Linuxtroll Simple Scalping

Quoting italianfx

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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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Quoting prosperfx

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Here are my two cents on profit targets...

I think it comes down to personal preference. Personally I only exit a trade at 5 - 10 pips profit if price indicates the trend may be waning. If I do not see any price action suggesting an exit I hold on to see if the trend will continue.

My favorite technique is to enter a trade based upon the 5 second chart. If the trend is decent, I then look to the 30 second chart to either create a new spine on a trend change, or confirm a continuation of the trend in progress. If I get confirmation from the 30 second chart this suggests that the trend has legs, and I wait for more pips.

Does that make sense?

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Quoting prosperfx

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Here are my two cents on profit targets...

I think it comes down to personal preference. Personally I only exit a trade at 5 - 10 pips profit if price indicates the trend may be waning. If I do not see any price action suggesting an exit I hold on to see if the trend will continue.

My favorite technique is to enter a trade based upon the 5 second chart. If the trend is decent, I then look to the 30 second chart to either create a new spine on a trend change, or confirm a continuation of the trend in progress. If I get confirmation from the 30 second chart this suggests that the trend has legs, and I wait for more pips.

Does that make sense?

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Quoting Yuppie

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Thanks prosperfx, you have also expanded my thoughts on this method


Magnus

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Quoting prosperfx

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I have learned a lot from your great charts!

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Quoting prosperfx

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Thanks for the tip on FastStone by the way! I love it!!

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Quoting ycomp

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I still don't see what's wrong with grabbing lots of pips from yesterday's moves. You can enter a couple of times (or more) depending on your style.

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Quoting prosperfx

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I welcome any and all commentary on my trade. In hindisght, I also noticed that the spine and flame were crossing H lines at the same time I entered. Another confirmation of the trade.

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Quoting Canyouseeme

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Setup looks fine but you seem to not be congruent with your exit criteria = you hold on to the trade if youre only like 1-2 pips in profit or even 1-2 pips down but if you are 20 pips in profit you want to get out as quick as possible.

Why did you exit even though the 30 sec chart showed confirmation of the current trend?

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Quoting prosperfx

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Here is my second trade. I stayed in this trade much longer based on the 30 second chart. My exit was not based upon anything in particular other than gut feel. Right now it looks like it was a good exit.

Feedback please!

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Quoting Yuppie

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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

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Quoting linuxtroll

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Forget about the spine for a few days and try to follow the flame for a week and compare the results...

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Quoting ConTrarion

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The Flame, The Flame , The Flame . Could it be that simple ? Yes - Yes I think it is and then its S/R and S/R . It seems that often we or I should say I take something simple and complicate it with to many details . (KISS) Charge on ,Charge on....Make money LoL...

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Quoting Stan

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Not quite sure what you are seeing, but I do know if you watch that flame in relation to S/R, it is, how do say it in your country, PROFITABLE! lol

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Quoting linuxtroll

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Forget about the spine for a few days and try to follow the flame for a week and compare the results...

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