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Linuxtroll Simple Scalping

  • #541
  • Aug 24, 2007 2:49am Aug 24, 2007 2:49am
Best thread ever !!

I'm Lovin' It
  • #542
  • Aug 24, 2007 2:59am Aug 24, 2007 2:59am
Either I am getting very lucky on picking my entries or this rainbow is starting to make sense.
I am still exiting too early, but, I am still in school.
I am learning now, so I can earn later.
Of all the methods I have tried, this is by far the the most encouraging of any.
I have went to 3 day seminars, paid to have someone send me signals and manage my money, went to Vegas and sat in hours of classes, but nothing comes close to Linuxtroll's insistance of sreen time and the mantra.
I hope this is not just "beginers luck" but is in fact the real McCoy.
  • #543
  • Aug 24, 2007 3:32am Aug 24, 2007 3:32am
One way of doing it, if you have the right conditions, currency pair, and aren't too mechanical about it....
Attached Image (click to enlarge)
Click to Enlarge Name: usdjpygif.jpg Size: 80 KB
  • #544
  • Aug 24, 2007 3:39am Aug 24, 2007 3:39am
I am dead for time here and I have been soaking up information (being totally new to trading and FOREX) like a sponge nonstop for the past month.
ForexFactory has been insanely speedy for my learning... in fact too much so, I can't learn as fast as I can find info.

I must request though, after digging through the first 8 pages and last 4 pages of this thread for a brief explanation (WITHOUT ACRONYMS!).

From what I understand you must listen to the Mantra (is there a text\file, or is it just "put in screen time!"). And use a RAINBOW.

So I ask, for someone to bluntly tell me the mantra, and for someone to tell me what platforms I may try this rainbow out on... as of now I have only DL'ed free MT4 trial and used FXCM FXCharts.

~J2
"Please sir, may I have some more pips?"
  • #545
  • Aug 24, 2007 5:04am Aug 24, 2007 5:04am
I need some help on getting my Oanda chart to have the arrows. (Up and down.)
I do not know how to take the templates and apply them to Oanda.
Anyone out there that can assist?
Thanks.
  • #546
  • Aug 24, 2007 5:59am Aug 24, 2007 5:59am
At the top right corner of the Oanda chart there are two little circles. Ones to hide/show current activity and second for historic. Press them and you will have arrows
  • #547
  • Aug 24, 2007 6:06am Aug 24, 2007 6:06am
Quoting DrainBamage
At the top right corner of the Oanda chart there are two little circles. Ones to hide/show current activity and second for historic. Press them and you will have arrows
Can they used as an EA like on MT4?
Is there one made for the rainbow on Oanda?
  • #548
  • Aug 24, 2007 6:16am Aug 24, 2007 6:16am
Quoting Stan
Can they used as an EA like on MT4?
Is there one made for the rainbow on Oanda?
Sorry, I dont understand your question. arrows just show your entrance and exit. Oanda doesnt have support for EAs (unless you are ready to pay for API).

You have to set up rainbow manually by yourself and save it by pressing "save current layout"
  • #549
  • Aug 24, 2007 6:24am Aug 24, 2007 6:24am
Quoting DrainBamage
Sorry, I dont understand your question. arrows just show your entrance and exit. Oanda doesnt have support for EAs (unless you are ready to pay for API).

You have to set up rainbow manually by yourself and save it by pressing "save current layout"
Ok. I see. Yes I have a rainbow layout I made. I thought it was like MT4 where the arrows are programed to pop up at suggested buys or sell points.
Thank you.
  • #550
  • Aug 24, 2007 7:53am Aug 24, 2007 7:53am
Quoting linuxtroll
Went up as expected...
This trade kinda confuses me as you always postulate "get out if the price moves against you", do you only use this as profittaking strategy ?
Since this doesnt look like you got out when it moved against you
  • #551
  • Aug 24, 2007 10:53am Aug 24, 2007 10:53am
Quoting Canyouseeme
This trade kinda confuses me as you always postulate "get out if the price moves against you", do you only use this as profittaking strategy ?
Since this doesnt look like you got out when it moved against you
If you read it carefully... it shows some tricky high risk entries during a slow market - for advanced Rainbow scalpers... It also shows that spine keeps you on the right side of the market move... Also check out the high risk trade that gave 143 pips today...
  • #552
  • Aug 24, 2007 11:06am Aug 24, 2007 11:06am
It's been a week of much progress on 5 Sec. Rainbow Scalping!

Many Thanks LT and All!
  • #553
  • Aug 24, 2007 11:27am Aug 24, 2007 11:27am
Hi,

I am currently testing out the MBT platform, I quite like the system because it is very fast.

But I had a question, after I place an order (using market order) can I place a stop loss and a limit order?

I try using market + TTO but how to adjust my stop and limit order after that?

Any advise please, thanks.
  • #554
  • Aug 24, 2007 11:27am Aug 24, 2007 11:27am
Hi,

I am currently testing out the MBT platform, I quite like the system because it is very fast.

But I had a question, after I place an order (using market order) can I place a stop loss and a limit order?

I try using market + TTO but how to adjust my stop and limit order after that?

Any advise please, thanks.
  • #555
  • Aug 24, 2007 12:19pm Aug 24, 2007 12:19pm
Hi Linuxtroll,

i have reacently implemented your rainbow into my current system and i am happy to say its awesome.

previously i had what i thought was a pretty effective way of taking trades on a 1min chart. i mainly trade the dow futures. my system was good at identifying the momentum and the points at which to enter but now i am able to see quickly with the use of the rainbow where the stregth in the market is and the best directions in which to trade.

thanks alot for putting it out there...awesome.

this has got to be the most effective short term trading tool i have ever seen...and theres been a few..



Quoting linuxtroll
-Identify the time (example: EST 3:00-3:30)
-Monitor the market using <=1min time frame (use the attached setup)
-Identify the direction of the move
-Jump in and out with higher lots
-You are done for the day within 30-60min
-Go out and golf

NB! Spend a few months screen time with this setup... If you detect that the price is moving against you -- jump out immediately -- you will always get better trades later... You can add Rainbow to support and capture big moves (here you can pick the time frame based on your risk capital -- example 3h)... Only use this scalping style with ECN and jump in when you get the spread <=zero... Keep it Simple... Make Money and Enjoy...
  • #556
  • Aug 24, 2007 12:24pm Aug 24, 2007 12:24pm
i want to thank LT for his efforts in this thread, the rainbow is by far the best way of trading that i have learned over the past year. for the past three weeks i have been trading this and i am finally getting to 80-90% accuracy. i love this because its flexible, you can just sit there anytime pop up the 5 second chart and trade for a few minutes and your done. my advice for anyone who has got to more than 90% accuracy is to find a copy of "the ultimate chance" good luck to all!
Egyptian and proud of it!
  • #557
  • Aug 24, 2007 12:57pm Aug 24, 2007 12:57pm
Well LT,
I finally got through the entire thread, started yesterday. Thanks for all the help from you and others.
I am learning quite a bit and as most here have been told "don't trade anything less than 15 min as it is just noise"!

I am watching 5 second on Onada and 1 min on MT4.

I am currently stuck with a market maker (IFX Markets)with 2 pips on EUR/USD and USD/JPY plus I have a 1.25 per mini lot trade commission. I have to leave my funds there for reasons not important to this thread.

Even with that I believe with 3.25 pips to cover I should be in good shape with 5-6 pips per trade!

First 3 paper trades were +9, +6, and +2 after spread, so even after commission I am banking profits. Not sure if they were luck or not, but screen time will tell that I am sure.

I will be one of the FIRST in line for the e-Book. I am getting more comfortable with what is happening with the wave / rainbow, but would greatly appreciate some input on how to handle price breaking spine etc.
  • #558
  • Aug 24, 2007 1:27pm Aug 24, 2007 1:27pm
Let me re-post my question so that it is more user friendly to you busy scalpers; You'll only need 3 words(no acronyms!)

1 - EA = Exponential Average? (yes\no)

2 - Name a charting program that is effective for this strategy.

3 - Name a broker that is effective for this strategy.

YOUR HELP; is appreciated <3
"Please sir, may I have some more pips?"
  • #559
  • Aug 24, 2007 1:55pm Aug 24, 2007 1:55pm
Many thanks for the reply!

In regards to 1, I was just wondering what the acronym EAwas. I thought it meant Exponential Average.

And you cheated on #3! MM is an acronym... fortunatly I think I know what it means... isn't it Market Makers, or some equivelant term?

I'm going to have to abuse my accounting skills here and print this entire post out at work.
"Please sir, may I have some more pips?"
  • #560
  • Aug 24, 2007 1:56pm Aug 24, 2007 1:56pm
Quoting yyc196
Hi,

I am currently testing out the MBT platform, I quite like the system because it is very fast.

But I had a question, after I place an order (using market order) can I place a stop loss and a limit order?

I try using market + TTO but how to adjust my stop and limit order after that?

Any advise please, thanks.
I do not use TTO or something similar, just market orders - quick in and quick out. From my experience is not good to place fix PT or SL, just watch market and again quick in/out...
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