Nice job skyline 
I missed it!
I missed it! uao other 35 pips closed right now
- #2,402
- Oct 15, 2007 8:39am Oct 15, 2007 8:39am
- Joined Apr 2006 | Status: Metatrader Programmer | 1,422 Posts
Well done again skyline!!
Are you ready to hear what I got out of the same trade?...
Are you sure...
Well ok.... you asked for it...
A whopping +4 pips...
There's a phrase I could use right now but can't quite remember what it is...
Something to do with 'clucking bell'...
Magnus
Btw you closed with positive pips and that's still fine
- #2,403
- Oct 15, 2007 8:48am Oct 15, 2007 8:48am
- Joined Apr 2006 | Status: Metatrader Programmer | 1,422 Posts
Nice job skyline
And don't worry there will be another big move to catch sooner or later
- #2,405
- Oct 15, 2007 11:37am Oct 15, 2007 11:37am
- Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts
Hello Rainbow Scalpers!
LT, I thank you! And, hopefully in the near future my bank account will thank you!!
Thanks to everyone else who has contributed to this thread and helped make it great. I hope to make a contribution moving forward, however small. Currently I am just trading one micro lot per trade in an MT4 account. I hope to soon earn the right to trade bigger. For now I am not worried about $s or % gained, simply pips gained.
I plan on trading EUR/JPY from 8:00 - 9:30 AM EST each day, and hope to have charts to post soon.
Charging on...
Magnus
- #2,408
- Oct 15, 2007 12:46pm Oct 15, 2007 12:46pm
- Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts
Hello Yuppie. I want to know if you scalp triangle formations. The quick 3-5 pip movements. I dont have a picture to show you, but the ones that bounce low and you know that they have no other place to go but up and the same way around. Do you or anybody else fell that it is to risky to scalp thoes type of trades?
Thanks,
Dee
DeeNY,
I am not sure exactly what you mean by Triangle Formation wrt the Rainbow - I know them in TA though.
I attached a picture as a guess...
Get back to me [us] on it...
I sometimes use a break of the spine [see 3x examples in picture] as an exit...
Magnus
[Great avatar btw
]
- #2,409
- Oct 15, 2007 12:58pm Oct 15, 2007 12:58pm
Hello Yippie,
This is want I am talking about. Are you getting in as soon as the triangle starts to go in the other direction. I see these moves all day and I don't know if I should wait for a strong up or down trend and follow the rainbow or should I scalp these also. These triangles hold many pips. And they happen often.
Thanks,
Yippie
This is want I am talking about. Are you getting in as soon as the triangle starts to go in the other direction. I see these moves all day and I don't know if I should wait for a strong up or down trend and follow the rainbow or should I scalp these also. These triangles hold many pips. And they happen often.
Thanks,
Yippie
DeeNY,
I am not sure exactly what you mean by Triangle Formation wrt the Rainbow - I know them in TA though.
I attached a picture as a guess...
Get back to me [us] on it...
I sometimes use a break of the spine [see 3x examples in picture] as an exit...
Magnus
[Great avatar btw
- #2,411
- Oct 15, 2007 2:08pm Oct 15, 2007 2:08pm
- Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts
- #2,414
- Oct 15, 2007 2:30pm Oct 15, 2007 2:30pm
- Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts
Hello Yippie,
This is want I am talking about. Are you getting in as soon as the triangle starts to go in the other direction. I see these moves all day and I don't know if I should wait for a strong up or down trend and follow the rainbow or should I scalp these also. These triangles hold many pips. And they happen often.
Thanks,
Yippie
Well, I'm going to say something that you will have seen sooooooooo many times before in this thread...
Screen time...
LT has been saying it right from the start... and I know you will want more information (like I did initially) but it is absolutely true... watch these things for a couple more days you will start seeing if they work [for you, anyway]...
Looking back on today, if you had taken just 5-10 pips on every one of those triangles you saw I think it would have worked out (soooo, easy to say in hindsight
) - not sure about other days though. But you have to learn how to be able to tell when it starts to reverse and get out sharpish - just practice for that...Because I started this method very recently, I still have a lot of [well almost all of them
:] newbie thoughts about the method...I can tell you one thing that nobody really mentioned in the thread (well, I never saw anyway) that will really accelerate your progress:
- Take plenty of screenshots so you can look back on them [I actually capture the whole day *LIVE* with video software - at the weekend I can then go through the whole week and look at things I missed at the time... Extreme? Yes!... Beneficial? Unbelievable!!!] You will see things the 2nd, 3rd, 4th, ..., nth time that you missed before. The good times for trading are limited and so you want to get everything out of that particular session that you can.
The other things that have been mentioned in this thread already are also true:
- Stick to one pair only [initially], but to be honest, once you get good at one pair I don't think you would even need to look elsewhere!
- Go straight to 5-sec/30-sec [I thought it would be too fast initially for me but it is in fact a good combination - I don't really look at the 30-sec too much to be honest]
- Screen Time - You will surprise yourself how fast you start to pick up the characteristics of a particular pair
Not sure if LT will agree with this as I know he likes to trade completely naked
, but I have recently found Pivots very helpful in learning how price moves - watching how it reaches certain levels, what it does there, does it rip through it, does it reverse, does it bounce around there for 3 hours... etc... I keep these levels written on paper so I guess I am trading semi-naked :...I'm sure some more people will give you some of their thoughts as well...
About those triangles? I am sure you will have developed your own answer before the week is out
Oh, and this post by Alessandro today is absolute gold!!
Magnus
- #2,415
- Oct 15, 2007 2:59pm Oct 15, 2007 2:59pm
- Joined Feb 2007 | Status: Trader | 1,932 Posts
when you have bias, it work against you... I didnt long at all... all short, waiting the big fall.........
I was following the flame, saw it retrace, thought it is the reversal of trend,........If i follow the white spine sure its real easy to profit ... oh well.
Lots of practice, then practice lots more.
N2FX
- #2,417
- Oct 15, 2007 3:16pm Oct 15, 2007 3:16pm
- | Commercial User | Joined Mar 2004 | 1,255 Posts
I am ready for another wonderful week of trading. We are very blessed to have this style of trading. SCALP ALL DAY!!!!
- #2,418
- Oct 15, 2007 3:19pm Oct 15, 2007 3:19pm
- Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts
