School of Pimpology - page 68
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I'll second that
Dear Pimp,
I saw on one of your recent posts a question - "Am I making myself clear?" regarding the strategy.
Let me give you a simple answer - YES.
One reason I think we are getting repeat questions is that readers on the thread are trying to jump to total understanding after just looking at a couple of early posts. There is no shortcut to success. If you want to get with the strategy on this thread please spend the time reading the posts - and do so from start to finish. You then need to go back again and repeat the process, this time, understanding each aspect of the chart buildup.
What is amazing to me is that some users on the thread think you can skip the basics and jump straight in to major pip hauls.
The forex market is littered with people who have blown there accounts running before they can even crawl.
Please, and this is not lecture, lets try and spend the time collectively reading, and interpreating the brilliance of the Pimp. Once you have done this the questions that can be asked are far more compelling and relevant and will demonstrate as a reader you have at least sought to do the work yourself.
Speaking personally, Le Pimp is a resource that I haven't found elsewhere and he gives an enormous amount of intelligent and articulate insight to the complexities of the market. Lets use him and support him equally and ensure we do not burn him out by not reading the lessons already provided and trying to jump straight in to the top class of the trading school.
Well done Le Pimp - great shout on eur/chf............yum, pips, my favourite.
Apologies if my post offends it is not intended to. I am just concerned that this is a brilliant thread and we will all benefit in our collective development if we just spend a little more time reading and preparing. Forex is not easy and there are not quick magic bullets to success.
Crystal RockieRockdrive,
Thanks for taking the time to type all this. You have hit the nail on the head.
A lot (in fact I think all) of the questions being put to FX are already answered in the thread.
I have had the pleasure of coming across FX Pimp just before he started this thread and therefore was learning as he tweaked the charts and gave advice. I am only forex trading 3 months now......and successfully thanks to him. Yes, 3 months.
There is no need to rush into this. Just take a look at the attached to see what 25 pips a day can do with an account size of 1,000.
SO, PLEASE, PLEASE, PLEASE, DON'T BURN OUT MR. FX PIMP (politely asked of course)
Dear Pimp,
I saw on one of your recent posts a question - "Am I making myself clear?" regarding the strategy.
Let me give you a simple answer - YES.
One reason I think we are getting repeat questions is that readers on the thread are trying to jump to total understanding after just looking at a couple of early posts. There is no shortcut to success. If you want to get with the strategy on this thread please spend the time reading the posts - and do so from start to finish. You then need to go back again and repeat the process, this time, understanding each aspect of the chart buildup.
What is amazing to me is that some users on the thread think you can skip the basics and jump straight in to major pip hauls.
The forex market is littered with people who have blown there accounts running before they can even crawl.
Please, and this is not lecture, lets try and spend the time collectively reading, and interpreating the brilliance of the Pimp. Once you have done this the questions that can be asked are far more compelling and relevant and will demonstrate as a reader you have at least sought to do the work yourself.
Speaking personally, Le Pimp is a resource that I haven't found elsewhere and he gives an enormous amount of intelligent and articulate insight to the complexities of the market. Lets use him and support him equally and ensure we do not burn him out by not reading the lessons already provided and trying to jump straight in to the top class of the trading school.
Well done Le Pimp - great shout on eur/chf............yum, pips, my favourite.
Apologies if my post offends it is not intended to. I am just concerned that this is a brilliant thread and we will all benefit in our collective development if we just spend a little more time reading and preparing. Forex is not easy and there are not quick magic bullets to success.
Crystal RockieWell said Rockdrive, you have outlined very clearly what I have been thinking for a couple of weeks. I have been trading this system successfully for a about 3 months now, and at the end of the day on analysis still make the stupid trades not sticking to the RULES. That is usually down to the discipline which must be controlled along with this strategy. Part of that discipline is spending time, reading and understanding this thread correctly.
The morning thread posted by Le Pimp is also very valuable, and gives a good kickstart to the day, offering astute observations probably not picked up by many of us.
Well done Le Pimp and thanks for your help.
Dear Pimp,
I saw on one of your recent posts a question - "Am I making myself clear?" regarding the strategy.
Let me give you a simple answer - YES.
One reason I think we are getting repeat questions is that readers on the thread are trying to jump to total understanding after just looking at a couple of early posts. There is no shortcut to success. If you want to get with the strategy on this thread please spend the time reading the posts - and do so from start to finish. You then need to go back again and repeat the process, this time, understanding each aspect of the chart buildup.
What is amazing to me is that some users on the thread think you can skip the basics and jump straight in to major pip hauls.
The forex market is littered with people who have blown there accounts running before they can even crawl.
Please, and this is not lecture, lets try and spend the time collectively reading, and interpreating the brilliance of the Pimp. Once you have done this the questions that can be asked are far more compelling and relevant and will demonstrate as a reader you have at least sought to do the work yourself.
Speaking personally, Le Pimp is a resource that I haven't found elsewhere and he gives an enormous amount of intelligent and articulate insight to the complexities of the market. Lets use him and support him equally and ensure we do not burn him out by not reading the lessons already provided and trying to jump straight in to the top class of the trading school.
Well done Le Pimp - great shout on eur/chf............yum, pips, my favourite.
Apologies if my post offends it is not intended to. I am just concerned that this is a brilliant thread and we will all benefit in our collective development if we just spend a little more time reading and preparing. Forex is not easy and there are not quick magic bullets to success.
Crystal RockieThanks Rockdrive,
I am glad someone supports me in this. I was convinced I had covered everything but there was something niggling at the back of my mind asking "am I talking rocket-science?"
The truth of the matter is that no matter how many times you TELL a kid how they need to ride they're bike, they will never actually KNOW until they try for themselves.
Like I said yesterday, I for one have spent 18++ hours a day infront of screens, 7 days a week for months on end testing and backtesting and testing again and backtesting again.
I have been through every single instrument that WHC offer on every single timeframe backtesting my theories.
No matter how many time my mentors of past had told me, none of it really meant much without SEEING it for myself.
Revising for exams takes hours upon hours of study and contemplation of WHY until you really understand and this in no different at all.
Knowing intellectually is one thing, knowingly knowing is a different ball game.
I remember a movie once called 'white men can't jump'
Wesley Snipes was talking to Woody Harleson and said "you LISTEN to Jimmy , but you can't HEAR him"
This is the similar in a funny kind off way. You can 'listen' to me until you are blue in the face, but you can't 'hear' me until you have discovered for yourself first.
Well done on the CHF trade mate and unlucky Bill. You lost nothing in defeat, mate and probably gained some wisdom at the same time.
Next time Bill, next time.
UPDATE : Thanks for your kind words too Bill. Is that all it's been; 3months? Seems like you've been around forever.
Just goes to show how much you can learn if you lay the foundations correctly. I know you have been very methodical in your approach. You have made some mistakes but have had the courage to stand up and ask WHY. You've then taken the ansers back to the drawing board until slowly but surely the truth has begun to reveal itself.
You've not been shy in coming forward because you beleive that by eliminating little mistakes one by one will eventually see you profit more often than not.
I congratulate you on your determination and hard work, as I do to all those involved in this community.
Some people say the markets are random and cannot be explained and therefore it's not important to know the WHYS.
Well I suggest that if you are one of those people to go get an application form for Macdonalds, flipping bugers for the rest of your days.
Nothing happens without reason. Spending 6 years in Asian has taught me that EVERY effect has a CAUSE, without exception.
If you are too impatient to sit down for 3 months without risking money and just learning then the chances are you need to learn patience before technical trading.
On a brighter note, anyone who read the post this morning about the possibility of shorting crude through the pivot at 108.95 could've picked up 150 pips WITH NO STUDY WHATSOEVER REQUIRED.
Hello FX Pimp,
Sorry to always ask you how it works :-( Well, the problem is that I joined the thread last week only and the strategy and templates changed a bit since the beginning. I went through the thread, but I think that's to much to read in one week and I forget the main entry and exit conditions.
I will read the coming posts more carefully and try to do live trading using this strategy with very few lots.
Anyway, you thread is one of the best I could read since I'm interested in trading. SO THANK YOU SO MUCH for your great job!!!!
Starting Point
If the strategy is difficult to follow it's not because you are stupid, it's because trading is difficult. 98% fail.
They fail because they have either bought a holy grail from one of the many sharks or they have failed to learn about risk managememnt or even the most basic techniques.
What I will attempt to do here is one post and one post only each day on how to get to grips with the KNOWING for yourself aspects.
Don't just read these lessons once. Read them 5 times them put them into paractise by backtesting your favourite pairs.
The first of these lessons involves stripping !!!!!!
Oh yes, the naked traders are back. Scorpion and Rockdrive will be pleased !
What I mean here is actually to take everything off your chart. Strip it until it is bare of candles and just has the smalles two m.a's, the one that runs through the middle of the candles and the pink 20.
Notice what happens when one is on one side of the other, then what happens when it crosses.
Once the 5 move down over the 20 does the 20 keep going up or does it tend to turn more often than not and begin to head down.
These are the questions that will make you a successful trader and by starting from scratch with just a couple of m.a's there is not too much clutter, not too much information to decipher.
Once you have studied that then add back the 50sma and repeat the process, asking "why does this do this and why does that do that"
What happens when the 20 is under the 50 and the 5 is under the 20 and all are pointing down? This type of thing.
Next add back the 20 from the 4hr chart and repeat and soon you will begin to recognize patterns.
Then add back the 4hr 50 and repeat and you'll see why at certain times something that you thought might happen actuall DID happen.
Now you're on the road.
If you want to scroll back then replay the chart, why not take off the autoscroll switch, scroll back then hit f12 for a one step forward increment.
I know this sounds basic but if you have very limited knowledge this is the sort of thing you should begin with.
Importantly. Don't rush
In the next lesson we will add something extra to the chart.
Bad Cable Trade
This morning during the heat of oil and gold dropping, I took a short on cable below support and below the psychological levels of the 00's. Thinking momentum would take cable lower, I realized that the ma's were stretched on cable 15 min, as well as gold and got the big head fake.....Here is the 5min chart
Break ??
Sorry Pepper
Gold and Crude had had their little run this morning and both found a little bit of support.
I did notice a little playable break with that Gold/Crude move and I've highlighted it, but the entry you are talking about wasn't really valid, not with no clean break of the ascending support line.
Here's how my chart looks with all the support lines on. You should try this also.
We now have an ascending triangle patter indicating a likely small recovery if price can break above
Can I have a detailed use of CCi, are still confused, Thanks
Can I have a detailed use of CCi, are still confused, Thanks
Detailed use?
I can tell you that like MACD and Stochastics, CCI is a momentum oscillator.
It fluctuates either side of the middle 0.0 line and tell you where the trend is going basically.
Above 0.0 is indicative of a move up and below 0.0 shows momentum is to the downside.
We use it in conjustion with moving averages and CCI's from the higher timeframes to aid us following the main trend with more success.
On my template, which you can have if you drop me a line thefxpimp@hotmail.com, I have the following CCI's
1m chart 5m/15m
5m chart 15m/60m
15m chart 15m/60m
30m chart 30m/4hr
60m chart 60m/4hr
4hr chart 4hr/daily
daily chart daily/weekly
weekly chart weekly/monthly
The standard period we use is a 21.
There is also a trigger on each timeframe chart allowing you to choose just one timeframe if you choose and to trade that with no additional charts, as a complete system.
the trigger is from the timeframe below, allowing you to have a 4hr entry on a daily chart trade, or a 5m entry on a 15m chart trade for example.
It's very nice and once you get used to it you can make a nice few pips each day with minimum of fuss.
Welcome to the thread
Can I have a detailed use of CCi, are still confused, Thanks
It's a mementum oscillator just like MACD and Stochastic. Above the 0.0 centre line means momentum is up and below means momentum is down.
Do a google search for Commodity Channel Index and you will se lots of stuff about it.