School of Pimpology - page 27
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Good Morning
Morning all,
Weak Dollar didn't last long, then?
So, bad news not sticking to the Greenback, that is interesting. It's been shrugging off good news for the last coupla years so looks like those horrible little 5m charts might be going away soon and we can start holding some positions.
Anyway it looks like Dollar strength is here to stay for a bit so lets work on that basis for a few hours.
Just a quick work before I begin. This morning will
Both the Lord of Darkess and Gold are tucked in below their daily pivots.
1hr 4hr and daily CCI's are in negative and weeklys are struggling a little but on or around 0.0. Below that region would appear to be the next logical move.
Longer term currencies are as to be expected.
EURUSD all 4 longer term CCI's are below 0.0
GBPUSD just struggling on the weekly
USDCHF all 4 are up
USDJPY hmmmmm. Weekly and daily are up although daily looks like it's struggling but surprisingly the 60m and 4hr are in the negative
Short-term
EURUSD looks weak as does USDJPY so I bet there are some nice opporunities for you EURJPY traders.
My girl from the Alps looks like she wants to push higher.
GBPUSD errrrrm, no thanks.
Strange that Euro and Yen are both falling. I will be quite careful here getting overly excired shorting USDJPY as the Chairman and the Coach are looking bearish already, but I do like her Lower, my Japanese princess.
Crude below $123 this morning may even see him at $120 on strong Non-Farm numbers.
Have a great morning. Possibly not a lot of volatility about.
Back later
Not trading hog bellies
Does this mean that I can trade hog bellies which have not been reared? Wot's the spread?
Hey Vampy you can take my cook, she's no sister, and not much to look at but she can do a mean boiled egg! Where shall I send her? Oh you'll need to enlarge the wardrobe and reinforce the shelves. Romance is in the air - will this be the first forex marriage. I'm coming all emotional.
Dollar strength - only play wot you see and not wot think!
Have fun team,
The love doctor rockie
Trading wind
Just witnessed the funniest thing I've seen in ages. Lady with partner on beach. Very, very windy. Partner gives lady toggles for a massive kite. Lady dragged 200 metres along beach with partner running flat out behind. Why did lady not just let go? I am still holding my sides as on the way through she took out several picnicers and a group of walkers! I lost my bet as I thought she was going to properly take off. Ah well in the absence of the black and gold, you need to bet on something.
Have a great weekend team. I hope you all had a great week and managed plenty of pips.
Kite laughing rockie
5min charts
Morning all,
Weak Dollar didn't last long, then?
.......... looks like those horrible little 5m charts might be going away soon and we can start holding some positions.
..............FX,
If the 5min charts go away does that mean less time in front of the PC?
Can you elaborate, please?
Thanks,
Honest Bill
Cako,
Not taking anything away from anyone else's extremely valuable contributions - most notably FXPimp's - but that was one of the best posts I've seen on any thread on any forum on any planet.
Good stuff!
Splendid weekend to all, look forward to Monday already! Very keen to try out Fibo's on the lawn that needs mowing!!
Spitfire
Pimp's strategy + fibs
Hi,
we have a lots of talk today in The Boiler Room about using Fibs when trading this strategy. In general we all think the same, just everybody use it differently
.
I know that Mr. Pimp is using Fibs for TP but here is my opinion on that - my way of using it for safer 1-2-3 entries and good TP levels.
EURUSD example:
1. First we must check if pair is playing by strategy rules - where are MA's, are they stacked nicely, is there any pivot point on our way, gold and crude moving in the same direction, and is our pair in sync with gold and crude.
2. Break occurs - i missed that one on chart because it was early in the morning but you can also skip initial break and play it safer with 1-2-3 entry later.
3. Wait for price to bounce on something and start retracing (RED ellipse on chart) - and then draw your Fib from Top to Bottom because pair moved in that direction (and vice versa). You can confirm the retrace by watching CCI 7 crossing 00 line to +100 while CCI 63 remains under 00 line.
4. Price moves through various Fib levels plotted on your chart and bounces of 61.8 (GREEN ellipse) - this is a perfect Fib retracement (price can bounce on 23.6, 38.2 but 61.8 is ideal - google Fibonacci forex trading and read a bit).
If doesn't bounce of 61.8 but continues move up - leave this trade. Ok, back to our example - you can see that with bounce of 61.8 our CCI 7 start to turn down to 00 and within few pips you have your perfect 1-2-3 entry.
5. Now we need to determine our TP target (VIOLET ellipse) - as you all know we usually do it by looking next pivot, MA or trend line for price to bounce but it is very useful and also very accurate to look TP with our Fib tool - now that is called Fib expansion. Usually i look for 38.2 or even better 61.8 level but you always watch CCI's to confirm it.
In our example we have to the pip accurate Fib TP level for some 40-50 pips - perfect extension to Mr. Pimp's strategy.
Try this over the weekend and post here any thoughts on Pimp's strategy.
See you
My goodness, AudUsd just keep on going down. It just blew past all the near term resistance levels. Could have stayed longer, but oh well.........got only 150 pips from it this week.
A strategy that works
Having looked through many threads on multiple forums it is refreshing to find a strategy that actually works.
If you take the time to study each post and set-up your charts accordingly you will be rewarded with a simple system that gives consistent pips.
Thanks Pimp for sharing this with us.
RS / Scorpion