Pimpology Lives On - Intensive Care for Newbies - page 21
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Hey Salat, welcome back!
I was wondering where you'd got to - then I'm away for a few days and there's tons of new material from you! Thanks for the postings, very interesting reading and a great insight into how you're approaching the charts / strategy. The way you use the M1 and M5 timeframes is of interest to me, as I have traditionally used M15 and H1 for entries - which of course means bigger stop losses!
I've got a screenshot from today I'd like to share - cable on the 1hr timeframe - with 4 entries using signals I think are important to look out for. I'm v interested in other people's comments to help me and others continue to develop. I was doing other work today and didn't trade, so yet to post a real 'live' trade, which I hope to do soon.
Screenshot has 1 highlighted candle and 3 green vertical lines. I've enlarged the 21CCI to show trendlines - note I have the 10CCI overlaid to act as a turbo CCI.
Entry 1 - bullish reversal candle: the highlighted candle is a bullish reversal candle (Doji), which can indicate a change in direction. i find the 1hr candles very powerful, IF they also have an increase in trading volume AND come at a logical turning point in the price action. Note here that the candle has opened above the Daily Pivot, moved lower to touch a 23.6% retracement of the prior up-move, and then reversed to close back above the DP. Pretty strong signal. My entry is normally 2 pips above the high of the candle with a stop a few pips below (below 1hr50 would be ideal in this case - 100 pips)
Entry 2 - 1st green line - trendline break on both the chart and the 21 CCI, with the 10CCI crossing 0.0. Trigger crosses 0.0 in powerful style. I normally enter on candle close or drop to M15 for an earlier entry on M15 candle close. Stop below 1hr20 MA 90 pips.
I am interested to learn how others may enter on a 'live' candle? Only time I do is for a move beyond a previous high - as per entry 4. Any help welcome.
Entry 3 - 2nd green line - 21CCI crosses 0.0 and also breaks the higher CCI trendline - this is a decent trendline using 21 and 10CCI peaks and the break co-incides with the 0.0 cross, which makes it a stronger signal. Does anyone else use these and can they let me know thoughts on this technique and signal?
Note the danger of this signal is the potential Double Top - after the 0.0 line cross, the CCI and price re-traces on the next candle (red) - but CCI finds support off the trendline just broken and price does the same
Entry 4 - this is essentially a 123 entry - price broke out of trendline - retraced off previous high but found support off trendline (resistance becomes support) and moved higher - entry on the break of previous high (during next candle)
1hr Timeframe requires bigger stops (especially on cable) if traded like this - but the moves are also significant and often the lower detail and longer duration required to trade a chart like this suits me... I hope the post is of interest.
Cheers
Mike
My secret weapon
Just booted my PC, started MT4, and saw that I missed the good break of the M5 150MA (M15 50MA). BBand indicator is already well on its way.
Saw the break of M5 240MA. Saw a good break of the M5 240MA not long after that. What did I do? Sat on my hands and stayed PATIENT. Trading is all about being patient. I could have jumped in at any of breaks with all the CCIs are pointing down and BBands indicating a down move, but that's not a good practice. I need another confirmation and there's news coming.
Suddenly price shot up, but the my fast MAs did not follow. Soon after that price went down. My 2 fast MAs bounced of the 20EMA, that's my signal! I Entered on the red candle with a stop at the peak of the previous green candle. My first target is +/-10 pips above M5 600MA (H1 50MA). Got that and banked it in. My second target is +/-10 pips above M5 960MA (H1 80MA). Got that too. After that it's a free ride. Final exit if a blue BBand dot appear or my fast 5 & 10 EMAs crossed my 20 EMA.
The rest of today's trades are shown below. Not that great but, I've said it before, I'm still a newbie too.
BBands + alert indicator attached. I use the default setting.
Remember, indicators are there to alert you of a certain market/price condition. You make the decision when to pull the trigger. Don't let the indicator dictate what to do. As you can see from my examples, I sometimes make entries before or after an indicator gives the signal.
Salat
Target reached
Well, after a few retries/re-entries. My target is finally reached. I'm out for the day. If price continues down without me, no problem
. I probably was not mine to take.
If you notice the bottom right corner of my chart, the 20 days Daily Range was hit (actually surpassed). There's probably little left pips to be had. Price would probably be ranging from now on, and I'm not comfortable (not confident) with entering the market again. When I'm not confident, I usually make bad judgement and lose. So no sense in giving back the pips I earned for the day.
If I get an itchy trigger finger, I switches to demo. I usually do bad on demo too when I'm not comfortable with the market condition. But then, this is just to satisfy my "itchy" trigger finger.
The BBand+alert indicator proved to be a good indicator. Only 2 losses out of 7 or 8 trades today (I forgot to note how many times I entered). Not that great, proper trade and management saves my account.
Anyway, a good entry for the BBand indicator is when the first big dot trigger appears together with the MA cross alert trigger at the same time. You almost don't need to look at the CCIs for confirmation any more.
I said "almost" because you still need to look at the longer term CCI for direction. One of the rule with Zak's method is that you DO NOTgo against the longer term CCI trend. I forgot the exact post, but I'll look it up and post it here for those that missed it.
Now I just have to work on my confident and my trail stops using this indicator. They're getting hit to often. Some of the trades did not have stop loss because I did not have the time to put a stop loss and price have gone and hit my first target already and I have to bank it right away. I was busy trading and making posts too!
Salat
PS. I take back what I said about posting with trades in progress so that I can see what's going on. I now realize that it was hard to do and takes away your concentration. It was foolish and selfish of me and I'm sorry for asking that. If you're a newbie on this method, please don't do it. Just put different color vertical and horizontal lines instead, but that is only if it does not distract your trading.
i think your big confused om salat
and also i'm sure you take big loss with your system but you don't show all your results
my opinion
i think your big confused om salat
and also i'm sure you take big loss with your system but you don't show all your results
my opinionHey dr house,
would you mind explaining in a reasonable fashion why you make a statement like that, rather than rubbishing what he has posted?!
Salat has posted a lot of interesting ideas on the thread - it is up to us to decide if they suit our style or not, but I don't think it is up to us to tell someone they are bullsh**ting. To be fair - he doesn't pretend to be an expert.
Mike
The BBand+alert indicator proved to be a good indicator. Only 2 losses out of 7 or 8 trades today (I forgot to note how many times I entered). Not that great, proper trade and management saves my account.
Anyway, a good entry for the BBand indicator is when the first big dot trigger appears together with the MA cross alert trigger at the same time. You almost don't need to look at the CCIs for confirmation any more.
I said "almost" because you still need to look at the longer term CCI for direction. One of the rule with Zak's method is that you DO NOTgo against the longer term CCI trend. I forgot the exact post, but I'll look it up and post it here for those that missed it.
Thanks Salat for some new ideas
Mike
Hey dr house,
would you mind explaining in a reasonable fashion why you make a statement like that, rather than rubbishing what he has posted?!
Salat has posted a lot of interesting ideas on the thread - it is up to us to decide if they suit our style or not, but I don't think it is up to us to tell someone they are bullsh**ting. To be fair - he doesn't pretend to be an expert.
MikeHy Mike...
i said : it's my opinion ...nothing else
i don't want vex anyone
i think your big confused om salat
and also i'm sure you take big loss with your system but you don't show all your results
my opinionWell, could the good doctor please set tell me where I'm confused and me straight?
But before you start, please take note that this Zak's system and not mine. I just add a few indicators to help me use the system. Seems that Zak is pretty busy these days. So instead of letting this thread dies away, I'm putting what I understand of his system and post some examples to share with others who are learning the method like I am. This hoping that if my understanding is wrong (or confused) someone would help and show me the right way.
I'm also asking others to share their chart so that I can learn from it too. Maybe someone has a better approach or see something that I missed. But it seems that hardly anyone what to share anything. Only a couple of people sharing their experience with the system while others are just quietly reading, asking for templates, then leave.
So please good doctor, tell me where I'm confused? Is it because I entered to wrongly? Is it because I don't hold my trade longer? Or is it because my stop loss is to tight? I need all the help I can get to be a good trader. Please show me examples how to trade using Zak's Pimpology trading method correctly. Maybe you can even be our mentor here while Zak is away. We desperately need a sub.
Thank you
Salat
Hey dr house,
would you mind explaining in a reasonable fashion why you make a statement like that, rather than rubbishing what he has posted?!
Salat has posted a lot of interesting ideas on the thread - it is up to us to decide if they suit our style or not, but I don't think it is up to us to tell someone they are bullsh**ting. To be fair - he doesn't pretend to be an expert.
MikeHy Mike...
i said : it's my opinion ...nothing else
i don't want vex anyoneGuys PLEASE CALM DOWN. Don't turn this thread into a bashing thread. Everyone is entitled to his/her opinion. I'm not bothered by his opinion, in fact I've been waiting for someone to criticize my trading so that I can improve on it. I ignore the other things he said because I'm here to learn and not prove anything.
Thank you
Salat
This is why I use the daily range indicator and why I got out when the daily ATR is reached. When the daily ATR is reached, this is what usually happens. Better to wait until price break free. Don't jump in blindly after a break though. Wait for a retest of support/resistance first.
Where is price going go to? I don't know and I don't make any pretense to know.
How long is this going to last? I don't know either, but it's half way past the US session already and I don't see any high impact news coming any time soon. So I'm packing it in and going to bed. I doubt that other pair is moving either since the two main currency here is not moving anywhere.
Salat