yes... but... with moves like that you can catch enough pips for 2 weeks of trading
- Post #2,522
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- Oct 17, 2007 11:32am Oct 17, 2007 11:32am
Interesting to see how our thoughts are different...:
Magnus
- Post #2,523
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- Oct 17, 2007 11:39am Oct 17, 2007 11:39am
- | Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts
- Post #2,525
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- Oct 17, 2007 12:01pm Oct 17, 2007 12:01pm
- | Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts
Alessandro (and others),
Studying your charts you just posted. Every trade was entered when the spine broke the H-line or V-line.
Now, Alessandro, and everyone else as well... I have gone through this thread twice now, making notes as I did. I have bought the eBook. As you all know I document my trades well and have so far captured every full trading day *live* on video...
... so I hope you will agree that I am puting at least some effort in...
... I think I have missed something though...
The Spine. I thought I understood the concept, but after studying Alessandro's excellent trades earlier today, I am definately lacking...
Here is how I have regarded the spine up to now:
The spine gives an indication of the direction in which to trade. Do not trade against it [unless you are not doing any sort of advanced, aggressive stuff]. If the spine cross the H-line and/or V-line at the same time price is breaking out of an area, new recent high, etc, then this is good confirmation. Break of spine by price can be used as an exit [and sometimes entry].
But, after studying your trades Alessandro, it looks likes your main criteria for entry was 'spine crossing H-line and/or V-line', with little regard to the actual price at the time.
Atomz has pointed to me, regarding my trades today:
I will be going through all my trades again tonight, as I do every night.
I believe I have missed something critical here. Perhaps even the core of the Rainbow method. I will be going over the eBook again tonight and replaying todays' action again also...
I think it could be a mental block (like when you were young and just couldn't figure out how the earth was round, because you could look as far into the distance as you could and "see" that it was flat! - or was that just me?: )
Is it as simple as spine breaking H/V-line?
I would really appreciate it if anyone could help me out on this. LT has said screen time, screen time, and yet more screen time. I appreciate this, but I believe I may have a mental block that is really stifling my progress.
Thank you,
Magnus
Studying your charts you just posted. Every trade was entered when the spine broke the H-line or V-line.
Now, Alessandro, and everyone else as well... I have gone through this thread twice now, making notes as I did. I have bought the eBook. As you all know I document my trades well and have so far captured every full trading day *live* on video...
... so I hope you will agree that I am puting at least some effort in...
... I think I have missed something though...
The Spine. I thought I understood the concept, but after studying Alessandro's excellent trades earlier today, I am definately lacking...
Here is how I have regarded the spine up to now:
The spine gives an indication of the direction in which to trade. Do not trade against it [unless you are not doing any sort of advanced, aggressive stuff]. If the spine cross the H-line and/or V-line at the same time price is breaking out of an area, new recent high, etc, then this is good confirmation. Break of spine by price can be used as an exit [and sometimes entry].
But, after studying your trades Alessandro, it looks likes your main criteria for entry was 'spine crossing H-line and/or V-line', with little regard to the actual price at the time.
Atomz has pointed to me, regarding my trades today:
There is no rainbow/spine
I believe I have missed something critical here. Perhaps even the core of the Rainbow method. I will be going over the eBook again tonight and replaying todays' action again also...
I think it could be a mental block (like when you were young and just couldn't figure out how the earth was round, because you could look as far into the distance as you could and "see" that it was flat! - or was that just me?
: )Is it as simple as spine breaking H/V-line?
I would really appreciate it if anyone could help me out on this. LT has said screen time, screen time, and yet more screen time. I appreciate this, but I believe I may have a mental block that is really stifling my progress.
Thank you,
Magnus
- Post #2,526
- Quote
- Oct 17, 2007 12:10pm Oct 17, 2007 12:10pm
the first thing I look for is Spine alredy formed and with good slope.
After I wait for it to cross an H/V-Line and the Flame must go in the same spine direction.
I used to do so many entry but if I can keep the focus on just this......let's see if it will work
After I wait for it to cross an H/V-Line and the Flame must go in the same spine direction.
I used to do so many entry but if I can keep the focus on just this......let's see if it will work
- Post #2,527
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- Oct 17, 2007 12:16pm Oct 17, 2007 12:16pm
- | Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts
the first thing I look for is Spine alredy formed and with good slope.
After I wait for it to cross an H/V-Line and the Flame must go in the same spine direction.
I used to do so many entry but if I can keep the focus on just this......let's see if it will work
Thanks for quick reply.
I think I see it(?). You are taking 5-10 pips each time...
Do you not think that since spine is in direction you are trading in that the general trend is down and you should hold on. Just thinking of all those pictures LT uploaded with large 50, 100, ... drops (or rises)...
Is the whole point to get out quickly? Are you only taking short 5-10 pip trades and nothing else? Nothing longer term?
Thanks,
Magnus
- Post #2,529
- Quote
- Oct 17, 2007 12:26pm Oct 17, 2007 12:26pm
Thanks for quick reply.
I think I see it(?). You are taking 5-10 pips each time...
Do you not think that since spine is in direction you are trading in that the general trend is down and you should hold on. Just thinking of all those pictures LT uploaded with large 50, 100, ... drops (or rises)...
Is the whole point to get out quickly? Are you only taking short 5-10 pip trades and nothing else? Nothing longer term?
Thanks,
Magnus
Magnus I lost so many 5-10 pips in the past few months just because I wanted "let the trade run", you can never know where the price will reverse, so now I'm doing this: the first morning trades I close at 5-10 pips just to put some pips apart and then if I see another good setup and after entered the price move fast in my way, I trail the stop and let it run. but if it reach 30 -40 pips I close the trade and thank God
- Post #2,531
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- Oct 17, 2007 12:30pm Oct 17, 2007 12:30pm
Why longer?
Longer trades will rise your risk.
In and out.
And if your target is small enough( 5PIPS) , you will have the possibility to trade more market situations.
By the way. 10 times 10 PIPS = 100 PIPS
Big profit, too.
Longer trades will rise your risk.
In and out.
And if your target is small enough( 5PIPS) , you will have the possibility to trade more market situations.
By the way. 10 times 10 PIPS = 100 PIPS
Big profit, too.
- Post #2,532
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- Oct 17, 2007 12:33pm Oct 17, 2007 12:33pm
- | Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts
- Post #2,533
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- Oct 17, 2007 12:36pm Oct 17, 2007 12:36pm
- | Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts
Magnus I lost so many 5-10 pips in the past few months just because I wanted "let the trade run", you can never know where the price will reverse, so now I'm doing this: the first morning trades I close at 5-10 pips just to put some pips apart and then if I see another good setup and after entered the price move fast in my way, I trail the stop and let it run. but if it reach 30 -40 pips I close the trade and thank God
Interesting
...So the quick scalps are the core of your method?
I wonder if this is the same for everyone?
Letting it run after you have banked just as a bonus?
magnus
- Post #2,535
- Quote
- Oct 17, 2007 12:40pm Oct 17, 2007 12:40pm
See post #2691. That's a symphony and should say it all!
Interesting
So the quick scalps are the core of your method?
I wonder if this is the same for everyone?
Letting it run after you have banked just as a bonus?
magnus
- Post #2,538
- Quote
- Oct 17, 2007 12:58pm Oct 17, 2007 12:58pm
Interesting
So the quick scalps are the core of your method?
I wonder if this is the same for everyone?
Letting it run after you have banked just as a bonus?
magnus
Yes, I prefer to close for 10 pips but if price doesn't move 5 pips are good.
I'm talking about 5 net pips so the market should run for 7-8 pips.
In the LT Book example he said to close the day with at least 6 pips and to exit on H-line
As I said before, with EFX I almost always enter with 1-2 pips spreed and + 1,6 for commission = 2,6-3,6 pips. So when on Oanda chart you see a move from xxx.10 to xxx.20 , in my trades they are not 10 pips gain but 5-6 net pips
If you re-read "the Ultimate chance" our job is to let the power of compound do it's job, and to do this we need a row of profit. It will never work if you go to -30 pips and make +30 pips again later just to break even, whe must keep the drawdown to a minimum level.
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- Oct 17, 2007 1:10pm Oct 17, 2007 1:10pm
- | Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts
