Wow! 100 Pages. Way to go LT!
EURJPY was absolutely, totally exploitable over the last 24 hours. I happened to get in tonight and had 1 loser and 2 winners. (update, add another loser and another winner)
thanxs LT ,
- #1,424
- Sep 14, 2007 1:18am Sep 14, 2007 1:18am
- | Joined Aug 2007 | Status: Climbing Peaks Gliding Valleys | 1,601 Posts
:-)
I'm sure LT would agree that while the tool, the rainbow MMAs, is our common tool, it can certainly be used in different ways. Multiple TFs are a great way to give the overall trend direction, and if it helps someone to use it, then they probably should! (lol, I still feel weird using 30s as a "long term" trend direction--geez! hehe)
Long term Chart for carry trader trading either a month a quarter or a year. its very useful to use a weekly chart for it. a short term chart for entry and exit would be 4H or 1H chart.
long term chart for scalper that get in and out of trade within few second to few minutes. weekly chart would be a disaster.. 30 second chart is too long as well but more appropriate, short term chart for entry and exit could be 5 second or a 1 tick chart
.30 second as long term chart is very long term chart for our purpose.
- #1,427
- Sep 14, 2007 3:56am Sep 14, 2007 3:56am
- Joined Mar 2007 | Status: ~~~~~~~~~ | 3,692 Posts
and there it was my first trade opportunity. Grabbing 30 pips was so nice and easy.
Welcome, K!
- #1,429
- Sep 14, 2007 4:10am Sep 14, 2007 4:10am
- Joined Mar 2007 | Status: ~~~~~~~~~ | 3,692 Posts
Thanks Surfer, hope it's not just luck.
EURJPY was absolutely, totally exploitable over the last 24 hours. I happened to get in tonight and had 1 loser and 2 winners. (update, add another loser and another winner)
Great to see you getting a grip on the 5 sec time frame
- #1,433
- Sep 14, 2007 5:37am Sep 14, 2007 5:37am
Great Day !!!! I really like the Rainbow !!!!!
2 Trades:
1. Dax 10:00 - 10:15: 1 contract / 14 min / 38 "pips" / €380
2. FesX 10:30 - 10:45: 3 Constrats / 7 "pips" /14 min / €200
jjrvat
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You are doing very well
can I ask you why you prefer to trade futures and not forex? Happy scalping
You are doing very well
Happy scalping
Positive psychology + Confidence + LT rainbow + 2 hours max of trading at right time + a bit of luck = Succesfull Trading
About the futures let me ask you back Why do you trade forex? .
I know this a forex forum but in my case not only I dont find any advantage in trading forex but I only find disadvantages... Bad brokers, Spreads (2.5 pips for Jpy/EUR is ridiculous) + Commisions + etc, etc.
Look I trade futures from the DOM, I know exactly bid and offer, everything is trade in one of the Stock Exchanges (CME, Eurex, etc), no spread, low commissions (you paid depending of your broker $2 to $4 per trade and thats it), they cant shutdown servers, manipulate data, etc, etc and more important 1 pip in your favor and you are already in profits!!!....
In Futures I can trade high risk, volatility instruments as wild as the DAX Er2, Oil, Silver, which are much superior than the EUR/JP cross which right now provides the best opportunities for scalping in forex, and also can trade slower instruments.... you have options for every taste.... So why bother with forex...
Of course in my case I can afford the risk of trading 1 contract. Usually 1 contract is +/- $10 per pip. The only advantage of forex is that you can trade mini lots .... But still I prefer to trade a slower contact in futures....
For me moving to futures was like driving a Ferrari instead of a LADA...
jjrvat
- #1,439
- Sep 14, 2007 8:51am Sep 14, 2007 8:51am
Alessandro
Small starting capital is a big issue (The minimun to open a futures account is +/- $2500 but $5000 is the average), about the leverage I'm no sure what do you mean? 1 Future Contract of USD/JP = 10 forex lots (I think) or every pip = +/- $12.5 and you need as low as $500 per contract in your account to trade.
Most of the futures brokers offer a free demo account. My broker is OEC and my charting software is SierraCharts but if you want to try the rainbow in a Demo account (OEC charts are not good enough for the rainbow) I will recommend any broker that works with Transact (i.e infinitybrokers) because they will give you access to SierraCharts which is avery good charting plataform. Other brokers offer access to Neoticker or Multicharts which are more pro trading and charting plataforms....
Give it a try to futures you wont regret, plus you will forget about the spread differences or broker issues....
jjrvat
Thanks a lot jjrvat, I should give a look
