Rainbow Patterns/Observations | Forex Factory

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Rainbow Patterns/Observations

  • #1
  • First Post: Edited Sep 21, 2007 1:43pm Sep 7, 2007 11:39pm | Edited Sep 21, 2007 1:43pm
I'm using this journal to post charts of different patterns I have come across using Linuxtroll's rainbow...and to document my progress with it also.

So, first of all, here's the thread: Linuxtroll Simple Scalping

And, here is Linuxtroll's ebook: also titled, Linuxtroll Simple Scalping

Also, there are already two journals about the rainbow...

Kharvell's journal: Watch My Blue Rainbow

FXSurfer's journal: Blue Waves

OK, so on to the charts...
  • #2
  • Sep 7, 2007 11:45pm Sep 7, 2007 11:45pm
Some basic scalps based on S/R breaks(all pretty much the same setup)...
Attached Image(s) (click to enlarge)
Click to Enlarge Name: scalp1 9-5-07.png Size: 50 KB
Click to Enlarge Name: scalp1 9-6-07.png Size: 51 KB
  • #3
  • Sep 7, 2007 11:48pm Sep 7, 2007 11:48pm
Another one...same thing as the last two...
Attached Image (click to enlarge)
Click to Enlarge Name: scalp2 9-6-07.png Size: 45 KB
  • #4
  • Sep 7, 2007 11:54pm Sep 7, 2007 11:54pm
I look forward to seeing your progress! You're doing great so far! Journals are one of the best ways to think about your trading objectively. Be sure to post your losers, too, because let's face it, nobody's perfect, and this will give you something to look back on.

Best of luck,

Kevin
  • #5
  • Sep 7, 2007 11:58pm Sep 7, 2007 11:58pm
Here's a pattern I've noticed several times. When it does this(spine turning but price has not taken off yet) the resulting move is usually somewhat significant...
Attached Image(s) (click to enlarge)
Click to Enlarge Name: spine example 1(before).png Size: 46 KB
Click to Enlarge Name: spine example 1 (after).png Size: 46 KB
  • #6
  • Sep 8, 2007 12:00am Sep 8, 2007 12:00am
Quoting kharvell
I look forward to seeing your progress! You're doing great so far! Journals are one of the best ways to think about your trading objectively. Be sure to post your losers, too, because let's face it, nobody's perfect, and this will give you something to look back on.

Best of luck,

Kevin
Thanks man. I will make sure to post the losers as well. Im actually more interested in posting those because it helps me learn...you can look at charts with winning trades all day and never get anywhere...lol.
  • #7
  • Sep 8, 2007 12:18am Sep 8, 2007 12:18am
Here's the Bernanke/Bush speech a week ago and what I saw...
Attached Image (click to enlarge)
Click to Enlarge Name: Bernanke Speech.png Size: 282 KB
  • #8
  • Sep 8, 2007 12:19am Sep 8, 2007 12:19am
And here is what I saw on today's NFP(the resulting move 2 hours later)...
Attached Image (click to enlarge)
Click to Enlarge Name: Big move 9-7-07.png Size: 128 KB
  • #9
  • Sep 8, 2007 12:21am Sep 8, 2007 12:21am
For the record, Im double posting some of these charts(I already posted them on the Linuxtroll thread), but I am trying to gather them in one place so they are easier to find later on.
  • #10
  • Edited 10:15pm Sep 8, 2007 12:29am | Edited 10:15pm
Here is a breakout pattern I am noticing that seems to be reliable so far. However, it is hard to notice as its happening. In the first chart, it shows what the chart looked like before the big drop happened.

The second is roughly the same pattern on the chart of the Bernanke speech I just posted. However, Im not sure I would have traded that breakout because, with speeches, price can whipsaw really bad.

Anyway, charts...
Attached Image(s) (click to enlarge)
Click to Enlarge Name: Before the Breakout example 1.png Size: 144 KB
Click to Enlarge Name: Bernanke Speech-Pattern.png Size: 287 KB
  • #11
  • Sep 8, 2007 12:33am Sep 8, 2007 12:33am
Here's a chart posted by Italianfx in the Linuxtroll thread with roughly the same pattern as the last two charts I posted.(although, this one doesn't appear to be as choppy before the breakout, but you get the idea)...
Attached Image (click to enlarge)
Click to Enlarge Name: Italianfx chart.jpg Size: 143 KB
  • #12
  • Sep 8, 2007 12:38am Sep 8, 2007 12:38am
So, out of those past three charts, it appears that the common characteristics are that it tests a support level twice and the third time, it breaks support...hard

Anyway, that's all the charts I've got until sunday night/monday. At that point I will start posting my actual trades as well as more patterns I am noticing.
  • #13
  • Sep 8, 2007 12:43am Sep 8, 2007 12:43am
Nice to see your journal, I'll keep watching what you doing. So far it seems I understand what you trying to do. It looks like you looking for break outs.
"Every battle is won before it is ever fought." - Sun-tzu, The Art of War.
  • #14
  • Sep 8, 2007 12:47am Sep 8, 2007 12:47am
Err..sorry. One more chart. Im not sure if this is high probability or not, but it worked this time...lol. I will look for this setup more next week and see if it holds or not.
Attached Image (click to enlarge)
Click to Enlarge Name: ranging scalp2.png Size: 46 KB
  • #15
  • Sep 8, 2007 12:49am Sep 8, 2007 12:49am
Quoting Andy12
Nice to see your journal, I'll keep watching what you doing. So far it seems I understand what you trying to do. It looks like you looking for break outs.
Thanks man. Im not looking for just breakouts, Im just trying to look for high probability setups and so far, its mostly breakouts...lol.
  • #16
  • Sep 8, 2007 1:11am Sep 8, 2007 1:11am
You guys made my life easier... I will simply provide links to your journals from my e-book for further research and learning of Cyrox Rainbow Scalping... LoL
  • #17
  • Sep 8, 2007 1:15am Sep 8, 2007 1:15am
Quoting linuxtroll
You guys made my life easier... I will simply provide links to your journals from my e-book for further research and learning of Cyrox Rainbow Scalping... LoL
Thanks man. When you get done with it, I'll put a link to it here "for further research and learning of Cyrox Rainbow Scalping... LoL "

Thanks for all your help, Linuxtroll
  • #18
  • Sep 8, 2007 5:47am Sep 8, 2007 5:47am
Thanks for this. Nice work.
It would be great if you collect all those nice pictures into a pdf file that would be updated from time to time. Very much pleasent for printing compiling and reading at night before sleep.

Itīs my sugestion,

Thanks for this

Carllos
"Hoe ur pips mate?" fxcarllos
  • #19
  • Sep 8, 2007 11:12am Sep 8, 2007 11:12am
nhallmark,
NICE JOB, this is great and love your charts. Keep up the good work and we will all learn and make money together. So far and you have shown it with your charts, I am only looking for a very clear spine (nothing choppy). I have also come to notice the TREND is what is important. Looking at the one minute you can find the overall trend then go to the 5 sec to see if the trend matchs, if they match this is a good time to enter. Just my thoughts. Your charts are showing a good example of this. Anyway looking forward to more of your postings.
creating wealth one pip at a time.....
  • #20
  • Sep 8, 2007 1:16pm Sep 8, 2007 1:16pm
Quoting Carllos
Thanks for this. Nice work.
It would be great if you collect all those nice pictures into a pdf file that would be updated from time to time. Very much pleasent for printing compiling and reading at night before sleep.

Itīs my sugestion,

Thanks for this

Carllos
I might do that, once I've got enough charts here and they're all organized. Thanks for the suggestion.
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