Hello Pipsters

Started my day up with short WTI short OIL and short GBPJPY which was nice.
I took the Gold short and stubbornly kept it until I was stopped out -60 pips. I have never had a profitable Gold trade. I should have realised it would go up if the markets were falling.
Lost some more when I was stopped out on OIL / WTI as it powered up on the rocket that Rockdrive caught, but managed to short it off the top and get my pips back and some in the NY afternoon. Funny how everything fell off after Obama stopped speaking.

BIG Thanks to Zia, at the end of the NY day when I thought Sterling could go no lower and had to retrace, he lured me into some pound shorts that added to the haul.

I think I overtraded today. I added up 11 hours in front of the screen. I might take Friday off.

My tally in chronological order:

GBPJPY +104
WTI +75
OIL +72
Gold -60
OIL -50
WTI -50
OIL +130 (still in short from 45.09)
WTI +163 (still in short from 42.53)
GBPJPY +120
GBPUSD +105

11 hrs / 10 trades / 70% success rate / +609 pips


Pipsy Galore

Hi Guys,

looks like a lot of you having some fun on here. Happy days!

It's great to see most of you have discipline and are working hard to improve on the understanding of the strategy. Hat's off to all of you. It seems the majority are making money.

Since I am not really posting trading ideas much these days, and most of the strategy is on here, perhaps you'd be kind enough to allow me back for a little laugh and a joke sometimes?

I will of course be available for questions and as of February I will have an additional few hours a day on my hands where we could implement that into something constructive, so any ideas are welcome.

Thanks for the continued support by all of you

__________________
I'm now sending trading notes out twice a day with videos too. Have a look HERE.
There's one set at 6:30 UK time for London and one at 12:00 for U.S session, plus I will send a summary video after each session

Le Pimp,

Nice to have you back. Hopefully, we have been doing justice to your teachings and sharing ideas here like I know you had hoped. Great to catch you here again and look forward to more of the 'bigman' in due course.

Pipsters I come with tail between my legs and tales of KHT's. It started this morning (see chart). Instead of waiting for WTI to break the earlier low I jumped in at 40.47. Watched the price action lift and head towards WP. Instead of panicking I thought "this is just a retracement" so I waited patiently and got another (added too) short position. So I now have effectively 2 short positions in WTI. Note the cross at 41.50. Thats where my s/l was hit so a combined trading loss of -138 pips. Ouch! Why is it a KHT? Two reasons; 1. I did not wait for break of previous low to go short and 2. because I did not wait for a red candle at WP to short again. Lesson learnt yes - well until the next time.

As I had just been badly burnt and not to leave the arena without getting some pips I piled in Gold short and WTI short again!! Gold was a double top formation. My entry 861.7 and stop at 864.7. WTI was short 41.37 and s/l at 42.00. I then went on my spin cycle for 60 mins. Gold got to within 2 pips of my stop. Thanks GFT for not taking me out!! I ended up with +114 pips from that aggressive winner takes all trade. If there had been any justice I should have been stopped out. Why, because it was the right trade at the wrong time. Luck. The WTI trade came and went and frankly I should have got out when the price broke the WP but was thinking revenge. Managed to close out the trade for -18.

My only real and decent trade was GBPCHF. I went long off what I saw as a 15m double bottom. My entry was 15710 which was a bit slow off the mark and meant my s/l was bigger than I wanted at 15660. It came good and I finally got pipped out on my stop at WS-2 15845, a lovely 135 pips. Shame was because I was calmer and not thinking revenge it was a half stake trade. I know they all count but nonetheless it would have been nice.

I was on skype with some mates having come back from lunch. Said to one I really think GBPJPY could be a short. I was looking at 15m chart, and the price heading to this mornings trend break (about 124.85). No sooner had I switched to the 5m chart thinking about an entry when there was a 60 pip candle and then next candle the price had gone. Could I have jumped in? Maybe, but the sensible me was back in control so I just watched the price tumble to D-S2 about 500 pips lower! Hopefully some of you pipsters managed to get on board for the ride, and if you did well done.

To close out, my day was one of two literal halfs. I have closed with +93 pips. Not stellar but after puncturing my pip tin this morning and haemoraging pips it feels like a nice total to finish with.

Lesson - don't jump in to trades especially with the beast and then compound your error by being to arrogant or stupid to cut the trade.

A special thanks to Honest Bill - he knows why. Thanks Bill for reminding me about trading the strategy. It is much appreciated.

Have a great evening pipsters.

Looking forward to a solid day tomorrow.

Gungho Rockie

Attached Images

WTI 21 Jan 2009.GIF (48.9 KB, 232 views)

What an ugly spiky day in OIL.
Still holding my oil shorts from yesterday which are around the same level as last night after some scary spikes up. Glad I was not trying to get in today as I would probably have lost the farm with my reluctance to get out of trades timely.

The options expiry was crazy for the yens. I thought I did well this morning but then the GBPJPY fell off the 1hr 20ma and I jumped on because I thought it would get me 50 pips. Boy did it fall off a cliff ... Poor Sterling
When there is nothing doing in Crude GBPJPY is my favourite to watch.

AUDUSD short -30 (yes I still hate Gold)
GBPJPY short +110 (the lovely drop first thing this morning)
GBPUSD +105 (first thing this morning)
GBPJPY +337 (the yen rules)

Nicola
Might get into USDJPY later on a 123, waiting to see

Cable just breached the very old (1985 I think) 1.3681 level.
All bets are off now ...

Hi,

Have been trying to learn this system and feel I (and probably others) would really benefit from some more charts if possible.

So, in an effort to accelerate the learning curve, would that be possible? Could you please post more charts explaining you entries.

Thanks,

Oops posted twice

OK
I am new but I wil explain as best I can my GBPJPY trades today.
This is the 15 minute chart.
The pink line is the 15minute 20 moving average and the red line is the 1hr 20 moving average.
The 1hr 20 ma is the king of the moving averages and moves using it get more pips than the 15 min ones.

Moving averages are floating lines of support and resistance. When the price gets to them it either bounces off triggering a short or long (depending on the trend and the order the moving averages are in). or the price will cut through and be supported by or held down by the moving average, also very tradeable.

The black arrows show my entry and exits.
I missed the first bounce off the 1hr 20 this morning and the 15min averages had not crossed for a down move. I got in when it dropped off the second time and the pink and pale blue moving averages crossed (the magic cross) for a move down.


I hope this helps
Nicola

Attached Images

gbpjpy.gif (19.7 KB, 223 views)

faq123 ...

I am watching GBPJPY, USDJPY and EYRJPY on the 15minute chart to see what happens when the price gets to the 20 moving average.
If it bounces off or cuts it and then goes back down below it then it would signal a short for me.
If it cuts through and is supported by it then it would be a signal that the retracement is going higher but I am not interested in trading against the trend today. I will then wait until it gets to the hourly 20ma for my signal to short them again.

--------------

Looks like crude has spiked ridiculously and I may be giving up all my gains in crude from yesterday. I wasn't watching and should have closed it ages ago lets hope the 4hr 20 ma holds it down.
This posting charts and stuff and trading at the same time is distracting, don't know how the pimp does it.
Nicola

Nicola,

i have been studying this system since it began and go into live room but lioke to sit back and watch and make the pips but i would just like to say that the explanation you have given is brilliant and i am sure that if newbies do not get it then there will be no hope

well done and keep up the good wrk, i am sure a few more cahrts like that will help all

Paul B