The London Open

Hi Dan.

I took a lot from the room today. Learning all the time, and trying to keep up, but it's all slowly sinking in.

That GBP/CHF you were all talking about on the break of 2.0265, I had some of that and took profit at 2.0426 for 121 pips.
I also took the gold short from $930 that Durti Cash was touting. Got in on the break and out at his target level, waited for a retrace on the 15m chart and jumped back in on the 1st red Heiken Ashi. Still in that at £922 so over 100 pips on that too.
Played the cheeky EUR/JPY that you were talking about but with all those resistance numbers your guys were talking about it wasn't moving very far was it?
Got out with 27 on that one and nothing else doing it for me. The committee seemed indecisive on a lot of the plays, including EUR/USD so stayed out of a trade that I would usually have taken.

Thanks a lot. See you tomorrow

Hi Dan and FX Pimp

What is the room being spoken about? Is there an educational room Dan is running?

If so, is it open to new members Dan?

PM me the details please.

Jeremy

Hi Guys

Take a look at CRUDE falling off with the EURUSD...

Patience is the key...

Look at the crossover of the CCI's

Dan007

I took that crude trade too Dan.

300 pips in 2 hours using the same strategy. To be honest I have a 21 and 84 CCI on a 15m chart but bloody awesome combo.

Thanks for the leg-up !

Hi Dan & all,
Had interesting day today, thought the market was going one way, then reversed & took the other direction - Dollar strength to dollar weakness.
Got caught out first on the USD/CHF. Then noticed the USD/JPY holding support while the GBP/USD rallied and made 110 pips on the GBP/JPY long. Looking back in the afternoon, could have made 240 pips but I thought it was tiring - looking back eh!
Also had a good session on DJI yesterday - made 106 pips.
Although I made a few silly mistakes today, my profitable trades far outweighed my losses - so great news in very difficult market conditions.

Cheers Dan & all.

Simon.

Hi

I have a few questions on Dan's trade model.

Am I correct in saying you look at the Daily chart to determine trend. To determine the daily trend do you look at the CCI's and they both have to be above 0?
After establishing the Daily trend you move to the 1Hr and wait for the CCI's to both cross zero in the ditrection of the daily trend? Then move to the 15 min and wait for the CCI's to both cross zero to trigger a signal.
I know the MA's are all important and a trade wouldn't be taken if a MA was close by in the direction of the trend acting as resistance.
I realize the distance the price is from the 200 ma on the daily is also very important for a potential retrace.

Where do you put your stops and target levels? Do you place your stops above or below recent tops or bottoms? Are all your trades based on an average SL level or do you have a maximum SL? Say 100 pips?

Just want to know if i'm on the right track.

Thanks

Jeremy

Morning all

Jeremy, i will get back to you after lunch... Wife is waiting and wanted to get this out 1st...

Fantastic positive room today. EURUSD, USDCHF and CABLE fizzled out but no harm done and many of the MBC capitalized on the CRUDE, GOLD and EURJPY which is great.

EURJPY broke below the 163.50 level for an entry and a pullback towards the 200ma. Profit target was support line at 40 point profit and others decided to run it for 100 point profit…This is all down to money management and the main thing the risk was evaluated and it was a high probability trade to take...

GOLD was a great long and alerted a long position around the 920.50/921.50 and took a solid 30/40 pips on this trade back to the 15min 50ma..

Crude was again alerted after yesterdays large fall of 500 pips for a bounce from 131.30… We are now 100 pips up in this and watching…if you like it for a long play look at the longer term 4 hour charts.

Have a good afternoon... Road trip this weekend with the family..Going to check out some nice beaches.

Dan007

Hi all

Do look at Gold...Take a look at the bounce off the 20ma with the 10cci crossing back up above the 0.00...

Simple, effective and v profitable

Dan007

Hi dan

Am getting a bit confused. On the Gold chart you've posted exactly what MAs ad what time frames are they in?

my 15min chart seems to look different. what colours are you using as well?

Thanks

roc

Hi Mr Rockwell,

I have been using Dan's strategy for a bit, so may be able to help you.

This looks like a 15m Gold chart from this morning, with the 20ema & 50sma from the hourly chart.
If you don't have the MTF MA then simply put an 80expo and a 200simple on your 15m chart. Easy !! I hope this helps.

Another great day for me Dan bar one hiccup. Accidentally shorted the FTSE250 instead of the FTSE100. Sheeeez, there's a 30 pip spread on it and it moves half the pace of the FTSE, which is a 1 pip spread. Work that one out.

Apart from that, which cost me 15 pips, I stole 87 on GBP/JPY with a cheeky short on the break of the 20 m.a with CCI crossing, 70 on EUR/JPY and 71 on GBP/CHF with a similar strategy. 62 on the Xetra Dax with a nice 15m continuation play. 60m CCI in still negative and 15m CCI recrossing, then 84 on a Crude pullback from yesterdays fall and a similar story on the Gold, as you've posted here, just for 32 pips.

Over 300 pips for the day though, Dan. You'll never know how grateful I am for all your assistance and encouragement in the past few months.

Keep up the good work !

Thanks FX Pimp...may i just call you pimp?!

a question for you though. which time frame do you use predominantly for your entries? am slightly have been slightly confused by the mas to use. I do have MTF so just to confirm;

(1)the 15 min chart uses ONLY 60 min 50sma and 60 min 20ema (using mtf to get the right periods)

(2)the houry, 4h and daily use 200 and 50 sma plus 20 ema.

(3)In addition i understand dan overlays the daily 200sma 50sma and 20 ema on the charts.

Have i got it all right or am i completely of base?? thanks in advance for your help

rocwell

Hi everyone.

Just a few more questions .

Watching yesterdays price action i could clearly see the trades FX Pimp took.
I didn't take them as i'm just trying to learn Dan's trade model.

Do you wait for the 1hr candle to close to confirm a trade or is it ok to enter before the 1hr candle has closed on a confirmation on the 15 min chart?

Dan on your charts i noticed you have bar selected but the chart looks like a candle?

The colours change on the CCI indicator. Do you wait for both the 10 and 21 to turn green to enter long or red for short? Is the yellow line important or the blue? What do all the colours mean if anything?

I really like this thread and Dan's trade model. I hope to learn it better over the next few weeks.

Thanks

Jeremy

Hello Everyone,

Great thread, 007! I just noticed this thread recently. I was going to respond earlier but it's been a very hectic week. I've also been playing around with some CCI systems on a demo lately. I first looked at the Woodies 14/6 but found it a bit too choppy. Now I'm messing around with the "Dr. Bob's" CCI system, which looks similar to what you've posted here. I found that the longer CCI helped keep me in the trend(though my trading is still sloppy). I had not thought about putting hourly moving averages on the 15 min chart, that's a great idea.

I have to say, I'm amazed at all the great stuff I've been reading here the last few days. There seem to be quite a few pro traders around here. I registered here a while ago, but sort of became frustrated and disillusioned. I was way too much into daydreaming about getting rich and kept jumping from system to system, using terrible money management. I now realize I need to learn the basics. For example, I've read some great stuff here about using multiple lots to lock in profits and moving stops as the trade runs. Hopefully, I will be able to contribute more as I learn more. So, for now I would just like to thank all the traders who have been sharing their knowledge.

racetrack

Oh, and that ShakesFX guy cracks me up.

Hi guys,

Was just perusing, killing time doing nothing but studying charts so thought I'd drop by and say "hello".

Rocwell, you can call me what you like. I'm not a pimp in real terms, but in the FX world I do love to see my broker prostituting himself in order to pay me handsomly each week. Nothing quite like that. Very satisfying indeed !

To answer your question my main focus of attention is on the 15m chart once I have established from the 60m and daily, that there's a possible trade approaching.
I like to trade against the trend on having established Dan's whole 'elastic-band' theory.

I tend to have 3 books running, which are my 15m, 4hr and daily books.
I just work from the daily on one book, the 4hr on another and the 15m for my short-term 50 pip scalps, so sometimes I am long on one book whilst short on another book. ie. Long on crude on daily book, but short on 15m book and so on.

All the methods of my madness incorperate Dans strategy as they are the most stable I have ever seen. They're not too complex to understand and in just a few months of using them I have gone from a 1m chart sniper for 50 pips a week to a slightly longer term outlook kinda guy for in excess of 1000 pips a week.
More importantly, I know these strategies are not unique and obscure because they work, meaning there must be many hundreds of traders consistently using these methods worldwide. The 20 ema always offering great support and resistance whatever timeframe is my favourite tool and coupled with the CCI's is a real demon.

Did you ask about bar selected on the chart ? They're not bars nor candles. They are Heiken Ashi. Based, I believe on a 5 CCI just to confuse things.
I don't worry about them having to close above/below a certain level. I believe that once a support/resistance level is breached, my CCI21 doesn't lie !

I hope this helps you guys. It's certainly good to see you on here adding a little bit to the equation. It'd be really nice to get a few more guys on here so we can all share in Dan's wisdom and maybe input something of value ourselves.

Have a great weekend guys.

Le pimp

chart setup?

ok i have been trying out this technique but havent done so well. I think im missing quite abit looking at the charts again.

Am i right in thinking that i should have the following chart setup...

15 minute chart
----------------
50 sma - daily
20 sma - daily
200 sma - 60 min
50 sma - 60 min
20 ema - 60 min
20 ema - 15 min
5 ema - 15 min

4 hour and 1 hour charts
------------------------
50 sma - daily
20 sma - daily
200 sma
50 sma
20 ema

cci 10
cci 21

Dan is my chart setup correctly? before i ask anymore questions?


Thanks

Hi guys

Just got back from my road trip with the lovely wife and baby daughter.

Totally sunburnt and look like a pink flamingo!!! Where's that Aloe Vera!!!

Great response guys and happy to help.

A few of you have emailed me privately about my trading club..I will speak with the relevant team and see what number we are at, as this will be getting capped at some stage. If you are interested email me at my hotmail account and i will forward on...

Daily chart
-----------
200 sma
50 sma
20 ema

15 minute chart
----------------
200 sma - daily
50 sma - daily
20 sma - daily
200 sma - 60 min
50 sma - 60 min
20 ema - 60 min

4 hour and 1 hour charts
------------------------
200 sma - daily
50 sma - daily
20 sma - daily
200 sma
50 sma
20 ema

cci 10
cci 21

Looking forward to next week...Its so good trading with a positive team and a lot of fun making money with others.

As mentioned if you want to learn about the team ask Pimp or send me an email and i will advise...

Target this week is a solid 1000 pips. Bring it on... Pimp i am going to out do u again!!!

Dan007

Bring it on ??? Bring it on you say ??

Lying there in your leopard skin speedo trunks, sporting a colour that Geri Hailliwells hair stylist would be proud of, and you're going to beat-up the Pimp with that antiquated pip-ometer of yours ??
you do make me laugh 007 !!

O.K, so here's the deal. We all need to club together on this one guys.
I'm going to post the trades I take (London Session only) and you're going to post the ones you take and the innocent bystanders can be the judges !

It'd be great to get a bit of friendly competition going, as well as the bitter rivalries, don't you think double-o ??

What's your pick of the week in advance then ? And don't give me that fundamental nonsense !

Show me your hand and Le Pimp shall reveal his !

Great to see a few other guys joining in the banter. Just a few more and I may start my own thread. hahahaha !!

Don't forget the Nivea Danny Boy !!

p.s. I've been trying to pimp-my-profile. Any clues as to how I can add a picture. The one I tried was unsuccessful. Why was that ?

Oh, and before I go. Nice to meet you, racetrack. You should really try sticking around here a bit. try these strategies with patience and plenty of practice, stick with them and stop searching for a holy grail. I have done the same for weeks, months & years and have come back full circle.
Don't get me wrong, I'm not trying to preach to you or teach you how to suck eggs. Oh no. You've probably more experience than me, but I do believe, very strongly, that this little group of people on here, that is growing slowly but surely, can help each other make at least 10,000 pips or more in the remainder of this year. If you're prepared to input the time and effort, I'm sure everyone else will help make it happen for you. Good day to you, Sir

Ok Pimp you are on...

Leopard skin speedo trunks, sporting a colour that Geri Hailliwells hair stylist would be proud of!!!

That has to be the quote of the week!!!

Nivea and Aloe are out in full and mixing it by the bucket load watching The Euro Vision Contest...Did i actually admit to that... My wife has watches it every year and i get stuck watching it...What a load of......hahha.

Ok Pimp i will keep posting after our live room at around midday each day and we'll see how we do. Good competition never hurts!!!

Hi Dan007,

Just a query. Whats the significance of using 2 CCI with different settings, 10 & 21? Why not just one with the standard 14 setting?

I use 2 CCI's as the shorter term picks the retracements within a trend..So if you have missed the entry you can still get in on the 2nd wave..

They show me the momentum brilliantly and i use different time frames depending on the trade and how confident i feel on the trade..

You all know that no trade is a sure thing and its a risky game we play but its about playing high probability trades and thats how i teach...If you analayse well and stick to the rules with the MA's and the CCI's, you are giving yourself every chance of getting these trades right..