Nice name for public room joke

Boiler Room (2000)

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RUN With The BULLS And HUNT With The BEARS - Nothing By Chance

What can I say FX Pimp? I'm blown away by your strategy, but more so by your willingness to help. It's great having you with us in Cako's Boiler Room. And always up for a giggle too.
Well, the title of this post says it all.
YOU ARE LEGEND
WE ARE YOUR LEGACY (or Pip Demons, I guess)

Calling all fellow Demons.

We liked the retracements to start this morning an once again, I was left standing on the sidelines watching GBPUSD drop whilst eagerly watching USDJPY do nothing but give me the run around.

Very well traded by G-Man. Great snap-shots and well timed on the cable.
You must have been going grey after 2 hours in the Yen

Whilst I am here I am going to show you how I like to play the reversal.

Now, to begin with the pair must have had a big run. Easily identified on the 15m chart by the distance between the 60m 20&50 and the 4hr 20&50 PLUS the CCI336.
To go one better look on the 60m chart. You then see the distance between the 20&50 from the 60m 4hr AND daily.
In the case of the JPY its quite large.

This is what I am looking for from my chart when trying to catch a reversal early on, with minimum risk.

I have numbered the stages so they should be relativly easy to follow.


Step 1 - This is where my price action and 7ema fall through my 15m 20ema , try to bounce back up but find the 20 now as resistance.
First indication something in the pot is brewing.

Step 2. - The 15m 20ema crosses the 15m 50sma. Remeber that these two now are in correct order to act as the double-edged sword as resistance.

Step 3. - Price tests this new found protection, but fails to break. Notice 7ema always remains below.

Step 4. - Price action AND 7ema eventually break the 60m 20ema. A good time to start taking a closer look at the 5m chart

Step 5. - 15m 20&50 starting to cross 60m 20ema. Price retraces and now finds 3 layers of protection where there were just 2 a couple of hours previous. Notice again the 7 always stays below the resistance m.a's, which are now all starting to head down.
This baby is gonna go !

Step 6. - Once in the trade the 60m 20 crosses the 50 confirming the downward move.

Notice the 84 CCI is down. The 336 is up. On these occasions it is possible to play to the 0,0 line or thereabouts on the 336..

Does that clear a few things up ?

Attached Images

cheeky.gif (33.3 KB, 412 views)

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Look after the pennies and the pounds will look after themselves.

Hi brok.

Dont think the template is quite right as outlined by fx pimp.

on the template you seem to have the following:

1Hr: 1280 sma when you should have a 1200sma , and in the other time frames both 200 sma and 200 ema, you only need the 200sma. in fact i dont think the 200sma or ema is mentioned in the 5min time frame. Pls cross check just in case i got it wrong.

rocwell

If you are having difficulty settiny it up, then send me an email. I will forward the latest version.

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Look after the pennies and the pounds will look after themselves.

I may have been a little optimistic this time yesterday with the retracement calls.
Only a few hours early mind you. USDJPY did eventually drop as did USDCHF, and after a little scare EURUSD did manage to recover a little bit late on.
The dark horse, GBPUSD was up to his old tricks, demomstrating that the correlation thing is seldom perfect and sometimes not very good at all.
There was a time when I would have take that trade, but not now.
I have lost too much playing the odd one out just to realise -30 pips later that he wasn't that odd in the first place, just a little delayed.

Anyway on to today, it's Friday, the institutions may possibly be taking some profit off the table with some retracements being the plays.
It certainly looks that way with our two fearless leaders looking like some upside will prevail for the short-term.
Both have crossed the pivot, so that's a start. The 84CCI's from the 15m chart (21cci on the 60m chart) are pointing up so it looks quite promising.

As mentioned before the move on the Yen has begun already, but the Euro would be well worth a go long if it pulls back to the 15m 20 at 156.80, which has now crossed the 60m 20.
The Swissie also. She has quite a bit of red on the 15m chart but a pullback to 1.0360,with a couple of green Heikens might pave the way for further shorting opportunities.

Don't forget we need the fat controller and el presidente to continue moving up to justify these plays.

Have a great morning.

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Look after the pennies and the pounds will look after themselves.

Oh man missed some great moves the Euro was great but managed to grab 20 form the swiss - watching GU closely now...

Thanks Pimp

Excellent early analysis Pimp.

Here is my first trade of the day. Long on EURUSD. Good for 25 pips. A bit earlier than my usual start but set up looked good. Fortune favours the brave!!!

G-Man

Attached Images

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GU had been very contrarian for the last few days for reasons only known to itself. I think I will stear clear until we see some obvious direction.

What timezone are you in Cindy?

G-Man

Same time as my EUR trade earlier I also took a USDJPY short.

Some reversal action so closed for +12.

G-Man

Attached Images

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