School of Pimpology - page 52

[TLBreak]

Hi FXPimp,

Thanks for the strategies, having some success with the 4 hr strategy.

Am now starting to get to grips with the 5m strategy, you say in one of your original posts "Remember not every cross of the 7CCI is an entry", when you have the time could you go into a bit more detail about how you tell the difference between a "good" 7CCI cross, and a "bad" 7CCI cross, problem I have with the 7 is that it crosses all the time and is hard to read the difference.

Thanks a lot.

[dvarrin]

Hi FX Pimp,

If we look at the 1h charts now, we can see that when CRUDE and GOLD are weak, EURUSD and GBPUSD are strong. But on the 15m chart, we can see that all CRUDE, GOLD, EURUSD and GBPUSD are weak. What does that mean? Consolidation from EURUSD and GBPUSD?

You wrote at the beginning that we have to be careful when CCI is reaching 150/-150 level, as it is becoming overbought/oversold. Do you still exit when the CCI is crossing back the 100/-100 level, or do you exit sooner? I don't really understand when to exit.

[FXPimp]

Good Cross / Bad Cross 7CCI

I have been asked to talk a little about good crosses and bad crosses of the 7CCI.

Some of you I know have replaced the 7 with a 21, which is fine.

The 7 is sensitive yes ans not all crosses are valid. For this reason trendlines are essential to making this work.

All the 7 is doing is indicating retracements within the trend of the 63CCI.

The picture demontrates the good entries from the bad with all crosses highlighter with a red vertical line, then either a tick for a good one and a cross for a bad one.

If your 7CCI crosses above the support line you must wait for the support line to be broken.

You really don't want to be shorting INTO the support line. The same is trues for the moving averages. Don't sell INTO a big 60m 50 m.a or a 4hr 20ema.

Little support and reistance lines are a very powerful tool. Remember to use them.

[FXPimp]

dvarrin:
Hello FX Pimp,

Why do you say that gold has nowhere to go? How do we know where it should usually go based on the moving averages?

For example, could gold go upwards to the MA 480 reaching the R3 level?

Thank you very much for your thread. That's really interesting!

This is what I mean with Gold having nowhere to go.

It's trying to break the 4hr 20 on the upside but has the 60m 20 there to also act as resistance. Need to break that area if it's to go anywhere, which at 7am this morning was looking unlikely. It might do so now and make a dash for the pivot.

The mornng post is purely an outline of my thoughts for the first few hours of the day, it's not meant to mean 'has nowhere to go, EVER'

[FXPimp]

dvarrin:
Hi FX Pimp,

If we look at the 1h charts now, we can see that when CRUDE and GOLD are weak, EURUSD and GBPUSD are strong. But on the 15m chart, we can see that all CRUDE, GOLD, EURUSD and GBPUSD are weak. What does that mean? Consolidation from EURUSD and GBPUSD?

You wrote at the beginning that we have to be careful when CCI is reaching 150/-150 level, as it is becoming overbought/oversold. Do you still exit when the CCI is crossing back the 100/-100 level, or do you exit sooner? I don't really understand when to exit.

There is no fixed rule for exiting a trade. Some will get out after 20 pips, some when a target area is met, a movine average or a pivot S / R level.

Otheers will stay in until the CCI crosses back through the 100 or 150 levels whilst others will wait for it to cross 0.0.

Others still will wait for the 1st Heiken Ashi in the opposing colour to appear.

It's really up to the individuals money management strategy

IF the price of both CCI's on your chart are +150 then this telss you it is overbought. Don't enter at these levels a retracement could be just round the corner.

[dvarrin]

Hi FXPimp,

Thank you very much for you answers! Your system is looking really nice!!

[Michael4]

FXP,

Super-clear reply and your charts provide for clear visual - especially important for those like me who need to see something in order to understand it. Thanks again.

[mthomas]

63 and 252

Fx Pimp

The chart visuals were great thank you!!!

Could you show me 5m for 63 and 252?

Thanks again for your guidence on the 20/60 ema cross

Matt

[greenstorm]

joining the skype chat

Hey Guys,

i am new the the forum here - i am definitly enjoying what i see.

i was trying to join the skype chat but not having any luck

is there anything specific i need to do to get in, i have never used skype before.

thanks,

casey

[FXPimp]

mthomas:
Fx Pimp

The chart visuals were great thank you!!!

Could you show me 5m for 63 and 252?

Thanks again for your guidence on the 20/60 ema cross

Matt

The 252 & 63.

Tyhanks for the questions guys. Great to see we are stsrting to build something here.

Here's the 252 and 63 in action.

The first entry upon the cross of the 252 and 7 after the break of support, the second is just waiting for a retracement withing the downtrent of the 252, which on many occasion will see both the 63 (15m) and 252 (60m) CCI's move back toward the 0.0 line.

Remember the pivot points too. I have a semi-strict rule where I will trade only short if price is below and look for long positions when above.

This is not a hard & fast rule but advisable to pay attention to if you are looking for high-probability-trades.

Once again we draw in our little support line and play the break.

This particular pair GBPCHF was the the 4hr strategy play we looked at on Saurday in this post.

So with the 5m chart there are numerous types of entry.

Theres the trendline break with 3 CCI's confirming.

Theres the continuation playing the fresh cross of the 63/7 during an established 252 trend.

Many are playing the 63 crooss whilst ignoring the 7.

Notice that in all cases the moving averages are all bunched together and more ofthen than they are in the correct order. This is especially apparant in the second entry on this chart.