Pimpology Lives On - Intensive Care for Newbies - page 7
You are missing trading opportunities:
- Free trading apps
- Over 8,000 signals for copying
- Economic news for exploring financial markets
Registration
Log in
You agree to website policy and terms of use
If you do not have an account, please register
Hello all,
These articles are truly great. best tutorial I have seen.
Can someone please show me how to draw short trendlines. I am pulling out my hair trying to draw them in Meta trader. mine always cross the screen from the start point to the border but I want to be able to draw 3 - 5 inch lines similar to those FX has on his charts.
Help Help Help, otherwise would need a hair transplant.Double left click and then right click the trendline and bring up trendline properties.
under the parameters tab untick "Ray"
weep!! tears of gratitude, I get to keep my hair. Thank you MH
Closing trade
Can't wait for the when to close trades lesson! I've been getting too many +50 or + 100 pips turned into only 10 to 20 pips profit or even negative pips because I don't know when to close. I admit for the greed and fear in me as part of the reason, but I believe that's only half of the reason. The other half is not knowing when to close trades. I can take care of the greed part if I know for sure when it is time to close a trade.
I have no problem with opening a trade position. To give you an example, I still have 3 running open trades positions with:
1. EURUSD sell @ 1.3531 now at +392 pips
2. EURJPY sell @ 134.47 now at +261 pips
3. GPBUSD sell @ 1.4826 now at +169 pips
I entered late on the last 2. Thats what happens when you trade and play counter strike with my 2 boys at the same time.
If only I know when to close as well as I know when to open a trade, I'm sure my trading will improve dramatically. Of course it's all thanks to Mr. Pimp!!!
Salat
My questions is. Do you wait for close this 1H before you swith on 5M chart or it is enought to see let's say that conditions are ALMOST o.k. 10 or 15 minutes before finish this bar.
Hi Luky,
There's no rule that says you have to wait for the current candle to close to prepare or enter a trade. An H1 candle consists of 4 M5 candles, 12 M5 candles, or 60 M1 candles. IMO, when you see a potential trade forming, you have to act quickly to prepare and get ready to enter a trade. AFTER you see everything is in the correct order, then you just pull the trigger.
The longger you wait to enter a trade, the more stop loss you have to use. Price retraces a lot on smaller time frame. So even though you're trading on the H1 timeframe where the price movement seemed straight forward, on the smaller M5 timeframe there are a lot reversals and retracements.
But then, if you've master Mr. Pimps strategy really well. You would not even have to worry about stop loss when entering a trade
. Just make sure you do not enter during news.
Salat
Hi Om_Salat
thank you for your opinion.
luky
Quick EMA
Hi Zak
There are so many false breakout, can you explain how a quick EMA is able to avoid all these false breakout? Thanks in advance
Hi
Hi WHS,
I am not trying to be rude however, I have to ask. Have you read this thread from the start? It's not that long.
There are no false breakouts at all. Go back and study how the MA's line up and when to enter a trade. I want to help with your questions if I can.
False breakout
Hi Bluewhale
No problem with me, appreciate your help. Please refer to post #52:Our main type of play is the Breakout which essentially does exactly what it says on the tin.
It's a break of either resistance or support, either through a diagonal or horizontal trendline.
The horizontal breaks are better as they are breaks that are either making new highs or lows with numerous big players having orders set at certain levels.
There are the occasions when we have false breakouts, but with the fast EMA that runs through the candles near to the break point, these falsies can often be avoided.
You need to ignore the CCI trigger for these plays yet ensure the two main CCI's are not overbought or oversold when entering.
Hope somebody can help, Thanks
Hi Guys & Girls,
I hope you had a terrific Easter holiday.
Sorry for the delay in getting this last lesson out. I have had a 10 hour drive back from the furthest point of western Europe into Spain and am playing catch up from all the private messages and emails I recieve.
IF I can get it done today I will do so but if not it will definately be done for tomorrow and then we can start having some fun.
As a bit of compensation, for thos who like a longer-term outlook or have a few spare pennies in the tin then keep an eye on this GBPCHF.
We don't cover it here with this strategy and is more geared toward our school. However, I do feel if we can get an entry of 16950 this could go over 1000 pips whilst only risking 50-100.
Yes this is a daily chart but I just wanted to give you a little easter present as a gesture of goodwill.
I will try my best to be back later but still I do not have internet access at home which is holding me up somewhat.
Speak soon