School of Pimpology - page 70
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Stop Loss
Thanks, Moremore,
If I had left the original stop loss I would have hit TP! this morning. Doh!
That's a good plan for the next time.........and there will be a next time.Hey Bill,
You will not be the first or last to fiddle with the s/l and rue the day! I think a mentor (Dan007) once said a stop loss is there only for emergencies, and to stop you getting in to real trouble.......
From a personal experience, and since changing tack I have not seen my s/l hit, as I get out either in profit or for a small loss before bigger s/l gets kicked in.
I was in the same trade and took profit - I have looked at the chart and can clearly see the where and why. Doesn't help with the loss, but I'd recommend you look at the s/l process and revisit your strategy. I'm active with my trades, and do not like to leave things ride so really plan my s/l. If I do move a s/l I use the pimp rule of break even +5 for the next s/l position. But its only a personal preference. Money in my bank versus money for my spread provider.
Backstop Rockie
Nicw Chat
Thanks very much for your input guys & girls. It's all very positive, great suff.
I hear what you are saying about the Euro Nikesh, there's a couple of things I'd also like to add to Moremore's pearls of wisdom if I may.
Take a look at your 60m 20ema and your 60m 50sma. What's occuring?
Well they are bunched together and 20 is trying to cross up through the 50, which is bullish.
We are seeing a very similar scenario on both Gold and Crude too which would scupper your plans completely.
It's also failed to stay below the weekly S2 level and is now above the daily pivot.
It's a long-shot but I am more in favour of 1.47 than 1.43 in the immediate term.
Onto this morning.
We're back on that sticky ground with Gold and Crude above the pivots with 20emas from the 60m trying to cross above the 50's.
Crude making higher lows yesterday but also lower highs doesn't give me a great deal of confidence in calling the next move.
4hr Trend is still clearly down but there is definately room to the upside to the 4hr 20ema at $111.
On the sownside you should have a diagonal support line coming up of wednesdays lows which it would really need to break for a further move down.
I am favouring the former scenario on the understanding that only if it breaks above 109.70.
Gold above 805 could be interesting to at least 810, then 820 maybe. (4hr 20/50)
Currencies are a little bit messy.
Would love to see JPY fall through the daily 50 at 107.90 but not overly convinced about a weak Dollar.
Cable above 1.78 would be a nice play as would Euro above 1.4515.
If that pans out on the back of stronger gold then expect to see Swiss at 5hr 50 at 1.1010.
That's all for now.
That's all for now
The Importance of Trendlines
Actually FX Pimp,
I'm only just getting used to the trendlines myself. I have played a few breakouts on them before, but looking at your charts here is helping me identify how to set them up better
I do them on the 4hr first thing each morning, but not updating the 5m throughout the day. Well, that has just changed!!So, today I got busy with the trendlines. I was doing the 4hr Cable chart and the 4hr21 was down. i.e. the trend is down. I switched over to the 5m chart and literally as I was drawing in the trendlines the following breakout happened. A take profit at the blue 1hr50 would have netted >35 pips in less than 15 minutes. It actually went >50 pips before Gold pulled back.
Now for newbies here, don't be frustrated if you missed this. As mentioned yesterday, I am only at this 3 months myself. It was against the trend. Sooooo, I didn't take the trade.
Eurchf
Bill, what I usually do is I take half position out then move to B.E., there is always a chance that you will get stopped out so do cover your bases. Or just take the whole position and enter again at a suitable setup.
Thanks, Moremore,
If I had left the original stop loss I would have hit TP1 this morning. Doh!
That's a good plan for the next time.........and there will be a next time.
So, today I got busy with the trendlines. I was doing the 4hr Cable chart and the 4hr21 was down. i.e. the trend is down. I switched over to the 5m chart and literally as I was drawing in the trendlines the following breakout happened. A take profit at the blue 1hr50 would have netted >35 pips in less than 15 minutes. It actually went >50 pips before Gold pulled back. Now for newbies here, don't be frustrated if you missed this. As mentioned yesterday, I am only at this 3 months myself. It was against the trend. Sooooo, I didn't take the trade.
thank you
Hello FX Pimp,
I've a question about the following of a trend. Is it possible to follow a trend like the one in the square in the picture in attachement without being thrown out on each retracement? I'm always closing in a loss and then see that the trend was ok to follow and would give a nice win. If I use the rule to close when CCI goes back to above -100, then I can never make profit in such a trade.
Gold above 805 could be interesting to at least 810, then 820 maybe. (4hr 20/50)
Currencies are a little bit messy.
Would love to see JPY fall through the daily 50 at 107.90 but not overly convinced about a weak Dollar.
Cable above 1.78 would be a nice play as would Euro above 1.4515.
If that pans out on the back of stronger gold then expect to see Swiss at 5hr 50 at 1.1010.So. We came, we saw, we kicked the brokers butts once again with a terryfyingly easy morning.
So glad that EVERYONE in the room this morning is making good money just waiting for the right set-ups.
Well over 100 pips on these few alone. Have just taken a quick 50 off crude and gave 12 back trying to be a smarty pants on JPY
Big hats off to Barry especially who's 500 up this week. Great work to Nikesh and Dark-man, Bloom as ever.
Too many names to mention. Excellent work
Hello FX Pimp, I've a question about the following of a trend. Is it possible to follow a trend like the one in the square in the picture in attachement without being thrown out on each retracement? I'm always closing in a loss and then see that the trend was ok to follow and would give a nice win. If I use the rule to close when CCI goes back to above -100, then I can never make profit in such a trade.
Yessir, you are right. there are times then the price doesn't trend smoothly and the 63 CCI becomes a bit choppy. You can always put your stop loss behind the 15m 20ema if you like as a safety measure then collect profits at m.a targets or pivot s/r targets as on the pics above.
Good to see you doing so well though.
Trendlines again
More on Trendlines. I had them drawn on this crude chart and I took my first live trade on it today. The lower line went back to yesterday's lows.
Again being a newbie I was a bit nervous. So, Rockdrive held my hand on this one.
To be honest (being Honest Bill), although I had my deal ticket ready to click, I probably wouldn't have taken it without him.
A small run for crude, but a nice 20 pips in the tin. (I paid a 13 pips spread which I'm not happy about). We closed when the 63cci dropped back.
More on Trendlines. I had them drawn on this crude chart and I took my first live trade on it today. The lower line went back to yesterday's lows.
Again being a newbie I was a bit nervous. So, Rockdrive held my hand on this one.
To be honest (being Honest Bill), although I had my deal ticket ready to click, I probably wouldn't have taken it without him.
A small run for crude, but a nice 20 pips in the tin. (I paid a 13 pips spread which I'm not happy about). We closed when the 63cci dropped back.13 pips ?! Wow...is that spread normal with your broker ? Or did it widen temporarily ? I pay 6 ticks right now at my bucket shop, but have stopped trading crude for a while since its moves are too fast...seeing the P/L all over the place while crude is jumping 30-40 ticks in a matter of seconds is just not funny.