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Just thought I'd post this to see if it's correct.
I played a 5min breakout short on EURUSD yesterday. It was painful to watch as it was so flat yesterday. Anyway it turned good and closed 75% for +49pips. I moved stop loss on remaining to b/e. And switched to 1hr & 4hr chart as per FX Pimp's suggestion in previous posts.
Buuuuuuuuutt, I then noticed the original trade was a good entry for the new 4hr strategy.
Pure coincidence. But, I'll take a little credit for noticing it. So, I moved the stop loss back to above the daily pivot where I originally had it.
Now, currently +154 pips on a live trade. Let's see what happens.
So, why am I posting it here. Well, not to boast after the fact, but to ask if the entry was correct (ignoring the pips gained).
Honest Bill
Last edited by william1000; 08-15-2008 at 08:17 AM.
Good morning FXP
I have been reading the thread again and back in post #5 you explain EURCHF to find out which currency is the strongest, this I understand.
However what happens when say gold is weak, therefore want short EUR or long CHF, and the EURCHF chart is above MA's and climbing. Do we short the stronger ccy or long the weaker?
Hope all have a great day.
cheers
swagman
If the EURCHF chart is above m.a's with positice CCI then Euro is stronger than Swiss. In that case one would expect EURUSD to fall less than USDCHF rises, or would expect - in a Gold uptrend - for EURUSD to rise more than USDCHF falls. Obviouly with the various obstacles in the way this will not always work this way, but on an laevel playing field that is what is SUPPOSED to happen.
Quote:
Originally Posted by william1000
FX Pimp,
I assume you mean 110.40 which is USDJPY recent high on the 4hr timeframe?
Honest Bill
PS. Had my trendline drawn in on cable and missed the breakout while typing this....Doh!! Good call Mr. Pimp.
Yes Bill, sorry. I realised the typo and went back and edited it to add the '0'.
Cable is currently 100 pips lower than that post and lil miss. Yen about 25 higher, so no a bad mornings work (if you were trading and not typing)
__________________ 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 found your system interesting and would like to join the group. Please let me know.
Thank you
Arnaldo
Hi Arnaldo
I was just on-line and saw your post. I am part of the group in the Boiler Room. You would be most welcome to join us.
If you go back to page 35, post number 344 you will see a link the the chat room there. You have to have Skype and be on-line, then click on the link and it will take you there.
Excellent Guide to be a successful Trader - My Big Thanks to you!
Dear FX Pimp,
I joined Forex TSD just a day before...and came to read your - Excellent Guide to be a successful Trader - useful to both novice as well as experianced Traders...
What is more significant is that "You are Gifting your hard earned knowledge for the benefit of people -- even to unknow people" A really great virtue by any standard !!
Almighty GOD shall most definately shower his divine blessings and infinte grace upon you for your very noble, humanitarian and selfless work....
My blessings too to you for your best health, wealth, peace and happiness !!
Keep it up !! (ignoring all negetivities from anyone -- just continue to provide your selfless service to all)
Your 4 hour strategy is excellent so far but tell me - If i wanted to work off a daily chart for trades would the same CCI indicators that are on the 4 hour chart work on the daily chart or would i have to tweak them, could you give me the parameters for the CCI i would have to use for a daily chart
The MA's are ok i think as i would just use a 25 + 50
4 Hour To Daily Charts
Linear Mode
