School of Pimpology - page 167
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Until I got extra screens and I was only working off one and trying to follow the live room and the chat at the same time on one screen I think that was all I did.
I probably take 4 to 10 trades a day but they are similar pairs so easier to do. For example I will trade cable and GBPJPY together, USDCAD and CADJPY together, OIL and WTI together, etc and I enter and cut them at the same time which makes it easier. I watch them together so I may as well trade them together.
1 good trade a day can make you super rich!Thanks Nicola.
At the moment I think that is the most I am aiming for. Working full time in the day and looking after the kids at home means I really can't screen watch.
I've set up my system to send me an alarm if my trigger gets hit. If it does I can then quickly look at the pair to see if the trigger is valid. If it is, trade on. If not, back to work.
For some weird reason I haven't taken a trade with it today. Took 1 yesterday but played the stop badly and got taken out. Hopefully it will put me in something later on!
Thanks Pimp
Thanks Mr Pimp ...
Just closed your trade recommendation.
The EURJPY worked out perfectly with a 123 at almost exactly 117.50 and over 130 pips dropped from the 123 as it crossed the 4hourly 20MA to DS at 116.15.
I think it is going further, waiting to get back in.
(chart attached)
Vive Le Pimp
PS Anyone else notice that EURUSD daily MA's have crossed and price is now south of all the MA's. Clear Skies below. MS at 1.2756
pips in tin
OK, I don't like doing this but I have been PM'd to do this so:
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.
Rock on,
StratGreat to see some serious result thanks for sharing strat
keeps me going strong struggling on
regards,
hans..
Thanks Mr Pimp ...
.....
PS Anyone else notice that EURUSD daily MA's have crossed and price is now south of all the MA's. Clear Skies below. MS at 1.2756I got in at 1.3164. Bank half at daily S2 and let the other half run with a 55 pips trailing stops.
Added another sell at 1.2972. Bank half for 20 pips profit and letting the other half run with 55 pips trailing stop too. I'm not to sure on the second entry so my initial stop loss is 1.2982. That way if price reverses on me, I'll still make 10 pips over all on this second entry.
Right now I'm playing with only 2 lots per trade. I'm building my courage to go for 3 lots so I can bank profits more often.
Happy trading guys.
Thanks Sir Pimp and Sir Strat.
Salat
PS. Sorry for the messy trade screen, I need hundreds of reason before I jump in a trade. As someone said previously (I forgot who) "I'm treating this as a business", not just as a job. You can goof of in a job, but you definitely don't want goof of when your running your own business.
Can't see the tress for the Forest!
Bloody hell, Om Salat, how on earth can you see what you're doing? Why don't you add The Rainbow, Guppy's MAs, Woodies, Alligator and Elliott Wave just to make sure!
I used to be an indicator freak until I learned to watch the price action. Indicators only tell you history and what happened on the last few bars - they do not, and cannot, predict future direction.
The more stuff you have on your charts, the more distractions you have. Look at Nicola's chart posted above - clean as a whistle - it tells you everything you need to know.
Sorry for the rant, I'll get off the soap box now and yes, it's just my opinion. Each to his own.
Rock on,
Strat
What's with GBPUSD?
Took the hit and stopped out on GBPUSD at 1.4298 for a 135 pip loss. No problems, still plenty left in the old tin. (No, not me, PIPS)
Didn't GBPUSD know she had to turn around after the hitting the 20 AND the 50% fib retracement then continue the downtrend?
She's still struggling with the 20 and this is her second go at it. Today's bar is a bullish engulfing outside bar with a close higher than the previous bar which suggests higher prices tomorrow (once she gets over the 20 hurdle).
What the hell is Gordon Brown doing? Doesn't he know that during bad economic times you have to drive your country's currency lower to make your exports cheaper?
Yes, Queen Nicola, I was aware of the 20/20 cross on EURUSD - but thanks for advising those that hadn't spotted it
Rock on,
Strat
Bloody hell, Om Salat, how on earth can you see what you're doing? Why don't you add The Rainbow, Guppy's MAs, Woodies, Alligator and Elliott Wave just to make sure!
I used to be an indicator freak until I learned to watch the price action. Indicators only tell you history and what happened on the last few bars - they do not, and cannot, predict future direction.
The more stuff you have on your charts, the more distractions you have. Look at Nicola's chart posted above - clean as a whistle - it tells you everything you need to know.
Sorry for the rant, I'll get off the soap box now and yes, it's just my opinion. Each to his own.
Rock on,
StratYes Start, I know my screen looks awfull and ungly
. However, I'm not as confident as Nicola or you yet. I've just started to use Pimps' method for a couple of months and my overall trading experience is only 6 months. The first four months trading demo account and I'm now trading live micro account since the last two months.
Everyone has got learn how to walk before they can run. Given the short amount of time and tiny experience I've got in trading, right now I'm probably at the same stage back when you were an "indicator freak" and still learning how to walk.
Give me another month or two, and I'll clean up my screen
. But then maybe not also. It's like Linuses old blanket to me 
.
Besides, all them indicators helps stops me from jumping into bad trades because it takes me forever to digest and translate them all...
No need to appologize, no offense taken. Criticisms only makes me better.
Salat
Hello Strat
GBPJPY ate 30 of my pips for the same reason!
I would not dream of telling you what is happening on a daily chart (it was for others) but it seems there are a few of them where the trend is changing ... My favourite is USDCHF
The Aussie has been a nice trade for two days now too, I think it fell off a cliff.
Hey Om Salat - good luck with your trade!!
Nicola
Indicator overload means paralysis from analysis
Salat,
Just a few thoughts on when I had indicators up the ying yang on my charts. I had so many that I couldn't come to a decision on anything as some would agree while others disagreed and I ended up with paralysis of analysis. I always missed fantastic trades while waiting for all the indicators to line up which they never did. Then when I went back to look at the entry, I would beat myself up because it was so obvious even without any indicator.
I used to spend hours just looking at one chart trying to work out all the nuances of what it could and couldn't do and in the end, scared myself stupid into not trading. When I learned that Professional and Floor traders just take a glance or, at the most, one minute on each chart to make a decision, I knew I was doing something wrong. These guys, or the ones I know, make $millions each year using very simple methods and always preach "the simpler the better" or "keep it simple" or "the market is not complicated" or "you don't need anything special".
I'm a technical junkie so I'm fascinated with indicators but it wasn't until I found out what my problem was that my trading improved.
My problem was FEAR - I didn't trust anything, least of all myself so I always wanted something to confirm and then something to confirm the confirmer and so on. You have to find a system/strategy that works and then learn it, believe in it, and as Mr Nike says, JUST DO IT!
The Pimp strategy works better than any other and doesn't need any add on indicators or anything to improve it. My suggestion is to just use the Pimp or fx500club template, learn the strategy inside and out, upside and downside and trade exactly as per the strategy. Maybe you need to build confidence with the system which you can get by looking at past trades or better still joining the club and trading live.
Another way would be to post your trades, good and bad, and let others give you their advice
Oh and your stop loss of 55 pips on EURUSD wouldn't stop a one legged blind, old man with asthma - the average daily range of the EURUSD over the last 2 trading days is 229 pips!
Hope this helps and I promise not to say anymore on this.
Rock on,
Strat
Gbpusd
Got in late at GBPUSD using my "crossed eyed" indicators. Bank the first half at plus 50 pips. Leaving the other half run.
On the trailing stops, I aim to play the retracements & reversal of H4 or D1 but I base my trail stops is on the H1 10 hours average. Why because using my "crossed eyed" indicators I can jump in a trend early using M5 as my trigger. When price reverses/retraces on the H1 candle for more than 1 H1 average length, I consider it as a beggining of a reversal/retracement of the H4 or D1 trend. So thats when I collect the rest of my pips.
At this stage, I'm more comfortable losing the 45 to 55 possible pips gained but still ends up on the positive side on the whole trade rather than wait for 200 or so pips and losing the 200+ possible pips gained to find out that the trend has reverses.
It's like having the doctor to tells you to stop smoking when you're reaching a 2 packs a day smoking habit or wait until you smoke 10 packs a day then he tells you to stop because on the next couple of cigarettes you're going to die (price trend ends and reverses).
Also, that 200+ daily pips average means another possible 100+ pips that I could gain. Here's the way I see it. Of that 200+ D1 average;
- 50 pips is the lost pips I could possibly gained because I got stopped out on the previous trade.
- 50 pips is the lost pips I could possibly gained because I got stopped out on the current trade after I enter the H4 or D1 reversal/retracement.
- 100+ pips I could have gained if the current trade I take is indeed an H4 or D1 reversal/retracement or even H1 continuation.
My initial stop loss is between 20 to 25 pips, sometimes 30 on rare occasions. I don't like to sweat my behind for anything more than that.See my entry on the GBPUSD just a while ago. I'm shooting for 1.3783 to take my profit, but if I get stopped out now, no problem. My trade still ends on the positive side. I'll take a profit from given a single H4 or D1 candle any day. For GBPUSD, H4 one day average is 140 while D1 five day average is 288. If nobody wants it, I'll take it.
Just got stoped out on the GBPUSD. Total profit of 82 pips, 50 pips on the first half and 32 pips on the second. Looking to enter again on the H1 continuation.
BTW, sorry I miss spelled your name on my previous post
.
Salat