School of Pimpology - page 24
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Interesting indicator
A couple of indicators I use that you may like, without deviating from the system
7-20 ema cross arrow with alert for your 15 min chart
Double CCI So I only need one window for it. Also has a Zero cross alert built in.
Be Alert
We need all the Lerts we can get.
Mart
I don’t like white charts, I get snow blindness.Mart Hart, I must say I've never used this indicator before but it looks rather interesting. I've applied it to some of my charts and backtested it a bit and I must say I like what I see. I would just like to say thank you so much for sharing. I was wondering if this indicator can be adjusted for the 5 min chart for earlier entries with the market conditions the way they are. I accidently applied it to every time frame and I was getting alerts from the 5 min chart but it looks like they may not be accurate buy/sell signals with the current settings. What does anyone think about that, especially you Mart Hart since your most familiar with this indicator?
Also a big thank you also to Mr Pimp and Cako for all their hard work and dedication for making all of this possible. Thanks also to all of our trader friends who trade along side us and share their ideas.
Benny, Aka Vamps
4hr CCI
Once again I have learnt to my expense this morning how fatal trading against the 4hr trend can be.
It can be done, don't get me wrong, but you never do know exactly how far your counter-trend move will go before it stops and continues in the overall direction.
I managed to turn two good calls into two losing trades this morning.
A short on USDJPY against the 4 hr trend that went 15pips before reversing
A long on Gold against the trend which went 25 pips before reversing.
Yes I could have taken profit but chose not to as my targets had not been met, and instead coming away with a loss on each.
Take a look at the 60m EURUSD chart with my 84CCI (4x21 = 84 / 4x60m=4hr).
It's the 4hr trend and notice the nice meves when this crosses over the 0.0.
I have put vertical lines to demonstrate. Green for cross from negative to positive, Red for cross of positive to negative.
Sure, there are opposite direction moves but the biggest and best ones - the ones we should be in - are to be had by following this 4hr trend (336CCI on the 15m chart).
May it serve you well.
Pip raiders
Hey London Open et al,
Great to see the usual suspects and some new ones.
Cako I am a convert to indicies, they provided some really good pipage last month. Key is to make sure you have your gold and crude price action available and just watch trading around the open in Lon and NY. Good pips but volatile.
Bloom you still playing with the black stuff?
Liking the way the charts are developing but just one word of caution - keep it simple, otherwise you will never trade! Too many idicators will overwhelm the senses and tie you in grannie knots.
Trading against the trend - now it would seem Le Pimp has been spending too much time with Cako. A master of the anti-strategy.
Have fun - still think the greenback getting stonger. But only play what you see and not play what you read.
Cool banter chaps - keep it up.
Wind swept rockie
Hi Vamps.
You can set the ma cross at whatever you want.
As the system is based on 20 ma you can put it on all 4 time frames set at 5 (or7) X 20
So you don’t trade against the trend ( has anyone mentioned that is risky?)
mart
Mart Hart, I must say I've never used this indicator before but it looks rather interesting. I've applied it to some of my charts and backtested it a bit and I must say I like what I see. I would just like to say thank you so much for sharing. I was wondering if this indicator can be adjusted for the 5 min chart for earlier entries with the market conditions the way they are. I accidently applied it to every time frame and I was getting alerts from the 5 min chart but it looks like they may not be accurate buy/sell signals with the current settings. What does anyone think about that, especially you Mart Hart since your most familiar with this indicator?
Also a big thank you also to Mr Pimp and Cako for all their hard work and dedication for making all of this possible. Thanks also to all of our trader friends who trade along side us and share their ideas.
Benny, Aka VampsIf like many you cannot follow the 60m chart too easily then why not stick with the 15m and 5m.
I have deliberately put the 60m & 4hr averages and CCI's on the 15m chart for this reason.
One way of knowing when to switch charts, and something I am asked about a lot is to wait for the 7ema on your 15m chart to cross your 20.
When this occurs we know that this is a sign for a closer look...............Thanks for this FX Pimp,
It has allowed me to reduce the number of charts on the screen and increase the size of the 15min. I can now see the 7ema cross the 15m20 and I can see the 4hr21CCI all in one.
Honest Bill
Greed Factor
I have a summer holiday coming up and will be away from my screens for a bit, so just wanting to get as many pips in as I can prior to that.
Hahahaha, silly boy. As soon as you start doing that a certain element of greed can creep into the mind as I have demonstrated today.
Could have taken 40 pips profit this morning on two trades, USDJPY and Gold, but didn't.
Could have taken 180 pips profit on two trades this afternoon Gold & Crude but didn't.
Could've made over 250 pips on trades that I took today but didn't.
Why, because I was pushing for more to make up for the time I will be away.
Total for the day -47..........MUPPET !!
First losing day for a while but still doesn't excuse it.
Going for a nice long soak, in a bath of sulphuric acid !
4 Hr Cci
Hi M'sieur Le Pimp,
Very revealing indeed, the 4 hr CCI crossovers. You also stated recently not to take trades against the 4 hr, so if it was below 0, just go for shorts. A couple of questions, please.
1. How do you judge when to take profit on these. In other words, on a daily basis would you use say the 15min 21 cci to enter and exit trades ( and the 7 cci on 5 min to fine tune entry), entering in the direction of the 4 hr 21?
2. How would you deal with the 4hr 21 if it was still below the 0, but was going from say -150 to -140 to -130 ........and so on. At -50, would you still be looking only at shorts?
Just trying to understand the finer nuances.
Have also been following all the conversations in the trading room, very helpful indeed. Thanks to you and the other experienced traders in there.
Regards
Pardy
Elastic Band
I did say that I'd talk briefly about the 'Elstic Band', so here is is.
When your price action initially crosses the moving averages when they are all close together, there is a much better chance of getting some mileage out of a trade.
The highlighted ares shows this quite well.
But, when the price moves away from these they get stretched apart.
The price in this instant is much like an elastic band which must 'ping' back somewhat.
In this example we see lower lows in price and yest higher lows on the 4hr CCI, called divergence.
Yes the 4hr CCI might have retraced to the 0.0 signalling a possible short, but always bear in mind where the price has come from, it's quite important !
Good info above Pimp.
Messy day, anti-strategy, traded news, lost discipline. 3 trades, 3 losses. No major pips lost but makes me feel sh1tty for being so silly.
1st trade - was up 25 pips on the Dax, ended up losing 13. This was a bit of a scalp trade yet I didn't take 25 pips. GREED.
2nd trade - USDCHF, 1min before US data. Closed 75 seconds, losing 20. Can anyone explain why I did this? THOUGHT I KNEW THE MARKET.
3rd trade - missed a perfect (for me) Crude setup that went 150 pips. Mulled it over for hours then took one completely anti-strategy. Lost 40 pips. REVENGE TRADES DON'T WORK.
As some singer once said, 'There'll be days like these'.
Back to the strategy tomorrow.
Pip tin
Hey Le pimp,
You must need a holiday;
1. You are trading against the trend
2. You are not banking profit
3. You are not drinking enough
4. You are eating too many cakes and suffering a pip rush.
Obviously my going away on holiday and leaving you alone for 5 minutes is just not good enough - sorry Mr. Pimp
Counciling Rockie
p.s. Farmerbob its time for another knob head trading story so to keep Le Pimp in good spirits