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Old 07-19-2008, 09:21 PM
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Tiles

We now have the template saved and are ready to move along.
I have tiled the 6 charts in this order for easy reference.

Top - EURUSD GOLD USDCHF
Bottom - GBPUSD CRUDE USDJPY

Notice the 84 CCI on the Gold and the Crude, they are both down.
What does this tell us? We are looking at down trends in Gold & Crude which means a stronger Dollar.
With a stronger Dollar We are looking for Long positions on USDCHF and/or USDJPY. We are looking for short positions on EURUSD and/or GBPUSD.

Notice the 84 CCI's on GBPUSD & EURUSD are also down with Gold and Crude, whilst they are up on USDCHF & USDJPY.

That completes the set-up procedure. I attach the colour CCI and Pivot point indicator for you to add to your Pimpology template.
Don't forget to re-save the template once you have added both to one chart.

Ohhhhh, I almost forgot.

2 things. Firstly I don't use regular candlesticks, I use Heiken Ashi averaging candles (I have attached this thim bodied one which is nice. It's MTF so you'll need to change the timeframe to 0)
Secondly I use a lower timeframe 20ema too on each of the charts.
On the 60m its a 5, on the 15m it's a 7 and on the 5m its a 4.
60m 5ema = 15m 20
15m 7ema = 5m 20
5m 4ema = 1m 20.

These averages will run through the Heiken Ashi candles and we'll see later in the set-ups why I really like to use them.

OK, we now know IF crude is going up and Gold is following suit that we don't want to be shorting EURUSD or GBPUSD. We also know that if Crude is dumping and Gold following suit that we don't want to be shorting USDJPY or USDCHF.
What do we do when Gold and Crude are moving in OPPOSITE directions?
Well for me, I never know how much longer the anti correlation will last. If Crude is falling yet Gold is going up, do I really want to be long EURUSD?
Not really. This is the time when I sit on my hands and do nothing.
The Chairman of the Club will eventually always have his way with the Manager.

We're clear on correlation now then? ...........Good. lets move on to the Entries and Set-ups.
Attached Images
File Type: gif cheeky2.gif (109.0 KB, 16887 views)
Attached Files
File Type: mq4 Pivots_Daily-IGP.mq4 (21.4 KB, 956 views)
File Type: mq4 Heiken_AshiH_cw_mtf.mq4 (5.3 KB, 796 views)
File Type: ex4 FX Sniper's CCI.ex4 (5.1 KB, 941 views)
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Last edited by FX Pimp; 07-20-2008 at 03:18 PM.
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