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  • #2,961
  • Oct 23, 2007 8:00pm Oct 23, 2007 8:00pm
Quoting phranq
...

Now if I was with a mentor in a chat room he/she would have told me not to enter...
My suggestion is for you to put in screen time, as stated several times by Linuxtroll and everyone on this thread. Also you must be your own mentor, do not rely on someone else telling you when and how to make money, thus spending screen time will teach you everything you need to know.
creating wealth one pip at a time.....
  • #2,962
  • Oct 23, 2007 8:20pm Oct 23, 2007 8:20pm
Quoting wheelsut
My suggestion is for you to put in screen time...
I appreciate the reply, but oddly enough I have put in a lot of screen time, but clearly not enough. But for those who have, what would you have done differently?

If I am targeting key time periods, as per advice given in this forum, i.e. first/last hour of sessions, looking for proper spine formation, etc., then what exactly did I miss with the aforementioned entries?

What I was kinda hoping for from the veterans, was something like:

A) I wouldn't have entered at all because...
B) Entries could have been better, like...
C) Entries were OK, but the exits were awful, should've bailed sooner/later, etc.

Something beyond the usual "more screen-time" & "read the mantra" would be helpful. I have no problem with making mistakes, but if I don't learn from them then I am not doomed to repeat them?
  • #2,963
  • Oct 23, 2007 9:34pm Oct 23, 2007 9:34pm
Quoting phranq
OK, I made a meal out of today's (tonight's) Japan open (10/23/07-20:00 EST)...

Not sure where I went wrong other than bailing sooner than my set SL of about 7-9 pips...

Thankfully I am still learning, albeit with 1 micro...

Any & all suggestions/advice would be appreciated...

Now if I was with a mentor in a chat room he/she would have told me not to enter...
Hey phranq!

I personally do not trade the Tokyo session. It can produce some good trends, but I have found they are few and far between. I would suggest sticking to the London and NY sessions. I do not trade London as I am sleeping at that time, but have found that from 8:00 AM EST all the way to 1:00 PM EST are generally very active. Trading in non-active times puts you (and me - I have tried) at an immediate disadvantage.

Trade #1 was not bad, just late. Trade #2 I would not have taken unless the previous support at 163.72 was broken. Even a break of support / resistance can create false signals as you saw in Trade #3. Trade #3 was not to bad - you waited for the break of the previous high on that one. But again, you are at a disadvantage because the market just doesn't move much around that time.

I would say trade the NY or London open using similar strategies and see how you get on. Post more charts of trades you take then.

One other thing. To help me avoid taking trades in choppy markets, I use the 30 second chart as a filter. If you are trading a trend reversal like in your chart, I wait for the 30 second to shows signs of a reversal as well. A couple hints are when the MAs start to roll up and cross other MAs, not just compress together. Also, when the price crosses above the Spine on the 30 second chart that is a big clue for me.

I hope that helps!

Glen
  • #2,964
  • Oct 23, 2007 9:39pm Oct 23, 2007 9:39pm
Quoting phranq
I appreciate the reply, but oddly enough I have put in a lot of screen time, but clearly not enough. But for those who have, what would you have done differently?

If I am targeting key time periods, as per advice given in this forum, i.e. first/last hour of sessions, looking for proper spine formation, etc., then what exactly did I miss with the aforementioned entries?

What I was kinda hoping for from the veterans, was something like:

A) I wouldn't have entered at all because...
B) Entries could have been better, like...
C) Entries were OK, but the exits were awful, should've bailed sooner/later, etc.

Something beyond the usual "more screen-time" & "read the mantra" would be helpful. I have no problem with making mistakes, but if I don't learn from them then I am not doomed to repeat them?

Phrang,

At a quick glance, I observe that your price scale isn't at 5 pip increments. Try to keep it at 5, despite it auto-zooming in and out. That's not as important as seeing that you are trading in a RANGING ZONE. I am guessing that previously, your pair came down hard on a trending move. In many cases, after a trending dive, you can expect a range to occur. What I do is hold two scalping mentalities, 1) Prepare to ride the trend AND 2) Prepare to scalp the ranges.

So after a major price dive or rise, I avoid applying the rainbow principles until the chart says we're ready for another dive/rise. Rationale behind that is simply, you'd only apply those principles when you see the right chart pattern, or "setup." The other forum posters recommend more "screen time" because you will begin to notice patterns that appear over and over again.

I recall that user nhallmark posted a FF journal of all the rainbow patterns he's observed. I liked his analysis a lot.
  • #2,965
  • Oct 23, 2007 10:00pm Oct 23, 2007 10:00pm
tonigth trades , missed the nice run but still...
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  • #2,966
  • Oct 23, 2007 10:35pm Oct 23, 2007 10:35pm
hp , tp was @ 163.505 , but closed the trade manualy , hmmm . 3.6 pips.
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  • #2,967
  • Oct 23, 2007 10:43pm Oct 23, 2007 10:43pm
and one more...
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  • #2,968
  • Edited 11:26pm Oct 23, 2007 11:09pm | Edited 11:26pm
Quoting prosperfx
...I wait for the 30 second to shows signs of a reversal as well. A couple hints are when the MAs start to roll up and cross other MAs, not just compress together. Also, when the price crosses above the Spine on the 30 second chart that is a big clue for me...
Thanks Glen (and Shutopia as well, and others who post their advice)...

Do you recommend watching the rainbow on the 30s TF, and once an ideal setup occurs, swing over to 5s TF and trade from that? A bit of both? Or stay focussed on 5s & only look to 30s for confirmaiton?

In the mean-time I will try to implement most, if not all, of your suggestions. Certainly reducing/eliminating the noise & lower probability trades will help a lot. Thanks again...

frank
  • #2,969
  • Oct 23, 2007 11:57pm Oct 23, 2007 11:57pm
Phranq,

New rainbow scalper here too - put in lots of time the last 2 weeks.

Why not just follow LT's newbie advice and trade only when spine is formed - movement of spine broke (or almost) 1 H-line of space (5pips) sloping up or down not flat then enter when also breaking some S/R level.

I find that the biggest role rainbow plays is aiding in seeing the trend - when I don't see the rainbow I wait.

As LT said find your simple entry pattern by screen time.
  • #2,970
  • Edited 12:42am Oct 24, 2007 12:25am | Edited 12:42am
Hey Phranq,
My advice to you is to not trade the consolidation periods unless your other name is Canyouseeme. Otherwise, stick to well developed trends that show up on the 30sec chart. I place both charts together, below is a screen pic. I have my h-lines set at either 5 or 10 so that I know the momentum of the market is moving well--nothing smaller. I personally don't like to trade around 50's and 100's lines as you've probably noticed e/j loves to consolidate on. As others have commented, we normally get kicked in the rear at both the beginning and the end of a run. I try to trade 10 or so pips in the middle, when both the 30 and the 5 are moving well--and with the h-lines--it also helps me to notice pullback increments on both 30sec and 5sec charts on previous runs within the last hour. If you take a good look at how the market has moved within the last hour, you get a better idea of how it will move next. The market is in a constant state of evolution, so what it did so well yesterday may be the opposite of what it does today--ie, it may break out yesterday after breaching s/r lines, then today it may breach those lines and simply fall back into consolidation. Last hour of charts give clues as to market's leaning. And even then, even when you feel like you know what the market is going to do, don't fret if it throws you a curve ball. Just get out for minimal loss, re-assess, and get back in. Oh, well, I've said enough for now--pk
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  • #2,971
  • Oct 24, 2007 1:13am Oct 24, 2007 1:13am
To any of the institutional traders on here--what's the best broker I can get for 25k? I didn't like that rental property anyway--so I sold it pk
  • #2,972
  • Oct 24, 2007 2:18am Oct 24, 2007 2:18am
Hi folks,
Here is this morning, the previous move was passed up as the spread was around 7 pips, and at London open it shifted to 4.8 (not a big difference I know but could be detrimental ..) Perhaps it's time to take up golfing ?

I love the Geppy for catching these Sniper Scalps, my daily quota is always exceeded (20 pips) when I've identified a move, which makes me happy :> Just one a day people, following your own set rules and not hesitating to fire the trigger when you are more sure than sure. Remember that even with 10-20 pips every day you can build a disgusting amount of wealth if you compound your returns on a daily basis.
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  • #2,973
  • Oct 24, 2007 2:35am Oct 24, 2007 2:35am
Quoting bobblong
Here is this morning,
Perfect Entry and Exit!
  • #2,974
  • Oct 24, 2007 3:39am Oct 24, 2007 3:39am
Today was better. Combining S/R with rainbow. Still need to improve a lot of things.
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  • #2,975
  • Oct 24, 2007 4:00am Oct 24, 2007 4:00am
Quoting bisar_x
Today was better. Combining S/R with rainbow. Still need to improve a lot of things.
I think you took good entries and you will pinpoint entries and exits with more experience. One must remember the arrows are shifted little bit by the spread. I see you avoided the "small creeping trend" period.
I was tempted there. How do you guys avoid taking trades there? 10 pips up, 7 down, 10 pips up, 6 pips down etc. Spine angle is there. Do you pay more attention to the width of the rainbow or do you wait for some better looking S/R level trades? Do you have any specific advice? Thanks.
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  • #2,976
  • Oct 24, 2007 4:01am Oct 24, 2007 4:01am
Quoting bisar_x
Today was better. Combining S/R with rainbow. Still need to improve a lot of things.
...
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  • #2,977
  • Oct 24, 2007 4:52am Oct 24, 2007 4:52am
Quoting atomz
you have any specific advice? Thanks.
1, In Italianfx style here can be good, just jump in and out (as I heard somewhere) but

2, if You are unsure, than is it high probability for You?
Laszlo
  • #2,978
  • Edited 5:20am Oct 24, 2007 4:55am | Edited 5:20am
That is the period I was referring to before. One step down, two steps up, one step down, two steps up BUT that is with hindsight. Take a loss or wait and pray?

Quoting bluebuddha
Stops are not meant as an exit signal... they're meant for the 1 in a 10,000 chance that something goes horribly wrong. Most new traders never think of exit signals, and this is where they get into trouble. I'd hazard a guess that of the 95% of traders who get wiped out within six months, half didn't use any stops at all, and the other half used stops as their only exit.
Now, how to put this theory in practice? I know it depends on risk profile etc. but could some of you be more specific. EllisEdi has 3 pips SL. He would be out and then later enter again and then maybe -3 again in a creeping trend.
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  • #2,979
  • Edited 5:28am Oct 24, 2007 5:04am | Edited 5:28am
Quoting lacika
2, if You are unsure, than is it high probability for You?
Laszlo
Laci, you see, even LT marked it as ">>" entry, not just ">" entry. I skiped that period but the question is whether to exit if I see it going in opposite direction as far as -10.7 pips.
  • #2,980
  • Oct 24, 2007 5:30am Oct 24, 2007 5:30am
Quoting atomz
if to exit if I see it going in opposite direction as far as -10.7 pips.
1,If it is in positive, and turns back, I close it. but
2,there is the other option to read the pattern, set exit point based on it, (for exampl.:spine broken or not) and in this case hold it.
As SOMEBODY told it You must make Your own rules. It is important, because after You found Your way, You will blindly trust it, and the long run.. You know.

Please read Your PM I had a video tech Q.
Laszlo
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