Thank you linuxtroll for your great effort. I think I am picking very small profits.
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DislikedHey LT,
I've been using the rainbow different. I've been using the spine for direction, but entering when I see the faster WMA's cross over the slower ones with divergence (i.e., when they start to fan out).
Your thoughts? Is this any good, or a worthless exercise? Thanks in advance.Ignored
DislikedChange the Rainbow to one color... respect spine and price line... You could have entered a bit earlier in opposite direction for a quick scalp... or you could have waited for the spine to develop or price line breakout from resistance after that sudden spike... If you are new to Rainbow... take only high-probability trades...Ignored
DislikedAgain, any comments welcome.
This is the 3rd trade on this setup.
I thought I saw another reversal and up move.
Note: I would not trade this many times live, just trying to get screen time and place the trades on demo.
I pulled for 8 PIP loss when price went back through spine.
Correct move ???
This will be my last post of charts today, I don't want to clog up the thread, but would love input on what I did right or wrong.
Thanks in advance.Ignored
DislikedRead the ultimate trader article first; before you trade Rainbow...Ignored
DislikedI think he may be referring to the Ultimate Chance article in this post:
http://www.forexfactory.com/showpost...&postcount=264
Please correct me if I'm wrong.Ignored
Dislikedcesande; what charting program are you using? I see many pictures taken of that program, but haven't yet stumbled across its name. ---also the same question on those little arrow signals, I would like to figure out how\where people are getting them (sorry still catching up on entire thread)
I have little practice demo'ing the rainbow, but I am interested in others critique of your trades. I would be inclined to say you were lucky and unlucky because on some of the trades it looked like there is no spine developed. For instance on your very last trade in which you take a loss, there is no purple MA showing clearly. Perhaps my perception of what a spine is and does is incorrect. But aren't you suppossed to wait for your largest MA's to full develop on top (for a short) or on the bottom (for a long)?
What made you make those decisions?Ignored
Dislikedoh, I didn't realize Oanda puts those arrows in when making trades... I just setup my Oanda demo account last night, and stared at EUR\USD 5sec chart with rainbows on it... but made zero trades, thus no arrow signs.
How did you edit your MA colors?Ignored
DislikedIm not sure how one color makes things easier? Or perhaps its all the colors that are creating the confusion?
I always took the colors as a way to identify more quickyl a fully developed spine; which was the first step to finding an entry.Ignored