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Linuxtroll Simple Scalping

  • #381
  • Aug 10, 2007 7:45am Aug 10, 2007 7:45am
As per the chart, price moved down to 117.20 and retraced into the 25SMA (Green), Short Entry for 11 pips to Exit the top of the 10LWMA (Red)

This is the 5 Minute Chart I use for Entry, I also watch the 1 Minute chart as a reference on the UJ trades, and on the 1 Minute the price tapped the 144 LWMA which confirmed short entry.

Good Weekend To All!

Ken

NOTE: While I was making this post, My EJ and GJ lined up for Shorts also, for a very nice profit.
GJ alone went for 100+ in a 30 minute period working in perfect harmony of the Rainbow Strategy.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: UJ Fri Short.jpg Size: 78 KB
Click to Enlarge Name: UJ 1min Fri Short.jpg Size: 60 KB
  • #382
  • Aug 11, 2007 1:18pm Aug 11, 2007 1:18pm
Quoting linuxtroll
Are you trying this with ECN? Did not you get any money before it reversed? If no then you are not detecting the real moves... Practice... Practice... Practice...

A good start would be to fire up the 5 sec chart with Rainbow and follow it for a week... just identify the big moves... practice with absolute minimum lot size possible until you get a successful hit rate...

--

Do not wait until spine cuts the price for exit... As soon as you detect the reversal - exit (you can always enter again)... or have a set max dollar amount for exit (that amount must be lower than the average amount you make per good trade)... that way you can always end the day positive and watch the money grow... read the mantra often...

Cheers,
Re-reading and really contemplating this thread is so useful! This post was less than a month ago when I was still harboring serious reservations about 5 sec. charting. I've just finished my first week with 5 sec. on E/J and it was amazing.
First, you can see inside of candles and waves to really see what's going on. Probably when you get better at it, it will seem as though you'll be able to predict market activity. But, it will just be that you're seeing it as it happens.
Second, as LT says, nothing slips through the cracks with 5 sec. TF. Whatever happens, you see it.
It will take me more time to get the hang of but, who cares. Better than tweeking indicators all day long. It also takes time to unprogram yourself of the conventional "wisdom" regarding the viability of very short TF trading.

Thanks for everything you guys!

FXS
Attached File(s)
File Type: doc linuxtroll only.doc   617 KB | 1,759 downloads
  • #383
  • Aug 11, 2007 1:45pm Aug 11, 2007 1:45pm
Quoting FXSurfer
I've just finished my first week with 5 sec. on E/J and it was amazing.
one thing though... I wouldn't judge anything based on the past week. It was an easy week to make money... that's for sure! (and so was week before)
  • #384
  • Aug 11, 2007 3:01pm Aug 11, 2007 3:01pm
Thanks for the template for MT4. What time frame are you sing since the 5 sec chart is not available?

Quoting Pip Ventures
For anyone who wanted the rainbow ItalianFX was using on OANDA, here it is in quick template form for MT4
  • #385
  • Aug 11, 2007 3:07pm Aug 11, 2007 3:07pm
Hi Alessandro,

I checked your charts very detailed - do not rush too much, take a week break and come back. We take good direction with this system, after another 1-2 months it will be better and less trades makes more profit.

Best regards
Bruno
  • #386
  • Aug 11, 2007 9:42pm Aug 11, 2007 9:42pm
Quoting sinclap
Thanks for the template for MT4. What time frame are you sing since the 5 sec chart is not available?
1M and 5M.
  • #387
  • Aug 12, 2007 3:51am Aug 12, 2007 3:51am
Quoting linuxtroll
... Price movement is equally important as the spine...
Hi, The oldest of all Trolls!

Sorry, if I missed somewhere something, but what price movement You mean? The average price movement on the 5sec? Or the real price movement on 1Min chart?
THX,
Laszlo
  • #388
  • Aug 12, 2007 4:26am Aug 12, 2007 4:26am
um im a bit cofused. if i were ot make this on my own, would i just draw moving averages from (1) to (400). also how do u know which color should be used at certain levels. is that just arbitrary decided? like the color zones do they mean something? and how is that determined.

so basically this rainbow is to scalp on those dips into the rainbow?

what is the success rate, this seems like a very good way.
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  • #389
  • Aug 12, 2007 6:56am Aug 12, 2007 6:56am
Quoting jjk2
um im a bit cofused. if i were ot make this on my own, would i just draw moving averages from (1) to (400). also how do u know which color should be used at certain levels. is that just arbitrary decided? like the color zones do they mean something? and how is that determined.

so basically this rainbow is to scalp on those dips into the rainbow?

what is the success rate, this seems like a very good way.
How you make it on your ownn is basically your decision, i use mmas from 10 to 240 interval 10 and the image as does linuxtroll i think. but different versions are also fine. The only important thing iis that you stick with your setup of the rainbow and watch it alot.
For the colors in linuxtrolls version they have no meaning just cool to look at ( though i actually use a onecolored version ).

monarchs setup is a lil bit more systemized he actually buys on retracements to one of the mmas (correct me if i am wrong).

You CAN use the rainbow to scalp on those dips but i actually dont think these are the highest profitability setups. for me these are the actually beginnings of a trend.

linuxtrolls successrate is like 99% since he uses an ecn + only the highest prob setups. (mine is about 80%)
  • #390
  • Aug 12, 2007 1:37pm Aug 12, 2007 1:37pm
this is very interesting stuff indeed. i think it could be done with higher spreads. im mesmerized by the rainbow....u know it kinda looks 3D.....tripped out
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  • #391
  • Aug 12, 2007 3:24pm Aug 12, 2007 3:24pm
Quoting jjk2
this is very interesting stuff indeed. i think it could be done with higher spreads. im mesmerized by the rainbow....u know it kinda looks 3D.....tripped out
Do not get too comfortable... If you are not careful, Rainbow will bite you... Just kidding...
  • #392
  • Aug 12, 2007 8:35pm Aug 12, 2007 8:35pm
linuxtroll, im curious how you set ur entry and exit?
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  • #393
  • Aug 12, 2007 9:58pm Aug 12, 2007 9:58pm
Thanks Linuxtroll rainbow does work, i've been practicing for a week with it got down some screen time. a few hours ago i started my week off and my first trade i'm up 33 pips. As for anyone out there this rainbow definatley works you just gotta put in a lot of screen time to perfect it!

http://i119.photobucket.com/albums/o...a28/scalp1.jpg
Egyptian and proud of it!
  • #394
  • Aug 12, 2007 10:56pm Aug 12, 2007 10:56pm
why did u enter there? what was ur reason. also, what are you looking for in the rainbow?
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  • #395
  • Aug 12, 2007 11:27pm Aug 12, 2007 11:27pm
Quoting jjk2
linuxtroll, im curious how you set ur entry and exit?
read the forums...
  • #396
  • Aug 12, 2007 11:28pm Aug 12, 2007 11:28pm
Quoting g-dogg
Thanks Linuxtroll rainbow does work, i've been practicing for a week with it got down some screen time. a few hours ago i started my week off and my first trade i'm up 33 pips. As for anyone out there this rainbow definatley works you just gotta put in a lot of screen time to perfect it!
Yes...
  • #397
  • Aug 13, 2007 1:22am Aug 13, 2007 1:22am
Though i am not using the rainbow exclusively atm for scalping (still practicing, hoping to get there some day soon), I am still trading for small targets. I am using oanda for a variety of reasons. I also have a small mbt account, and usually have it open with mbt level 2 displayed for the pair I am trading at the time.

i would like to share my experience with you, in the hope that it will help someone with their quest for which/what kind of broker to use.

I was short GJ last friday, and took several trades. What I noticed that oanda's price was consistently 1-2 pips behind mtb's price, always against my direction. There were several times when the price on level 2 would go down abt 5-8 pips, but oanda's would not move. If the price stayed there on mbt, the price on oanda would just jump down 3-5 pips in one go. It almost seemed like oanda was waiting to see if the price came back up, to where they were holding the price.

I can not say for sure that oanda does this as a rule, ie skew prices against the direction of the trader, and only move price when the market doesn't show any sign of coming back.

As scalpers, we want to be in and out as soon as we can. So, if the price traded at our tp level, we want to be out, not waiting to see if the broker(market maker), will give us that price.

This just re-enforce's LT's statement abt trading on ecn. Trading with a market maker for scalping is definitely increasing risk, and as traders we are constantly trying to minimise risk.

Hope this helps someone.

Regards,
K.
  • #398
  • Aug 13, 2007 4:36am Aug 13, 2007 4:36am
Quoting jjk2
why did u enter there? what was ur reason. also, what are you looking for in the rainbow?
Formation of a new spine, yet i personnaly would not have enter so soon
  • #399
  • Aug 13, 2007 5:03am Aug 13, 2007 5:03am
Hey Kermut, great post I have the same experience. But what to do now? Earn more to start with Currenex?
  • #400
  • Aug 13, 2007 5:07am Aug 13, 2007 5:07am
Kermut,
Excellent post. Very well said.
Scalpers need frequent price updates. That is why scalping MT4 is very hard. If you find a broker that has tight spreads and fast pricing updates you will do much better. With this type of broker getting in short at Offer is much easier.
Not all Currenex is the same. If you go to a small Currnex hub you won't get rapid price updates. If you go to large hub you will. However I think it should be noted that EFX spreads are as good as you'll find on most Currenex.
It really is that easy.
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