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Linuxtroll Simple Scalping

MT4 still 1 min. or more right?
Quoting linuxtroll
Did not you receive it yet? Check your inbox or spam box... LoL
Just ordered it for my wife Sandra. Maybe now we can retire. LoL.
Quoting dominicanosrus
Just ordered it for my wife Sandra. Maybe now we can retire. LoL.
Absolutely... LoL
Whats your thought about the entry ?
Entered right after it come down from the spine.
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Quoting FXSurfer
MT4 still 1 min. or more right?
yes...
Quoting linuxtroll
yes...
"Position" Scalping LOL!

Slow-Burning Flames!
Now that's what I call a flame! Wow.
:surprised
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Quoting FXSurfer
Now that's what I call a flame! Wow.
:surprised
Call me "old-fashioned". I prefer the 5 sec. chart of the same move!
I guess I'm used to 5 sec. already. LOL!
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Given this scenario (see picture) would LT's "aggressive scalping" be appropriate here?

If so, what can we look for as cues to enter and exit since the spine is clearly undecided.




Attachment 52962
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Quoting shutopia
Given this scenario (see picture) would LT's "aggressive scalping" be appropriate here?

If so, what can we look for as cues to enter and exit since the spine is clearly undecided.
I think i would've taken about 7 trades there.

Edit: Ok I just realized that i actually traded that session and took 6 trades there.

And I wouldn't call the spine undecided, it just moves up and down
Just take a look at lts charts i think you will get a good idea on where to enter.
Quoting Canyouseeme
I think i would've taken about 7 trades there.

Edit: Ok I just realized that i actually traded that session and took 6 trades there.
you miss 1 trade in realtime because getting the coffee..
Hello Everybody. My todays trades .
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Seasoned rainbow scalpers, when rainbow scalping...
1) What is your preferred order type, LIMIT or MARKET
2) Which platform do you enter this order on? OANDA, EFX, other?

I'm asking these questions because I've noticed significant advantages and disadvantages between OANDA and EFX. Let me explain...

OANDA Advantage:
The spread is not half bad vs EFX. While it doesn't ever reach 0, it does not include commission. (See EFX disadvantage).

The pipettes i.e., 164.658 vs plain old pips or half pips found in EFX's pairs. When I used MARKET orders to rainbow scalp on OANDA's platform, these pipettes seem to help me squeeze out a few more pips.
Contrary to popular belief, MARKET orders via OANDA do not "slip." Someone has pointed out that while the "quote list" has a significant delay, the Market Order window's QUOTE field does in fact update in real time.
Please correct me if I'm wrong.

OANDA Disadvantage:
Shockingly high spreads during news releases. This unpredictable element really throws me off my game when I'm focused on the 5 sec chart. I'm sure we've all seen this happen during our scalping sessions.

EFX Advantage:
Besides the execution time and precision, EFX has the advantage of filling limit orders at 1 pip increments vs the pipettes found at OANDA. I have noticed that my LIMIT orders with an offset of 1 pip away from the market price and direction get filled 70-80% of the times while rainbow scalping. That extra pip makes a difference in quieter market sessions.

EFX Disadvantage:
The commission, the commission, the commission. I thought that with the fast execution, I could justify the commission.
Scalping the EUR/JPY round trip costs approximately 1.6 pips.
Scalping the GBP/USD round trip costs approximately 2 pips.
The green spread meter <= 0 doesn't come on very often, so my MARKET orders have not exactly benefited from the 0 spread. Instead, I've mostly been filled at 1-2 pips. Add the commission of say 1.6 pips to that and I'm tempted to crawl back to OANDA for their spreads.



Feedback?
I understand that this is quite a deviation from the teachings of LT's rainbow scalp, but I'm just looking for more ways to improve my chances for higher probability trading. I'd appreciate any responses to my post, especially if it's to tell me that I've posted it in the wrong place.
Quoting shutopia
Seasoned rainbow scalpers, when rainbow scalping...
1) What is your preferred order type, LIMIT or MARKET
2) Which platform do you enter this order on? OANDA, EFX, other?

I'm asking these questions because I've noticed significant advantages and disadvantages between OANDA and EFX. Let me explain...

OANDA Advantage:
The spread is not half bad vs EFX. While it doesn't ever reach 0, it does not include commission. (See EFX disadvantage).

The pipettes i.e., 164.658 vs plain old pips or half pips found in EFX's pairs. When I used MARKET orders to rainbow scalp on OANDA's platform, these pipettes seem to help me squeeze out a few more pips.
Contrary to popular belief, MARKET orders via OANDA do not "slip." Someone has pointed out that while the "quote list" has a significant delay, the Market Order window's QUOTE field does in fact update in real time.
Please correct me if I'm wrong.

OANDA Disadvantage:
Shockingly high spreads during news releases. This unpredictable element really throws me off my game when I'm focused on the 5 sec chart. I'm sure we've all seen this happen during our scalping sessions.

EFX Advantage:
Besides the execution time and precision, EFX has the advantage of filling limit orders at 1 pip increments vs the pipettes found at OANDA. I have noticed that my LIMIT orders with an offset of 1 pip away from the market price and direction get filled 70-80% of the times while rainbow scalping. That extra pip makes a difference in quieter market sessions.

EFX Disadvantage:
The commission, the commission, the commission. I thought that with the fast execution, I could justify the commission.
Scalping the EUR/JPY round trip costs approximately 1.6 pips.
Scalping the GBP/USD round trip costs approximately 2 pips.
The green spread meter <= 0 doesn't come on very often, so my MARKET orders have not exactly benefited from the 0 spread. Instead, I've mostly been filled at 1-2 pips. Add the commission of say 1.6 pips to that and I'm tempted to crawl back to OANDA for their spreads.



Feedback?
I understand that this is quite a deviation from the teachings of LT's rainbow scalp, but I'm just looking for more ways to improve my chances for higher probability trading. I'd appreciate any responses to my post, especially if it's to tell me that I've posted it in the wrong place.


I think the greatest disantvages of Oanda is price manipulating. Didnt you noticed that?? price breach 50 on Oanda but on EFX doesnt. Its very hard to trade on so manipulated broker. Sometimes during the news the Oanda price is 15 pips away from real quotes!!!! Thats total scam!!!
But if you watch EFX prices, and trade on Oanda. it should give you some extra pips sometimes.
Hi

I don't have access to a 5 second chart but i have x-tick. Should i set that to 5 ticks?

thanks
just use the tick chart then.. its faster ......
Quoting shutopia
Seasoned rainbow scalpers, when rainbow scalping...
1) What is your preferred order type, LIMIT or MARKET
2) Which platform do you enter this order on? OANDA, EFX, other?
1) ALWAYS enter on a market order. Not only does it fill you instantly, but in order for a limit order to be executed, the market has to move DOWN to your price when you want to go LONG (and vise-a-versa). As for exiting, it depends on your business plan. If you want to grab a few pips per day, let it compound, and not have to be at your screen all day, use limit orders... if you like to "ride the wave" and have the potential to bag a lot of pips, use market orders.

2) My opinion: if you don't have much capital or want to "test the waters" with low leverage (2:1, 3:1, etc.) before going to high leverage (10:1, 20:1, etc.) use Oanda because they allow trades in units. If you have quite a bit of capital and start using high leverage, then go to EFX... or even InteractiveBrokers, as they're an ECN that gives you volume discounts. Though the spread + commision can sometimes be more expensive than Oanda, the fact that Oanda can suddenly switch to high spreads will cause a big loss quickly that will be hard to recover from because of the nature of scalping. Besides, if you can make money on Oanda before switching to an ECN, then you're certain to make money at an ECN.
My first post on this forum and this on such a big topic here. I read all the post from the page one. It took me…

… well it doesn’t mater how long it took but it was worth to read all these posts because doing that I get familiar wit the Linuxtroll Simple Rainbow Scalping.

For me the Rainbow is a wonderful way to look in the charts. Thank you Linuxtroll that you open my eyes so I could look at the charts now.

Also my thanks to many other that posted here.

Since begin of this year I am try to learn about Forex as much as I can and my busy time allows it.

I have one question here now: Is there one liquidity meter that I can test for free?

In the post Nr. #2094 FXSurfer mentioned something like that he can see the liquidity through adjusting the Spread Meter on EFX trading platform (I suppose I am right here )

I have seen some other charting packages that have something similar like “Heatbars” that will show the liquidity but I was not able to test tem till now.

Does someone use them already with the Rainbow? Can someone recommend any for testing?



Quoting mjolimer
Hi

I don't have access to a 5 second chart but i have x-tick. Should i set that to 5 ticks?

thanks
I think thick charts are little different than the fixed time charts like you get them on Oanda.

You shouldn’t use thick charts with rainbow. You still need the V (time) lines for enter and exits
just my 2 cents.
Thanks FXSurfer! I see what you mean now.

Incidentally, I just got pwn3d by the 6 minute rule. The attached screenshot is me on the EUR/JPY from about 10:33AM to 10:39AM EST. I still came out 0.7 pips in profit, but I definitely could have had quite a bit more if I had stayed in longer. Any comments welcome!

Update: The reason I entered the trade where I did is because it had breached previous support at 165.14. That support was created a few minutes earlier than my screenshot covers.
Attached Image
I came, I saw, I conquered [your pips]. -- Julius Caesar
Quoting Quick
Thanks FXSurfer! I see what you mean now.

Incidentally, I just got pwn3d by the 6 minute rule. The attached screenshot is me on the EUR/JPY from about 10:33AM to 10:39AM EST. I still came out 0.7 pips in profit, but I definitely could have had quite a bit more if I had stayed in longer. Any comments welcome!

Update: The reason I entered the trade where I did is because it had breached previous support at 165.14. That support was created a few minutes earlier than my screenshot covers.

I think the "6 minutes rule" must be followed only if after 6 minutes the price doesn't go in your way or it goes in opposite direction.
In your trade example the price is going in your way and the spine is well formed with good slope, so wait for 5 or 10 pips profit and keep the stop always outside the spine.
Hope it helps!

Happy scalping
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