- #582
- Edited 9:18am Jan 5, 2016 8:31am | Edited 9:18am
- Joined Jan 2007 | Status: Senior Member | 6,517 Posts
Keep It Simple
[quote=Cenit;8719180]Today I want to share my experience using rainbow. I have read four times this 30 pages with this system trying to understand how to make it right. I opened a demo account with 500usd and blew up in less than 9 trades jejeje. last sunday I opened a real account with 90usd, I made my first....
GREAT!
GREAT!
{quote} Hi, I see that you joined back in 2008 and you have had a busy past 6 months just trying out a lot of different trading systems, I have been in your shoes and have done the same in the past. It is a matter of finding what fits/suits you best. Just like cigarguy's reply to you, there is an element to trading that can't be explained but comes with many years of trading experience. You need to learn to read Price Action. Next come the intangibles , first you have got to develop a so called third eye (intuition). Second is discretion meaning...
I saw like 4 or 5 strategies for rainbow on this thread, but I worried when I read this what pips ninja wrote, because pips ninja have all the reason.
And he wrote at the end:Not So Simple After All...
Practice, experience, follow rules, criteria, cold head, and a little of lucky.
Good trading for all you.
Well, I will read this thread just one time again. I need to make some notes.
Please pips ninja share your template, I would like to practice with it.
Thank you. And sorry for my english, I am learning yet.
- #592
- Edited 4:17am Feb 6, 2016 2:31am | Edited 4:17am
{quote} Hello,Pipsninja Can you share you indicator and template
{quote} Master. I saw like 4 or 5 strategies for rainbow on this thread, but I worried when I read this what pips ninja wrote, because pips ninja have all the reason. And he wrote at the end:Not So Simple After All... Practice, experience, follow rules, criteria, cold head, and a little of lucky.
I understand that seeing a few traders making 50.0-130.0 pips in a single trade on M5 using big lots seems like an easy way of making quick money with very little effort but jumping straight into M5 trading without having any prior success in trading the higher time frames is a very difficult way of making money in trading.
We always think that the most recent version of a trading method is the best one which in most cases isn't true. Trading this system as in post #1 and Post #2 can make you money. I highly recommend that you only read 4xq (thread starter) posts/charts and only trade the way he did and forget all the other/latest versions. The original method is a very good one.
In my humble opinion, trading is like piecing together a very complicated jigsaw puzzle, no need to make our task any harder by adding more pieces. I no longer trade the this method not due to it not being profitable but as traders we have got to always try to simplify our trading method and not over-complicate it.
I wish you both great fortunes on your trading journey
Trading can't be taught but it can be learned
Hi all, I have made a lua version of this script for those interested to experiment in FXCM Trading Station. Change the extension of the script to ".lua" then drag&drop it over a graph in TS2. It uses WMAs for the moving averages as in the original script.
Hi All. I found this thread as I originally was looking into the Guppy's MMA as I always struggled to see the right direction of the market (I was overcomplicating it). Actually the whole thing started with 3SMA strategy. Anyway that aside. I looked into the rainbow and I came across this thread. I think that 4XQ did a really good job with the system. I started trading this method couple of weeks ago (only traded few days including today) after getting a hang of it and the results are rather good. I will post my account activity in this thread. I only made a slight change and the change was to add 20EMA, 100EMA and 200EMA to the higher time frame as I can see the market more clearly, especially the short term trading activity. I was thinkging about resurecting this thread with hope of getting the attention of 4XQ (purely out of the curiosity if he is still trading this method after so many years) 
. I kept the rules as per the last Wolf v1.3 but like I said the only change was the higher time frame EMAs, everything else stays the same. Please see the stats and if anyone is still interested in trading this method and would like to share this experience I might start a new thread, but let's see first if there is anyone out there still trading the same method.
P.s
Like I mentioned above I only traded live this method for few days (I went on holidays and now I'm back), but I think it shows the potential. Hopefully we can get this thread started again.
. I kept the rules as per the last Wolf v1.3 but like I said the only change was the higher time frame EMAs, everything else stays the same. Please see the stats and if anyone is still interested in trading this method and would like to share this experience I might start a new thread, but let's see first if there is anyone out there still trading the same method. P.s
Like I mentioned above I only traded live this method for few days (I went on holidays and now I'm back), but I think it shows the potential. Hopefully we can get this thread started again.
As promised, I am sending another screenshot of the actual trades I took using this system. Only 2 trades today as I am working at the same time so I don't have that much time to spend in front of the screen. Is anyone familiar with the thread to pinpoint the best exit strategy? What do you guys use regarding exits for this system? I am not using the indicators for exit I am consulting higher time frame candle patters to try pinpoint the top, maybe I am missing something?
4XQ where are you buddy
4XQ where are you buddy
