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Linuxtroll Simple Scalping

  • #2,181
  • Oct 8, 2007 10:50pm Oct 8, 2007 10:50pm
Quoting TheCableGuy
Monarch has been showing me some things on the Rainbow, I am only using the 1Minute for now, will start some 5 Seconds soon.

This is the picture of the trades for today, even though the move went for 40 pips on each down move, I only stayed in between 5 and 20 pips with a scale out on the lots entered.
Nice trades we made there on the 1 minute, looking for a break above the 240 white line spine for a temporary Long, then a bounce back down to test spine for the 1 min trend.

Chart sample
Attached Image (click to enlarge)
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  • #2,182
  • Oct 8, 2007 11:07pm Oct 8, 2007 11:07pm
Quoting Stan
Try to Enter Where I marked "Enter"
More pips and sooner.
I didn't put an Exit, but when the price stalls, Exit.
Attachment

Hi Stan..........what's so special about your entry point ? I can't figure out why you suggest this entry (conservative trade?). Thanks.

Sith
  • #2,183
  • Oct 8, 2007 11:22pm Oct 8, 2007 11:22pm
Quoting Sith Lord
Hi Stan..........what's so special about your entry point ? I can't figure out why you suggest this entry (conservative trade?). Thanks.

Sith
The Special thing to me, is watching for the reversal of the movement. Once it has reversed, As is evident on the chart, I wait for it to break minor Support/Resistence, I then allow it to retrace to ensure it likes it down/up there, then once it continues in the direction of the movement and breaches the minor Support/Resistance (kind of looks like a penisula) GET IN.
That's what I look for.
Hope that helps.
Stan
  • #2,184
  • Oct 8, 2007 11:29pm Oct 8, 2007 11:29pm
Quoting Stan
The Special thing to me, is watching for the reversal of the movement. Once it has reversed, As is evident on the chart, I wait for it to break minor resistance, I then allow it to retrace to ensure it likes it down there, then once it continues in the direction of the movement and breaches the minor resistance (kind of looks like a penisula) GET IN.
That's what I look for.
Hope that helps.
Stan
greate - thanks. i can now see the resistance break. cool

so has this been getting you consistent pips?

Sith
  • #2,185
  • Oct 8, 2007 11:32pm Oct 8, 2007 11:32pm
Quoting linuxtroll
Both will do... Conservative approach does not mean that you stay in the market (same draw down as aggressive trader)... both styles - you jump in and out... Aggressive scalper will have enough experience to make more scalps (more trades, same draw downs)... conservative scalper will wait for the high probability setup and then jump in and out... after a couple of months experience both scalpers may ride the wave and capture more pips without any major risk, because they know Cyrox Rainbow inside out... Hope this helps...
Surely does, Thanks LT.
  • #2,186
  • Oct 9, 2007 12:54am Oct 9, 2007 12:54am
Quoting linuxtroll
Get a small live account
Going live with micro's!
Thanks for the reply (and your patience), LT!
  • #2,187
  • Oct 9, 2007 1:18am Oct 9, 2007 1:18am
Quoting Sith Lord
greate - thanks. i can now see the resistance break. cool

so has this been getting you consistent pips?

Sith
Yes!
  • #2,188
  • Oct 9, 2007 1:30am Oct 9, 2007 1:30am
Quoting FXSurfer
Going live with micro's!
Thanks for the reply (and your patience), LT!
Way to go my friend.
You can do it!
You have execised great patience in your learning process by doing a demo, asking numerous questions, asking more questions and then asked some more questions. All the while sticking to your plan of using the demo for____Weeks and gaining some confidence in the system and yourself.
You appear to have what it takes.
In the words of the Master...Charge on!
Stan
  • #2,189
  • Oct 9, 2007 2:42am Oct 9, 2007 2:42am
Quoting Stan
Way to go my friend.
You can do it!
It's the great people that make this thread great!
Thanks Stan!
  • #2,190
  • Oct 9, 2007 3:39am Oct 9, 2007 3:39am
Quoting nhallmark
....
This one thing has helped me more than anything else. I used to browse around and read FF all the time and I was always trying to scalp based on "oh, well the subprime crisis, etc."

I remember last month's NFP...came out at -4K. The next week I was expecting the JPY pairs to drop because of that...all sunday night, they kept shooting up and I made 0.5 pips the whole night waiting for it to drop because "it should" LOL

Now, I "unbookmarked" bloomberg and I don't read anything on FF other than this thread or the joke threads and I'm doing a lot better.

Thanks LT
so this is my problem since last few week..........
too busy reading other people opinion & Tech analysis ....
Hunting those 100 pip / trade .......

ah so back to rainbow then for me.
  • #2,191
  • Oct 9, 2007 3:42am Oct 9, 2007 3:42am
Quoting Syafi
so this is my problem since last few week..........
too busy reading other people opinion & Tech analysis ....
Hunting those 100 pip / trade .......

ah so back to rainbow then for me.
yes...lol or just keep the auslanco stuff completely separate from the rainbow.

One exception to what I posted though...if it's a news report(NFP, rate decision, etc.) and there is a good deviation, I only take trades in the direction of the news...I'm not experienced enough yet to trade the retraces.

That's the only time I pay attention to news, though.
  • #2,192
  • Oct 9, 2007 4:23am Oct 9, 2007 4:23am
Good morning Everybody , Iam back.I was out of internet for little bit. My todays trades
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  • #2,193
  • Oct 9, 2007 4:53am Oct 9, 2007 4:53am
Bruno , how to make this into oanda like chart ? with 5 minute / Vertical line ?
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  • #2,194
  • Oct 9, 2007 6:09am Oct 9, 2007 6:09am
  •  Yuppie
  • Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts
Pulled +16 out of this one (ok, a loser either side of it, but I'll get to that...). Traded this on 5-sec, but attached 10-sec as it gives a better picture.

I am breaking two rules here: 1) Trading outwith peak hours (market open/closes); and 2) Overtrading - as can be seen on chart.

My justification?

1) Having just started studying this method I think that spending as much time with it as possible, regardless of whether it is tradable, can only be beneficial;

and

2)a) Actually looking for trades, entering them (albeit with low probability), and exiting them forces one to focus more on what is happening - I personally find it is very easy to become passive when just looking at the charts. I distinguish between looking and watching!

2)b) So far, I have found that trading as much as possible (possibly the biggest no-no in trading) just now is really helping me distinguish between good, bad, and just plain ugly setups. (For example, 65+ trades yesterday, on Columbus Day - losses galore, but that is the whole point just now).


A comment on (2b) above: I get the impression that once someone has enough experience, that the off-peak times still produce opportunities. But I also think that once you have this experience, the peak times become very easy and so one would not even have the desire to put in the "extra hours" (like an hour or two is a long time already? to trade such times. Can you give some thoughts on this?

My apologies for such large posts, but I find physically writing (well, typing) the thoughts in my head about this method are helping to define it better. I will open a journal soon for this, but in this early stage of development I find that questions usually arise as I write...


For example, the sniper trade, only going for A+ high-probability trades (and ramping up the lots) makes so much sense. Are these things I am doing above only going to hinder me in the long-run? (these 65+ trades I took yesterday - there were barely any that I would have put any real money on - not even sure I would have traded this day at all, knowing that it was a US holiday)


Cheers guys,

Magnus
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  • #2,195
  • Oct 9, 2007 7:44am Oct 9, 2007 7:44am
nHallmark thanks to you buddy
I am now a fulltime scalper again.

sorry no chart but anyone want to see,
can check the time and compare with your own chart...

Almost every trade is low probability.. i went with the flame......
and because today..the market is a bit quite, i tested the market orders..
it was ok, with 1 exception, slip for 3 pip (short237.74, it shows 237.77 when i click short)
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  • #2,196
  • Oct 9, 2007 9:03am Oct 9, 2007 9:03am
FXSurfer,

I just had to say I love your new Bart avatar. haha
I came, I saw, I conquered [your pips]. -- Julius Caesar
  • #2,197
  • Oct 9, 2007 9:19am Oct 9, 2007 9:19am
Why am I so damn trigger happy with my exits?

On my chart below, I'd say the obvious place that I should have exited is when the spine broke the 10:10 time point. I snaked 1.7 pips off this one, which is good in that it's a positive amount. However I obviously could have gotten more than that.

I'm not having too too much trouble with my entries I don't think, but I really need some work with my exits. I can't seem to make myself stay in long enough.

Comments and suggestions welcome as always.
Attached Image (click to enlarge)
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I came, I saw, I conquered [your pips]. -- Julius Caesar
  • #2,198
  • Oct 9, 2007 9:55am Oct 9, 2007 9:55am
Son of a bitch......

That's not even slightly fair. :
Attached Image (click to enlarge)
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I came, I saw, I conquered [your pips]. -- Julius Caesar
  • #2,199
  • Oct 9, 2007 10:20am Oct 9, 2007 10:20am
  •  Yuppie
  • Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts
...and it's still going dude... ...ran straight into 165.00's face... ...and took a bit of a knock...
  • #2,200
  • Oct 9, 2007 10:30am Oct 9, 2007 10:30am
Quoting Quick
Why am I so damn trigger happy with my exits?
I have the same problem, plus yet not good enough to wait untill seeing perfect entry.

However I see now why the entry problems. I am simply too green in the forex. I knew nothing of basic knowledge in chart analysis for example. Like that pdf that was posted about the peaks and troughs....

Very annoying to see that this stuff is what I should have known first before starting to practice the rainbow.

But on the other side, thats part of the study.

And to FxSurfer: Congratulation on moving over to micro lot. I've been there a few weeks now

Its true that you get a different attitude and view of rainbow when you trade with micro lot. I prefer to do that instead the demo. And like my forex trader friend says...it doesnt hurt as much to lose on a micro-lot than to lose on a full lot.

See you there, in the micro-lot world! Hehe

PS: On that about not listening to/reading news and other peoples opinions....funny enough I got so excited about the linuxtroll rainbow method because I dislike to read news or watch TV/news. I think I have watched TV only 10 hours or something like that, totally the last 4 years.
Pas a pas, se va lučnh
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