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You can set the ma cross at whatever you want.
As the system is based on 20 ma you can put it on all 4 time frames set at 5 (or7) X 20
So you don’t trade against the trend ( has anyone mentioned that is risky?)
mart
Quote:
Originally Posted by Benihana
Mart Hart, I must say I've never used this indicator before but it looks rather interesting. I've applied it to some of my charts and backtested it a bit and I must say I like what I see. I would just like to say thank you so much for sharing. I was wondering if this indicator can be adjusted for the 5 min chart for earlier entries with the market conditions the way they are. I accidently applied it to every time frame and I was getting alerts from the 5 min chart but it looks like they may not be accurate buy/sell signals with the current settings. What does anyone think about that, especially you Mart Hart since your most familiar with this indicator?
Also a big thank you also to Mr Pimp and Cako for all their hard work and dedication for making all of this possible. Thanks also to all of our trader friends who trade along side us and share their ideas.
If like many you cannot follow the 60m chart too easily then why not stick with the 15m and 5m.
I have deliberately put the 60m & 4hr averages and CCI's on the 15m chart for this reason.
One way of knowing when to switch charts, and something I am asked about a lot is to wait for the 7ema on your 15m chart to cross your 20.
When this occurs we know that this is a sign for a closer look...............
Thanks for this FX Pimp,
It has allowed me to reduce the number of charts on the screen and increase the size of the 15min. I can now see the 7ema cross the 15m20 and I can see the 4hr21CCI all in one.
I have a summer holiday coming up and will be away from my screens for a bit, so just wanting to get as many pips in as I can prior to that.
Hahahaha, silly boy. As soon as you start doing that a certain element of greed can creep into the mind as I have demonstrated today.
Could have taken 40 pips profit this morning on two trades, USDJPY and Gold, but didn't.
Could have taken 180 pips profit on two trades this afternoon Gold & Crude but didn't.
Could've made over 250 pips on trades that I took today but didn't.
Why, because I was pushing for more to make up for the time I will be away.
Total for the day -47..........MUPPET !!
First losing day for a while but still doesn't excuse it.
Going for a nice long soak, in a bath of sulphuric acid !
__________________ 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
Very revealing indeed, the 4 hr CCI crossovers. You also stated recently not to take trades against the 4 hr, so if it was below 0, just go for shorts. A couple of questions, please.
1. How do you judge when to take profit on these. In other words, on a daily basis would you use say the 15min 21 cci to enter and exit trades ( and the 7 cci on 5 min to fine tune entry), entering in the direction of the 4 hr 21?
2. How would you deal with the 4hr 21 if it was still below the 0, but was going from say -150 to -140 to -130 ........and so on. At -50, would you still be looking only at shorts?
Just trying to understand the finer nuances.
Have also been following all the conversations in the trading room, very helpful indeed. Thanks to you and the other experienced traders in there.
Very revealing indeed, the 4 hr CCI crossovers. You also stated recently not to take trades against the 4 hr, so if it was below 0, just go for shorts. A couple of questions, please.
1. How do you judge when to take profit on these. In other words, on a daily basis would you use say the 15min 21 cci to enter and exit trades ( and the 7 cci on 5 min to fine tune entry), entering in the direction of the 4 hr 21?
2. How would you deal with the 4hr 21 if it was still below the 0, but was going from say -150 to -140 to -130 ........and so on. At -50, would you still be looking only at shorts?
Just trying to understand the finer nuances.
Have also been following all the conversations in the trading room, very helpful indeed. Thanks to you and the other experienced traders in there.
Regards
Pardy
Hi Pardy,
Thanks for the questions.
Trading in the direction of the 4hr CCI is always going to produce more successes than trading against it.
As you saw this morning, two great set-ups quickly turned to dust trading against it in USDJPY & Gold.
The secret is to get in somewhere near the beginning of the cross and to ride it, putting your stop behind the 15m retracements.
However, for shorter term trades, then yes indeed, use the 63 & 7 with stop losses behind the trend reversals on the 5m chart.
You must also understand how the CCI works in terms of time spent above/below 0.0
Should you have 4 days of minus 4hr CCI is that still a good entry getting in somewhere near the 0.0 ?
Well it could be, but it's also highly likely that it's getting nearer the 0.0 in anticipation of a reversal if it's been up for a week or 2.
I would generally not go long if the 4hr CCI is above the +150 or short if its below -150.
If you have traded the initial cross and have exited, this is where your trendlines stanrt to come in handy.
Son't be too eager to get back in, you may as well have stayed in in the first instant, but instead plot some trendlines to the low points (3 minimum recommended). Lets say this is a support line this should hold and allow the 4hr 20ema catch up with the price action.
Since the 0.0 line on the 4hr CCI IS approximate to the 4hr 20ema this will naturally see the CCI retrace toward the 0.0 again as that m.a gets closer. Then once your fast ema on either your 15m or 5m chart crosses that support or gets very close to crossing that support, thats when you are ready to look for a seconf bite of the cherry.
When the 4hr CCI is retracing to the 0.0 but has not crossed it, providing the 84 on the 15m chart has crossed then there is opportunity to play the 4hr CCI back toward the 0.0 (and 4hr 20ema). However, this is against the main trend and can be risky.
If you stick to the 'trend is your friend' philosophy then you will naturally miss some reversals but you will save yourself from a lot of losses too.
See what I mean about the 0.0 line being approximate to the moving average ?
If the CCI is going +140, +130, +120, +110, what does that mean? You are playing in an upward trend AGAINST it. What usually happens when a price hits the upward facing 20ema in an uptrend ?
Case dismiissed.
__________________ 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 did say that I'd talk briefly about the 'Elstic Band', so here is is.
When your price action initially crosses the moving averages when they are all close together, there is a much better chance of getting some mileage out of a trade.
The highlighted ares shows this quite well.
But, when the price moves away from these they get stretched apart.
The price in this instant is much like an elastic band which must 'ping' back somewhat.
In this example we see lower lows in price and yest higher lows on the 4hr CCI, called divergence.
Yes the 4hr CCI might have retraced to the 0.0 signalling a possible short, but always bear in mind where the price has come from, it's quite important !
__________________ 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
Ooh, those elusive profits in the chat room today, glad you bagged some pips in the end.
My trouble is I have always tried to watch too many pairs and as a fairly novice trader with sporadic success and only one monitor there is doom written on the cards.
I have therefore, on good advice, cut down to just 4 pairs for now - Gold, EURUSD, GPBUSD and USDJPY. This will focus me on the USD moves and give a little extra when the GBP does its own thing. It is surprising just how many moves there are on these pairs alone, more than enough pips to be had for starters. I would still like to have a go at crude someday though, but I will learn my trade on these less volatile pairs first.
Hopefully I won't miss so many moves now because I am too busy scanning charts for moves!
Great chat in the chat room, thanks to Cako for setting it up and of course for your Pimptastic input.
RS also know as Scorpion from the chat room - so behave!
Last edited by rollingstone; 07-31-2008 at 08:34 PM.
Messy day, anti-strategy, traded news, lost discipline. 3 trades, 3 losses. No major pips lost but makes me feel sh1tty for being so silly.
1st trade - was up 25 pips on the Dax, ended up losing 13. This was a bit of a scalp trade yet I didn't take 25 pips. GREED.
2nd trade - USDCHF, 1min before US data. Closed 75 seconds, losing 20. Can anyone explain why I did this? THOUGHT I KNEW THE MARKET.
3rd trade - missed a perfect (for me) Crude setup that went 150 pips. Mulled it over for hours then took one completely anti-strategy. Lost 40 pips. REVENGE TRADES DON'T WORK.
As some singer once said, 'There'll be days like these'.
1. You are trading against the trend
2. You are not banking profit
3. You are not drinking enough
4. You are eating too many cakes and suffering a pip rush.
Obviously my going away on holiday and leaving you alone for 5 minutes is just not good enough - sorry Mr. Pimp
Counciling Rockie
p.s. Farmerbob its time for another knob head trading story so to keep Le Pimp in good spirits
Oh my goodness - how many of the team are being naughty and not following the strategy? Tut, tut, tut. I just thought it was Le Pimp in need of a holiday but I see the problem is far wider among the group.
Repeat after me - trade the trend!
I think the group is now suitably admonished! Any more anti-strategy and I'm sending for Dan007 and Rollingstone. They will sort you all out.
Less is more
Linear Mode
