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Linuxtroll Simple Scalping

  • #1,221
  • Sep 10, 2007 8:39pm Sep 10, 2007 8:39pm
Are any of you trading AUD/JPY? ...I've been looking at it on and off over the past few weeks and it seems to "play by the rules" more so than E/J(by rules, I mean adhering to pullbacks, s/r, h/v line crosses, etc.)

Do you have any experience with A/J linuxtroll? Is there a reason why you don't trade it?
  • #1,222
  • Sep 10, 2007 8:47pm Sep 10, 2007 8:47pm
Quoting cesande
DeeNY... Thanks for your service to the USA

Your welcome. It was my job and I did what I had to do. Lost a lot of friends and mad a lot of life long friends.

Now that I am at home with my family and out of the Army after 7 years, it is time to make some real money.

Thank God for Forex!!!

As I stated before, if any experienced trader can teach me basic Scalping, I would be really greatful for this.

Thanks,
DeeNY
  • #1,223
  • Sep 10, 2007 9:30pm Sep 10, 2007 9:30pm
Quoting PaleRainbow
Hello.

I am too one of the LinuxTroll Rainbow fans :-)

I have been looking for a method in forex that I would understand without having to use alot of technical stuff like I have seen some is doing, for a while. Then I stumbled over the LinuxTroll Rainbow a couple months ago and got so excited. It was so easy to understand how the market works when I first got what the waves is telling about. And for me its a perfect method since I am an intuitive person.

Now I am doing the screen time and demo trading. I decided to not use live account before I start to get the feeling for this method and the enter and exit.



As a matter of fact I asked Efxgroup this morning about the Forex Client program because I got an error message when I tried to use it. They replied and said its just to delete it because the new program is coming in october. So I will use Navigator to get used to it untill the new program is there.

And I would like to do a small contribution for this great group here.

A friend who also trade forex mentioned once that he needed more monitors. I was thinking there must be a program that could solve some of the problem, that you need to see several windows at same time.

So I googled all over the internet and found a very nice little program. I see now all three or four charts at same time when I want to, on the screen with this program. Very practical.

Here it is: http://reptils.free.fr/

Regards
PaleRainbow

PS: LinuxTroll, I see you wrote a few words in norwegian in a post. How come you know norwegian? Couldnt help but ask, since I am norwegian. lol
Jeg bodde mange år i Norge...

mvh,
  • #1,224
  • Sep 10, 2007 9:37pm Sep 10, 2007 9:37pm
Quoting eyecelll
and i'm glad you like forex more than war now

hey LT, i've been watching the rainbow during slow trading hours today and came to conclusion that conservative trading doesnt work at these times, you have to be more aggressive, like selling at tops, would you agree?
Yes... that's why I created Linuxtroll Simple Scalping... Must ride the waves... Conservative entries with spine is good for a start - making money and put some screen time at the same time - until you develop the eye for aggressive entry/exit...
  • #1,225
  • Sep 10, 2007 9:39pm Sep 10, 2007 9:39pm
Quoting nhallmark
Are any of you trading AUD/JPY? ...I've been looking at it on and off over the past few weeks and it seems to "play by the rules" more so than E/J(by rules, I mean adhering to pullbacks, s/r, h/v line crosses, etc.)

Do you have any experience with A/J linuxtroll? Is there a reason why you don't trade it?
I never tried it... If it works for you - go ahead and master it... Always focus on one currency pair and become an expert in that currency pair...
  • #1,226
  • Sep 10, 2007 9:41pm Sep 10, 2007 9:41pm
Quoting linuxtroll
I never tried it... If it works for you - go ahead and master it... Always focus on one currency pair and become an expert in that currency pair...
OK, thanks man.
  • #1,227
  • Sep 10, 2007 9:51pm Sep 10, 2007 9:51pm
Quoting linuxtroll
I never tried it... If it works for you - go ahead and master it... Always focus on one currency pair and become an expert in that currency pair...
I have been following the USDJPY and seem to like it.

Is there anyone focusing on this pair or does the crowd trade the EURJPY?

Just curious.
  • #1,228
  • Sep 11, 2007 12:37am Sep 11, 2007 12:37am
Man! It's a little frustrating because even though
my scalps are slowly getting there (still inconsistent
but, improving), the spreads + commission that EFX
(Demo) is charging are really alot! Right now I'm sticking
with Market orders and 5 sec. charts because I want to
stick with the plan. But, will this high cost of trading work out
unless I can achieve a very high win/loss ratio? Hmmm...?
Maybe using non-Market orders may be necessary for small a
fish trader like me. I would hate to have to start missing
moves and chasing the market around with Limit orders!


Edit: This post looks a little gloomy! Don't misunderstand, things
are really improving! Before I really was only getting entries.
Now holding and exits are really improving too.
Why: 1)Using breach of Evens for entries, 2)monitoring the strength of
the trade as it encounters an Even (using rainbow of course) and
3)exiting as price runs into a wall (Even) and rainbow wanes in strength.
The NB is starting to wake up and smell the coffee. I love coffee. LOL
Thanks LT and All!
  • #1,229
  • Sep 11, 2007 1:41am Sep 11, 2007 1:41am
Hi FxSurfer,

this is actually great point, I spend last week some time to prepare excel spreadsheet with these comm. calculations to make clear why I am not able to grow my account. If I checked back how many trades I made and how much commission I paid.... It is only one way how to succeed - less trades, maybe only 1-3/day and wait for the best setup, otherwise it will kill us...

Just check this table below and you will see how much from your account can you loose if one bad -10pips trade comes...

We need more screen time and persistence.
Have a great trades

Example: Approx. calculation 5pips gain is brutto $261.84, nett $180, 1.8% account grow...10pips loss cost you with $10K account and 60% investment approx. $521...:surprised
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  • #1,230
  • Sep 11, 2007 2:34am Sep 11, 2007 2:34am
It's useful to study your spreadsheet Bruno. Thanks!
Waiting for good moves and not being impatient is what
I had better start doing, I think! I'll still do little
demo scalps for practice but, when I go live I probably
won't until my win/loss ratio and account size go up and
costs go down!

Good Trading Bruno!
  • #1,231
  • Sep 11, 2007 2:35am Sep 11, 2007 2:35am
On the chart below, i putted a circle on the possible entry at retracement. My problem is that rainbow cannot anticipate a bigger retracement that would hit my SL of 10 pips. Perhaps LT can anticipate this, he has much bigger experience than all of us.

I did not entry on this, because the CCI 50 was making higher lows, meaning a temporal exhaustion of the trade. I would enter again at the -100 line cross. This is my personal filter. As simple as that. It saved me a lot of times, so I wanted to share it with you.
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  • #1,232
  • Sep 11, 2007 2:40am Sep 11, 2007 2:40am
Before entering scalping trading session,
First. Note.
EUR/JPY commission is approx 1.15 pips
USD/JPY commission is approx 1.15 pips
GBP/JPY commission is approx 2.3 pips
AUD/JPY commission is approx 1.15 pips

so if you trade EUR/JPY you need at least another 2 pip +spread to start making profit. GBP JPY you will need another 3 pip + spread before start profit .. so dont enter any trade that has high probability of getting lower pip then that.

to learn scalp it doesn't matter.. just take 1 pip... or 2... you will enter & exit allot of trade. you wont make any money but you will gain allot of experience and self trust which will help you allot when you start making money.

I paid around 40% of my scalp income to EFX ....... still better then losing money on my big trades....
  • #1,233
  • Sep 11, 2007 4:26am Sep 11, 2007 4:26am
Another day with the rainbow ....

FesXU7: 11:00 - 11:15 / Late entry / Awful exit but the rainbow works.... 3 contracts / 3 pips / 13 mins / €90

jjrvat

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  • #1,234
  • Sep 11, 2007 4:45am Sep 11, 2007 4:45am
Hi italianfx,

I want to thank you for putting up your trading chart. I appreciate it because the chart is very very explained and informative.

Thanks again.

Good trading to you.
  • #1,235
  • Sep 11, 2007 4:57am Sep 11, 2007 4:57am
Quoting yyc196
Hi italianfx,

I want to thank you for putting up your trading chart. I appreciate it because the chart is very very explained and informative.

Thanks again.

Good trading to you.

I'm happy to know that my charts with explanations are helping you and others, anyway this is an exercise that has helped me a lot, I hope you will do the same

happy scalping

Alessandro
  • #1,236
  • Sep 11, 2007 5:29am Sep 11, 2007 5:29am
some trades from today
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: 5 sec 9-1030.jpg Size: 191 KB
  • #1,237
  • Sep 11, 2007 6:06am Sep 11, 2007 6:06am
Hello everybody Iam writing again. So after two weeks on demo i taught a lot about prcie action observing 5 sec charts with rainbow. Thank you LT for all your support, thats great when rainy days comes. I realized why Mantra is so important in trading. Iam reading it almost everyday. I have set up my own rules and stickig with it. I trade 2 hours per day and maximum 5 trades.Entering on visually nice retracements and visually nice breakouts. Iam glad to have 60-75% win ratio.Iam more conentrating to have a bigger winners and smaller losers so far. Losers 5-10 pips maximum. most of loss are less than 8 pips. Winners 8-30 pips depend on my goal and price action . I had a problem with proper exit. I didnt have any goals at first and it didnt worked for me. Now i set my own pivots based on 5 min or bigger charts. and entering only when price cant go further than 10 pips against me to notice that spine is broken and market wont go in my direction. I still learning to be more consistant. Because if i want have a consistent profit i have to be consistent. .
A lot of fun and lot of made money to you

PS-Sorry about my English.......
  • #1,238
  • Sep 11, 2007 6:10am Sep 11, 2007 6:10am
One more thing:
I have a problem with MBT demo account. Every day i get my commision back. i dont understand to it. Every day is my account bigger and bigger. It would be great on live account Do you have similiar observation??
  • #1,239
  • Sep 11, 2007 7:16am Sep 11, 2007 7:16am
I have the same issue with EFX, comissions keep coming to my account every day
  • #1,240
  • Sep 11, 2007 7:25am Sep 11, 2007 7:25am
Quoting FXSurfer
Maybe using non-Market orders may be necessary for small a fish trader like me. I would hate to have to start missing
moves and chasing the market around with Limit orders!
FXSurfer, I'm by far no expert, but perhaps you could try a 1, 3, or 5-min timeframe? I know there's lots of action on the 5s but let's be honest--the noise at that level is so high that only a veteran can make money on it... and for those with not much experience, even a 5-min chart is tough! So why not try 1 min, and see if that will allow a more clear pattern to present itself..? That would also let you shoot for more like 15 pips at a time, in which case a 2 pip spread won't kill you... just something to think about? Keep drinking that coffee dude!! :-)
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