School of Pimpology - page 50
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What indicator is this? Could someone please post it?
Thanks for your question. I didn't mean to be mean by not answering the question from the email and I guess under normal circumstances I would have done.
I have got a hangover from hell though. I did promise carnage in the wine cellar IF this Crude trade done what I predicted and it did.
Sorry for being a bit of a grouch, but as I said, questions in the open help everyone not just one person. They also encourage others to join in. They aslo give me more quality time to try and improve the content of this thread.
I hope you understand.
The indicator you refer to is a trendline. It's the little diagonal line icon on the top task bar of your metatrader platform.
You can see it on mine, indicated by the top of the green arrow, underneath the magnifying glass and above the H1.
If you have never used trendlines before then fear not, I will do a post for you and for everyone else who is unfamiliar with these later this morning.
If yours go really long and take up the whole screen you can double click them, then right click them then select properties and untick 'ray' in the 'parameters' tab.
You see I found the Mexican Peso chart. From next week we trade the Meccicana
No worries Fxpimp. Sorry to bother you with my emails. This system just really caught my attention and I'm trying to master it as quick as I can. I will keep all questions on this thread. I had a horrible hangover today too. That's why I'm drinking it off right now! Many thanks. I know how to draw trend lines, just wanted to know if you were using an indicator or not. I know there is a Demark trend indicator, maybe I'll check into that.
Simple Scalping
Here's a simple scalping system you can use on the Indices or various Currency markets for little trades of 20+ pips at a time with relative ease and by just looking at a single 5 minute chart.
Set yourself up a 4/20/60/240/960 ema.
These are your 1m/5m/15m/60m/4hr 20ema's
Now add a 63CCI and a 252CCI and at the bottom, a standard 7 to use as a signal.
Now add the pivot indicator and you're ready to go.
Your chart should look like this.
If you don't have the indicators already then email me and I will send them all to you. thefxpimp@hotmail.com
Next I will show you how to use it.
Trend is your Friend
To get the most of this system always follow the 4hr 20ema.
If you're under look for shorts, if price is above look for longs.
For safety's sake. look for all ema's to be in correct order.
This will not always be possible but minimum requirement for this should be at least 4 of the 5 in correct order.
After a big rally or a big fall you can play the break of the 60m with your target the 4hr but it's advisable in most cases (especially for novices) to play with the 4hr trend.
CCI's - The 252 is the 60m CCI. Do not go against this. It's your guiding star.
The 63 is the 15m and must always agree with the 252.
The 7 is the trigger. The little baby that gets you in.
In the shot here we see the FTSE does pop over the 4hr 20 for a while (18/8) BUT all the other ema's are below this one, so be careful here. It's still short, despite the price action and temporary cross of the 252.
Please note I am using the FTSE chart as I am working from my laptop, from which I trade only Indices. This was devised with Currencies in mind
Overbought & Oversold
To detect overbought / oversold levels we add a 150 and -150 level to our 63 and 252 CCI
See the Crude chart attached. Halfway accross the chart we see both colour CCI's well below the -150 levels indicating the immidiate price is oversold. Don't jump in at the levels. You will get burnt.
Instead wait for price to retrace toward ema's, consolidate, ema's to re-order themselves, CCI to move back to 0.0 line then hit it on the trigger.
It's aslo very useful to draw little support and resistance lines.
Look how useful that 4hr 20 can be. Many would be going long there with both CCI's up, but not us.
Next We'll talk entry
UPDATE: I personally add the 200 levels as well as the 150's. When the CCI is in between the +150 and +200 or the -150 and -200 it CAN still move, but is less likely to move far. I call this the 'Red-Light-District'. It's a dangerous area, and I suggest you play, if need be, with minimum stakes.
Entry
Here we can see price below all ema's and in close proximity.
Both CCI's are down and less than -150.
Simply wait for the 7CCI to re-cross the 0.0 for the trigger.
Remember not every cross of the 7CCI is an entry, so double a demo account to familiarize yourself with it before using real money. It should take you a little over a month using the attached compounding technique, based on JUST 25 pips a day.
Easy system, with nice profits.
I will post some more examples of do's and dont's later.
I seem to have a bit of difficulty in reading the Heiken Ashi Slim Candles. Can anyone tell me how they are reading these - especially with the very long wicks? Being used to reading regular candles, I'm unable to quickly determine where price is at with regard to the long wicks. Thank you.
The wick is the high and the low of that period, just like a normal candle, but Heiken (average) Ashi (candle) means the candles are averaged.
You can change the thickness of the bodies in the setting to a 3, 4 or 5 if you like
Buy after reds on 1st green or sell after greens on 1st red.
Put a CCI5 on your chart and the 0.0 line is the same. When it crosses from south to north you have a green Heiken and vice versa.
There's not a lot on google about Heiken but you can get to grips by understanding the CCI formula. A very valuable tool, but feel free to use regular candles. A lot of our guys do.
Nice set-up
Having looked at the 4hr charts we monitor this GBPCHF appears to be the best possible set-up at the moment.
At the top is the 4 hour chart with the support and resistance going back to the Spring of this year. A break of this support could be a good opportunity for further falls.
Both daily and 4hr CCI's are below 0.0
At the bottom is the 5m chart with a little support line also. A break of this 2.0330 on Monday may see a little sell-off and eventually trigger a free-fall if we can take out the previous lows at 2.0285
That's the theory anyway.