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Thanks.
Asian session took out all the big pips from you europen and us session guys I guess.
When the MAs are aligned in the right order in the higher time frame, GOOD THINGS HAPPEN and start scalping the lower time frame. In my case, the H1 MAs are aligned right and I got lucky I was watching it when it started.
I got in a bit late for the USDJPY and EURJPY. I took one trade for H1 time frame on each currency and got busy scalping the M15, M5, and even M1 20MAs bounces using bigger lots for smaller 20 to 30 pips gain. I used 5 lots and bank 3/5 or 4/5 at 20 to 30 pips and let the rest go with trailing stop loss. You never know when the H1 move is going for a retracement. Darn, all of my EURJPY scalps just got stopped.
Done good today with only one loss today. I'm still figuring out what's the ideal initial stop loss for each currency are for their corresponding time frame.
Salat
BTW, is EURJPY forming a head & shoulder right now? I think if it does not go above 128.95, it is forming one. I'm look out for 1-2-3 going down.
Can someone please help me with a potential entry on GBPUSD on 5 m today at 700 GMT?
Here is what I looked at, but couldnt decide when to enter and where to have SLs?
At 0655 GMT today, on 5 m GBPUSD, 63 CCI crossed down over the zero.The 4/20/60 EMAs were stacked in correct order and very close to each other.
However, the 252 CCI wasnt below zero then and 4CCI was way below 100. According to my understanding, we should wait for 4CCI to retrace abvoe zero and once it breaks zero, towards downside, we pull the trigger.
This thing occurred at 0740 GMT hours and the prices had already fallen by 25 pips. Had we entered then (740 GMT) when trigger occurred, what would have been our SL ? And what would have been the target?
In case there was a better entry awaiting, kindlyt let me know how to enter?
I got rid of the Heiken Ashi indi and switch the chart to Line chart. The price is the Yellow/Gold colored line. You can change it by pressing F8 on the function key and change "Line Graph" color to whatever you like. With this chart, I don't get distracted with green-red-greed-red candle color changes. When price goes up, we know it's always green, and always red when it goes down.
I can see the Forest (trend) without the trees (candles) distracting me now. I can see 1-2-3s and breaks much easier too. For price action, I monitor the CCIs, MA bounces, and Divergences (Lower highs and Higher highs stuff, I think it's what 1-2-3 is all about).
There's no way I'm going to get scared out of a trade by a retracement anymore now. I just keep my stop loss at where Zak said or set the MT4 trailing stop to 100 pips or so and leave my PC and go to sleep (I'm at GMT +7, so Euro opens in the afternoon and US opens in the evening for me).
So before I make an entry, I make sure that I trade with the pivot trend and use money management. I bank 3/5 of my lot at between 20 to 30 + pips and move my stop loss to 20 to 30 pips minus 5 and the spread the oposite direction. If I get stopped by a retracement, I will always have 1/5 of my lot that I banked at 20 to 30 + pips. The other 2/5 that get stoped by the last 2/5 lot is still 5 + pips because my stop loss is - 5 of pips I banked. I can't wait to graduate to where I can go with 3/6, 2/6, and 1/6 profit taking.
This way, I'm trading stress free. No more cursing and yelling when price retraces because I know where the trend is going. I'm actually enjoying this now and thinking about going full time. Of todays 6 trade, I've only got 1 trade loss with -80 pips because I got scared, but I gained +320 pips. I still have more than 300 + pips trade running in auto stops loss mode following the 50 MAs. I also still have another 2 trades running continuing from last week. Something I would not have done before until I learned about the 50 MAs stop loss.
Pimpin' rules . I wish I had learned this much earlier before blowing my previous 2 live accounts . They're micro accounts, but still my money down the drain.
So what my rambling is all about is, trade with the trend and the MAs, enter with CCI, 1-2-3, or break, and always use money management and stay calm and brave.
Just sharing my thought and learning experience and hopefully I haven't bore anyone to death. Besides, our man, Zak won't know if we get what he's teaching us if we stay quiet. The worst that can happen is Zak or anyone who understands this better will set us straight if we get it wrong .
Salat
OM Salat ,
Me from Asian zone I mean I am from Bangladesh and glad to meet you my friend.............
You are very helpful and this thread teaches me many things really.....
Todays lesson is all about moving averages and how best to get full potential of your moving averages.
However, I have some minor difficulies with my charts so cannot display nor take a snap shot at this time.
I will endeavour to get the lesson up today but if not then 1st thing tomorrow.
Sorry for the delay.
Hi Zak,
this is a great thread. Thanks for sharing all of this information with us.
--Yarizona
Parshyip, would you mind posting what triggered this trade? As I can see from your charts, neither of higher frame CCIs crossed and neither did MAs.
Did you take this trade on 7 CCI crossover in a higher time frame uptrend trade?
Parshyip, would you mind posting what triggered this trade? As I can see from your charts, neither of higher frame CCIs crossed and neither did MAs.
Did you take this trade on 7 CCI crossover in a higher time frame uptrend trade?
Hi Ag_fx. I'm not claiming that I know what Parshyip had in his mind as I'm not a mind reader, but looking at his chart I think he's playing either the bounce of the M15 20MA support and the cross of the Monthly and Weekly pivot lines or both. Take a look at his chart that I added a few lines on it below. Here's the way is see it;
1. There was a break of both the Monthly and the Weekly Pivot resistant with the 7CCI crossover.
2. the 21CCI going back up.
3. Although both the 7 and 21 CCIs being overcooked, the 84CCI (or the H1 21CCI) is not. So it's still safe to enter. IMO, he was just a bit late to pull the trigger (thick blue vertical line) or he was waiting for price to cross over the resistant (red horizontal line) above Monthly pivot to enter. Please refer to post #30 on Zak's CCI cooking tips and post #24 for shooting tips .
Good move Parshyip .
However, not to put down a good trade that Parshyip had, personally, if I was to enter this trade, I would have entered at the thin blue vertical line where the 7CCI just crossed the 0.00 line (Second picture). The 2 and 7 MAs are close together as they crossed the red Monthly and the Olive Weekly pivot points for the third time makes it a good break-out to pull the trigger and the 2MA line color change to blue confirmed that price was moving up. For break-out, read post #97.
The 2 Exponential MAs (the MA on the second picture that changes color) is a good indi to have and I have it on all my charts time frame from M1 to Monthly. Together with the 3, 5 or 7 EMAs, it could help you differentiate the good from false breakouts. Try them on and do some back test to see them in action.
If you like my 2 MA indi where the color changes, it's atttached below. Use it only to pull the trigger to enter trades. The most important color on it is yellow. It's like the yellow traffic light. Get ready to stop or get ready to go. Whatever you do, DO NOT go or enter a trade when it's yellow. And of course, you CAN NOT base a trade entry just relying on it, watch your other MAs and CCIs too. My settings for the indi are show below. You can also change the other 2 colors to your liking. Or you can use MT4 MA indi with a setting of 2 periods, Exponential, and apply to Close.
My stop lost would be at the 50MA (black horizontal line) of just about 20 pips below. Earlier on, I said about not waiting for a candle to close when you see where price is moving as it just make your initial stop loss get bigger and bigger. This late entry would add another potential 10 to 20 pips loss if my initial stop loss get hit. Also, it cost me between 10 to 20 of potential pips that I could have earned when entered at the right time.
Price is not going to wait for anyone. When I see a potential trade coming, I hit the F9 key and get ready to click on the sell or buy button already. I don't wait for the trigger to come out, and then fumble to hit the F9 key on the keyboard. Even then, it sometimes takes quite a few more seconds for MT4 to get my order booked by the broker that price has run away 5 to 10 pips from when I clicked the buy/sell button. This delay happens way too often I'm starting to think that my broker is messing with me. Or maybe I'm just being suspicious for nothing, and it's my internet connection that's lousy. Could anyone tell me if this booking delay occurs on their system too?
Almost forgot. For Stop losses, read post #47. Although it is for trailing stop loss, I think it should work as initial stop loss as well as long as it's not too far away from my entry point and the immediate resistant/support. You could also use the previous candle swing as the initial stop loss, and in this case both are at about the same price.
I hope all this is of any good to anyone. No offense intended to Parshyip or anyone.
Zak or anyone, please correct me if my interpretaton is wrong so I can be better.
1. There was a break of both the Monthly and the Weekly Pivot resistant with the 7CCI crossover.
2. the 21CCI going back up.
3. Although both the 7 and 21 CCIs being overcooked, the 84CCI (or the H1 21CCI) is not. So it's still safe to enter. IMO, he was just a bit late to pull the trigger (thick blue vertical line) or he was waiting for price to cross over the resistant (red horizontal line) above Monthly pivot to enter. Please refer to post #30 on Zak's CCI cooking tips and post #24 for shooting tips .
Good move Parshyip .
I hope all this is of any good to anyone. No offense intended to Parshyip or anyone.
Zak or anyone, please correct me if my interpretaton is wrong so I can be better.
Salat
I think this is an excellent explaination Salat! That's how I read it as well.
Hi Ag_fx. I'm not claiming that I know what Parshyip had in his mind as I'm not a mind reader, but looking at his chart I think he's playing either the bounce of the M15 20MA support and the cross of the Monthly and Weekly pivot lines or both. Take a look at his chart that I added a few lines on it below. I hope all this is of any good to anyone. No offense intended to Parshyip or anyone.
Zak or anyone, please correct me if my interpretaton is wrong so I can be better.
Salat
Thanks A Lot Salat...Things appear much clearer now....Guys like you help newbies like me reach to your levels...
I think this is an excellent explaination Salat! That's how I read it as well.
Happy pipping,
WOW!!! One of the Old Pimping school graduates agreed with me and gave me a compliment! I'm honored. Thank you
Quote:
Originally Posted by ag_fx
Thanks A Lot Salat...Things appear much clearer now....Guys like you help newbies like me reach to your levels...
Thanks a ton
And I hope I get to learn continuously here
Happy Trading
Sure thing AG_FX. By helping you I'm actually helping myself to better understanding of how it works. Your question works like a pop quiz here in Zak's Pimpology class room. If I pass your quiz, it means I'm getting a better at Pimping. If I don't pass, someone who knows better would probably correct me and tell me where I erred. So it comes back to me two folds .
I'm recomending others to get more active with questions and try to answer peoples questions too, that way Zak would know were doing and what needs to be straightened out. There's no shame in answering wrongly, as the worst that can happen is that you get your answer corrected and you get a better understanding.
BTW, I'm a newbie too! If you check my status, I've only been here since October last year, that's only about less than 2 months after I started my forex trading experience! Before that, I don't even know anything about MAs, or CCIs, and all I know about candles are the one I light up when there's a power outage at night .
. I wish I had learned this much earlier before blowing my previous 2 live accounts 
. They're micro accounts, but still my money down the drain.
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Linear Mode
