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Thanks for your question. I didn't mean to be mean by not answering the question from the email and I guess under normal circumstances I would have done.
I have got a hangover from hell though. I did promise carnage in the wine cellar IF this Crude trade done what I predicted and it did.
Sorry for being a bit of a grouch, but as I said, questions in the open help everyone not just one person. They also encourage others to join in. They aslo give me more quality time to try and improve the content of this thread.
I hope you understand.
The indicator you refer to is a trendline. It's the little diagonal line icon on the top task bar of your metatrader platform.
You can see it on mine, indicated by the top of the green arrow, underneath the magnifying glass and above the H1.
If you have never used trendlines before then fear not, I will do a post for you and for everyone else who is unfamiliar with these later this morning.
If yours go really long and take up the whole screen you can double click them, then right click them then select properties and untick 'ray' in the 'parameters' tab.
You see I found the Mexican Peso chart. From next week we trade the Meccicana
__________________ 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
No worries Fxpimp. Sorry to bother you with my emails. This system just really caught my attention and I'm trying to master it as quick as I can. I will keep all questions on this thread. I had a horrible hangover today too. That's why I'm drinking it off right now! Many thanks. I know how to draw trend lines, just wanted to know if you were using an indicator or not. I know there is a Demark trend indicator, maybe I'll check into that.
I have been sooooooo busy this last week with the 5m madness strategy that I have virtually neglected the 4hr Pimpmagic.
In total I only posted 3 possible set-ups for the whole week.
EURCAD CADCHF & EURUSD
2 attached have been successful so far and the Euro Dollar one went 75 in the right direction before retracing.
I will try and dedicated some more time to this next week, I promise.
I know Honest Bill, the drunken trader likes this strategy as do a few others. There are some serious pips to be made as Bill, with a pint od Guiness in his hand, demonstrated last week with a nice set-&-forget 233 pips from one trade alone.
Why does everyone want to be a scalper? Patience is the only possible answer.
People want to trade actively, being infront of the screen 12 hours a day and in the game.
Like in Football or Rugby or Cricket. You don't want to be on the bench, you want to be out there doing what you do.
For me personally, I like to trade, but I am torn. Do I want to get paid to run around a football pitch with 21 gay men, kicking a pigs bladder, or do I want to relax, on the bench with my £100k a week, soaking up the sun ?
No-brainer really !
Please, if you are going to listen to one person ever, then listen to me
5m Scalping is fun, but it's hard work. I took 6 trades for 100 or so pips on Thursday. In & out, in & out. Yesterday I scalped too, but I also TRADED.
By that, I mean I let the trade run it's course, irrelevant of retracements.
This is the way to make the serious money. If you think you don't have the patience then you are mistaken in your thinking.
You do have the patience, you have everything. It's just a matter of tuning in to it, to unlocking it.
Try Meditation or Yoga and you will soon be living, and just spending an hour or two in front of the screens but with double the income.
Cako and Bloom have been unfortunate casualties of our war this week, both suffering with eye injury. Maybe I am wrong but wouldn't be surprised if too many hours in front of a screen has contributed to this.
Just some food for thought.
__________________ 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
Having looked at the 4hr charts we monitor this GBPCHF appears to be the best possible set-up at the moment.
At the top is the 4 hour chart with the support and resistance going back to the Spring of this year. A break of this support could be a good opportunity for further falls.
Both daily and 4hr CCI's are below 0.0
At the bottom is the 5m chart with a little support line also. A break of this 2.0330 on Monday may see a little sell-off and eventually trigger a free-fall if we can take out the previous lows at 2.0285
That's the theory anyway.
__________________ 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
GBPCHF: On the 4HR GBPCHF chart do we want the 7CCI to retrace above 0.0 or are we looking to enter this trade on the 5min chart and then use the 4hr to see whether we should stay in for the longer term.
CHFJPY: I have been looking at the CHFJPY 4HR Setup. Is there are 1-2-3 short from breaking the 1500 ma and then hitting underneath the 50ma. When the 7 cci crosses to 0.0 I would probably pull the trigger.
What do you think of a possible long term short on CHFJPY?
Hello Mr. FX Pimp
I enjoy drinking alot while trading though you would want to know .
Thank you for the 5 m templete was wondering due to the fact of my drinking and eyes getting crossed Could I have arrors alert me for a trade cant really use audible alerts.
Thanks
Matt
I've done a plethora of thinking and going over some things in my head this weekend. I could have walked away Friday with +44 pips early but I wanted to continue trading as well as continue being greedy. Where did this leave me??? Well at + 17 pips instead of 44!!! Not very wise on my part! I'm not very sure when it's really time to draw the line. Sometimes I feel like my trades are going good so why not continue to keep on trading? I see it as I can keep making more money but the result is in fact the complete opposite. The hardest thing I find about trading has to be the psychology of it all. Whether it be the amount of money your willing to risk, when to get out, when to get in, how far your willing to let any trade ride, it's all quite frustrating sometimes. I've been constantly working on rules and guidelines for myself to follow but I seem to be breaking them as well as not trusting my instincts. 80% of the trades I stop myself out of end up going my way shortly later. Although I'm taking small losses, when there are numerous ones it tends to add up rather quickly. I don't know what the real answers are to any of these things I second guess myself about but I just wanted to share my thoughts with the rest of my friends in case anyone was experiencing the same nonsense. Myself, I'm going to try and follow by some of the rules I've made for myself and just wait for the good trades and the right times instead of taking mediocre trades. I think my major problem is patience is not one of my virtues. But like my friend Scorps tells me, I have to be patient and wait for the right ones. I see it and know that all you really need is one or two good trades a day to make really good money in this business. I'm trying to be an over-achiever (which has haunted me my whole life) I think I have ADD or something. I need to learn how to be satisfied with having a decent or good day and quit shooting for a freaking life changing experience in one day. I hope if there are any beginners out there experiencing the same issues as me this eases your mind a bit to know your not the only one. I'm looking forward to trading with all my friends in the room this evening and I hope you all had a great weekend. My thanks goes out to all of you for being so generous with trading ideas and strategies, you all know who you are! And a special thanks to Mr Pimpy Longstockings for all his hard work. Cako, my friend I hope your eyes get better soon so I'm not the only naughty one in the room. I hope your eye gets better too bloomy (try some herpicine) haha ha lol, just kidding my friend!
You are certainly not alone with your psychology problems, it is one of the most difficult hurdles to overcome in trading and has been one of the biggest things to hold me back. I know many more traders who suffer the same problems so you are not alone.
I can truly, honestly say that without the fantastic support, endless patience and genuine care of Dan and Pimp I would not still be trading today. Finally for me it is just starting to come together, slowly. The fog is lifting as they say and I am starting to see entries clearer and have the confidence to take them. Dan and Pimp are my trading mentors, without them I would have pulled out my hair long ago with the frustration of trying to master this game and my genuine gratitude to them both will last forever. They have continually encouraged me, kept me going, told me it would all come together eventually, and they have been right. Dan suggested I cut down to a few pairs and become a professional in those, and it is a strategy that has worked for me personally.
Everyone is different, and that goes for trading styles as well. Entries are a science, exits are an art. Everyone has their own view on exits and I am sure Pimp and Dan will share their thoughts and pearls of wisdom on the subject. I will say that there is nothing like a few winning trades, however small, to boost your confidence and give you a platform on which to build. As Pimp said in an earlier post, with this strategy you only need 25 pips a day to make some serious money and I know you can do that.
Without doubt there is no substitute to trading as a group, with all your friends around you. The Boiler Room, with Pimp guiding the way, is just great; how lucky we are to be a part of such a fantastic community and thanks again to Cako for setting it up.
So hang in there Vamps, I'm glad you are trying to be more patient and I'm sure it will pay off in the end. And as my mentors have told me many, many times - it will all come together, just keep going. You're just lucky you have never had to wear Pimp's dunce hat like me!
at $1/pip - RELAXED 125 pippers!
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Hang on in there Vampy - listen to your Mentors
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