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  • #241
  • Jul 27, 2007 7:13am Jul 27, 2007 7:13am
Quoting Bruno
Terrible spikes up and down today - is it common for EURJPY? I trade this pair only very short time?
Those terrible spikes, if traded according to LT's rules, will put pips in your account using the 5 second TF.
But you cannot fall asleep at the wheel.
  • #242
  • Jul 27, 2007 7:38am Jul 27, 2007 7:38am
I trade on 5sec chart, but today - one tick 5-8 pips no problem, so I should be maybe much quicker...
  • #243
  • Jul 27, 2007 8:01am Jul 27, 2007 8:01am
Another lection for me
Attachment
Attached Image (click to enlarge)
Click to Enlarge Name: TICK 3.jpg Size: 97 KB
  • #244
  • Jul 27, 2007 8:03am Jul 27, 2007 8:03am
Quoting Stan
But you cannot fall asleep at the wheel.
My most frequent mistake
  • #245
  • Jul 27, 2007 8:44am Jul 27, 2007 8:44am
personally I thought today was an incredible! day
  • #246
  • Jul 27, 2007 10:23am Jul 27, 2007 10:23am
Can anyone tell me please what's "The Rainbow"?And from where can I download all those nice indicators,please........thanks all.
  • #247
  • Jul 27, 2007 10:57am Jul 27, 2007 10:57am
I´d like to know what ECN do you recommend using with rainbow. I´m particularly interested to know what ECN LT uses. since he is the most experienced trader using rainbow he sure chose the best ECN around.

For all rainbow warriors on the forum there is a thread that might interested you,
http://www.forexfactory.com/showthread.php?t=40325

___________________
"The leprechaun was right, there is a Pot of Gold at the End of The Rainbow"
http://www1.istockphoto.com/file_thu...vecior_jpg.jpg
"Hoe ur pips mate?" fxcarllos
  • #248
  • Jul 27, 2007 11:12am Jul 27, 2007 11:12am
Quoting vladv
Can anyone tell me please what's "The Rainbow"?And from where can I download all those nice indicators,please........thanks all.
See page 5 Post #67.

FXS
  • #249
  • Jul 28, 2007 1:19pm Jul 28, 2007 1:19pm
To trade against the trend or with the trend.

I've noticed trading EURUSD it is profitable to trade against the trend but with other pairs like EURJPY or GBPUSD it is much more profitable to trade with the trend.

The risk of trading against trend on GBPUSD is much worse than EURUSD.

Follow the path of least resistance.
It really is that easy.
  • #250
  • Jul 28, 2007 5:49pm Jul 28, 2007 5:49pm
Quoting THE FxORCE
To trade against the trend or with the trend.

I've noticed trading EURUSD it is profitable to trade against the trend but with other pairs like EURJPY or GBPUSD it is much more profitable to trade with the trend.

The risk of trading against trend on GBPUSD is much worse than EURUSD.

Follow the path of least resistance.

I would like to second what FxOrce has said here. Counter trend trading can be very very dangerous, esp if you are starting out with any method. Trading with the trend will reward you handsomely, because you never know when it might just gap in your direction. So that 5-6 profit, might all of a sudden become 20 pips - christmas come early.

eur/jpy has recently become my favourite. Trade gbp/jpy or gbp/usd at your own risk. If trading any of the yen crosses, it is a good idea to have eur/jpy, gbp/jpy and usd/jpy up on your screen. They tend to move in tandem, and it is good confirmation.

I don't usd the rainbow soley for my trading (atleast not yet). Just can't handle the constant up and down movements on the 5sec chart. I though do use it to time my entries in the direction I have decided.

With any method, it is good to draw some support and resistance lines on the daily and 1H charts. You will be amazed how often you enter at a price only to see it go against you initially, almost immediately at these levels, and then go in your direction, after you have your stop loss being hit!!

Not trying to detract from the theme of the thread, just adding what I think can be usefull.

Happy trading to all.

Regards,
K.
  • #251
  • Jul 29, 2007 1:48pm Jul 29, 2007 1:48pm
Quoting THE FxORCE
To trade against the trend or with the trend.

I've noticed trading EURUSD it is profitable to trade against the trend but with other pairs like EURJPY or GBPUSD it is much more profitable to trade with the trend.

The risk of trading against trend on GBPUSD is much worse than EURUSD.

Follow the path of least resistance.
Which trend? Mini trends in 5 sec... Scalpers do not need to go with the long term trend...

Pick your timeframe and Follow the wave...
  • #252
  • Jul 29, 2007 1:54pm Jul 29, 2007 1:54pm
Quoting kermut
I would like to second what FxOrce has said here. Counter trend trading can be very very dangerous, esp if you are starting out with any method. Trading with the trend will reward you handsomely, because you never know when it might just gap in your direction. So that 5-6 profit, might all of a sudden become 20 pips - christmas come early.

eur/jpy has recently become my favourite. Trade gbp/jpy or gbp/usd at your own risk. If trading any of the yen crosses, it is a good idea to have eur/jpy, gbp/jpy and usd/jpy up on your screen. They tend to move in tandem, and it is good confirmation.

I don't usd the rainbow soley for my trading (atleast not yet). Just can't handle the constant up and down movements on the 5sec chart. I though do use it to time my entries in the direction I have decided.

With any method, it is good to draw some support and resistance lines on the daily and 1H charts. You will be amazed how often you enter at a price only to see it go against you initially, almost immediately at these levels, and then go in your direction, after you have your stop loss being hit!!

Not trying to detract from the theme of the thread, just adding what I think can be usefull.

Happy trading to all.

Regards,
K.
It is not relevant to simple scalping... Scalping is not dangerous... eurjpy, gbpjpy and gbpchf are always my favourites... gbpusd and usdchf is fine too...

Master one currency pair first...

Why 1h and daily S/R for a scalper who trades from 5 sec... why not S/R from 1 min or 5 min (more than enough to tackle the simple scalping from 5 sec or 1 min chart)...

Do not try to mix up the long term strategy or method with short term simple scalping...

Happy Scalping...

Cheers,
--
  • #253
  • Jul 29, 2007 5:31pm Jul 29, 2007 5:31pm
mmh sexy two 40pip scalps in one hour, the eurjpy is kinda going crazy.

edit1: lol wtf another 30 pip scalp the rainbow obv roxx
edit2: added sth for the eyes. red is entry, yellow is exit i marked them since i trade with efx and not oanda (only for charting).
Attached Image (click to enlarge)
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  • #254
  • Jul 29, 2007 10:33pm Jul 29, 2007 10:33pm
Quoting Canyouseeme
mmh sexy two 40pip scalps in one hour, the eurjpy is kinda going crazy.

edit1: lol wtf another 30 pip scalp the rainbow obv roxx
edit2: added sth for the eyes. red is entry, yellow is exit i marked them since i trade with efx and not oanda (only for charting).
Scalp... Scalp... Scalp... LoL
  • #255
  • Jul 30, 2007 1:46am Jul 30, 2007 1:46am
Hi Canyouseeme, nice trades. Why did you enter and exit when you did?
Thanks
  • #256
  • Jul 30, 2007 2:02am Jul 30, 2007 2:02am
I don't think I had these dotted white lines on my charts before. Anyone know how to get rid of them?

or were they always there and I am just imagining things?
  • #257
  • Jul 30, 2007 3:23am Jul 30, 2007 3:23am
Trollmann,

any hours to avoid during Europe? Or is it all good?

What about the New York session?
  • #258
  • Jul 30, 2007 4:33am Jul 30, 2007 4:33am
Hi Canyouseeme,
your trades looks like Linuxtroll´s "MAKE THE RAINBOW FIRST MILLION" book examples. But not every time can we catch tops and bottoms.
Ycomp - I trade every first 1-2 session hours and last NY hour - that was also Linux recommendation I think, I reduce only to EUR/JPY, trying to take only 5-8 trades/day. If I will learn discipline - absolutely no problem with this system to make great pips.

Have a great trades Rainbow colleagues
  • #259
  • Jul 30, 2007 6:48am Jul 30, 2007 6:48am
If you are using Oanda, the arrow on this attached image is pointing at the three buttons that allow you to add or remove the price lines.

Thanks.

oo7_ts




Quoting ycomp
I don't think I had these dotted white lines on my charts before. Anyone know how to get rid of them?

or were they always there and I am just imagining things?
Attached Image
  • #260
  • Jul 30, 2007 7:05am Jul 30, 2007 7:05am
cool! thanks...
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