Linuxtroll Simple Scalping

Quoting Yuppie

Disliked

Here is another trade...

Waited for this one for a while... Trades you plan well in advance generally work out better I find...

Playing things very conservatively just now... Usually more liberal... But just trying different things to see where my comfort zone is...


E/J is really respecting S/R zones today...


Magnus

Ignored

Quoting Yuppie

Disliked

I gave this post that title because the flame threw me :...

Seriously though, I believe I finally understand the flame. The spine I have grasped in the last couple of days thanks to everyone here ...

I have attached LT's modification of eyecelll's chart from yesterday...

This is what allowed me to understand the flame. I studied it for a while and finally realised what I am meant to be watching for in the flame... While I am pleased at this... I am also dis-pleased... Bear with me here... I have spent two weeks solid studying the Rainbow and I only now know what to look for in the flame... While it is certainly not wasted weeks, they certainly could have been more productive!!...

Now, maybe it is just me that had this problem with this, maybe not. I'll take the stance that others may have problems too... What I want to get at is that although we heard the usual "screen time", "follow the flame", etc.. from various individuals throughout the thread... I always found it lacking in substance. I appreciate the requirement of screen time [currently doing 06:00 GMT to 00:00 GMT every day ]... but as you are now aware, I (and so possibly others) really struggled to grasp the flame, and spine to a lesser degree...

I personally learn from examples... So it was not until this morning when I saw LT's modified eyecelll chart that I finally unsderstood how to watch the flame...

I immediately assumed I had missed something throughout the whole thread on this. So I went through the whole thread again and basically came up with very few examples like the one LT gave...

Here they are for your perusal:

nhallmark - on a 1-min chart

nhallmark - on a 5-sec chart

C.E.O. - on a 1-min chart

C.E.O. - on a 1-min chart with candles

linuxtroll - on a 10-tick chart


Now, these are not extensive examples on what I believe to be the way to interperet the flame... The one LT gave this morning was by far the best... Ok, there is some help from hindsight in some of the exits, but nevertheless, a great example of how to interperate the flame...

The main point of this post was to highlight the fact that I personally found core pieces missing in the way the Rainbow was presented. I am not knocking this fantastic thread - far from it!!! - I am trying to improve it both for others and myself. I really do appreciate the way in which LT has brought us the method; espousing screentime and simplicity... I however, take a little bit more than that to learn something...

Ok, maybe I am the first person to find themselves with an inability to grasp implementation of the [admittedly simple] concepts of the Rainbow (other people certainly seemed to be making pips)...

I find examples more helpful that almost anything else. I am sure other people do as well. Alessandro's charts from Wednesday were excellent, and a number of people commented on them (I can now see that he has done the same again today, will check them in a few minutes Alessandro ). Do you guys find examples helpful?

I am going to post a chart or two to try and make sure I am attempting this right... I hope you will critique them for me...


Thanks for listening,

Magnus

Ignored

Quoting hensch

Disliked

Are you sure that's the Asian session high?

Ignored

Quoting atomz

Disliked

Magnus, I have turned your screen (with loosing entry) upside down (to see it as a long entry) and compared it with Amenlo9 winning entry. Not much difference in a 5sec world. Except there is some more knocking on the resistance just before Amenlo9 took the trade. Maybe Magnus entry was not that "clear mistake"... You just get out with small loss and try it another time. Any comments welcome.

Ignored

Quoting Bruno

Disliked

...Very usefull informations...

Ignored

Quoting prosperfx

Disliked

Great posts today everyone! Magnus, I for one have benefited from you sharing your learning journey with us. Keep it up!

I think I trade the Rainbow differently than many people on the thread. I guess it is somewhat of a hybrid - Rainbow Scalping / Trend Following. Granted, I use the 30 second Rainbow to "follow the trend" and keep me in trades, which probably wouldn't be considered trend following to anyone else but Rainbow scalpers!

My point is that I have found something that works well for me. To be honest, my personal "strategy" in using LT's rainbow has come simply from practicing and adjusting - practicing again and adjusting more. Each day, and each trade, I get more comfortable with how I trade with the Rainbow. I want to see consistency for a month or two until I will feel like I have earned the right to go live, but in the meantime, I can refine my use of the Rainbow even more.

The thing I like about LT and his strategy is that fact that what I have just described is not only OK, but encouraged! I guess when I talked about "getting it" yesterday I was referring to this development of one's personal Rainbow style, not necessarily seeing how others interpret the Rainbow, spine or flame.

That being said, I am more than happy to share "what works for me" with the group, even though it may not work or appeal to them.

Glen

P.S. Sorry for the poor screen shot. I have yet to load my new screen capture program (thanks Magnus) on my PC!

Ignored

Quoting TheOne

Disliked

Great post Magnus.
Very well said.

Ignored

Quoting Yuppie

Disliked

I agree with pretty much everything there Glen. Excellent post.

My problem was that I could not figure out how to interperate the flame at all. Never mind interpereting it in my own style!...

I believe I am getting there now though...


Magnus

Ignored

Quoting prosperfx

Disliked

Thanks Magnus! For what it's worth, from the looks of your charts and interpretations, I think you are definitely getting it!

Glen

Ignored

Quoting italianfx

Disliked

you made a good point here. I hate to trade break-out just because I see so many False break-out, but on another hand there also many True break-out like the last one. we can never know if a break-out will be good or not, so we must choose to trade them always or never.
Many people post only good break-out, but I can also post Many false break-out!
Personally I still don't know if I should jump in when the price spikes breaking a supp/resist. , I'm afraid of a false move but I also miss a lot of good opportunity. Usually I wait for a retracement but in the last few days the E-J seems to fly

the point I want to make is this: or we trade every break-out or not, there is no reason to trade one break-out and not another if we don't know which one will be good!

I hope you understand what I mean!

Ignored

Quoting Yuppie

Disliked

I am pretty confident now that I am heading along the right track...


Magnus

Ignored

Quoting Yuppie

Disliked

The key difference between my entry and Amenlo9's is that the market was very quiet when I entered...

Ignored

Quoting prosperfx

Disliked

Wow! ... Please keep this stuff coming!

Ignored