Pimpology Lives On - Intensive Care for Newbies - Page 28

Om_Salat · #**271** (**permalink**) 07-13-2009, 04:41 AM

Sweet way to start the week on GBPUSD. Price tried 3 times and could not break through the 38.2 Fib level on the H4 time frame. Zoomed in to the M15 chart to look for entry point.

On the M15 chart, price bounced of the 38.2 Fib level was confirmed along with the two bounces of the M15 80MA. So on the red candle is my short entry. A little bit early before the break to the M15 bottom trend line, but when it's gotta go down, it's gonna go down

. Also 7CCI and the 21CCI is breaking the 0.0 level and the 84CCI is below the 0.0 line. So EVERYTHING is saying down, no more confirmation is needed.

Took out half position at Support 1. Full exit target is at the 138.2 Fib level, just a little bit below Support 2. There's no need to be greedy and shoot for the Support 3 level. Besides, the rule says 38.2 -> 138.2. Besides, if you take a look at the H4 chart, this down move could be the making of the right shoulder of an inverted head and shoulder formation.

I'm moving my stop to break even and putting a 65 pips trail stop. If this second half of my position get stopped, I'll still have 52 pips profit from the first half of the lot.

Salat

rosrby · #**272** (**permalink**) 07-13-2009, 05:17 AM

Quote:

Originally Posted by rosrby

Hi Salat, can you also please send me the template to my adress: wgq8874@yahoo.com
Im a newbie here in forex world..

Thanks Om Salat. Got the mail. Now trying to digest the system...

Om_Salat · #**273** (**permalink**) 07-13-2009, 07:32 AM

Target Fib 132.8 hit and not a moment to late. Price is reversing right after it got hit. Pimping Fibonacci rocks...

.

tom89 · #**274** (**permalink**) 07-14-2009, 11:33 AM

Nice trade Om Salat..
Thanks for your sharing

FX Pimp · #**275** (**permalink**) 07-15-2009, 08:57 PM

Keep it up Om. You're doing great.

I am spending more time over on the facebook group so not able to get on here as much.

Busy busy busy.

Come see me!!

marypipins · #**276** (**permalink**) 07-18-2009, 12:05 AM

Hi Om_Salat..

I use to like reading you over at BP.. I was sorry to see you leave..no idea what happened but nice to see you here. I'd like to get involved with this thread and wonder if you or someone else could send me the templates...it would be much appreciated.. lisagottsch@live.com.

Thanks..
Lisa

enesdeil · #**277** (**permalink**) 07-18-2009, 01:34 AM

Hi OM_SALAT,
this thread seems very promising.
I have copied and pasted all the lesson but don't know how to set everything since I am new in forex. Can you please send that template to me also?
my email address is enesdeil@yahoo.com

p/s I lost a half of my deposit last month and just got it back this month. Within 3 months trading, I cannot smell any profit yet..haha..So I am really hope technique in this thread will help me..

Thanks.

marypipins · #**278** (**permalink**) 07-19-2009, 03:28 PM

Thanks Salat.. your a peach... Lisa

Om_Salat · #**279** (**permalink**) 07-21-2009, 06:44 PM

I saw that Resistance 1 is pretty strong as yesterday's high could not really break through it. Also saw that the combined Euro and US session could not seem to break that resistance too and my M30 and H1 fast CCI (green) is breaking my EMA (red). So I took a gamble and entered as price is reversing with a stop loss above Resistance 1.

It's a gamble because there was no clear trend established yet. I'm basing my entry purely on Resistance and CCIs. So it's a pretty risky trade and not recommended. However, the reward made it a risk worth taking or maybe I was just lucky

. Anyways, banked 2/4 of my lot at 50+ pips. Banked 1/4 at 100+ pips. Now I'm leaving the last 1/4 lot to run free with a 200 pips trail stop.

Let's see how far this will go. All H4 CCIs have crossed under their 0.0 lines. I'm looking out for that Support 3 or DS-2 line though. It seemed to be a pretty strong support line as price is having a hard time breaking it and bounced off it for 2 days in a row last week. If price bounces off it again, I'll close my trade. If price breaks through it, I'll close when I see another smiley face on the H4 chart.

Hopefully I'll see price breaks Support 3 when I check my chart tomorrow morning.

PS. I don't use the smiley indicator to base my entry. I use it for my exit signal. It repaints and more often it signals a break out rather than a reversal.

Salat

CodeMuncher · #**280** (**permalink**) 07-21-2009, 07:03 PM

Quote:

Originally Posted by Om_Salat

I saw that Resistance 1 is pretty strong as yesterday's high could not really break through it. Also saw that the combined Euro and US session could not seem to break that resistance too and my M30 and H1 fast CCI (green) is breaking my EMA (red). So I took a gamble and entered as price is reversing with a stop loss above Resistance 1.

It's a gamble because there was no clear trend established yet. I'm basing my entry purely on Resistance and CCIs. So it's a pretty risky trade and not recommended. However, the reward made it a risk worth taking or maybe I was just lucky

. Anyways, banked 2/4 of my lot at 50+ pips. Banked 1/4 at 100+ pips. Now I'm leaving the last 1/4 lot to run free with a 200 pips trail stop.

Let's see how far this will go. All H4 CCIs have crossed under their 0.0 lines. I'm looking out for that Support 3 or DS-2 line though. It seemed to be a pretty strong support line as price is having a hard time breaking it and bounced off it for 2 days in a row last week. If price bounces off it again, I'll close my trade. If price breaks through it, I'll close when I see another smiley face on the H4 chart.

Hopefully I'll see price breaks Support 3 when I check my chart tomorrow morning.

PS. I don't use the smiley indicator to base my entry. I use it for my exit signal. It repaints and more often it signals a break out rather than a reversal.

Salat

You're using the 3 Level ZZ Semafor to paint smilies, aren't you?