Monarch thank you for the posts and explanation. I am sure many people will find it extremely useful to compare with how they read waves etc.
- #1,724
- Sep 23, 2007 11:57pm Sep 23, 2007 11:57pm
- | Joined Aug 2007 | Status: Climbing Peaks Gliding Valleys | 1,601 Posts
Ahh my mistake, I took long @162.32 
- #1,725
- Sep 24, 2007 12:17am Sep 24, 2007 12:17am
For a conservative trader I would recommend the London Open for trading today, but for the aggressive scalper, anytime there is a nice rainbow - there are pips.
Such is the case now, took a short at 162.35 - looking for a quick 6 pip take, but one must have a fast hand for sure.
Update: Noticed how the 5 second came up to test the 162.35 support break then continued down, the 30 second is confirming this SHORT here.
Good trading to all!
Note: 1:00 am EST - price is near the daily low at 162.18/20 - Looking for the top of the hour move here: either a continutation downward, or a Rainbow fold upwards on the 5 Second.
From your charts it looks like it helps. Thanks for posting those. Much appreciated
- #1,726
- Sep 24, 2007 12:23am Sep 24, 2007 12:23am
- Joined Aug 2006 | Status: Trader | 3,126 Posts
How big is your monitor(s)? I've been thinking about stretching out the charts like that...helps with seeing s/r, etc.
From your charts it looks like it helps. Thanks for posting those. Much appreciated
One is specifically for the 5 and 30 second rainbow, the other for my platform and internet browsing.
Between the two - scalping is made easy.
- #1,727
- Sep 24, 2007 1:15am Sep 24, 2007 1:15am
- | Joined Aug 2007 | Status: Climbing Peaks Gliding Valleys | 1,601 Posts
- #1,729
- Sep 24, 2007 3:18am Sep 24, 2007 3:18am
- Joined Mar 2007 | Status: ~~~~~~~~~ | 3,692 Posts
This is my today trade in first hour of London session.
London's a nice open! Some nice swings today.
As for myself I've gotten a little more consistant on quick
flame scalps. What I need to develop is my ability to stay
in the water a little longer. I get spooked out to easily. This
week I'll shoot for a few more pips too!
Thanks for the chart and nice going!
- #1,730
- Sep 24, 2007 3:22am Sep 24, 2007 3:22am
- | Joined Aug 2007 | Status: Climbing Peaks Gliding Valleys | 1,601 Posts
- #1,731
- Sep 24, 2007 3:27am Sep 24, 2007 3:27am
- Joined Mar 2007 | Status: ~~~~~~~~~ | 3,692 Posts
I thought it was good entry, but seems it could be better... Exit was a bit late .
- #1,732
- Sep 24, 2007 5:09am Sep 24, 2007 5:09am
- | Joined Aug 2007 | Status: Climbing Peaks Gliding Valleys | 1,601 Posts
another Trade +9 pip... exit was way to early..... with sell limit ...
total 4 trade +24 pips. need more practice & screen time .... hopefully can achieve better result tonight.....
...total 4 trade +24 pips. need more practice & screen time .... hopefully can achieve better result tonight.....
- #1,734
- Sep 24, 2007 5:21am Sep 24, 2007 5:21am
- | Joined Aug 2007 | Status: Climbing Peaks Gliding Valleys | 1,601 Posts
- #1,737
- Sep 24, 2007 5:53am Sep 24, 2007 5:53am
- | Joined Aug 2007 | Status: Climbing Peaks Gliding Valleys | 1,601 Posts
- #1,738
- Sep 24, 2007 5:55am Sep 24, 2007 5:55am
- | Joined Aug 2007 | Status: Climbing Peaks Gliding Valleys | 1,601 Posts
- #1,739
- Sep 24, 2007 6:05am Sep 24, 2007 6:05am
Note, I'm watching the 5 sec chart in Oanda, but just demo'ing it through this broker (min 1m charts) - you get a clearer picture of where the trades took place with this.
http://thehoddlegrid.net/dump/EURJPY240907-1.jpg
Trade #1 - happy with that, grabbed a few
[went and made dinner after that]
Trade #2 - I could have let that one run a little further, just a little too jittery
Trade #3 - I was being a little greedy and before long it turned against me
Trade #4 - not the best entry (went for the first solid movement above the 240WMA - when in hindsight I should have waited for the retracement) - almost got out of this when I was 8 pips down, but it was supported well. Set a 7 pip T/P and it was eventually hit.
http://thehoddlegrid.net/dump/EURJPY240907-1.jpg
Trade #1 - happy with that, grabbed a few
[went and made dinner after that
]Trade #2 - I could have let that one run a little further, just a little too jittery
Trade #3 - I was being a little greedy and before long it turned against me
Trade #4 - not the best entry (went for the first solid movement above the 240WMA - when in hindsight I should have waited for the retracement) - almost got out of this when I was 8 pips down, but it was supported well. Set a 7 pip T/P and it was eventually hit.