School of Pimpology - page 28
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Pimp's strategy + fibs (part 2 -setting the Fibs)
As you maybe know Fibs in MT4 are a little bit different than on other trading platforms like ex. Oanda's where when you plot Fibs you get retracement levels together with expansion levels (or TP levels in our case).
MT4 has Fibs separated to Retracement and Expansion part.
In order to use Fibs like on any other normal platform i have modified it and you have the instructions on pic below.
First thing you need to do is to plot Fibs on any chart and after that simply follow these instructions.
:)
Good morning
I wish you all successful week.
Thanx to Mr. Pimp for valuable lessons.
See you later!
Fibs
Thanks for that Cako............
Fibs
Thanks for that Cako............
Hi Rocwell,
Not seen much of you on the thread. Too busy spending your pips? Some good stuff on the strategy and fibonacchi. Personally, I have found it a useful tool but I only incorporate on my hourly and four hourly charts and something which is dependent on the instrument you trade. I would not use fib for instance when trading the black stuff! It's all personal prefs, as I like to get in and out based on watching my cci's on 5 min chart.
Have fun this week coming. It wouldbe interesting to see how people faired on the pip count using fib and not using fib? But not my pips to play with so I'll keep quiet.
Good luck trading this week. My holiday destination wet and still very windy.
Fibbing rockie
Found my answer....disregard
Hi Rocwell,
Not seen much of you on the thread. Too busy spending your pips? Some good stuff on the strategy and fibonacchi. Personally, I have found it a useful tool but I only incorporate on my hourly and four hourly charts and something which is dependent on the instrument you trade. I would not use fib for instance when trading the black stuff! It's all personal prefs, as I like to get in and out based on watching my cci's on 5 min chart.
Have fun this week coming. It wouldbe interesting to see how people faired on the pip count using fib and not using fib? But not my pips to play with so I'll keep quiet.
Good luck trading this week. My holiday destination wet and still very windy.
Fibbing rockieHi rockdrive,
Hope the holiday is going well. Been verrrrry busy at work sonot been able to gather many pips recently, to make up forit i've taken the week off, sothe Markt better watch out! I hear what you say about Fibs, but i'm always looking to experiment with things and i'm intrigued by the way scorpion and Cako use them. like most people, i've been round the block with different indicators and what not and now that the Market is starting to make sense i figure, why not revist some of the ones that seemed to have some kind of promise?
Anyway, i hear you're suffering withdrawl symptoms from lack of trading? when are youback off your hols and back in the black stuff?
FX Pimp
Looking at the template I've noticed that your weekly moving averages are X5 and not x7
For example on the 4hr chart you have the weekly 20ma as 600 ema and not 840 ema
Or am I wrong?
Summary
Good morning.
I hope you are all well-rested and reafy to rumble.
I've been away from the thread all weekend, having gotten roped into some silly cleansing detox thing by my wonderful sister.
No meat, no alcohol, no bread, no potatoes. I would love to say I feel much better, but actually I feel exhausted.
Anyway, the format will change a tiny bit today. Most of the questions I get are referring to the 5m chart.
Many of you are using this as a stand-alone strategy which will eventually burn your bank. It's imperitive that you look at the bigger picture and for that reason I will no longer refer to the 5m chart, but instead the 4hr, 60m and 15m.
I have made a couple of tiny alterations to the template to help keep you away from the 5m until it's time.
I will discuss these later.
So, swiftly moving along, Gold & Crude are still in an overall downward trend, but Crude seems so be curling.
By that I mean on the 4hr chart the falls of late haven't been so heavy. there has been more sideways action, and this gives rise to the price looking like it's curling around. The weekly CCI didn't manage to break yet, there has been a higher low and a higher high, the 4hr 20 is very close to crossing the 50 in a bullish manner and a 400 pip recovery to the daily 20 at $130 may well be on the menu.
For Gold it's not quite so clear cut. Yes it's made a higher high and higher low, but it's sat directly below the daily 50 with a descending 4hr 20 powering down. At least the crude has a gap to play.
Gold really needs to break Friday's high with some conviction before I get excited.
Technically it's all set for futher falls, but I dare say if the Dragon pushes higher then Gold will not fall too much.
On the currencies Cable and Euro look set for falls, whilst Swissie is having some difficulties.
USDJPY is also having a rough time at present. The weekly 50 is up there at 108.50 but a clean break of 108.00 might see it go close.
On the 15m charts. Gold is not appealling to the upside as Crude is not to the downside.
Mixed picture at the moment, with Swiss looking bearish and Euro looking quite good above 1.56. 4hr CCI on both of these is very close.
If cable can break Friday's lows that maybe an interesting proposition on the back of weaker news.
I'll go back to bed for an hour.
5 min strategy
Dear Le Pimp,
Firstly you poor thing. Was your sister punishing you for a misdeminer in a previous life. No carbs, no meat, no alcohol. Dear God what did you do wrong? It's just plain wrong. I hope you recover quickly and I'd prescribe a large bloody mary and a very large bacon and egg roll with hp sauce. That should help undo some of the damage.
On to trading - great to see a move back to the strategy. The 5 min charts were introduced to help with entries but only based on clear evidence from 60 and 4hr charts. I have only traded crude from 5m chart!
The 5 min chart can sucker you in to jumping in against the trend. Something plenty on this thread seem to have been doing recently. Like all of the stuff been disucssed, there is no single strategy, but to get the best you need to think big picture and not just tiny timeframes. Before you know it you'll be thinking shorter and shorter tiemlines and the only winner is your broker come spread better.
Stand back and focus on the bigger picture. 5m for possible entry and 15m 21 and 84cci's to keep you in.
Happy trading folks.
Nutritional rockie
Hi, NekronFx
Good idea for you to post that.
I am also using something similar - from Oanda labs - like it because it is graphical.
Check it out:
Currency Correlation Table | OANDA FXTrade InfoCenter
Also, i think i saw somewhere MT4 indy that does that in chart window - so can someone post it here, thanx.Hi guys
Great thread thx pimp i found it very valuable.
Ind+excel sheet with DDE