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Take a look at this weekly chart of USDCAD.
We don't look at weekly charts a lot I know, but its often worth a glimpe.
I have a standard 20&50 on here along with a 100ema and 250sma, which are my monthly 20&50.
The price is presently right up against the monthly 20 and a resistance line dating back to 2004 !!!
Price is slightly overbought still AND weekly 20 is still below the 50.
I'm not saying it won't go, but well worth bearing in mind
__________________ 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
Anyone fortunate enough to have stayed out of the GBPCHF 4hr play may be rewarded with an entry IF and when this support line gets broken.
If you are in it then Hold it for the time-being.
I have plotted the approximate trajectory of both the 4hr 20&50 moving averages on this shot and IF the current direction plays-out then I would expect the 20ema to reach the support in 6 candles time and the 50 in 14 candles time. So 24hrs from now would be make or break time.
Maybe an order below the support
__________________ 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
Is this the start of the move of the GBPCHF play posted above?
It's looking quite promising from this 5m chart, making new lows at long last.
__________________ 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 trust you are all keeping well and taking some great trades. Some of you may know me from previous forums & websites. I have just returned from my 4 week holiday in Kenya, which was really nice. A big thank you to all the guys who have emailed me and sent their regards via various means. I will respond to each email as soon as I can.
For those that don't know me, I have been trading for around two years following the strategy that is executed in the boiler room. I specifically follow gold, EURUSD and cable and intend to become a specialist in these three.
I'd like to take the opportunity to thank FXpimp, for his continued hard work and commitment in setting up this thread and for helping people understand the strategy that we follow. You have clearly been busy whilst I was playing with the monkeys lol.
I look forward to working with you all over the coming weeks and months.
I'm a fresh new leaner of the Pimpology Madness, and I hope we all make a team of sucessful traders...
I have some questions about it...
1)What parameter makes the sound alert plays? as it has played like an hour ago (GBPUSD) but i cant see any clear sign of entering the market...
2) The M5 Madness doesnt take into account the Oil-Gold price behavior?, i mean, all i need to operate is found within the 5M Chart (CCI's, EMA's, Pivots) or do i have to check anything else??
3)Always is required or advisable to operate after a trendline is broken, or i can operate within the trend with the Pimpology, as i have seen the previous posts that the PIMP most of time drawn trendlines broken ...
Thanks Pimp for sharing your knowlegde.
My best regards.
GBY.