School of Pimpology - page 121
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Hello,
What is the best way to tell the difference between a reversal and a retracement?
Please be kind,
Matt Thomas
Good Morning
Good morning all.
Some monster moves on Cable Euro and Swiss yesterday and you'd have to fancy a little rebound or retracement 1st thing this morning.
The Asians haven't really smashed into anything significantly and so it's all set.
Some dangerous potentials would be Euro possibly from 12600 to 12650-60, Cable maybe 15700 to 15800
but one I really like the look of is a Short Swiss.
Yes it's against the trend but with a stop beyond the WR1 at 17780 this could well fall to the 5m support at 11740, then the 60m 20ema at 11715, then ultimately the daily pivot 11675.
This is a risky proposition and maybe more prudent to be conservative to wait for the main trends to continue. However Pimps don't do patience and I'm in an a reduced stake when I see some red emerge.
Have a good morning. I'll be back later
Trading Gold with IG Index
This confusion came up again in the chat room. So, I'll post it here:
On IG if you buy Gold at 928.00 and sell at 929.11 Profit = 1.1 pips, which is very confusing.
So just multiply your usual stake by 10 and divide your usual stop loss by 10.
See here
http://www.igindex.co.uk/content/files/dealing_handbook.pdf
Page 71
Good morning all.
Some monster moves on Cable Euro and Swiss yesterday and you'd have to fancy a little rebound or retracement 1st thing this morning.
The Asians haven't really smashed into anything significantly and so it's all set.
Some dangerous potentials would be Euro possibly from 12600 to 12650-60, Cable maybe 15700 to 15800
but one I really like the look of is a Short Swiss.
Yes it's against the trend but with a stop beyond the WR1 at 17780 this could well fall to the 5m support at 11740, then the 60m 20ema at 11715, then ultimately the daily pivot 11675.
This is a risky proposition and maybe more prudent to be conservative to wait for the main trends to continue. However Pimps don't do patience and I'm in an a reduced stake when I see some red emerge.
Have a good morning. I'll be back laterHey Guys, will be doing an afternoon post in about an hour, so 1PM UK time.
A little round up from this morning.
Anyone who likes a little play against the trend could have picked up.
GBPUSD - 200 pips
EURUSD - 200 pips
USDCHF - 100 pips
Total - 500 pips.
Not bad for 3 or 4 hours work.
Sure, you need to hold these for a couple of hours, but do this on a regular basis and you will soon discover that trading is not ALL about 20-30 pips.
The real money comes when you hold them a while longer.
Speak soon
Reversal or Retracement
Hello,
What is the best way to tell the difference between a reversal and a retracement?
Please be kind,
Matt ThomasHi Matt,
A little retracement should see the price pullback to the m.a's and then continue, whereas a reversal will see the price break the 5m ema, then the 15m ema, then the 5m 20 cross the 15m 20.
By this time the 63 should have crossed too indicating a retracement on a 60m chart (retracing now toward 60m 20) BUT a reversal on a 5m chart.
this is where we look for the trigger.
Picture demonstrates
Cheeeeeeeeeeeky
Possible little anti strategy play here for 50-75 pips with a 20 pip stop.
Not the best trade in the world but it's moved up 400 pips since we closed the short last night and there is potential for a little pullback on the 1m chart
EURUSD and USDJPY have both moved up significantly, so any little retracement on these might see this plummet quick quickly back to the 15m 20ema
Keep it tight !!
Possible little anti strategy play here for 50-75 pips with a 20 pip stop.
Not the best trade in the world but it's moved up 400 pips since we closed the short last night and there is potential for a little pullback on the 1m chart
EURUSD and USDJPY have both moved up significantly, so any little retracement on these might see this plummet quick quickly back to the 15m 20ema
Keep it tight !!Well, can't get it spot on all the time.
Got to plus 30 and got greedy on the second half. LOST 25 on that, so averaged only 5 pips. ho-hum
Well, can't get it spot on all the time. Got to plus 30 and got greedy on the second half. LOST 25 on that, so averaged only 5 pips. ho-hum
Hi Pimp,
thanks for the 3 x daily tips, they seem to be doing well but i do miss the tips as i dont always go onto this site a lot in the day
1 suggestion if you could would be to e mail the the guys at the times of 2pm & 8pm or whenever these afternoon and evening tips are put on site
just a suggestion as i do tend to miss them and then wonder if its too late to enter
Keep up the good work
Thanks
paul B
banking bets
This confusion came up again in the chat room. So, I'll post it here:
On IG if you buy Gold at 928.00 and sell at 929.11 Profit = 1.1 pips, which is very confusing.
So just multiply your usual stake by 10 and divide your usual stop loss by 10.
See here
http://www.igindex.co.uk/content/files/dealing_handbook.pdf
Page 71Hi Guys,
Love the morning sessions, realy learning a lot but there is one thing that confuses me when Dan says that we are going into a trade at some point and then says he is banking pips on the way down or up
I bet with I G Index and i do 50p per point, so if dan says we are in at 1,900 and he is looking to bank down at 1.875 and 1,850 - how do you do that or how can i do that when i have my ONE bet on at 50p per point
look forward to the reply as this has me wondering a lot
Thanks
Paul B
Hi Guys,
Love the morning sessions, realy learning a lot but there is one thing that confuses me when Dan says that we are going into a trade at some point and then says he is banking pips on the way down or up
I bet with I G Index and i do 50p per point, so if dan says we are in at 1,900 and he is looking to bank down at 1.875 and 1,850 - how do you do that or how can i do that when i have my ONE bet on at 50p per point
look forward to the reply as this has me wondering a lot
Thanks
Paul BPaul, you can subscribe to the thread and it emails you automatically when there is something posted.
I suggest getting msn, then you get alerted as soon as the message hits your inbox.
For me to email a few thousand people is completely out of the question I'm afraid.
Banking on the way down can only be done when you play with multiple lots or more than minimum stake.
Lets say you went short on USDCHF at 11730 at 5 pounds a pip for example, you could bank a pound a 11700, one at 11680, one at 11660, one at 11640 and the final one at 11600.
So you banked 30,50,70,90,130 or a total of 370 pips divided by 5 for an average of 74 pips.
This just reduces your exposure to the market with the last couple of quid.
I hope this helps