DislikedHi Linuxtroll,
so should we stick to 5 sec chart or change to xticks? I mean unlike futures different forex data providers have different tick update rate, so does this mean we stick to 5 secs if trading Forex?Ignored
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DislikedHi Linuxtroll,
so should we stick to 5 sec chart or change to xticks? I mean unlike futures different forex data providers have different tick update rate, so does this mean we stick to 5 secs if trading Forex?Ignored
Dislikedwow fxs,
i havent read nisargadatta's teachings for awhile and these words are so sharp. i just felt creeps all over the body.
i'm surprised you guys know him. this guy is not popular like many others. sorry for being off the topic, so lets get back to scalping. fritz, tell us what you think of linuxtroll method, i see you have some good background. maybe you have some suggestions?
question to linuxtroll:
i dont have much of the screen time now but can come to the computer every 1 or 2 hours, so i'm using a mix of rainbow and gmma on 1hr charts. you mentioned we could use cci 21 with it. do i really need it? i think all i need is already on the rainbow/gmma or maybe i'm missing something?Ignored
DislikedHere are a couple of semi-risky trades that I took while the market was range-bound. I saw that the price was oscillating back and forth, so I drew range lines and traded near the tops and bottoms. Note that the trades do not go with the spine.
I have done many of these, most of them successfully - averaging 6-8 pips each. The one caveat is that I enter with tight stops because I want OUT in the event of a breakout (the formation of a trend) - like we saw around 08:33 EST today with the USD/JPY pair.
If you decide to try this, be darn sure you enter with stops, and that you have correctly identifed a range-bound condition.
Happy trading.Ignored
DislikedHello Linuxtroll, thank very much for your answer about ticks charts. I am playing with them recently and they seems to fit very well with the rainbow scalping.
The thing is to find the right number of ticks and stick with it.
For now, I like the 5 tick chart.
Wishing you all a great week-end and lots of pips or ticks nect week
Sincerely
ShreemIgnored
DislikedHi Shreem and Candy,
Is the forex feeds your Ensign charts take, eSignal or IB or free FXCM(?) feeds. How fast and accurate are they as you observe?
I used to have Ensign but the free feeds were almost non usable.
I observe that InterbankFX quotes/charts are about 1 second ahead of OANDA charts and EFX/MBT about 5 seconds ahead of OANDA.
If you want to trade LT simple scapling with less than 1 min charts, then one would have to go to other charting software. But more important is the speed of feeds. If, as often suggested by LT, you want to trade an ECN such as EFX, the prices on charts should be as fast, not lagged by 5 seconds (OANDA).
Do you observe on Ensign comparable speed of price changes to EFX/MBT quotes?
Thanks for your input. RSIgnored
DislikedIf you can afford to pay a monthly fee, then go with the xtick chart with a good data feed... Otherwise use Oanda FxTrade 5 sec... (Do not use FxGame)Ignored
DislikedIf you can come to the computer 1-2 hours; why 1 hour chart... With 1 hour chart you will be trading candles only (1-2 candles) - not GMMA... You are using a different trading strategy... not Linuxtroll Simple Scalping...Ignored
DislikedI am experimenting with different tick setups - 10ticks very similar to 1min, so I decide to choose 3ticks, 5ticks also very fine
Have a great day
BrunoIgnored
DislikedIf you can afford to pay a monthly fee, then go with the xtick chart with a good data feed... Otherwise use Oanda FxTrade 5 sec... (Do not use FxGame)Ignored
Dislikedi'll start using lss as soon as i get more time. hopefully the system i'm using now will help me quit my daytime jobIgnored
DislikedI currnently pay for intellicharts through EFX, but rarley use them now that I have been using Oanda Fxgame 5 sec. charts. Are you saying FxTrade 5 sec. is superior to the Fxgame? Also, it appears Xtick only goes down to the 1m. Is that correct?
Quote form their site, " Any intraday timeframe (from 1 to 1439 minutes) "
Also, how is their data feed for EFX. They say they are with FXCM which that feed is not good with EFX. Always a few pips off.Ignored
DislikedIs there a serious disadvantage to Oanda's FXTrade platform? If I'm using Oanda as a broker, I would think the convenience of on-chart orders would overshadow any minor problems otherwise. I mean, if Oanda is my broker, don't I basically want their data feed? If we're talking about speed issues, then I would think having to switch from another charting window to oanda and place the order would nullify the minor speed gains that come from having another data feed. For example, when doing swing trades, sure, I may pay 2 pips more spread per order, but the convenience of placing orders on my MT4 broker's system outweights having to mess with having my MBT window open and placing orders there. Is this logical, or am I missing a huge advantage to having a 3rd party data feed?Ignored
DislikedI don’t know anything about Oanda because I don’t trade there, but ideally you always want a chart that is pushed with “tradable” price data from your broker. The problem comes in when you have a chart that doesn’t quite match the broker's quotes and there are many where this happens. That’s why for me I prefer a 3rd party multi-bank datafeed. Then I can see where the broker is quoting in relation to that. As far as flipping back and forth on the screens, I use hot keys to help shortcut the process.Ignored
QuoteDislikedOriginally Posted by JoshDance http://www.forexfactory.com/images/buttons/viewpost.gif
The logical answer to me is that there is no advantage to this unless you just love a particular 3rd party charting package or data feed, but even if you do, for scalping, I think it would almost be a disadvantage, since Oanda cares nothing about what some other data feed says the current bid/ask is, and for scalping and short-term trading every pip counts.
QuoteDislikedOriginally Posted by candy http://www.forexfactory.com/images/buttons/viewpost.gif
That’s why for me I prefer a 3rd party multi-bank datafeed. Then I can see where the broker is quoting in relation to that.
DislikedBut I'm asking specifically for Oanda, who has charts already--to Oanda, only Oanda's prices matter, and the price I see on the chart is the price I get, so why introduce another data source and add to my confusion--what's the advantage?Ignored