The London Open

[FX Pimp]

Originally Posted by Dan007

Hi all

I know its cheeky but took the bounce off the 200ma's in the USDCHf and EURUSD...

They both hit the 200ma at the same time and couldn't resist..

FX PIMP, yes great trade on Crude... Doesnt get better than that..

Cheers
Dan007

You know, I love doing those bounce moves. I really wanted it on the DOW this morning but felt guilty with people in the room going long on FTSE.

[rockdrive]

Originally Posted by Dan007

Hi all

I know its cheeky but took the bounce off the 200ma's in the USDCHf and EURUSD...

They both hit the 200ma at the same time and couldn't resist..

FX PIMP, yes great trade on Crude... Doesnt get better than that..

Cheers
Dan007

Hi Dan,
What sort of entry do you manage on the trades? Did you wait for the first green HA candle, or were you bolder than that. The master teaching the pupils......
Vive Le Pimp and Le Dan

[rockdrive]

Originally Posted by FX Pimp

You know, I love doing those bounce moves. I really wanted it on the DOW this morning but felt guilty with people in the room going long on FTSE.

We are so unworthy.....I got out of usd/chf as it was not going anywhere quickly, but having looked at the charts cci all the way, and a good 40+ pips would have been secured. I'm being patient, but need to be MORE patient. Excellent on the Crude...I was taking lunch with the boss and frankly it was all over when I returned....should have had a pot noodle
Le Rock

[FX Pimp]

Originally Posted by rockdrive

Hi Dan,
What sort of entry do you manage on the trades? Did you wait for the first green HA candle, or were you bolder than that. The master teaching the pupils......
Vive Le Pimp and Le Dan

As per my chart I waited for the little move up on the crude this morning, then a little 3 candle retracement.
On the 1st green candle as soon as it starts moving I'm hitting it and out within 4 candles.

Lovely Jubbly

[rockdrive]

Dan / Le Pimp,
On your respective 15m charts I noted a difference on the CCI's. Le Pimp is using 20 and 80 versus Le Dan 21 and 84. Have a missed something? Sorry if I am being dense (hey I am Rockdrive!)?
Yours densely,
Rock

[FX Pimp]

Originally Posted by rockdrive

Dan / Le Pimp,
On your respective 15m charts I noted a difference on the CCI's. Le Pimp is using 20 and 80 versus Le Dan 21 and 84. Have a missed something? Sorry if I am being dense (hey I am Rockdrive!)?
Yours densely,
Rock

My CCI is an 80 and a 20, yes. I just like being awkward and it really makes no difference. I'm a bit of a stickler for organisation and I figured if my M.A's were 20 & 80 then my CCI's would be as well.

I'm a tight-fisted chap and if I can get myself in 5 pips quicker then I can submit my order before posting my entry on the chat in the room.
As a bloke I'm not great at multi-tasking. Should Dan get me up on the mic once I've seen the 84 cross and ask for my verdict I cannot submit my order until after we finish talking, but it really doesn't make a lot of difference.

I also use a 34 ema as well as a 20 ema on my 15m chart even though it's not standard practice, just preference.

[FX Pimp]

Morning Fellow Pip Hunters,

Awhhh, Had I only has the brains to stop and reverse my Crude position up at $140 I could have nailed an additional 700 pips on the way down.
Hindsight's lovely isn't she ?
It concerns a great deal taking on big positions on Gold in one direction when Crude looks like it wants to possibly go in the opposite direction.
Having said that Crude has not made any significantly new lows, it's just that the $140 price-rejection was frightening.
Gold does look well supported though at this time and it would be no surprise to see it back above the 4hr 200sma which is only 40 pips away.

My long awaited short on USDJPY finally started to move, some 72 hours after submitting the trade on Friday afternoon. Ohhhhh, the joys of trading.
It could be coming-off a bit more this morning but I like GBPJPY a bit more.
It's no less than 600 pips down to it's 4hr 200 m.a and although I'm fully aware of the risks involved in trading against the trend, it's performed a little 1-2-3 on the 15m chart so I'm already just below the '3' at 212.17 with a stop at 212.47.
Again, just a 30 pip stop on a possible 100+ pip move is far too appetizing for this time of morning. I've never played this with a stop of less than 60 in the past and with just 30 this time, my preferred 2:1 minimum target ratio of 60 pips is potentially only a few candles away.

Not really sure how much further USDCHF and EURUSD will travel this morning. Yes the technicals are tres bonne, BUT take a look at the 84CCI. It's alredy in the 'hundreds' and I'm much prefer to see a bounce off the 60m 20ema, or at least the 84 coming from the 50's.

Must be coffee time. Have a good day all.

May the pips be with you

[FX Pimp]

Well, Well, Well,

A very tough day at the office. A few pips in the offerring for the lucky few but some of you getting conned into the oldest trick in the book. Jumping in long at the top and jumping in short at the bottom.

I can't emphasize enough how important it is to look at the 84CCI levels.
I will NOT go long with a much higher than a +50 reading, or short with a reading of much lower than -50. Why?
Well, the 0.0 is pretty much the m.a of that period, so selling with a reading of -150 on your 84CCI represents 150 units away from your 84 m.a (60m 20 on a 15m chart).
Since the 60m 20ema is your main immediate resistance level, why go short with that some 70 pips away?
Play off that level (CCI at 0.0) and your stop loss is much more sensible and the elastic band on that ema alone is that much more relaxed.

It's unfortunate that these lessons are being learnt the expensive way, but who wants to play USDCHF with a 70 pip stop ? Not me.
So I miss a few good set-ups, but the ones I do get into tend to represent a much higher probability trade.

Do some back testing on the 60m chart with the 21 (15m 84) and 84 (4hr 21).
When these are both near to the 0.0 is when we get the big moves and when they are both -100 or -200 is when we see most falls reversing.

I attach a chart to demonstrate this perfectly with a 60m Chart.
The green vertical lines show the overbought CCI's and the red vertical lines show the oversold CCI's.
Even with NO m.a's one can see how it's possible to trade these levels in the opposite direction and therefore, not advisable to be jumping in short just because both are down or long because both are up.

That's the Pimp-Trick of the day. I hope it serves you well.

[Dan007]

Hi all

Well done to those who took the GBPJPY short... Cable was unreal but the break of the 50ma in GBPJPY showed a clear pullback for a few pips.

Messy morning but settled down for a couple of possibilities.

Well traded.

Dan007

[Dan007]

Hi

CRUDE is dragging GOLD which could drag EURUSD... Dont jump in too early as we need to see break of the 20ma... Maybe a 123 play.

Still messy though....

Dan007