The London Open - page 54
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Welcome back Rocwell. See below.
And I'm BACK!!!!!!!! ......getting back to the live room, hope i havent missed too much! Catch you all next week!! rocwell
.........Is very unfortunate that we are to be saying farewell to the room. However, nothing lasts forever and we will still be Team London on here, so don't worry, the Pimpology will continue 'til death do us part. I'm sure whoever is coming in to replace Dan will do a sterling job and I wish them all the best of luck dealing with the Rocks and the Farmers and the Horses of the community. More importantly I wish you guys all the best with your new fearless leaders and would like to thank you all for the great fun and atmosphere we created together...........
Hi guys,just been catching up on all the posts since i was last on the net which was a while ago. Has there been a change to the live room? is it still going? Is everything ok?Rockdrive, once again, You ARE the MAN!! nice to see the pip-shower is still spraying down over you! Enjoy your holiday. 6 weeks is it?? Do you think you can go cold turkey from pips for that long?? 10 days nearly killed me! FXpimp, nice to see you're still posting you're pearls of wisdom here. is everything still going strong with 'the committee'?
Hi William1000...was there a reason for this? is the whole outfit disbanding?
It does seem a bit confusing... if it is truly disbanding perhaps we should get a new skype group or something going for this to run alongside this thread, which I presume is still continuing? It seems a great shame ... although I expect perhaps we don't know the entire story (yet).
Rockwell
we've heard this today at the end of the live room session.
Dan said that somebody will e-mail us with some explanations.
Still don't know what to think about this - i'm feeling devastated.
Sure there will be some new good trader but the room was so interesting because of the atmosphere, jokes, ups and downs, etc..., to put it simple - these guys were real team - Dan, DC, Monkey, Pauly, Simon, Gareth.
I was there even before live room started - watching Dan's videos and i've got so much used to his voice - it makes really me confident. Not to mention DC - guy impressed me so much.
Anyway nothing will ever be the same out there.
Wish you all good luck.
Hello All. This is the first time I have posted anything here. I am feeling disappointed too. Mornings may never be the same again.
Lets just wait and see what next week brings.
Barry
Hi all
Ok i am off for the weekend.
See you on monday morning at 6.55am.
Lets have a good, positive week.
Cheers
Dan007
Hi Vacation Rockie
Have a great holiday, thanks for the vivid pictures you have left us with - sometimes my imagination is too good I think!
I will miss your great posts, they always bring a smile to my face, but we will all keep the combine pip harvester going on your behalf.
See you soon
Have a great holiday Rocdrive. Good to see you back Rocwell. I hear you had some problems, is that right?
As a little compensation for the distinct lack of Pimp Show today I though I'd make ammends by trying to share some thoughts for the newer kids on the block.
It's been brought to my attention that many novice traders are having some problems with keeping up with all the charts that we cover and finding it even more difficult actually following the trades.
It's all well & good when you have 3,4 or 5 screens, but as some of you are working from a single laptop I'm going to make a little suggestion that will pretty much ensure that you never miss another trade again.
Why do we miss trades? We're looking at something else.
Why were we looking at something else? Because we are looking at too much.
Why are we looking at too much? Because we don't want to miss a trade !!
The neverending circle of viciousnessnessnessnessness..........
Well most markets move at the same time so unless you have an unlimited account, the chances are you are going to take on one trade anyway. The problem is finding the best one.
How do you identify the best one?
You need to spend some months studying correlation and ascertain the strongest and weakest currency pair at any given moment.
Todays lesson is going to be a good foundation from which to begin your quest on the correlation highway and I hope it helps you make more successful trades and helps cut down on your mistakes.
Once you've mastered this you may want to look further afield, or you may wish to stick with this.
This is how it works.
Gold, as many of you know is one of the main driving forces at the moment of the FX pairs. It's a great representation of USD strength or weakness.
So, by assessing in which direction USD pairs are likely to go, we follow Gold.
Gold goes up, USD is weak, Gold goes down, USD is strong. How am I doing?
Now a pair with USD as the prefix, or first three letters of the pair USDJPY, USDZAR USDSGD USDCHF etc move up with a strong Dollar and down with a weak Dollar, opposite to Gold.
A pair with USD as the suffix, or last 3 letters of the pair GBPUSD EURUSD etc move up with a weak Dollar and down with a strong Dollar, the same as Gold.
Take a look yourself at a daily chart for EURUSD and Gold, tiled horizontally on your MT4 platform. They are almost idential.
Now take a look at the same Gold daily chart with a USDCHF daily chart tiled horizontally. Almost indentially opposite.
So what we're aiming to do here is take one position at a time on either USDCHF or EURUSD. Easy.
The problem lies in identifying which is the best trade to take when Gold is strong. Is it EURUSD long or USDCHF short?
Introcducing ladies and gentlemenn, flown in tonight espcially, all the way from the Alps, the one and only........ EURCHF.
We can see which is strongest between the Euro and the Swssie by looking at this chart.
When its above ma's and moving up it's Euro that's the strongest. When it's below m.a's and moving down it's Swissie that's strongest.
As an example, let's assume we are looking at a weaker Dollar with Gold moving up. We know this means a weak Dollar and therefor we are looking EURUSD long OR USDCHF short
We also see the EURCHF chart down. This means the Euro is weaker than Swiss so we opt for USDCHF short as the Swiss is likely to be the better mover.
If we see the EURCHF chart moving up, we can safely say that Swiss is weaker so we'd opt for the long EURUSD.
Start by tiling 4 charts. EURCHF in the top left Gold in the bottom left.
EURUSD in the bottom right, USDCHF in the top right as in the attached picture.
To begin with you would be looking at 60m timeframe with our 4hr settings to give you an overall picture. Then we move down to the 15m chart with our 60m indicators on here. I have added the 4hr CCI so you are able to remember the longer trend, as well as the 60m trend, but this is not necessary if you are happy to flick between charts.
Having established the direction of Gold and which is stronger or weaker of the Swiss or the Euro we are ready to look for possible plays.
It's nice and simple, and in this example. with Gold moving up and EURCHF moving down, we know that Swiss was stronger than Euro so USDCHF short was a better option than EURUSD long. It moved 200 pips from the cross of the 84 CCI, opposed to EURUSD's 160. Only 40 pips I hear you say !
Well if I could get an extra 20% or more out of a trade I most certainly wouldn't turn it down.
Once you get used to trading these two pairs only then start to trade the EURCHF too, then slowly move to the Gold too.
In the next lesson I will discuss how we can squeeze a few more pips with a slightly quicker entry
Hi fxpimp,
thanks for the above lesson, funny how logical it all seems after its been all spelt out for you! Please keep the lessons coming. Yes i had a few problems to say the least. came back from a short holiday to find i'd been robbed clean. no point dwelling on it, life goes on and all that.
As i say, keep up the good work!