Hi Bloom,

Can you explain a bit more about how you tackle the longer timeframes, i.e. are you on to daily charts now like Strat, or 1h/4h? Do you still use the stock 20 and 50 Ma's and CCI's with trigger from lower timeframe?

Cheers,

Spitfire

DO AS I SAY NOT HOW I DO

How many times have we heard this? I am kicking myself for not practicing what I preach which is the Pimp strategy works on the Daily time frame.

At the end of yesterday's NY trading day, I did a quick analysis of my pairs and entered stop orders based on my method. Unfortunately, I was only kicked in on EURGBP.

Now if I had taken the time to check the Pimp strategy, I would be in 7th heaven! This is even more annoying because I alerted everyone to the fact that most pairs were at, or near, their respective 20s.

On Feb 3rd the following happened:
EURUSD rejected by the 20
GBPUSD closed ABOVE the 20 on Feb 2nd AND bounced off support from the 20 on Feb 3rd
GBPCHF bounced off support from the 20
GBPJPY closed ABOVE the 20
USDCHF bounced off support from the 20

Luckily, I have since been kicked in to some of these trades

My excuse, I guess, was that I was so horribly hungover on Feb 4th from our horrendous party to celebrate the 50th Anniversary of the day the Music Died, that I couldn't bear to look at the screen let alone the charts.

So, I have a note on my screen telling me "ALWAYS CHECK PIMP STRATEGY"

PS
AUDUSD is now at the 20 - need to see where it will close
CHFGBP is now above the 20 - need to see where it will close
EURJPY is now above the 20 - need to see where it will close
USDCAD is being rejected by the 20 - need to see where it will close
USDJPY is now way above the 20 - needs to pull back

That sound you hear is me kicking my backside!

Rock on,
Strat

Not going to kick you but maybe you can have your cake and eat it too.
Price action and moving averages. Not on the same chart obviously but no harm in using more than one tool from your toolbox.

Anything has got to be better than today, I am up good pips but it was hard work very stressful.
GB and EU rate announcements and crazy Yens made it a rollercoaster. Roll on Non Farms tomorrow (not).

Nicola

"You can have your cake and eat it too" - that's from Lay Lady Lay by Bob Dylan - right?

I guess the BOJ must have intervened today buying US$ as they are desperately trying to keep the Yen down. Japan exists on its exports, mainly to the US, so it needs a low Yen to make their exports cheaper.

Our daughter is in Yokohama, Japan right now - why couldn't she alert me to this?

Rock on,
Strat

Hi Strat

You’re an absolute star, I'm with Bloom & Stuart. I don't want to spend hours in front of the screen getting bored & taking KHT's (been doing that a lot all week) and then missing the 100+ pips moves. Trading the daily tf allows you more time to look at many different markets (company stocks as well as indices & commodities, if you want) to search out those with set ups that scream at you. This kind of helps reduce the additional risk of bigger stops, well in my mind anyway.

I took at look at the trend on EURGBP as you suggested. I read it that we are actually still in an uptrend, which started at the turn of the millennium and will only break when we go below 70.00. What has worried me though is the amount of time we were above 84.33 in 1994 / 95 - I earn in £'s but my living costs including my mortgage are in euro's - so I want to be at 58.00 again and soon!

On a serious note, no that was serious, I mean on an 'on topic' note. Do you place trades to open when your target price is hit, having worked out where that level is, as well as where you need your stop to be and also what price you will take your profit at?

For example, let’s stick with EURGBP on daily tf. I see it’s below both the 20ma and 50ma, so they will act as resistance to the price going up. I also see the 50ma is higher than the 20ma (crossed 5 days ago) which is a further indication of downward pressure on the price. The 21 CCI is just red, and the 106 is barely in positive territory and has been trending down since the start of the year.

This makes me confident the price is heading lower. Now what worries me is that the price at the moment (9pm ish UK time) is pushing the daily candle lower. Thus it’s right at the bottom (87.43). It could retrace up to the 20ma at 90.56 without breaking the down trend (ok there may be some minor resistance @90.38 of the descending trend line from the high of Jan 26th.) That’s a 300 pip stop - even at 50p a pip that is way out of my accounts capability. So, dropping down to the 4hr, I can see the last high was 89.25, the 4hr 20 is providing resistance at around this level too, so if I set a sell order for 88.30 with a stop of 89.93 (today’s high), I may get in, with a smaller stop (still to big for my account), but I can trial these idea's on demo to see what my win/lose ratio is. If it gets good enough than I can go in with real funds, as I'll have built up my experience & confidence .

Anyone care to comment on my thought process here, especially Strat - but Bloom if you are now working of daily’s please fell free to point out how you read this chart at the moment and what you might do that differs to me.

Pips to all
Paul

Thanks, Paul, but I'm no star, just someone who has been through the grind where you guys are going now and paid the price ($6 figure loss).

As I have said earlier, I cannot handle the short term frames. Even though I know what to do I can't do it. It might be because I started 17 years ago on the Daily chart and that is what I am most comfortable with. Everyone has to find the time frame that works for them with regard to profit, lifestyle and health. Plus, I cannot sit for hour after hour watching charts dance in front of me - that's torture to me - I need a life! I do a quick couple of minute analysis on my 11 pairs, make my plan, set my orders and then go out and have fun.

You're doing good with your analysis, Paul but don't go to the monthly tf unless you want to trade the Weekly. The Weekly governs the Daily. Yes the Weekly is an uptrend making higher highs and higher lows but the Daily is in a downtrend within the Weekly uptrend.

I don't use the Pimp strategy for my Daily trading but I will, from now on, check it before placing my orders. Again, I can't discuss my method here.

My plan is based on analysis at the end of the NY session (5pm NY). I review the Weekly, then Daily, then place stop orders and go out and party (if I can). I have an idea where my profit target is but I don't place a hard stop as many times the price just drives straight through it and many times it doesn't get there.

I don't have any indicators so I can't help you with the CCI and I only monitor the 20. I don't really care about the other ma's as I have support and resistance levels (not the pimp ones) that I use.

If you're trying to get into the EURGPB trade then yes, you have to wait for a pullback on a shorter time frame to enter BUT you want to stack all the options in your favour so that you have the lowest risk.

As I posted earlier, EURGBP has broken its Weekly support and the next support is at around 0.8550 and if it clears that then the next is 0.8100ish. If it breaks 0.8240, then the Weekly is in a downtrend.

Hope this helps.

Rock on,
Strat

PS If you're trading tomorrow be very careful around NFP time

Evening all hope you're well
First post here as i've only recently discovered this thread.
First point-- i must be thick as i've been trying to get to get to grips with this strategy for a couple of months, and i'm struggling!!
Second point-- nicola, paul et all you're making pips so it gives me hope that once the fog lifts i will be able to join you in making consistent pips, which for me is what it's all about. been up lots pips in the am only to give them back plus more in the pm
Strat- thats a fine instrument you have there, but i feel it pales into insignificance against mine!!
I'd like to switch to the longer time frames too, as the shorter ones just don't suit me personally, i find it too distracting on a 15m or 5m chart. they give me too many reasons to trade\exit,compared to what the grey stuff is telling me.
Anyway, now i've posted, i'll try and get involved a bit more.

nice w/e to you all

Hi All & welcome to Selmer

Well I'd rather not have to admit to this, but here is the raw truth: Worst performance by a very long way this week 2 winning trades, 1 for 14 pips and 1 for 17 (was it worth taking those trades?) 14 losers all around the 50 pips levels

this week
win +31 pips lose - 434 pips net -403 loss 15 trades

this year so far
win +491 lose - 1,061 net -570 loss 58 trades

If it wasn't for the weather preventing me from getting to the UK this week, I wouldn’t have been able to trade. I really wish I hadn't with these results & not seen any snow here!

It was interesting to hear Dan say in the live room yesterday afternoon, some people have made 100's of pips in 3 or 4 trades this week and other have made 100's (or 1,000s) over 10's or 100's of trades. It doesn't matter how you prefer to trade (Anders & Phil! just pick the retrace point levels to the pip and have 20 to 30 pips in less seconds) others sit back & make sure everything lines up for 123, trade for 100 or 200 pips over a few hours. I don't really know where I fit. I don't want to be tied to the screen all day every day, which means I can’t wait for the perfect set up all day. Even if it breaks in the live room, I have to close out by 8:45 to get to work. Similarly when ever I pick a level to retrace a trade, the price just piles on through, alternatively if I set my order just past the level, to trade the continuation, it just pips me in and then retraces merrily all the way to my stop!

I am going to resist the temptation to trade in the live room, despite all the pips every one else picks up to see if this helps me learn where I am going wrong, as I am getting it wrong far to consistently at the moment.

I wish all contributors to this thread a great relaxing weekend, enjoying all the pips you have earned this week & I’ll see you on Monday morning

btw Pimp, I hope you are settling into your new home OK
best
Paul

Perfect score Bloom concrats, very nice score!
One day I hope to join you and get my trading more consistent
please keep us posted..

still struggling hans..

I had a horrible end to my Friday, end of the day, and I thought it was safe to trade again after non farms.
I was in a short trade, all was going well and I decided to put in my profit target (a modest not greedy 15 more pips away) and go and make a sandwich. I didn't have a stop in. Came back a short while later to find that instead of being up 80 pips up I was down 250!
Lesson Learned ...

Hope you are all having good weekends!
Nicola