All of the above. Before I enter a trade I use the 30 second chart to filter out lower probability signals on the 5 second chart. While in a trade I use the 30 second chart to help determine the strength of the trend. If the trend is significant I use the 30 second chart to help determine my exit point.
Next week I will try to post some good examples of this. I will post both the 5 second and 30 second charts. This is just my personal style, but when I get in a trade, I like to stay in as long as possible. The 30 second chart helps me be patient and wait for the trend to exhaust itself, where I might otherwise jump in and out several times if I trade only with the 5 second chart.
Is this making sense? I do think examples will help, and will try to post some good ones next week!
Glen
The prize for the most poorly managed position today goes to...
... *drum-roll* ...
...
... Magnus!!...
Yay... check this poor excuse for a trade out...
What is interesting about this trade is that I obviously had reasons to exit it at the time... Now though, it looks like a dead cert!... I think I expected it to shoot down as soon as it broke... which it didn't... Initially...
Magnus
Did you have to take a RestRoom Break or maybe you had to get coffee ???
When scalping never leave trade unattended ...
--Mark
I agree with pretty much everything there Glen. Excellent post.
My problem was that I could not figure out how to interperate the flame at all. Never mind interpereting it in my own style!...
I believe I am getting there now though...
Magnus
:
Yeah, I think I am getting ya...
Visuals are paramount though...
[What are your thoughts on the flame... is this how you approach it?]
Magnus
the point I want to make is this: or we trade every break-out or not,
there is no reason to trade one break-out and not another if we don't
know which one will be good!
Good to see you followed my advice in concentrating on the flame... Now to interpret the flame - just remove all the other moving averages than the flame and watch only the flame for a couple of days - Easy way to master the flame... Then come and scalp with the original Rainbow... Try to keep it simple and smart... Many have gone through the phase that you are going through now - many years ago - when I started posting the Rainbow in other forums... It is a new experience for you and take it easy...
...
K listen I have been following and working the rainbow for the past 2 months. I trade a live account with Oanda and have been doing very well as of late thanks to Linuxtroll and everyone on this thread. My problem and this sounds so simple but I just cant figure this out, how can I save and post my screen shots here. I downloaded GIMP but there is not a place to save on Oanda. How do I get the screen off of Oanda into GIMP so I can upload here... If anyone can help that would be great. Thank Todd
K listen I have been following and working the rainbow for the past 2 months. I trade a live account with Oanda and have been doing very well as of late thanks to Linuxtroll and everyone on this thread. My problem and this sounds so simple but I just cant figure this out, how can I save and post my screen shots here. I downloaded GIMP but there is not a place to save on Oanda. How do I get the screen off of Oanda into GIMP so I can upload here... If anyone can help that would be great. Thank Todd
. If the feature was here I'd give you a gold star as well :...1)The price should move decisively to the Even or H-line providing S/R.
Not struggling to reach it by being dragged there by Bid/Ask.
2)Spread should start to vanish (DOM is good to monitor it).
Not straddling Even or H-line indecisively.
3)Potential scalp should be clear of major Evens (0, 25, 50, 75).
Not have a major Even sitting in the way of the scalp and ready
to bounce the scalp right back in your face.
Just some thoughts to share! I'm really hesitant to post any thoughts
after such well formulated posts as we've seen - but what the heck.
I really think that this just comes "naturally" with more screen time!
And as they say, just my 2 pips worth!
Have a great weekend and let's kick some ass next week!
Brent
Thank you for the encouragement LT
Flame only? You can't go any more naked without getting rid of the chart altogether! Sounds interesting, I think I will give it a shot next week... Nice...
I have found the information provided by fellow Rainbow Raiders here over the last few days has pushed my trading along absolutely massive amounts. I think I have been profitable 4 out of 5 days this week. The most successful have been that last two. This is in terms of win/loss ratio. Both days have also been using real [but small] money. What a big difference having a even a small amount of money makes to ones trading. It forces me to focus more...
Thanks again for your advice and support LT,
Magnus
K listen I have been following and working the rainbow for the past 2 months. I trade a live account with Oanda and have been doing very well as of late thanks to Linuxtroll and everyone on this thread. My problem and this sounds so simple but I just cant figure this out, how can I save and post my screen shots here. I downloaded GIMP but there is not a place to save on Oanda. How do I get the screen off of Oanda into GIMP so I can upload here... If anyone can help that would be great. Thank Todd
Charge on... Make millions... Multi-millions... Magnus - Multi Million... It is in the name too...
... LOL...
Here is the best example I have currently I do not have the supporting 5 second chart, but will post examples next week with both charts. This is the trend from today that start at around 9:00 AM EST.
Glen
:Thanks Magnus & Glen & all the others who have posted charts and given such great analysis & examples over the past several days - these have really helped me understand how to trade this system. Please keep it up! Really high quality posts.
:... ]...
