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Linuxtroll Simple Scalping

  • #1,461
  • Sep 15, 2007 12:09am Sep 15, 2007 12:09am
Quoting Jack.C
Hi 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?
If 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)
  • #1,462
  • Sep 15, 2007 12:14am Sep 15, 2007 12:14am
Quoting eyecelll
wow 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?
If 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...
  • #1,463
  • Sep 15, 2007 12:16am Sep 15, 2007 12:16am
Quoting PipPursuit
Here 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.
This is what i mean by trading the foldover, only waiting a little longer for the entry...
  • #1,464
  • Sep 15, 2007 12:19am Sep 15, 2007 12:19am
Quoting linuxtroll
Otherwise use Oanda FxTrade 5 sec... (Do not use FxGame)
How much deposit to gain access to FX Trade feed? $1? HeHe.

From their site:
Frequently Asked Question
What is the minimum account balance?

http://server.iad.liveperson.net/hc/...1746/tab_L.gifAnswer
http://server.iad.liveperson.net/hc/...1746/tab_R.gifUnlike most Internet-based FX trading platforms, there is NO minimum deposit for opening an account with OANDA.

  • #1,465
  • Sep 15, 2007 1:30am Sep 15, 2007 1:30am
Quoting shreem
Hello 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

Shreem
I 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
Bruno
  • #1,466
  • Sep 15, 2007 1:44am Sep 15, 2007 1:44am
Quoting RisingSun
Hi 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. RS
Hi Rising Sun,

To answer your question, I use Ensign with Esignal for data and also from time to time use Ensign's FXCM data too. I like FXCM really as a back up datafeed in case anything happens to the Esignal.

I agree with you that Ensign's FXCM feed was not stable when they first released it and I found it completely untradable. I have to say they worked very quickly to fix the problem within a couple of weeks and it's been working great for quite some time now.

I've spent alot of time studying different datafeeds...maybe too much time, lol. I used to have Tradestation and didn't like the fact that I had no choice but to use their one forex feed. Depending on which broker you use, the data can be way off, like you mentioned too. If you trade with a market maker feed, the quotes will be totally different than with an ECN.

I use MBtrading as my broker and have done exhaustive studies on every different datafeed I could get my hands on. The composite feed from Esignal has so many feeds to look at from Saxobank to Coes to Realtime forex. There are over 200 contributors and yes I've looked at all of them (crazy, I know) one by one. In the end, for me the best fit was Hotspot. I like the feed because I believe it to be most accurate with their use of multi-bank quotes and better yet because it's almost identical to MBtrading. Every now and then it might be 1 pip off, but usually it's right on the pip.

So for me it's all about using the best broker with a datafeed that I can trust. I prefer a datafeed that is as close as I can come to "real quotes" so that I know what's happening with the broker....kind of a check and balance kind of thing.

So I don't know if it's so much an issue of the speed of the data as much as it is the source of data and how they process the tick data. Just so you know, FXCM from Ensign is about 2 pips away most times from the quotes on MBtrading...and sometimes 4 pips in fast markets.

Hope this helps you some.
Happy data hunting!
  • #1,467
  • Sep 15, 2007 3:24am Sep 15, 2007 3:24am
Quoting linuxtroll
If 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)
I 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.
  • #1,468
  • Sep 15, 2007 6:47am Sep 15, 2007 6:47am
Quoting linuxtroll
If 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...
i dont have 1-2 hours of screen time, i said i can check the screen every 1-2 hours, every time for a couple of minutes which allows me to place or exit a trade. but you're right, this is not lss. so how about the cci 21? it was mentioned here on this post

i'll start using lss as soon as i get more time. hopefully the system i'm using now will help me quit my daytime job
"Nothing is unexplainable, Everything is mystery" W. Liquorman
  • #1,469
  • Sep 15, 2007 8:09am Sep 15, 2007 8:09am
Quoting Bruno
I 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
Bruno
Just be aware that there is no "tick-to-time equivalent" such as "10 ticks = 1 min" and so forth. That's the whole advantage of tick charts--they represent market activity, and are not time-based. So during busy market hours, 10 ticks may equal 3 seconds, and during slow times, it may equal 2 minutes.
  • #1,470
  • Sep 15, 2007 8:34am Sep 15, 2007 8:34am
Quoting linuxtroll
If 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)
LT,

I am now putting in screen time using the oanda game FX charts. Question should I open an account with Oanda and use those 5 sec Fx charts or should I be putting in screen time on tick charts and what is the best provider of these charts in your opinion?

As usual a big THANKS for your system and most of all your help!
  • #1,471
  • Sep 15, 2007 9:18am Sep 15, 2007 9:18am
Quoting eyecelll
i'll start using lss as soon as i get more time. hopefully the system i'm using now will help me quit my daytime job
If the system you're using now helps you quit your daytime job, then why not just stick with that system--it works, right? :-) Beware of the psychology of using trading for this though--many people fall trap to the "work one hour a day in your pajamas and be financially free" trap. It's a lure, and if you're not careful, you will go broke this way. If you stop one source of income and go to trading as your only source, that puts a tremendous amount of pressure on you to perform well, and if you're not psychologically read for it (most are not), then the pressure will completely mess up your trading. Just be careful.
  • #1,472
  • Sep 15, 2007 9:51am Sep 15, 2007 9:51am
Quoting Stan
I 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.
XTick will go down to 1min on time, or display tick-by-tick. To set it for ticks, create your chart, right-click, and set time to tick. I use XTick Professional and love it, though beware that their XTick Extreme product is buggy and crashes frequently.
  • #1,473
  • Sep 15, 2007 11:39am Sep 15, 2007 11:39am
Is 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?
  • #1,474
  • Sep 15, 2007 12:00pm Sep 15, 2007 12:00pm
Hello to all, from my experience about reliability of tick charts data feed, I can say that I am very mostly happy with Ensign software FXCM forex feed.

It is true that there was some issues in couple of months before, but now it is completely fixed and it works very well.

The numbers of possbility and the choice of any minute, second or tick charts as you which make this platform very excellent.

Also, another good point is the fact that if you only use the FXCM forex feed, it only cost 40$ US a month, which is cheap compared to charting sofware in the market.

Also, Ensign software gives you the possiblity to connect to data feed like E-signal, interactive brokers and others and you can trade future, stock and others.

So, to resume, I am a very satisfied customer with them after having spent lot of time on others charting software before.

Hope it help

Sincerely

Shreem
  • #1,475
  • Sep 15, 2007 12:48pm Sep 15, 2007 12:48pm
I feel that using the OANDA charts is probably the best option for those trading at OANDA. It is a big advantage to chart the same price feed that one trades. That's one disadvantage of institutional platforms, they really don't have charting. Having said that, I don't understand why an OANDA trader would want to use a tick chart from another feed. What's the point if both feeds don't agree tick by tick?
  • #1,476
  • Sep 15, 2007 12:52pm Sep 15, 2007 12:52pm
Quoting JoshDance
Is 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?
I 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.

Find what works for you. The bottom line is making money…and taking the easiest path.

Sorry Linuxtroll about all this discussion of data….now back to the pot of gold filling all the rainbow scalper’s accounts!

Happy pip hunting!
  • #1,477
  • Sep 15, 2007 1:29pm Sep 15, 2007 1:29pm
Quoting candy
I 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.
Thanks for the reply candy. Notice the sentence I bolded above though--my question in response to this is, what are you going to do about it? This goes along with what dominican just said as well. If your broker quotes 115.15/17, and your 3rd party feed quotes 115.120/165, what are you going to do--go tell your broker you want the other price? As there is no exchange with which to regulate prices, why pay $90/month (or more, or less) when the only prices that mean anything for my immediate buying and selling--my broker's prices--are provided on a chart for me?

Of course, if you use something like MBT or EFX, then of course you will have to have external charts (well, at least till EFX's supposed Omega appears). But 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? Hopefully you read in my tone that I'm not just playing devil's advocate, but I'm sincerely asking, since I just opened an Oanda account and would like to know any advantage to paying more for another data feed. 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.
  • #1,478
  • Sep 15, 2007 2:12pm Sep 15, 2007 2:12pm
Hi jjrvat;

Why occasions you enter with a Dax contract and others with three contracts?
Sorry for my bad english

Thanks guy.
  • #1,479
  • Sep 15, 2007 3:02pm Sep 15, 2007 3:02pm
Quote
Originally 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.

My sentiments exactly.

Quote
Originally 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.

That's fine candy, IF your arbing. If not, like Josh said, you can't do anything about it. You are trading your broker's feed, regardless what "the market" is quoting. Manual arbing is usually not possible because the feed that's lagging behind the "real market" is not really tradeable because it comes from a dealing desk (who will not fill you when there's a pricing discrepancy). That's why when someone mentioned that OANDA lags behind a particular MT4 feed, I was perplexed and apalled!
  • #1,480
  • Sep 15, 2007 3:22pm Sep 15, 2007 3:22pm
Quoting JoshDance
But 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?
I agree with you that there is no advantage to other charting in this case. Sorry if I misread your questions. The bolded sentence you wrote is the key. You're good to go!
Happy Rainbowing!
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