School of Pimpology - page 26
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Still learning the strategy myself but must agree, I haven't heard much talk about the strategy in the chat room.
There doesn't seem to be much talk about the 63 CCI and the 7 CCI pullbacks for entry, which I understood was the main entry criteria along with the position of the ma's, and of course an understanding of what gold/oil etc are doing.
When people enter trades I have noted the time.
Then, to try to understand the strategy better I have drawn a vertical line on pimps template at the entry point, but on many occasions I cannot match the entries with the strategy or the CCI's unless I am not reading the chart correctly.This thread is for talking the strategy. The chat for trading it.
Sadly my typing skills are not great so for me to explain something in real time whilst trying to trade as well would possibly contribute to how 320 pips slipped through my fingers today. Sure, for all the reasons posted in the above posts too, but you see my pradicament I am sure.
Please ask questions here, then just try to follow in the chat. I will try to explain what I do and when I do it and why I do it but please understand his is not a priority during work time.
Please do speak up. I am always glad to explain.
Nice to see you on here. Keep it up.
Hindsight
Such a beautiful thing in trading, HINDSIGHT !
Having failied to collect 150 pips on the crude and instead exiting at breakeven, something was brought to my attention.
A variant of the traditional Fibonacci extension to use as a profit target.
There was me thinking first class flights and champagne bubble baths and all that jazz when the price is BOUND to go to $130-$135 and just being foolish, where as the chart demonstrates quite clearly (yes I do use that phrase quite a lot don't I?) that I should have been getting out there. Right there at $127.92
How accurate is that? Almost to the pip !!
Well, that little toy in itself is worth the pips not gained. A free gift and much appriated.
A very special to both Honest Bill and Scorpion for the toy.
To set it up for yourself just go to Fibbonacci Extension in Metatrader. Delete all the Standard settings and add these instead.
-1 T3 %$,
-0.618 T2 %$,
-0.382 T1 %$,
0 Pivot %$,
1.382 T1 %$,
1.618 T2 %$,
2 T3 %$
You only need to apply this in the 1 and 2 of the 1-2-3 on the 5m chart when you enter.
Bottom to top for longs and top to bottom for shorts.
Not going to beat myself up any more. Tomorrows another day. Non-Farm-Yard-Frolics !!
Vampire pips
Vampy my friend - you need to go hang upside down in the wardrobe and keep out of the light for at least 24 hours. If scorpie tells me you've been naughty I'm going to send over a string of garlic.
Enough said!
Dr. Helsing Rockie
Rt Rt Hon David Miliband MP
Secretary of State,
Department for Environment, Food and Rural Affairs
(DEFRA),
Nobel House
17 Smith Square
London SW1P 3JR
16 May 2007
Dear Secretary of State,Nice trading system
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
PardyHi Pardy,
Thanks for the questions.
Trading in the direction of the 4hr CCI is always going to produce more successes than trading against it.
As you saw this morning, two great set-ups quickly turned to dust trading against it in USDJPY & Gold.
The secret is to get in somewhere near the beginning of the cross and to ride it, putting your stop behind the 15m retracements.
However, for shorter term trades, then yes indeed, use the 63 & 7 with stop losses behind the trend reversals on the 5m chart.
You must also understand how the CCI works in terms of time spent above/below 0.0
Should you have 4 days of minus 4hr CCI is that still a good entry getting in somewhere near the 0.0 ?
Well it could be, but it's also highly likely that it's getting nearer the 0.0 in anticipation of a reversal if it's been up for a week or 2.
I would generally not go long if the 4hr CCI is above the +150 or short if its below -150.
If you have traded the initial cross and have exited, this is where your trendlines stanrt to come in handy.
Son't be too eager to get back in, you may as well have stayed in in the first instant, but instead plot some trendlines to the low points (3 minimum recommended). Lets say this is a support line this should hold and allow the 4hr 20ema catch up with the price action.
Since the 0.0 line on the 4hr CCI IS approximate to the 4hr 20ema this will naturally see the CCI retrace toward the 0.0 again as that m.a gets closer.
Then once your fast ema on either your 15m or 5m chart crosses that support or gets very close to crossing that support, thats when you are ready to look for a seconf bite of the cherry.
When the 4hr CCI is retracing to the 0.0 but has not crossed it, providing the 84 on the 15m chart has crossed then there is opportunity to play the 4hr CCI back toward the 0.0 (and 4hr 20ema). However, this is against the main trend and can be risky.
If you stick to the 'trend is your friend' philosophy then you will naturally miss some reversals but you will save yourself from a lot of losses too.
See what I mean about the 0.0 line being approximate to the moving average ?
If the CCI is going +140, +130, +120, +110, what does that mean? You are playing in an upward trend AGAINST it. What usually happens when a price hits the upward facing 20ema in an uptrend ?
Case dismiissed.
Thanks FXP,
Just need to make friends with Bingo!!
Captain Morgan
Here Pardy.
Didn't want to confuse the post earlier. This is what I mean by NOT just relying on the signals, but the cross of the fast ema through the support line.
Smirnoff PimpFast EMA
Here Pardy.
Didn't want to confuse the post earlier. This is what I mean by NOT just relying on the signals, but the cross of the fast ema through the support line.
Smirnoff Pimp
Its about time
Vampy my friend - you need to go hang upside down in the wardrobe and keep out of the light for at least 24 hours. If scorpie tells me you've been naughty I'm going to send over a string of garlic.
Enough said!
Dr. Helsing RockieThank you Rockie, its about time someone to step up and keep me in line! I would like to inform you that I am long USD/CHF right now and I AM going WITH the trend. Please no more garlic though cause I tried to make some gourmet eggs with garlic, onion and all kinds of other stuff in there. Let's just say I should stick to trading and leave the cooking thing to the future Mrs. Reynolds wherever she may be? Maybe, I need a European girl, preferably deaf and mute. Anyone have any hot sisters that can cook?
I'm just messing, but seriously.......anyone?
Benihana McVampyersons