School of Pimpology - page 162
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Crude trade today
Once again I managed to trade oil inventories for a lot of pips. For the third week in a row the market was surprised by high numbers, not sure why because it is in all the news about oil contango and backlog in the US.
I attached the chart for WTI but I traded OIL as well that looked the same. I did not trade the rally but waited all day for the price to fall back through the 1hr 20 moving average to show we were back in a downtrend. Then I got the 123 right before Oil inventories when I entered. This move was 200 pips.
The arrows show entry and exit, hope this helps
Nicola
Oops posted twice
Hi faq123
Welcome to the Pimps thread. I don't wish to cause offence, but have you studied all of the charts the Pimp posted at the very start of this thread, laying out in great detail, step by step, how to read the strategy on his charts?
You really won't get any better explanation anywhere else. May I suggest reading those early Pimp posts a few times, and then testing your undestanding by watching some live charts and perhaps placing some demo trades? Then you will get real time feedback on your understanding - if you double your demo account balalnce, you have understood. If you blow the lot, you need to revise !
happy pip hunting
PaulHi Paul,
And no offence taken. I have been reading as you suggest but it is always nice to see how others are interpreting and applying the method, to sharpen ones own understanding. A lot of pips get posted here and if there is no chart I do look to see where and more importantly, why, people entered, but it can be confusing sometimes.
I suppose another way to look at it is that in seeing charts the more senior members can effectively vet the trades of juniors i.e. make sure they are interpreting and applying things correctly.
And when all is said and done
I suppose the old adage - a picture paints a thousand words - never hurt anyone.
Thanks for your feedback and support.
Once again I managed to trade oil inventories for a lot of pips. For the third week in a row the market was surprised by high numbers, not sure why because it is in all the news about oil contango and backlog in the US.
I attached the chart for WTI but I traded OIL as well that looked the same. I did not trade the rally but waited all day for the price to fall back through the 1hr 20 moving average to show we were back in a downtrend. Then I got the 123 right before Oil inventories when I entered. This move was 200 pips.
The arrows show entry and exit, hope this helps
NicolaHi Nicola,
Just like to say that I really appreciate your charts and feedback.
Thanks
Queen of the Pips
Nicola,
It is not appropriate for me to post my charts here as my Daily trading is not done using the Dan/Zak strategy. However, their strategy works on the Daily just as good as the other time frames.
On the GBPUSD trade I just closed, using Dan/Zak's strategy, you would have sold at about 1.4723 as the price bounced off the trend line, the 50 sma and shot down through the 20 ema. I'm not sure where their strategy would have you closing as, on my chart, there are no W or M levels to target. I closed out on the pin bar because it is both an exhaustion and reversal bar and also it's time for the rubber band to pull prices back to either the down trend line or the Weekly 20 ema.
It looks like today is forming an inside bar (another reversal bar after the end of a downtrend) which will allow me to buy at a slightly better price with a tighter stop although I will still use the low of the pin bar.
As you can tell, I don't use Heiken Ashi as I need to see price action at these higher time frames. As you move to higher time frames, the technicals are far more reliable.
Having done this explanation for you, I have just realised that I CAN use the Dan/Zak strategy to complement my existing strategy. Brilliant - might have to load up when they confirm!
Anyway, Nicola, you don't need to learn other strategies - you are very successful doing what you are doing - don't change it - just keep doing it!
If you still want to know more, PM me as it's time to get the old girl out and give her a bit of a thrashing (My Strat, she's 50 next month!)
Rock on,
Strat
How long is long?
I came here because I wanted more action than I was getting trading the Daily and soon found out that the action I got (pressure) was way more than I could handle. I have just closed my Daily short GBPUSD trade at the close (1.3874) after entering at 1.4788 for a nice 914 piparoonis in 3 days.I will continue to post when I feel I can help.
Dear Mr Strat,
That one trade (while you were doing something more meaningful with your life than watching little bars & wiggly lines on your computer screen) is more than 1.5 times my weekly target
Like Nicola (and I am sure many others) I too aspire to trading the higher timeframes, but you need a decent account size to be able to do so sensibly. So we have to work very hard for a while (not so long for Pipsy Galore I think) at being consistently good on the lower tfs to build up an account that we can first of all live from, and then take an excess from to start the 'long term book' as Dan calls it.
I have really appreciated everything you have contributed to the Pimps thread here to date, and would appreciate if you could keep us both informed of what your trade strategy is delivering for you (pips per week etc) and your feedback & constructive critism on what we are doing, from your perspective
keep on rockin
Paul
No more MR Strat
Hello Paul,
I will continue to contribute as long as you get rid of the "Mr"!
The really good thing about what you guys are learning from Dan & Zak is that if you can be successful at the smaller time frames, then it's a doddle at higher time frames. Many guys think it's the other way round but it's not.
What you have to change is your mind set from small amounts to large amounts whether you are talking pips, dollars/pounds, account size and of course stop loss.
You also have to treat it more as a business or short term investment and in that respect, have a trading plan for each trade. Once you have your plan, then you execute it and stand back until it completes. "PLAN THE TRADE & TRADE THE PLAN". The really good thing about this is that you are FREE from your emotions and you can forget it and go about whatever it is that you need to do and know that your plan is working for you.
I have never been one for declaring pips as I feel it is bragging and I really felt bad (and still do) about disclosing the GBPUSD trade.
As I said to Pip Queen Nicola, my Daily trading strategy is not the Dan & Zak strategy but, having explained to her that it would have produced similar results, I now realise I can use it to add onto my earlier initiated trades.
If your broker allows 1 cent contract size, then you can trade the Daily with a small account.
I know I haven't answered all your questions but this is Zak's baby and I don't want to interfere.
Hope this helps
Rock on
Strat
Strat-egy & timeframes
Hello Paul,
I will continue to contribute as long as you get rid of the "Mr"!
"PLAN THE TRADE & TRADE THE PLAN".
I have never been one for declaring pips as I feel it is bragging and I really felt bad (and still do) about disclosing the GBPUSD trade.
As I said to Pip Queen Nicola, my Daily trading strategy is not the Dan & Zak strategy but, having explained to her that it would have produced similar results, I now realise I can use it to add onto my earlier initiated trades.
I know I haven't answered all your questions but this is Zak's baby and I don't want to interfere.
StratHi Strat
Yes, fair enough this is Zaks thread and to help readers, keeping to the fx500 strategy only is appropriate. It would be interesting to know when using the fx500 club strategy on a higher time frame you have a consistent signal to your strategy though. I promise to drop the formality!
I can appreciate how posting your results could be percieved as bragging, although I find it inspirational. Clearly its a personal thing (you don't often see Zaks results posted up, I admit. Yet I like to read Rockdrives essays, Nicola's storys and Han's trade results too, which are enhanced by the end results they have achieved, imo. I'd like to think over time everybodys results will improve consistently and as such to any new reader that has stumbled across this thread it may inspire them to 'stick with it'. I have heard that 90% of people who go into trading give up)
take care of your trades & those you are closest to
best
Paul
good morning all.
Yesterday was a pretty good day with all the Yen & Swiss pairs playing ball for a change.
This morning sees us looking to buy some Yen over any currency we like. Really is a lucky-dip at the moment.
My pick of the 3 we cover at present would have to be for a short USDJPY, which hasn't fallen too far through the support region.
IF I can get an entry at around 88.70 then I would take a small one with a stop abovee the pivot, which sits at 88.95.
GBPCHF is also looking good to the downside. A break of the WS2 level arounf 1.5830 could see this fall further so watch for that break.
GBPJPY-Missed this by a few hours and can't really touch it right now. Needs to break below 121.00 for continuation.
EURJPY-A Break of 114.00 is the level here for a downside play. Keep an eye on both USDJPY and EURUSD to confirm.
USDCHF-Pretty strong the last few days I wondr what's next here. Bit of a tricky one this session but a bounce off pivot and 60m 20ema at 1.1550 might see it higher. don't trade EURJPY and this pair in the same direction at the moment as they seem to be travelling in opposite direction quite a lot lately.
EURCHF-Still looks pretty weak from yesterday. Needs to break 14955 (60m 50sma) to give the green ligh, but with traffic below it's not one for the shortlist for me.
To Summarize. Let's look for potential shorts on GBPCHF & USDJPY
Have a great day.
Zak
Thanks to Zak, Nicola and all the others posting charts and comments
Just like to say thanks to all you guys posting charts and explaining your entries and also more general comments about trading; the trick is really waiting for the set up and not getting tempted by every move of the market.
When it is moving - and you see the set up after the event, it is very frustrating and I am sorely tempted to jump in - instead of waiting for the next pullback; as you demonstrate on your charts - they do come - just got to be patient
Although the live room atmosphere is great, I find the fact that quite a few members trade different strategies and also that in practice many trades are actually trades based on break of support/resistance rather than classic 123 trades a little confusing - there is a natural tendency to try and copy other members strategies - I guess the answer is to be clear what mine is and stick to that and not worry about other members trades and the pips they are making
But this is a great thread - as are the London open threads elsewhere - thanks Zak for taking the time - and it must have been a lot of time - to put this all together
Nicholas