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Excellent presentation, Pimp. Thanks for taking the time.
MM
You are my first poster, so a big helllllllllllllo to you, Sir.
Thanks for your kind words. I like it too. So much I even voted for it myself.
Please keep the votes coming in. If what I am doing is crap I want to know about it and I will strive to improve on the content.
This method does make me 50+ pips each day and on occassion over 1000 pips a week so I know it works but am open to suggestion.
No harm in fine tuning a sports car is there now?
You'll notice the times of the posts on this thread are all pretty close.
The simple reasoning for this is that I spent over 7 hours on a Saturday morning setting it up on Forex Factory, trying to do my bit for the novice trader, but Sir Twee has chosen to suspend me for answering the question "which broker do I use for my charts"
Since I then - as a nice guy that I am - also posted a link for a free download of MT4 I have obviously broken one of the rules.
So for the benefit of all readers of this thread, please refer to the logo on the top left of the charts then do a google search, as I am not going to compromise my position on here by falling for that one again.
I will be talking CCI 63 in the next post. A very handy tool indeed for staying in these little 30-40 pip trades that little bit longer and thus maximizing profit potential.
Let me set my charts up and get cracking. I feel a posting frenzy coming on for a couple of hours.
__________________ 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
This morning I am going to waffle on a little bit about the 5m chart and the CCI63.
This is not a trading system in itself, but a very good tool for getting in and out pretty smartly with 30 or 40 pips, sometimes more.
In the attached USDCHF chart from last week you can clearly see 3 different opportunities. Allow me to run them by you.
The first one was all about the break of my 60m 20&50 ma's, which are the thick red and blue ones that were in close proximity.
Look closer and you will see that my 5m 20 was below my 15m 20 and both were headed down.
My CCI63 crossed indicating the set-up, then the 7CCI, my signal, retraced back to positive and the entry was on after it crossed back through the 0.0 with the red Heiken Ashi confirming.
The exit is then the 63CCI starts to pop back above the -100 level, netting close to 40pips.
The second was was not quite so straight forward as the first with no retracement on the 7CCI. Why? Well look at ALL my moving averages above. There was nowhere to retrace to.
This one was played upon the 4ema breaking the support line with my 63CCI confirming.
The exit strategy was the same here with the 63CCI moving above the -100 level after a little 30 pip move. Since the fall wasn't aggressive, the price action had not moved too far away from the m.a's and profit taking not essential with plenty of resistance still overhead, but I am just trying to demonstrate how relatively easy it is to pick up 30+ pip trades with minimum of fuss. Do that 4 times a day and you're on your way to becoming very successful indeed.
Finally, the third move was similar to the first with the 7CCI retracing back above the 0.0 after breaking the support line with the 4ema with entry coming on the first red Heiken thereafter coupled with the 7CCI re-crossing the 0.0 from positive to negative. This was a little 70 pip move after the 63CCI rode above -100 to take the tally on this one pair alone to 140 pips in less than a day.
Next I will tile the other 3 majors on the same screen to show how these pairs faired over the same period using the exactly the same strategy for entry and exit.
__________________ 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
What a wonderfull and useful thread, tnks again and please let me know where you post the template. tnks and continue the excelent work.
GOOD TRADES FOR ALL
I was attempting to tile the trades from the other three Majors over the same 24hr period but it's not so clear.
Therefore I post these as seperate charts.
The vertical lines in the 7CCI window represent the entries along with the arrows on the chart, the lines on the 63CCI in the bottom window represent the exits.
The frist one on the JPY could've stopped you out if you had used this method solely. This is the reason I use Moving Averages in conjunction with the CCI. Anyone could see that the averages were tightly bunched on the JPY and resistance was going to be very strong there. A sensible stop sould have you kept you in which I'll come onto very soon.
I just wanted to demonstrate to a brand new novice that you can make pips just by using this method of entry and exit. It's not that difficult to master and pretty effectice.
__________________ 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
What a wonderfull and useful thread, tnks again and please let me know where you post the template. tnks and continue the excelent work.
GOOD TRADES FOR ALL
Jottaerre. Sorry I didn't post the template did I ?
The reason for that is it's over 5MB in size for some bizzarre reason.
If you'd care to email me then I will gladly forward it to yourself and other readers who would like it.
A big hello to Scorpion too. Glad you found me and glad to be of assistance.
Welcome aboard and enjoy the reading.
__________________ 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
I have been asked about the moving averages I use and what is the best way to understand then.
There are two ways in which these work.
One is the big push away from the closely grouped averages.
Two is the retracement after the push.
Take a look at the two attached images of Crude Oil.
In the first we see the 5m 20 sat on the 5m 50, the 15m 20 on top of the 15m 50 the 60m 20 is also there and these averages are supporting price nicely.
I always like to see the 20 on the 50 for longs and 20 under 50 for shorts.
This gives me a double protection.
In this case we have a lot of protection on the downside and a lot of fresh air to fill on the upside. This particular move went 400 pips without slowing down in under an hour.
The second picture is slightly more complex.
The first thing I want to see is my 5m 20 crossing my 5m 50 before I would contemplate a reversal play. This is demonstrated in the first highlighted area.
In this instance and every instance after getting that confirmation the target area is where?.........the next m.a, being the 15m 20.
This is the most dangerous of all reversal plays as we don't even have the support of the 15m 20ema yet.
Mt personal preference, for safety's sake is the cross of the 5m 20 over the 15m 20 or better still the 15m 20 over the 15m 50 as we can see in the second highlighted area.
We now have our 1m 20 (green 4ema running through candle) sat on the 5m 20 which is sat on our 5m 50 This is sat on our 15m 20 which is sat on the 15m 50 offerring a 5 layered protection of support
Where is our target here?.............yep, you got it, our next 20ema, being the 60m 20. Only 150 pips in this one but not bad for a couple of hours work !!
You will need to study this in some depth if you are a newcomer but I can assure you it will be worth it.
I'll be back later for some more farmyard frolics. Please feel free to ask questions and vote for the thread at the top of the page.
__________________ 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
Here's the same set-up on the Crude but from another day.
Exactly the same as the second highlighted area in the previous post.
How easy is that?
__________________ 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
A strategy that works
Thanks for your time.
Linear Mode
