Hey folks, don't know did you actually check this link that mr. Newdigital is sharing with us here.
Anyway, congratulations to Mr. Pimp for big and fast popularity of his thread - i think it is well deserved.
Also, thank you Newdigital for sharing that with us - and welcome to the club
Brilliant!
this thread is awesome! It is very educational and promising, definitely helpful, now i really understand the bigger picture. but why liverpool have to lose?? he he
Thank you so much.
"You'll Never Trade Alone!"
:-)
Boiler Room - Day 1
Well, i must say that i'm more than happy with all of us here (with few guest stars) trading successfully together first day.
Lots of indecisiveness in these markets on Monday with USD weakness and strength in the same hour (yes, imagine that
), then crude and gold ranging, but then a lot of opportunities and a LOT of pips 
.
If you weren't trading this monday morning - no problem - just go again through Mr. Pimp's strategy, watch the charts that he is posting, do your homework and ask anything you don't understand here on forum or Live! on the Boiler Room chat where there are a lot of guys willing to share their wisdom. Yes, including Mr. Pimp himself
If you look at the chart i'm posting now you'll see that we have Cable 2 times and no crude - simply crude was ranging whole day (and still is) while cable is in my opinion the star of the day.
As soon as Boiler Room opened this morning many of us took short on Cable thanks to Mr. Pimps early morning report and he confirmed it on chat. Many of the guys was sleepy this morning and joined room little bit late so they also have their chance with perfect Cable 1-2-3 setup starting with bounce of 1H 50MA and followed with 7 CCI crossing below 0 line. Possible 30 - 40 quick pips but i won't comment on that - depends of your money management.
Then, Cable had another perfect setup in the afternoon session - again 1-2-3, all MA's aligned perfectly - also 50-60 pips possibility.
Moving to EUR - again nice setup early this morning with Daily Pivot break, and with possibility for 1-2-3 re-entry a little bit later - me personally took EUR long with price bouncing of 1H 20MA, breaking Daily Pivot and CCI's crossing 0 line at the same time - ride it all the way for 33 pips. EUR is struggling whole day to break daily R1.
SWISSY was almost exact opposite of EUR trade - with nice entries too.
USDJPY is really ranging between 1H 20 and 50MA but there were few 1-2-3 trades with almost 20 pips each.
GOLD was at first not doing a thing but riding 1H 20MA. Then CRUDE started to do it's dance - way up, the down.... thats is why i don't trade it
But it gave us few good GOLD trades (again thanx Mr. Pimp) and i chose to show you perfect 1-2-3 showed on chart bellow - this kind of trades you should always seek - 1-2-3, bounce of stack of MA's, CRUDE moving down - pulling GOLD - very nice indeed.
So guys, hope to see all of you again tomorrow morning at 06.50.
Thanx to Mr. Pimp for sharing there his trading ideas!!!
Presently I'm using IBFX as my broker, and, unfortunately, they don't offer Crude or Gold in their charting selection. Is anyone aware of a site that offers a free chart of Crude/Gold that I can put up to match against the currency majors? Thanks.
Presently I'm using IBFX as my broker, and, unfortunately, they don't offer Crude or Gold in their charting selection. Is anyone aware of a site that offers a free chart of Crude/Gold that I can put up to match against the currency majors? Thanks.
WHC trader it's MT4 aswell just set up a demo account
Gft
Hey Everyone just a querstion for anyone who is using GFT brokerage!
DO you trade gold with them and which market do you use?
Just a bit confused as gold seems to fall under the CFD catogory with them and the only markets I see are gold VS the US Dollar etc.
PLease excuse my ignorence!
Cheers