School of Pimpology - page 165
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Dear Strat...
Here is my post about it from the other thread and charts:
Got it back to trade the CAD, my favourite trades of the day.
I traded USDCAD short on the break of the Ma's for 120 pips and then again on the 1-2-3 for 98 pips. Chart attached.
NicolaAre you taking your trades on the first candle that is in the direction of the trend?
Thanks and great trading.
Strato and Nicola, thank you very much for the info ! I really didn't know that things have progressed so much since last summer ! I will check out the club and everything !
It's a shame I do not get to trade these days since volatility is amazing and I'm seeing great setups almost every night (even though in hindsight) when I go through the day's session.
I never would have thought that a strategy as simple as this one can work !
Regards,
Larry
Hi Larry
I remember your name from the Boiler Room in the summer - wild ride wasn't it! Great fun (were you there for cocktails and singing on that unforgetable Friday afternoon?).
Anyway, just wanted to add that I believe Dan and the gang are about to launch the MonkeySchool as well. Dan will be going through everything at a much slower pace aimed at newbies and anyone else who wants benefit from their extensive knowledge.
Sounds unmissable - and as Strat says, we don't get paid for plugging them, they are simply fab.
RSHi rollingstone, yes, I believe you when you say that you don't plugg Dan & Zak, there is no need for it as the results through Pimpology speak for themselves. Of course, it's not a holy grail...but I'd say it's pretty close to it
.
I remember your nick name...but don't really know to which Friday afternoon you are referring ?! I must have missed something then, I guess.
Regards,
Larry
School
Hello Larry,
Dan is Dan Armitage of "The London Open". Dan and Zak used to work together at MarketBytes.com and decided to go it alone. They have since formed fx500 club where, on a subscription basis, they trade live the London and NY opens.
In addition, they tell you what they are trading and why and also provide on going education on their work and strategies. Their strategy works from M5 to Yearly and any time frame in between.
If it sounds like I am "plugging" fx500, Dan and Zak, I AM - there is no better FX trading service out there anywhere - I know - I've been round the blocks as they say. And NO, I don't get paid for this recommendation, nobody does - they do not have affiliate schemes - which further shows their creditability.
You can contact Zak at zak@fx500club.com and visit their website at Forex Trading, Live Forex Education, Currency Trading, FX OpportunityHi Larry
I remember your name from the Boiler Room in the summer - wild ride wasn't it! Great fun (were you there for cocktails and singing on that unforgetable Friday afternoon?).
Anyway, just wanted to add that I believe Dan and the gang are about to launch the MonkeySchool as well. Dan will be going through everything at a much slower pace aimed at newbies and anyone else who wants benefit from their extensive knowledge.
Sounds unmissable - and as Strat says, we don't get paid for plugging them, they are simply fab.
RS
Reply to fxdiva
Are you taking your trades on the first candle that is in the direction of the trend?
Thanks and great trading.
__________________
Fx Diva
Hello fxdiva,
If you mean the first candle that closes above the 20 (for longs), yes. The conservative entry would use that bar as the "set up" bar and then place an order above the high of that candle.
An aggressive and more riskier entry is to place an order at the same level as the 20 so that when it hits it, you are filled. The risk on this is that if it is just a spike through the 20 or the brokers are running stops, you will be filled on a losing trade.
Risk is an individual preference which nobody can recommend. I can only recommend looking back at the history on the pair to see how it behaved/reacted at the 20.
Hope this helps
Rock on
Strat
Update on Daily trades
OK, I don't like doing this but I have been PM'd to do this so:
Partial profits were taken at:
AUDUSD at 0.6700 for 260 pips
CHFJPY at 79.50 for 264 pips
EURJPY at 119.30 for 373 pips
EURUSD at 1.3250 for 297 pips
GBPJPY TP set at 129.80
GBPUSD TP set at 1.4300
Pips in the tin: 1194
Stops then moved to break even
TP target is a few pips below/above the 20.
Where do we go from there? who knows - but my plan takes care of it.
And if anybody thinks I am posting after the fact there are people on this Forum who I sent my positions to before the trades were filled.
I really do have a problem posting this as it is truly against my nature - I know it will p*ss o** those who are struggling yet at the same time I know it will encourage others who are striving to trade longer time frames.
It all comes down to YOU - I have found what is comfortable and profitable for ME - you have the strategy, now go out and find the time frame that is best for YOU - and it will be different for each and everyone of you.
And for anyone who thinks it can't be done - read and re-read the strategy then look at each and every one of Nicola A's posts - and if you still can't do it then you are not meant to be a Forex trader.
Rock on,
Strat
Strat,
Thanks for your insight into trading the longer TFs. I think most will be inspired by it. I've just been looking over the daily charts this morning, and see what you mean. The next couple of days look interesting.
One quick question- I'm assuming when you talk about the close above the 20ma that you are using standard candlesticks?
Please keep posting your ideas,
All the best,
Carl H
Standard candlesticks
Yes, for me to follow PRICE ACTION, I need to see standard candlesticks. Maybe it can still be seen with Heiken Ashi - I don't know - never tried
And this guy rsn the most powerful country in the world - what a joke!
I'm sorry but our daughter sent us this and I just had to post this video of Presidential speeches to show what a wanker GWB was:
http://www.facebook.com/n/?inbox/readmessage.php&t=1012247751258
Hi Diva
Yes sometimes I do ... but only off the 15min chart (nothing lower) only if it bouncing off resistance and only if the CCI is at the top pointing down I don't always wait for it to cross the 0.
It doesn't always work but I don't lose much that way. I sometimes get out for breakeven if it is just going to sit there and channel for a while.
Doesn't work on the 5min, I have the pip losses to prove it.
Nicola
PS Thanks for the compliment. When I started I read these threads and your posts and I thought - "See ... there are women doing well at this, I want to be like Diva!"
Thanks for inspiring me.
Are you taking your trades on the first candle that is in the direction of the trend? Thanks and great trading.