School of Pimpology - page 107
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Nice 300 pipper
Was this a good trade? Got 300 pts on the gbpjyp last night by taking a position before I went to sleep. Saw a break of a triangle and thought it looked set to go. Did have a 200 pt stop, not the most sensible but could afford it.
Critism is appreciated.
IF Gold and Oil do fail to hold and move up then I would fully expect to see see USDJPY to hold above 103.00 and push toward 103.65
Hi All,
As this is my first post on this thread, I would just like to echo what many have said previously and pass on my thanks and appreciation to FXP an ALL contributers for great eforts in making this such an excellent learning resource.
Regarding the above, according to the teachings of FXP, if oil and gold are heading up this suggests dollar weakness. In recent days/weeks we have also seen a bit of JPY strength. Therefore, could someone explain to me what the thinking might be for suggesting an up move in the USDJPY, as this sems like buying a weakening currency against a strong one? To my thinking, shorting this pair would be a safer bet! If I am missing something and am showing my newbie ignorance, appologies in advance!!
Regards
Gary
CHF Set-up
How's this look on a 60m timeframe?
21CCI has crossed as has the 4hr 21 (84)
There is a huge gap to 1.12 to fill down to the 4hr 50sma.
With USDJPY falling quite aggessively this could really go to that level.
Red but not Orange
Dear Pipsters;
I got up early today, in fact I was at my pc 0530 GMT, bleary eyed but ready for action. Rationale, crude has done several nice little 100 pips moves at opening in Frankfurt. What happened this morning it went earlier again, so missed it and then crude just dribbled along. I did not take at trade until nearly 9am and then for only 66 which on recent performances was quite poor. As I was not certain of direction I looked elsewhere and with all the turmoil in the equity markets traded Dax short +46 and ftse short +124. I had exited DAX too early and held on to ftse. Had a spot of breakfast and returned and then went long ftse at 4398 and dax at 5046. Got some nice pips +89 and +58 (147 overall), and had just closed my positions and guess what, DJ took off in to outerspace taking ftse and dax along for a ride. Nervermind no complaints from me after my shocking start! That was the good news, now time for a laugh, but I shouldn't really.
Excellent vibe in the room this morning and I was most impressed with a couple of the pipsters who have joined. Bunnygirl seems to have a most impressive style on cable. Ferrowolf, Calmusac, Anders et al. Welcome to our enclave!
Because gold was sitting on the MA's and I had draw a break in, who do you think was short gold this morning, without even looking at the 1 hour. Yes, you guessed it in one me. In the blink of an eye I was down 15 pips and not looking too clever. Dan said once, if you think you are in the wrong direction just get out, and he also said about doubling up. So I went long but at twice the leverage! This could have ended in tears but fortunately for me I ended up making 78 pips, but with -33 short. So I came up at +45 with double leverage. Not recommended and I was a little sweaty! I was also short Swissie, my own call at 1.1370, ended up losing -9.
My other funny story this morning was that I have been calling crude lower, skype to Pimp - watch crude. Finally I think I have my moment, got an entry, crude begins to move and I am the Daddy, oh yes. No, No, No....crdue stops mid air, does a nice little switcharoo and I managed to closed out for +2 pips. See what happens when you want something to happen!
I am off to do the ironing and then on to watch my youngest play soccer. The sun in shining and I added a lovely 386 pips to the tin this morning, mostly indices, which is different, but a fab day nonetheless given the fact I was thinking gold short at 530am!
Have fun fellow pipsters and I will catch up later.
Red Faced Indie Rockie
p.s. Well done Nikesh on your Pip fest. Well deserved.
4 hour charts
Hi pimp,
with 4 hour charts, would it be a problem if i use FXDD for my pimp v1.02 template and trades as it is better suited to my time frame
eg, candles cahnge a 10pm/am - 2pm/am & 6pm/am
also looking forward to more caht on this etc
also what combo charts would you use with 4 hour, you said on a post recently that you could use a combo charts of 4h & weekly, is that right or would it be better to use 4h & 1 hour for a more up to date trade
keep up the good work
tahnks
paul
What a frustrating week so far. Last 5 trades have all been losers. I'm seeing the setup take place in front of my eyes but don't make the trade. Then I get all annoyed and dive in on the next thing that starts to look like it might do something. Thankfully, cash wise, I haven't lost too much cause I been using 1/2 or 1/3 stake on anti-strategy trades. Had to walk away today cause my mentality was like 'f*ck it, I don't care' - fact is, I do care, my future depends on this. Got to get serious.
See you all tomorrow.
The SB strategy.
Just recently I have given a lot of thought to money management techniques and my overall approach to trading. Market volatility does tend to focus the mind !
Firstly I need to say that my success rate has improved immeasurably due to the strategies I have learned from Dan and Pimp. These guys along with Panda and Monkey are just fantastic. As Rockdrive said in a recent posting they saved me from becoming a statistic !
Having said that and if I am also honest with myself, I find, that I actually run two trading strategies side by side. The first is the one I am supposed to operate. It makes money. ie I follow the strategy as taught on this thread. That brings me a reasonable return and with practice I have achieved a level of consistency I would previously have thought impossible. BUT it take patience.
The second strategy is the expensive one and requires no patience what so ever. Its the gung ho, this looks good so here I go strategy ! Its the I have just worked for three hours to earn 50 pips so now I will lose them in the next 5 minutes strategy. Or its the I have done a trade within two minutes of switching on my computer strategy.
I call it my STUPID B-----D strategy (SB) !
Following the SB strategy is easy. Dropping it in favour of the first is extremely hard but once achieved the job satisfaction cannot be overstated.
Barry
Daily posting
thanks for sharing rockdrive ...love these daily posting from you
keep them coming!!!!
Dear Pipsters;
I got up early today, in fact I was at my pc 0530 GMT, bleary eyed but ready for action. Rationale, crude has done several nice little 100 pips moves at opening in Frankfurt. What happened this morning it went earlier again, so missed it and then crude just dribbled along. I did not take at trade until nearly 9am and then for only 66 which on recent performances was quite poor. As I was not certain of direction I looked elsewhere and with all the turmoil in the equity markets traded Dax short +46 and ftse short +124. I had exited DAX too early and held on to ftse. Had a spot of breakfast and returned and then went long ftse at 4398 and dax at 5046. Got some nice pips +89 and +58 (147 overall), and had just closed my positions and guess what, DJ took off in to outerspace taking ftse and dax along for a ride. Nervermind no complaints from me after my shocking start! That was the good news, now time for a laugh, but I shouldn't really.
Excellent vibe in the room this morning and I was most impressed with a couple of the pipsters who have joined. Bunnygirl seems to have a most impressive style on cable. Ferrowolf, Calmusac, Anders et al. Welcome to our enclave!
Because gold was sitting on the MA's and I had draw a break in, who do you think was short gold this morning, without even looking at the 1 hour. Yes, you guessed it in one me. In the blink of an eye I was down 15 pips and not looking too clever. Dan said once, if you think you are in the wrong direction just get out, and he also said about doubling up. So I went long but at twice the leverage! This could have ended in tears but fortunately for me I ended up making 78 pips, but with -33 short. So I came up at +45 with double leverage. Not recommended and I was a little sweaty! I was also short Swissie, my own call at 1.1370, ended up losing -9.
My other funny story this morning was that I have been calling crude lower, skype to Pimp - watch crude. Finally I think I have my moment, got an entry, crude begins to move and I am the Daddy, oh yes. No, No, No....crdue stops mid air, does a nice little switcharoo and I managed to closed out for +2 pips. See what happens when you want something to happen!
I am off to do the ironing and then on to watch my youngest play soccer. The sun in shining and I added a lovely 386 pips to the tin this morning, mostly indices, which is different, but a fab day nonetheless given the fact I was thinking gold short at 530am!
Have fun fellow pipsters and I will catch up later.
Red Faced Indie Rockie
p.s. Well done Nikesh on your Pip fest. Well deserved.frustrating week
What a frustrating week so far. Last 5 trades have all been losers. I'm seeing the setup take place in front of my eyes but don't make the trade. Then I get all annoyed and dive in on the next thing that starts to look like it might do something. Thankfully, cash wise, I haven't lost too much cause I been using 1/2 or 1/3 stake on anti-strategy trades. Had to walk away today cause my mentality was like 'f*ck it, I don't care' - fact is, I do care, my future depends on this. Got to get serious. See you all tomorrow.
Hi Bloom,
I've been going through the same. So, you are not alone. Rockdrive gave me a well deserved kick up the behind for this. I missed today, but will be back in the morning with focus and discipline.
Honest Bill
Hang in there Bloom. I'm not going to assume to give more experienced traders advice, but taking a day out has made me a lot calmer. I let two good trades go early this morning for fear of jumping some way (turns out to be less than 1/4!) into moves - I've sold bottoms and bought tops way too many times. Such is life. Tomorrow some politician will insert his foot in his mouth again, and the day after. The markets will stay alive and present opportunities.
Cheers,
SF412