Pimpology Lives On - Intensive Care for Newbies - page 9

New comment
 
hemnina:
Hello Zak,

I want to attend the seminar for newbies on Wednesday... What time will be this seminar and can you please provide me information ...how to log into the seminar

Shailesh

Good morning Sir,

you can access the seminar of your choice. Just send me an email and I will add you to the list of attendees to be sent the link.

Cheers

 

Dear FX PIMP,

This thread is one of the most important threads for fundamental as well as technical and a great thanx to you and good wishes for you and your trading.

thanx and regards.

 

excuse me Zak, what time is the seminars?

 
soulfull:
Hi PIMP! Thanks for the Course. It`s brilliant
mthomas:
Hey Pimp,

Long time no see,,,,Great to have you back!

Matt
kalia:
HI ZAK, Thanks for all of the wonderful knowledge and strtegies. You are doing a great job.

Thanks for the support all.

This week we'll begin to put it all together.

I'll be back with some potential set-ups later with explanations as to why I think these will be good potentials.

Have a good morning.

 
waterlooc:
excuse me Zak, what time is the seminars?

There will be two.

One at Midday BST, hosted by my colleague, then my one will be 6pm BST.

BST is GMT plus one hour.

To find out what time that is in your part of the world simply click here.

Send me an email if you'd care to attend the session which will be repeated each and every Wednesday.

 

Pimpin' Trend

Guys,

Awhile back on this post, our dearest Mr. Pimp, DA MAN, told us about the importance Pivots and their ordering. Just like the MAs order and how price will move. If I'm not mistaken, when the daily pivot is below the weekly, then the days trend is down vice versa.

I was reviewing that lesson and checking out the currencies and saw EURUSD, USDJPY, EURJPY, and AUDUSD all are making new lower weekly and daily pivots with the daily under the weekly.

EURUSD have monthly, weekly, and daily in a nice order.

EURJPY, USDJPY and AUDUSD daily is sandwiched between the weekly and monthly with the weekly on top and monthly below it.

Just based on that I'm assuming that the trend is bearish and by taking Zaks word in faith (this is kind of like a new religion the man is preaching, I mean, teaching us) I took a dive. Of course I waited for a 1-2-3 or a break or an MA crossing for my trigger. I even entered short on AUDUSD very late but see what happened on the attached pictures.

I'm attaching a template that you can use to check for the day's and weeks trend to get an idea where price is going before entering a trade. We don't want to buy when the trend is bearish vice versa.

Question to Zak:

1. Is it safe to assume that where price is hovering at the end of the day will be tomorrows daily pivot point? Where I am going with this question is that if my assumption is correct, we could predict where price trend is going tomorrow and help decide whether to let a trade run overnight or even the weekend to get maximum Pimpin'.

Please take a look at the attached EURJPY chart. IF the trading day would close at that moment, can I assume that tomorrows daily pivot point will be somewhere above or below that position of 127.76 and definitely below the monthly pivot point?

2. Also, is it safe to assume that the rubber band theory also apply to the pivots too with the weekly pivot the center for daily and the monthly pivot the center for both the weekly and the daily? If you check AUDUSD, can I assume that price is comming back to its monthly pivot? I'm also looking at weekly chart CCIs. If I'm correct, can I assume that we're somewhere at top position of 2 weeks worth of down trend for AUDUSD going back to the monthly pivot point? The daily pivot just crossed down the weekly.

Please correct me if I'm wrong. Thank you for everything you've done for us. I have been converted to your pimpin' religion....

Salat

PS: Daily pivot is DodgerBlue, Weekly pivot is Orange, Monthly pivot is Red.

 

This is a nice attemt OM SALAT thank you.

 
kawser:
This is a nice attemt OM SALAT thank you.

Thanks Kawser,

I got rid of the Heiken Ashi indi and switch the chart to Line chart. The price is the Yellow/Gold colored line. You can change it by pressing F8 on the function key and change "Line Graph" color to whatever you like. With this chart, I don't get distracted with green-red-greed-red candle color changes. When price goes up, we know it's always green, and always red when it goes down.

I can see the Forest (trend) without the trees (candles) distracting me now. I can see 1-2-3s and breaks much easier too. For price action, I monitor the CCIs, MA bounces, and Divergences (Lower highs and Higher highs stuff, I think it's what 1-2-3 is all about).

There's no way I'm going to get scared out of a trade by a retracement anymore now. I just keep my stop loss at where Zak said or set the MT4 trailing stop to 100 pips or so and leave my PC and go to sleep (I'm at GMT +7, so Euro opens in the afternoon and US opens in the evening for me).

So before I make an entry, I make sure that I trade with the pivot trend and use money management. I bank 3/5 of my lot at between 20 to 30 + pips and move my stop loss to 20 to 30 pips minus 5 and the spread the oposite direction. If I get stopped by a retracement, I will always have 1/5 of my lot that I banked at 20 to 30 + pips. The other 2/5 that get stoped by the last 2/5 lot is still 5 + pips because my stop loss is - 5 of pips I banked. I can't wait to graduate to where I can go with 3/6, 2/6, and 1/6 profit taking.

This way, I'm trading stress free. No more cursing and yelling when price retraces because I know where the trend is going. I'm actually enjoying this now and thinking about going full time. Of todays 6 trade, I've only got 1 trade loss with -80 pips because I got scared, but I gained +320 pips. I still have more than 300 + pips trade running in auto stops loss mode following the 50 MAs. I also still have another 2 trades running continuing from last week. Something I would not have done before until I learned about the 50 MAs stop loss.

Pimpin' rules . I wish I had learned this much earlier before blowing my previous 2 live accounts . They're micro accounts, but still my money down the drain.

So what my rambling is all about is, trade with the trend and the MAs, enter with CCI, 1-2-3, or break, and always use money management and stay calm and brave.

Just sharing my thought and learning experience and hopefully I haven't bore anyone to death. Besides, our man, Zak won't know if we get what he's teaching us if we stay quiet. The worst that can happen is Zak or anyone who understands this better will set us straight if we get it wrong .

Salat

 

Hi Salat, to me it seems that you are trying to complicate your life, because the clean setup of mr. Pimp is to good to be true ? Just kiddin ...

For me, it is always good to be aware of the pivot position for support and resistance, but basically they represent the same thing that different MAs do better anyway - range for the period.

As Zak said, it's simple math - open+close+high+low / 4. The closing price does not have a bigger influence than the open. There is no exponential pivots ... Is it ?

Pls say something about the asian session. I feel so lonely here , having to take decisions ... Yesterday I went on the morning session with mr.Pimp's collegue - Dan, well, even my support lines and channels were drown at wrong places ... Well, back to testing, I am not blue enough in the face ....

Cheers.

 

Hey, did you see the charts, it's 9pm eastern canadian (GMT-5), all the charts look like octuplet's twins , all the same, rippling on the week's bottom, only the yen is pushing up ...

12345678910111213141516...33
New comment
Reason: