School of Pimpology - page 25
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The London Strategy
Oh my goodness - how many of the team are being naughty and not following the strategy? Tut, tut, tut. I just thought it was Le Pimp in need of a holiday but I see the problem is far wider among the group.
Repeat after me - trade the trend!
I think the group is now suitably admonished! Any more anti-strategy and I'm sending for Dan007 and Rollingstone. They will sort you all out.
Harsh Rockie
I agree, i'm guilty too
Good info above Pimp.
Messy day, anti-strategy, traded news, lost discipline. 3 trades, 3 losses. No major pips lost but makes me feel sh1tty for being so silly.
1st trade - was up 25 pips on the Dax, ended up losing 13. This was a bit of a scalp trade yet I didn't take 25 pips. GREED.
2nd trade - USDCHF, 1min before US data. Closed 75 seconds, losing 20. Can anyone explain why I did this? THOUGHT I KNEW THE MARKET.
3rd trade - missed a perfect (for me) Crude setup that went 150 pips. Mulled it over for hours then took one completely anti-strategy. Lost 40 pips. REVENGE TRADES DON'T WORK.
As some singer once said, 'There'll be days like these'.
Back to the strategy tomorrow.Picked up Bloom's post because it contains a bit well needed self-criticsm but as i can see everybody here are thinking the same "What the hell was that!!!"
Well, it was the bitter taste of forbidden fruit. I did it too.
I mean - if i decide to trade against the trend, on 5min charts, and scalp there 20 pips then i simply MUST close that and be happy - not expect that trend reversal is happening at that moment.
And that is when it all starts what Bloom writes about - c'mon, i know everything, let's try this news - BAM, 20 pips down in 1 sec (if you are lucky and smart to put SL close)
Next - oooooh, i'm in negative pippage today because i was greedy - now i'm gonna get you Market - BAM, another 20 or so pips gone!!!!
Valuable, very valuable lesson for all of us today. Hope you all agree.
See you all tomorrow then.
Oh my goodness - how many of the team are being naughty and not following the strategy? Tut, tut, tut. I just thought it was Le Pimp in need of a holiday but I see the problem is far wider among the group.
Repeat after me - trade the trend!
I think the group is now suitably admonished! Any more anti-strategy and I'm sending for Dan007 and Rollingstone. They will sort you all out.
Harsh RockieHey Le pimp,
You must need a holiday;
1. You are trading against the trend
2. You are not banking profit
3. You are not drinking enough
4. You are eating too many cakes and suffering a pip rush.
Obviously my going away on holiday and leaving you alone for 5 minutes is just not good enough - sorry Mr. Pimp
Counciling Rockie
p.s. Farmerbob its time for another knob head trading story so to keep Le Pimp in good spiritsI think you need to come back Rockster.
Just one of those days you know. Cash-in and it goes 200 more, don't cash in waiting for the 200 more and you take a hit instead.
Think there's a lot of people getting a little frustrated when there are no trades on, and I feel obliged in the boiler room to find something, anything, you know.
Still we've had a fairly good start. The brand new folk are learning, the old Skool are upto no good as usual and I'm still stone cold sober typing away all day. Nice.
Still, it's somewhere to hangout for free and have a bit of a laugh. Quite a global community we have in there. Australians, Americans, Brits, Slovaks, Russians, Czechs, Germans and of course, her right honourable Scorpion, who helps me keep the ladies in order.
Oh, I hear there's some dodgy geezer from Serbia too. Calls himeslf Cake-boy or something like that.
Good fun. See if you can get Skype on your blackcurrant here
Acid FX
I'm Guilty
I think you need to come back Rockster.
Just one of those days you know. Cash-in and it goes 200 more, don't cash in weaiting for the 200 more and you take a hit instead.
Think there's a lot of people getting a little frustrated when there are no trades on, and I feel obliged in the boiler room to find something, anything, you know.
Still we've had a fairly good start. The brand new folk are learning, the old Skool are upto no good as usual and I'm stine cold sober typing away all day. Nice.
Still, it's somewhere to hangout for free and have a bit of a laugh. Quite a global community we have in there. Australians, Americans, Brits, Slovaks, Russians, Czechs, Germans and of course, her right honourable Scorpion, who helps me keep the ladies in order.
Oh, I hear there's some dodgy geezer from Serbia too. Calls himeslf Cake-boy or something like that.
Good fun. See if you can get Skype on your blackcurrant here
Acid FXYes today I was guilty of many things. Firstly, i myself was a greedy little Grinch and it's not even close to Christmas. I think I can speak for Le Pimp and myself that we had a perfectly good place to exit the trades we were in for a nice little "safe" profit, did we.....? NO!
Then, I decided the whole letting it retrace thing then jump back in for the sweet revenge trade that you think is going to be stellar. Now let me stop you right there! If these any of these thoughts are running through your head get those little hands of yours sit on them, nail them to the chair and if you have to use them to pick your nose!(Both of them) Just don't click that little mouse that's calling your name telling you to buy/sell whatever the case may be. That was my second recurring mistake, so we'll just call it mistake 2,3,4 and maybe even 5??? Aaaaahhhh!!!
Lastly, but definitely not least. If for some reason your feeling like a economic analyst and your just certain that a report is going to come out in your favor.... This is where you need to put down the pipe, go look at yourself in the mirror. After realizing that your just about as much of an analyst as you are a millionaire, direct yourself back to your computer and either take your profit, cut your losses or have you sl at a "guaranteed stop loss" at break even or close to it.
I cannot stress enough how important it is control yourselves with any of the above mentioned. I got a little caught up in my week so far and in the moment of passion and I fumbled the ball big time. We all know what happens when you fumble the football. Most of the time it's just not good or a good idea so please refrain from doing it as much as possible.
Hope you all learned from those of us who made our mistakes today.....(cough, cough) (PPiiimmp, cough BEnnny mc Vamps, ect ect_)
If we only had a responsible adult to keep us all in line.......... ha ha
Peace my friends and I'll see ya all tomorrow, where we will make good, educated decisions trading, sleep well mi mates
Still we've had a fairly good start. The brand new folk are learning, the old Skool are upto no good as usual and I'm still stone cold sober typing away all day. Nice.
Still, it's somewhere to hangout for free and have a bit of a laugh. Quite a global community we have in there. Australians, Americans, Brits, Slovaks, Russians, Czechs, Germans and of course, her right honourable Scorpion, who helps me keep the ladies in order.
Oh, I hear there's some dodgy geezer from Serbia too. Calls himeslf Cake-boy or something like that.
Good fun. See if you can get Skype on your blackcurrant here
Acid FXOh my God - hahaha
- that is some community - i agree on multi-ethnicity part but look at this now (i'll write only first few things that cross my mind) - these guys were online at the same time 
:
1. Pimp on Acid from UK
2. Eminem look-like Vampire from USA
3. Few of very good Czech programmers
4. Cindy who is a boy
5. Larry who is a girl (i think i get this right)
..... and so on
Interesting place to be during the day - so join us there
Still learning the strategy myself but must agree, I haven't heard much talk about the strategy in the chat room.
There doesn't seem to be much talk about the 63 CCI and the 7 CCI pullbacks for entry, which I understood was the main entry criteria along with the position of the ma's, and of course an understanding of what gold/oil etc are doing.
When people enter trades I have noted the time.
Then, to try to understand the strategy better I have drawn a vertical line on pimps template at the entry point, but on many occasions I cannot match the entries with the strategy or the CCI's unless I am not reading the chart correctly.
Less is more
Hi Pimp
Ooh, those elusive profits in the chat room today, glad you bagged some pips in the end.
My trouble is I have always tried to watch too many pairs and as a fairly novice trader with sporadic success and only one monitor there is doom written on the cards.
I have therefore, on good advice, cut down to just 4 pairs for now - Gold, EURUSD, GPBUSD and USDJPY. This will focus me on the USD moves and give a little extra when the GBP does its own thing. It is surprising just how many moves there are on these pairs alone, more than enough pips to be had for starters. I would still like to have a go at crude someday though, but I will learn my trade on these less volatile pairs first.
Hopefully I won't miss so many moves now because I am too busy scanning charts for moves!
Great chat in the chat room, thanks to Cako for setting it up and of course for your Pimptastic input.
RS also know as Scorpion from the chat room - so behave!
Toys for the boys
Such a beautiful thing in trading, HINDSIGHT !
Having failed to collect 150 pips on the crude and instead exiting at breakeven, something was brought to my attention.
A variant of the traditional Fibonacci extension to use as a profit target.
There was me thinking first class flights and champagne bubble baths and all that jazz when the price is BOUND to go to $130-$135 and just being foolish, where as the chart demonstrates quite clearly (yes I do use that phrase quite a lot don't I?) that I should have been getting out there.
How accurate is that? Almost to the pip !!
Well, that little toy in itself is worth the pips not gained. A free gift and much appreciated.
A very special to both Honest Bill and Scorpion for the toy.
To set it up for yourself just go to Fibbonacci Extension in Metatrader. Delete all the Standard settings and add these instead.
-1 T3 $%,
-0.618 T2 %$,
-0.382 T1 %$,
0 Pivot %$,
1.382 T1 %$,
1.618 T2 %$,
2 T3 %$
You only need to apply this in the 1 and 2 of the 1-2-3 on the 5m chart when you enter.
Bottom to top for longs and top to bottom for shorts.
Not going to beat myself up any more. Tomorrows another day. Non-Farm-Yard-Frolics !!Thank you Pimp - very pleased I can find some little toys to amuse you! Worked well today on the old black stuff hey! I've used it time and time again and it is amazing how often it gets to at least T1. Just another little target to aim for.
Glad you are all going to behave yourselves more now - any more anti-strategy trading and I will be shouting! But who doesn't learn more from making mistakes than from success? I always remember the pain from bad trades, and there have been many as I have been learning.
Another valuable lesson for all traders today I think.
Scorpion aka Rollingstone
Ok Ok Ok
There's me nursing wounds in sulphuric acid and vokda and I got 24 private messages questioning the expansion.
I just got it so I am a newbie but setting it up is with the numbers on the previous post.
Hungry Horse has kindly donated a shot so you can see.
Gosh, things are getting grim. Not surprised the Dollar has been in such a mess. I got 10 year old American girls on MTV rapping about them being 'Gangsta'. Help me Vamps !!
The strategy
Funny thing TL you would be right to ask the question what strategy. I thnk the group are in broad agreement that they are being naughty and not following the strategy.
Using the MA's and cci's on 4 hour, 60M, 15M charts. The 5m chart is used for managing entry. Keeping an eye on correlations with crude, gold etc.
Tomorrow is a day for the pro's and news hounds. So for the newbies keep your pips in the tin and only trade the london open. Keep away from traing the US news!
Hope that all makes sense. I think my fellow london open traders are in need of a well earned holiday.
Stick with the strategy TL and keep working / following the trades and please keep raising your questions and queries.
Vacating Rockie