School of Pimpology - page 13
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NO Stop Loss
I hold because the MM i have in place lets me do that while I go on with other trades - AND, I even hedge, the idea is not to give anything away to the market or broker. Not that I always succeed at accomplishing that, but it reduces overall losses and keeps me happy
By no stop loss I do not mean sitting back and praying for price to come back to me. It means manage lot sizes so that a 1000 pip loss is under 5% of my equity permitting me to go on with business as usual 
There! I am sure I sounded very knowledgeable and wise! (tee hee)
Hi midesign
Isn't it better to try 25 trades and risk 20 pips then 1 and risk 500 ?
The faster you get rid off the losing trade - the more money you have (and more chances) to catch new profitable one.
I really don't think that Mr. Pimp meant holding -500 position for a few weeks when he says that don't use SL.
I don't use it when i'm in front on computer but overnight i simply MUST put reasonable SL because i don't want 500 pips loss in one trade.
I did when i started just what you are doing and i can tell you that later on you are going to have SERIOUS issues in trading, especially if you keep losing trades few weeks and then they turn in your favour!!!
Men, people are writing 500 pages books about that
I did it - you don't
Best regardsWell, why don't we trade then little bit at 7-11h UK time, and then again maybe 13-16H UK - just to catch Europe and USA? What do you think?
Well I can't really do 7am until 10am until next week, but am ok for 10-12, then the afternoon shift.
I will pop in tomorrow at 10 UK time then from next week at the time you mention. How's that?
5000
Good morning and Welcome to all new readers. It's great to be buildong such a good little team already.
Looks like we're going to smash 5000 visitors to the thread in the first week whic is fanstastic, so please keep voting and reting the thread and lets build it into the biggest the best and the most profitable free resource thread on the planet.
I can only input so many of my ideas. I need feedback, both negative and positive in order to strive to make it better.
Besides, it not me on one side and you guys on the other. It's all about US. We're all in this jungle together, let's make the most of it !!
OK, so onto business.
Yesterday saw both Crude and Gold fall even further into deep water. I can't quote the prices for the dark stuff as I have Brent displayed, but it was somewhere in the region of 500 points to take the tally to almost 2500.
Gold also fell $20, unsurprisingly.
Yoday could be a very big day indeed. We have our WEEKLY 20 moving average coming up.
Those of you with the template will need to look at the 4hr chart for that, but thats where the price is and would think that a pullback might be in order.
Sure it could go straight through it and it's certainly not set-up for a massive recovery mission so we'll have to wait and see. Well worth keeping your eye on that level which I'm sure is about the $124 level.
I'll be waiting for that to make a move before making any decsions but I'll be watching it like a hawk.
Our Golden lady is losing her shine and that little run to the north-side was very short-lived yesterday afternoon. A possible 70-80 pips available and I know Bob got it, so Well done to you, Sir.
These Currencies are beginning to wind me up a bit, and I must admit I am struggling to see anything but an overbought USDJPY & USDCHF and an oversold EURUSD.
OK So my 4hr CCI's are not overbought/oversold but look at the distance between the 60m 20 & 50, look at the huge gaps between the 4hr 20 and 50.
I will not be taking continuation trades under no circumstances on those 3
The runt of the pack, cable was outstandingly resilient yesterday and I quite like himback up to 2.0050 on the back of some Dollar WEAKNESS.
Yes, that's what I am gunning for this A.M session.
Will be looking to short USDCHF and/or USDJPY IF Gold begins to move north with Crude AND the fall below their pivot points.
I will be look for a long position on EURUSD if the Gold and Crude move up and it moves above it's pivot point.
Against the trend but that's what I will be looking out for. No crossing of the Pivots, NO Trades. No Crude and Gold recovery, No Trades.
Enjoy your morning.
Morning all,
Bit slow so far today. Oil and gold taking a breather so not much else moving except cable playing a bit of catch up after yestedays move up.
Anyway, I have taken the liberty of consolidating FX Pimps posts of his method into a word doc so it can be printed out in full with all the charts if anyone wants to do so.
I have tried to attached it to the thread but it seems a bit big ATM. I will try and get it on but if anyone wants a copy in the meantime please PM me.
Hope it is useful.
G-Man
CCI Settings
G-Man,
I am a bit confused now on what the CCI setting are for the 5m, 15m, 1H, 4H
Will this doc clearify? Much thanks.
Pimpin ain't easy!! Great thread! Very informative!
Word Doc
Morning G-Man. I would love to have a copy. I have sent a PM.
Morning G-Man. I would love to have a copy. I have sent a PM.
Hi there,
I have sent you a copy. I hope it clarifies the CCI issue. I am just basically looking at using the 63 and 7 on the 5 after confirming the trend with the MA's on the higher timeframes.
As I get more used to Pimps ideas I'm sure we can expand into the methodolgy entirely.
G-Man
Hi FX Pimp,
Excellent pimpology.
I love to read all yr postings.
Just wondering if anyone has the source-code of the CCI indicator that FX_Pimp recommends? I'm surprised no-one else has commented on this, but when you have 8-plus instances running (as the template requires) this indicator slows everything down - the reason being, it is doing its calculations on the entire price series on every tick (* 8+) making it a real CPU-hog, when there is really no need for it. (stick it on the visual backtester that is testing a fast EA to see how bad it really is...)
I could only find the source of an earlier version, so if anyone has the newer one, post it and I'll fix it.