Pimpology Lives On - Intensive Care for Newbies - page 16
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Hi Zak
Can you explain do we need to wait a crossover on a 5m chart, for the correct order ma's stacked neatly, 4/20/60 to pass accross 150 moving average, for example if we looking for short we need to wait this ma's stacked neatly, 4/20/60 to pass accross 150 ma down and to enter in trade (short) only if this 3 ma's are below 150 ma.
Thank youHi Guys,
To help understand the 5m Chart you simply MUST know what all the averages are first. Once you have established whether the 60m 20 is above or under the 50 then you can decipher how long or short the trade is likely to last.
Please do not think for one moment that you will need nothing other than the 5m chart. That is the lazy way out and will cost you money.
However, it does work.
Take a look at the snippet here.
1st objective is to establish order.
In the 1st eclipse the 5m 20 has crossed the 15m 20. The 15m 20 is close to crossing the 15m 50 and the 60m 20 is just above offering protection.
This is trading with the trend.
The secone is against the trend and the minimum requirement is that the 5m 20 has crossed the 15m 20.
In this instant more often than not you will have the 15m 50 as your target 1, then the 60m 20.
Once you have a cross of your 15m 20 and 50 you are all set for targeting the 60m 20 and 50 then the 4hr m.a's
as I have said time and time again please backtest this so you see for yourself.
then and only then will you gain a deeper understanding.
A Little hint is to watch closely the 63CCI on the 5m !!
I hope this helps
FxPimp
There are those that are trigger happy. When one does not follow the rules and lose, then they will blame the strategy.
Keep up the good work...
ET
attac
Erik,
Click on the paper clip. You have to enable pop-up in you browser's setting.
SalatHi
I have no paper clip, maybe I need to post more coments to get permision.
Hi Guys,
To help understand the 5m Chart you simply MUST know what all the averages are first. Once you have established whether the 60m 20 is above or under the 50 then you can decipher how long or short the trade is likely to last.
Please do not think for one moment that you will need nothing other than the 5m chart. That is the lazy way out and will cost you money.
However, it does work.
Take a look at the snippet here.
1st objective is to establish order.
In the 1st eclipse the 5m 20 has crossed the 15m 20. The 15m 20 is close to crossing the 15m 50 and the 60m 20 is just above offering protection.
This is trading with the trend.
The secone is against the trend and the minimum requirement is that the 5m 20 has crossed the 15m 20.
In this instant more often than not you will have the 15m 50 as your target 1, then the 60m 20.
Once you have a cross of your 15m 20 and 50 you are all set for targeting the 60m 20 and 50 then the 4hr m.a's
as I have said time and time again please backtest this so you see for yourself.
then and only then will you gain a deeper understanding.
A Little hint is to watch closely the 63CCI on the 5m !!
I hope this helpsThanks Zak this is nice explanation. For this I asked (In the 1st eclipse the 5m 20 has crossed the 15m 20. The 15m 20 is close to crossing the 15m 50 and the 60m 20 is just above offering protection).
Erik,
Click on the paper clip. You have to enable pop-up in you browser's setting.
SalatNice of you to point me to the paperclip. Only one problem and that is I have no paperclip. Have posted on many forums and never found one like this. Also impossible to change my avatar. Strange at the least but maybe they are afraid I put on strange things.
Anyway thanks for trying.
Erik
EUR Trade
A potential EUR trade and my thoughts behind the same...Wud request Zak to kindly comment.
One hour chart.
According to this chart, CCI 84 crossover to downside signalled a downtrend on 4 hr chart.The blue vertical line shows it. At that point of time though, the MAs were not cleanly stacked and neither CCI 21 was down.
At the red vertical line, the CCI 21 crosses down and all the MAs are stacked properly.5/20/50 in this order.
Switching to 15 min chart at that time, We see the MAs in 15m chart stacked properly. the CCI 21 is down and CCI 84 is moving down.Using CCI 7 as the trigger, a short trade was initiated at close to 1.3305 levels, with SL as 50 SMA on 1 hr chart or the thick blue line on 15m chart.That would be like 35 pips of risk.
Do pour in ur comments guys.
EUR Trade
Hi ag_fx
I think your explanation and rational was spot on. In my mind the key question, on the journey to becoming a decent trader, is why were you focused on that chart in the first place? What was it that caught your attention and made you focus in on this potential set up?
also, without turning the MA system upside down I have adapted my MA colours so the 3 most important MA's on the screen are traffic light style red, amber, green. I can see instantly if they are stacked correctly because we are all conditioned to see these colours in order. I also use blue as my longest timeframe as it seems to spend the majority of it's time at the top or bottom and reminds me of sky or sea (top and bottom).
Might be nonsense but it helps me
Hi ag_fx
I think your explanation and rational was spot on. In my mind the key question, on the journey to becoming a decent trader, is why were you focused on that chart in the first place? What was it that caught your attention and made you focus in on this potential set up?
also, without turning the MA system upside down I have adapted my MA colours so the 3 most important MA's on the screen are traffic light style red, amber, green. I can see instantly if they are stacked correctly because we are all conditioned to see these colours in order. I also use blue as my longest timeframe as it seems to spend the majority of it's time at the top or bottom and reminds me of sky or sea (top and bottom).
Might be nonsense but it helps meCam1965,
From whatever i have learnt about this strat from ZAK so far, I could make out that playing with the higher time frame trend is always useful and profitable.
Now, since I was looking for an intraday trade, I started with a 1 hour chart. The CCI 84 indicator there helps us decide the 4 hour trend. In the pic that I posted, you can see that at the Blue vertical bar, CCI 84 crossed down.
But, CCI alone cant help you decide the trend and shouldnt be taken alone to trade by newbies(like me). The MAs at that time werent stacked up in correct order and thus I waited for them to do so.When the CCI 21 crossunder of zero occurred, the MAs were stacked in correct order.
It was then that I dropped my chart to 15 mins to enter a trade.
once on 15m chart, we were sure that both 4hr and 1 hr trends are down and they are behind us to support our short trade.
A proper set up of MAs, with CCIs down and trigger helped us enter the trade.
The trade went 50 pips in our favour in less than 8 hours.
Now here is something I want to know from more expd members of this strat. When do we finally get out of this trade?My initial SL was the 200SMA on 15m chart which is 50SMA from 1 hr chart.But if I would have waited that long to cover, I would have ended with losses. i however, covered my half lots at 30 pips and half at the entry price to prevent the profits.
But I wud request thoughts on this isue please.
Happy Trading
EUR Trade Exit
My understanding of Zaks advice is let the MA's guide you.
As long as they are in the correct order the trend will continue you.
What does covering your lots mean?
regards
News traders sucks..
I hate people who trades the news. All my dollar pairs got killed and I have to re-enter my trade. And off all the dollar pairs, I chosed USDCHF. One that has a daily average that rarely go over 200. So how do we avoid this? Do not trade news or have bigger initial stop loss? You take your pick.
Anyway, price broke the H4 support and at the daily support 1. If it reaches daily support 2 or weekly support 1, I think I'm going to keep half of my lot overnight. But then again, It already over shot its top and bottom daily range. Now let's see where is that bounnce of the M5 or M15 20MAs so I can scalp the M1 time frame of the bounces.
BTW, if anyone like my overlapping arrows indicator, it's attached. You add two to your chart just like the MA lines. Set one with default setting with color yellow, this serve as your get ready signal. The red and blue ones is setup with the 4, 5, or 7 EMA with a crossing of the 20 EMA according to your fast EMAs on your timeframe, this is your triger signal. When red or blue arrow over laps or touches yellow arrow or both arrows lined up horizontally, it's a sure break out or crossing and just pull the trigger.
Of course, you have to TRADE WITH THE TREND. So you still have to draw your trend lines and wait for the setup according to Pimpology rules. This indicator works as a tool to differentiate false breakout with real breakout and also as a filter to the fake fast CCI 0.0 crossings. This indi does NOT replace the Pimpin strategy. It's like that little telescope on a rifle (I don't know what it's called). Pimpology is the rifle and the bullet. You pull the trigger after the target is sighted on the telescope.
Also, this indicator helps me from jumping the gun and over trading because I'm "seeing" the setup that I want, and not the market setup.
Now, if only someone can modify this indi to give voice alerts with WAV files so I don't have to sit and watch the monitor all the time, this would be great indicator.
Salat