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Linuxtroll Simple Scalping

  • #1,021
  • Sep 6, 2007 12:38am Sep 6, 2007 12:38am
Could stay longer in the 3rd trade.
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  • #1,022
  • Sep 6, 2007 12:43am Sep 6, 2007 12:43am
Does anybody have some advice how to exit in right time and price please ???
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  • #1,023
  • Sep 6, 2007 12:49am Sep 6, 2007 12:49am
Quoting Venca
Could stay longer in the 3rd trade.
Yes, I have the same issue, V!
It's a little tuff to watch the price keep on
going after you pull the plug! But, I figure that
if entries improve then I can work on exits.
I'm able to hang in there longer and longer now.
Up to a lonnnng 6-7 minutes on some trades.
I think that I just need to sit on my hands!

Good Scalping!
  • #1,024
  • Sep 6, 2007 12:58am Sep 6, 2007 12:58am
Thanks FXSurfer. Practice Practice Practice.
I keep in mind rule from mantra:
#19 HIT SINGLES NOT HOME RUNS

But what is real home run in this strategy?
  • #1,025
  • Sep 6, 2007 1:13am Sep 6, 2007 1:13am
How to keep profit which I made on the first 3 trades? Do I overtrade?
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  • #1,026
  • Sep 6, 2007 1:18am Sep 6, 2007 1:18am
Quoting Venca
Does anybody have some advice how to exit in right time and price please ???
I usually either exit once the price moves against me a specific amount (a trailing stop)
Or i use the break of the spine, a substantial break as exitpoint.



and btw. i also use the 6-144 WMA rainbow version. Tried both and just went with the more aggressive one since it suits me the best.

I also hate pullback entries. Why? Because they are always in the middle of a trend and there cant be that high probability. Breakouts on the other side i found to be a lot more accurate. But i usually only enter a trade when there is a new spine. New Spine = best setup (and the only one i trade)
  • #1,027
  • Sep 6, 2007 1:21am Sep 6, 2007 1:21am
Quoting linuxtroll
S=Spine... Some places you can see double spines, especially at the end of this chart... I marked the possible entry/exit based on spine cutting the h-line in purple...
LT, i really aprecciated your comment. I got a couple of your comment charts printed and i watch them many times of day till i understand your concept of entry/exit.
From what i understand a definition of spine is an "agglomeration of WMAs" ?

Thanks

Carllos
"Hoe ur pips mate?" fxcarllos
  • #1,028
  • Sep 6, 2007 1:37am Sep 6, 2007 1:37am
Hi Canyouseeme,

new spine + breakout = the highest probability ?
Could you please post some chart later please?
Good luck and thanks.
  • #1,029
  • Sep 6, 2007 2:03am Sep 6, 2007 2:03am
Maybe it is for every Rainbow trader clear, maybe not.

I was very unhappy and depressed form my trading last week - trying to make as much pips as possible, I made a lot of trades - by the end I loose money, but WHY? OVERTRADING. Do not make the same mistake.

Simple calculation:

Imagine 2% a day and - from $5.000 to $579.444 in 12 months...can I live from that?

So if I will start first day from $5.000 and want achieve my 2% daily rule I must make $100 first, $102 second, $104 third...$146 twentieth day:

300.000 EUR traded
$100 gain is 3.84pips + RT commission $41 (1.6pips) = $141(5,42pips) totally.

If I will make 5-6 pips first trade(very common for me), done for the day, finished in 1 minute...as Linux says go golfing
Many thanks Linuxtroll again.
Bruno
  • #1,030
  • Sep 6, 2007 2:25am Sep 6, 2007 2:25am
Hi Bruno,

and what if you lose in the first trade. Will you make 4% the next day? What if you lose again? Will you make 6% the day after?
I want to prove the strategy with small amount of money. I want to prove it as fast as possible and avoid mistakes in the future with big money. If I make 100 trades this week, I know how the strategy is performing THIS WEEK. If I make 100 trades in 3 month, I know how the strategy is performing in 3 MONTH.
I donīt see any difference?

Just trying to understand. Thanx and sorry for my English.
  • #1,031
  • Sep 6, 2007 2:31am Sep 6, 2007 2:31am
That was just an example.

Try to make only 1 high prob. trade/day. Can you imagine that? I still have big problems with that.

If you will have enough screen time you will know when to enter and exit high probability trades. Remember this is low frequency trading.
It is only about DISCIPLINE again...

An example from today:
Attachment
Attached Image (click to enlarge)
Click to Enlarge Name: golfing.png Size: 157 KB
  • #1,032
  • Sep 6, 2007 2:38am Sep 6, 2007 2:38am
O.K. thanks. I will focus on the best setup.
  • #1,033
  • Sep 6, 2007 3:16am Sep 6, 2007 3:16am
Quoting backinblack
It has actually sunk into my pea-brain two things:

  1. Zooming out to maximum on chart (~10 hours) gets the full wave effect? -- this is what you recommend ?
  2. Another purpose of the spine is to observe trend direction?

(Sorry if these questions are too obvious, LT)

Simply yes...
  • #1,034
  • Sep 6, 2007 3:19am Sep 6, 2007 3:19am
Quoting libertao
Obviously he was asking about examples using Williams %R with the rainbow, no need for this jerky reply.
Obviously you didn't understand his question. because he says

Quoting TheOne
Syafi thanks, the link helped. Where is my head why didn't I think of that.
  • #1,035
  • Sep 6, 2007 3:24am Sep 6, 2007 3:24am
Linux Troll,

I am trying to understand your technique but still I cannot for the life of me. What is the use in plotting dozens on MAs instead of three? What extra info do you gather from so many MAs?

Thank you.
  • #1,036
  • Sep 6, 2007 3:25am Sep 6, 2007 3:25am
After some 2 weeks of beating myself up on how to properly use the rainbow.. I had some sort of AH HAH! moment and managed to rake in 8% with 1 minor loss in between london open and now, about 3 or 4 trades.

Using 5sec+30sec for momentum

AH HAH!

Basically I just want to say to everyone that it's perfectly OK to miss an entry if it doesnt feel right to you... theres good setups all day long from London open til NY close in particular.

S/R extremely important, time periods also very important particularly after a big selloff or rally.

Patience and attention to whats going on is the name of the game.

Will post some charts tomorrow.

Thank you LT.
  • #1,037
  • Sep 6, 2007 3:26am Sep 6, 2007 3:26am
Quoting Bruno
Maybe it is for every Rainbow trader clear, maybe not.

I was very unhappy and depressed form my trading last week - trying to make as much pips as possible, I made a lot of trades - by the end I loose money, but WHY? OVERTRADING. Do not make the same mistake.

Simple calculation:

Imagine 2% a day and - from $5.000 to $579.444 in 12 months...can I live from that?

So if I will start first day from $5.000 and want achieve my 2% daily rule I must make $100 first, $102 second, $104 third...$146 twentieth day:

300.000 EUR traded
$100 gain is 3.84pips + RT commission $41 (1.6pips) = $141(5,42pips) totally.

If I will make 5-6 pips first trade(very common for me), done for the day, finished in 1 minute...as Linux says go golfing
Many thanks Linuxtroll again.
Bruno
You got it... and if you spot a big move - jump again and collect some serious pips and save it for the rainy days and bad hair days (change your shampoo may be)...

Charge on...
  • #1,038
  • Sep 6, 2007 3:26am Sep 6, 2007 3:26am
Rainbow is becomming popular these days..

http://www.forex-tsd.com/indicators-...l-vma-mt4.html
"Hoe ur pips mate?" fxcarllos
  • #1,039
  • Sep 6, 2007 3:27am Sep 6, 2007 3:27am
Quoting Venca
Hi Bruno,

and what if you lose in the first trade. Will you make 4% the next day? What if you lose again? Will you make 6% the day after?
I want to prove the strategy with small amount of money. I want to prove it as fast as possible and avoid mistakes in the future with big money. If I make 100 trades this week, I know how the strategy is performing THIS WEEK. If I make 100 trades in 3 month, I know how the strategy is performing in 3 MONTH.
I donīt see any difference?

Just trying to understand. Thanx and sorry for my English.
Try to end the day positive...
  • #1,040
  • Sep 6, 2007 3:29am Sep 6, 2007 3:29am
Quoting Bruno
That was just an example.

Try to make only 1 high prob. trade/day. Can you imagine that? I still have big problems with that.

If you will have enough screen time you will know when to enter and exit high probability trades. Remember this is low frequency trading.
It is only about DISCIPLINE again...

An example from today:
Attachment
Absolutely... go and hit some balls... no overtrading...
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