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  • #261
  • Jul 30, 2007 7:59am Jul 30, 2007 7:59am
Hello from France,

Long time lurker, first time poster here^^.

I'm seriously studying this system and probably will for the 2-3 coming months before going live, as it happened that, for whatever reasons,i saw myself usually getting more pips, doing less stupid things when scalping than when trying longer term systems
even though most of the books i read was telling me to stay away from scalping...

But i'm facing a dilema, i've got Oanda as a broker ( 2 pips spread on the Eur/Jpy). Is anyone already trading this system (on 0.5s->1min TF) live
using Oanda? I was thinking than 30s or 1 min might still be an acceptable TF to scalp as the position would be held longer? Or do i have to go to an ECN?

I ask because it would be a shame to study this nice system for 2-3 months on a TF that i wouldn't be able to trade with my broker^^.

cheers.
  • #262
  • Jul 30, 2007 8:10am Jul 30, 2007 8:10am
Hello Springsnow.

I find that the 2 pip spread still works okay if you trade the 5 second chart only in the direction of the 30 second or 1 minute chart. Every once in a while you get a good run going against the 30 second or 1 minute, but most of the time it doesn't work out so well. I at least wait until the higher timeframe looks like it is turning before I trade against it.

In case you hadn't noticed, the EUR/CHF only has a 1 pip spread from around 3:00 AM - 12:00PM EST(GMT-5) and it usually moves enough to make some pips as well.

oo7_ts
  • #263
  • Jul 30, 2007 9:45am Jul 30, 2007 9:45am
Quoting TheOne
Hi Canyouseeme, nice trades. Why did you enter and exit when you did?
Thanks

Alot of people seem to struggle with this part of the rainbow method but it really is quite easy:
Linuxtroll said it over and over again (which is good since its the most important thing) you just have to spend alot of screentime, once you do that you will get a feeling when the quote moves up and down and then it is kin the easiest thing in the world, you buy when it goes up and you sell when it goes down.

Though of course i have to admit that i am by far not perfect with the rainbow though my problem is not the entry of trades but the exit. I still cant achieve linuxtrolls accuracy of 99%.

btw regarding the last picture i posted: my timezone is gmt+1
  • #264
  • Jul 30, 2007 10:09am Jul 30, 2007 10:09am
Quoting oo7_ts
Hello Springsnow.

I find that the 2 pip spread still works okay if you trade the 5 second chart only in the direction of the 30 second or 1 minute chart. Every once in a while you get a good run going against the 30 second or 1 minute, but most of the time it doesn't work out so well. I at least wait until the higher timeframe looks like it is turning before I trade against it.

oo7_ts
Oh that's good news I still think/(fear?) i'll have to keep the positions longer on the Eur/Jpy to have a chance to compensate those 2 pips spread, and that would impact both the overall system of getting 4-5 pips
and trailling the rest and this ideal (for me) 99% hit rate consistency.
Any additional comments from you guys?

I must admit i was at first only focusing on the Eur/Jpy but the Eur/Chf might be a safer bet in my situation... Thoughts?

Cheers
  • #265
  • Jul 30, 2007 10:39am Jul 30, 2007 10:39am
Quoting Canyouseeme
Though of course i have to admit that i am by far not perfect with the rainbow though my problem is not the entry of trades but the exit. I still cant achieve linuxtrolls accuracy of 99%.

btw regarding the last picture i posted: my timezone is gmt+1
but you are still profitable, right?

btw. which country is that?
  • #266
  • Jul 30, 2007 2:42pm Jul 30, 2007 2:42pm
Quoting ycomp
Trollmann,

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

What about the New York session?
04:00-05:00 (if you are not into news scalping)

08:00-09:00 (depends on the news - you may stay away until 10:45)

All EST...
  • #267
  • Jul 30, 2007 2:49pm Jul 30, 2007 2:49pm
Quoting Bruno
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
I never wrote a book Bruno... may be in the future... LoL

As a general rule: first and last 1-2 hours of each session are profitable for scalpers...
  • #268
  • Jul 30, 2007 2:52pm Jul 30, 2007 2:52pm
Quoting ycomp
cool! thanks...
You need the average price line to follow price movement in the market...
  • #269
  • Jul 30, 2007 2:57pm Jul 30, 2007 2:57pm
Quoting springsnow
Hello from France,

Long time lurker, first time poster here^^.

I'm seriously studying this system and probably will for the 2-3 coming months before going live, as it happened that, for whatever reasons,i saw myself usually getting more pips, doing less stupid things when scalping than when trying longer term systems
even though most of the books i read was telling me to stay away from scalping...

But i'm facing a dilema, i've got Oanda as a broker ( 2 pips spread on the Eur/Jpy). Is anyone already trading this system (on 0.5s->1min TF) live
using Oanda? I was thinking than 30s or 1 min might still be an acceptable TF to scalp as the position would be held longer? Or do i have to go to an ECN?

I ask because it would be a shame to study this nice system for 2-3 months on a TF that i wouldn't be able to trade with my broker^^.

cheers.
Stay away from Market Makers -- learn to trade using ECN... and you can decide on a timeframe you like... 1 min is fine too (but trade time will increase)...
  • #270
  • Jul 30, 2007 3:13pm Jul 30, 2007 3:13pm
Quoting linuxtroll
Stay away from Market Makers -- learn to trade using ECN... ..
Thanks LT, looks like it's time to find an ECN now^^,i don't know whether
it's against FF Code Of Conduct or anything but if it's not i would appreciate
having some ECN names from you experienced ECNs user guys.

Thanks a lot.
  • #271
  • Jul 30, 2007 3:17pm Jul 30, 2007 3:17pm
Quoting springsnow
Thanks LT, looks like it's time to find an ECN now^^,i don't know whether
it's against FF Code Of Conduct or anything but if it's not i would appreciate
having some ECN names from you experienced ECNs user guys.

Thanks a lot.
http://en.wikipedia.org/wiki/Electro...cation_Network
  • #272
  • Jul 30, 2007 3:32pm Jul 30, 2007 3:32pm
Quoting linuxtroll
http://en.wikipedia.org/wiki/Electro...cation_Network
Thanks again LT I know a little bit about the ECNs in general,from the short experience i had casually trading the Nasdaq but am not very familiar with ECNs offering a Forex trading "solution" especially those offering the
necessary low pips for scalping.
Meanwhile i'm digging through FF search engine results .
  • #273
  • Jul 30, 2007 3:59pm Jul 30, 2007 3:59pm
Quoting linuxtroll
Stay away from Market Makers -- learn to trade using ECN... and you can decide on a timeframe you like... 1 min is fine too (but trade time will increase)...
Hi Linuxtroll could you please tell us what sort of stop loss you are using on the GBPJPY GBPCHF EURJPY on the ENC platform.
  • #274
  • Jul 30, 2007 5:58pm Jul 30, 2007 5:58pm
Quoting ycomp
but you are still profitable, right?

btw. which country is that?
its germany and yeah i am actually highly profitable R:R is way over 1:1 and accuracy is ~75-80%
  • #275
  • Jul 30, 2007 11:19pm Jul 30, 2007 11:19pm
Quoting linuxtroll
learn to trade using ECN
Is EXF true ECN?
Anyone use them?

This thread is really the best!
Thanks LT and All!

Happy Scalping!

FXS
  • #276
  • Jul 31, 2007 12:51am Jul 31, 2007 12:51am
Quoting FXSurfer
Is EXF true ECN?
Anyone use them?

This thread is really the best!
Thanks LT and All!

Happy Scalping!

FXS
Yes... Yes... There is no definition for "true ECN"...

If this thread is really the best, who took away the stars? LoL

Cheers,
  • #277
  • Jul 31, 2007 12:59am Jul 31, 2007 12:59am
Quoting linuxtroll
Yes... Yes... There is no definition for "true ECN"...

If this thread is really the best, who took away the stars? LoL

Cheers,
I hear that when you get a new avatar
you have to start over!

Thanks for the ECN reply, LT!

FXS
  • #278
  • Jul 31, 2007 1:09am Jul 31, 2007 1:09am
Quoting linuxtroll
You need the average price line to follow price movement in the market...
yes I know... it is just that I found it distracting when oanda sometimes starts painting 2 lines for the spread, I just prefer the average price.
  • #279
  • Jul 31, 2007 1:12am Jul 31, 2007 1:12am
Quoting Canyouseeme
its germany and yeah i am actually highly profitable R:R is way over 1:1 and accuracy is ~75-80%
that's great to hear. Which pairs?
  • #280
  • Jul 31, 2007 8:57am Jul 31, 2007 8:57am
well i just started out trading live and only eur/jpy though i look into the eurchf right now "demotrading" it with a smallish oanda account.
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