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Linuxtroll Simple Scalping

  • #3,221
  • Nov 2, 2007 12:26pm Nov 2, 2007 12:26pm
Couple of things I keep coming back to:

- from post 2157: "Scalping with Cyrox Rainbow in 5 sec is the modern way of tape reading... Tape reading is nothing more than monitoring the current price action (Flame) and find out whether the price is going up or down right now? It has nothing to do with technical analysis and everything to do with keeping an open mind..."

- don't watch the graphed price line; color it the same as your background, and watch the horizontal price line tick up and down within the MMA context

- wait for a smooth rainbow, not a spiky one - as a price action trader you have to be able to decide whether the price is moving too quickly or too slowly, depending on which timeframe you are looking at

Just wanted to throw that out there, it's been helpful to me, although I'm sure many of you are past this point now...thanks again to everyone !
  • #3,222
  • Nov 2, 2007 5:01pm Nov 2, 2007 5:01pm
Quoting jd442
What timeframe are most using to get general direction when using the 5 sec chart? Is it 30sec/1min/5min chart?
Depends on your scalping style and risk profile... Pick whichever works for you and stick to it...
  • #3,223
  • Edited 6:19pm Nov 2, 2007 6:07pm | Edited 6:19pm
If you are scalping the 5sec chart, you don't need to look at other timeframes for confirmation its right there in front of you.
Devote all of your time to it and have lightning reflexes for entry,and a platform that is robust and fast.

I don't trade Forex I trade index futures .One thing that helps is to calculate intra day pivots on a hourly basis, that then gives you a road map that price may follow in the short term . Try it on Forex I don't know how it works, it may help you with the confirmation.
Cheers
Enter Signature
  • #3,224
  • Nov 2, 2007 7:14pm Nov 2, 2007 7:14pm
Quoting ECO
If you are scalping the 5sec chart, you don't need to look at other timeframes for confirmation its right there in front of you.
Devote all of your time to it and have lightning reflexes for entry,and a platform that is robust and fast.

I don't trade Forex I trade index futures .One thing that helps is to calculate intra day pivots on a hourly basis, that then gives you a road map that price may follow in the short term . Try it on Forex I don't know how it works, it may help you with the confirmation.
Cheers
I fully agree with ECO on the point about having lightning reflexes. Fast fingers have saved me countless times when rainbow scalping, not to mention getting me into good trades. But what good are fast reflexes without an equally fast platform and data feed?

Does anyone have recommendations on which data feed is fastest?
  • #3,225
  • Nov 2, 2007 10:58pm Nov 2, 2007 10:58pm
Quoting linuxtroll
Depends on your scalping style and risk profile... Pick whichever works for you and stick to it...
hi bro...
plz teach how to do scalping...
i use MetaTrader4 Trading Platform..
how to make pips from scalp bro..
im newbie here at Forex Faxtory...

Thankz bro..
  • #3,226
  • Nov 2, 2007 11:26pm Nov 2, 2007 11:26pm
Quoting fxfariz
hi bro...
plz teach how to do scalping...
i use MetaTrader4 Trading Platform..
how to make pips from scalp bro..
im newbie here at Forex Faxtory...

Thankz bro..
Quoting linuxtroll
-Identify the time (example: EST 3:00-3:30)
-Monitor the market using <=1min time frame (use the attached setup)
-Identify the direction of the move
-Jump in and out with higher lots
-You are done for the day within 30-60min (check the charts below)
-Go out and golf

NB! Spend a few months screen time with this setup... If you detect that the price is moving against you -- jump out immediately -- you will always get better trades later... You can add Rainbow to support and capture big moves (here you can pick the time frame based on your risk capital)... Only use this scalping style with ECN and jump in when you get the spread <=zero... Keep it Simple and Smart... Make Money and Enjoy...
Welcome!


(LT is getting in some chilly Autumn golfing. LOL)
  • #3,227
  • Nov 2, 2007 11:33pm Nov 2, 2007 11:33pm
Quoting FXSurfer
Welcome!


(LT is getting in some chilly Autumn golfing. LOL)

thankz bro...
hehehe....
bro i would like to learn tehnique scalping from you bro...
isn't ok bro...
plz teach me bro...
  • #3,228
  • Nov 3, 2007 12:39am Nov 3, 2007 12:39am
Hey Bro Read the 216 pages then practice for about 1 year .

Too Easy Bro!
Enter Signature
  • #3,229
  • Nov 3, 2007 5:46am Nov 3, 2007 5:46am
Quoting shutopia
I fully agree with ECO on the point about having lightning reflexes. Fast fingers have saved me countless times when rainbow scalping, not to mention getting me into good trades. But what good are fast reflexes without an equally fast platform and data feed?

Does anyone have recommendations on which data feed is fastest?
Trollmann is working on it... Got a pure real-time feed already... Need a web-based software (open source would be great) and some programming time to integrate the feeds - web based 10 sec Cyrox Rainbow chart running 24/7 with high-probability buy/sell zone from my formula - so that serious scalpers can access it via Internet and Mobile devices and trade on their chosen broker or platform... Pure feed gives you correct picture and direction - so that easy to identify and compensate for Market Maker and Broker's manipulation... More solid money... LoL
  • #3,230
  • Nov 3, 2007 5:52am Nov 3, 2007 5:52am
Quoting ECO
If you are scalping the 5sec chart, you don't need to look at other timeframes for confirmation its right there in front of you.
Devote all of your time to it and have lightning reflexes for entry,and a platform that is robust and fast.

I don't trade Forex I trade index futures .One thing that helps is to calculate intra day pivots on a hourly basis, that then gives you a road map that price may follow in the short term . Try it on Forex I don't know how it works, it may help you with the confirmation.
Cheers
Yes... If 5 sec is too fast - just move to 10 sec... whichever works for you...
  • #3,231
  • Nov 3, 2007 5:53am Nov 3, 2007 5:53am
Quoting fxfariz
hi bro...
plz teach how to do scalping...
i use MetaTrader4 Trading Platform..
how to make pips from scalp bro..
im newbie here at Forex Faxtory...

Thankz bro..
MT4 is not good for scalp Bro... :
  • #3,232
  • Nov 3, 2007 5:57am Nov 3, 2007 5:57am
Linux,...how do u set rainbow?,...i use parabolic sar for the same intension,....would like to give a rainbow a try...:
its just money
  • #3,233
  • Nov 3, 2007 5:59am Nov 3, 2007 5:59am
Quoting FXSurfer
Welcome!


(LT is getting in some chilly Autumn golfing. LOL)
Chilly? Ideal golf weather for Troll...
Attached Image
  • #3,234
  • Nov 3, 2007 6:04am Nov 3, 2007 6:04am
Quoting linuxtroll
Trollmann is working on it... Got a pure real-time feed already... Need a web-based software (open source would be great) and some programming time to integrate the feeds - web based 10 sec Cyrox Rainbow chart running 24/7 with high-probability buy/sell zone from my formula - so that serious scalpers can access it via Internet and Mobile devices and trade on their chosen broker or platform... Pure feed gives you correct picture and direction - so that easy to identify and compensate for Market Maker and Broker's manipulation... More solid money... LoL
Linux,that mean u want to become broker?
  • #3,235
  • Edited 6:11am Nov 3, 2007 6:07am | Edited 6:11am
Quoting de123
Linux,...how do u set rainbow?,...i use parabolic sar for the same intension,....would like to give a rainbow a try...:
5 sec or 10 sec chart...
Average price line (Yellow) - No candlesticks please...
wma 5, 10, 15, 20 (Yellow)
wma 30, 40, 50, 60, 70, 80, 90, 100, 110, 120, 130(Grey)
wma 140, 142, 144 (White)
  • #3,236
  • Nov 3, 2007 6:09am Nov 3, 2007 6:09am
Quoting amenlo9
Linux,that mean u want to become broker?
How? Chart Provider for Scalpers... LoL
  • #3,237
  • Nov 3, 2007 7:32am Nov 3, 2007 7:32am
Hey LT - are there really any issues to be aware of when your
compounded pips get to be > $500 ? I've tried asking on other
forums and I can't seem to get a straight answer - specifically,
do you get targeted by larger institutions/your broker/alien spacecraft
trying to move the market against you, or is this just paranoia?

Sorry it's slightly off topic, but you are such a straight shooter
about everything else, I thought I'd give it a shot - if there's
another thread I should be reading, please anyone, let me know...

Thanks!
RJ
  • #3,238
  • Nov 3, 2007 8:20am Nov 3, 2007 8:20am
Quoting RickJames300
compounded pips
Also:

>>>(-3)
.....
.......
.........X(-2)
...........X(-1)
.............X(0)

Are there any general recommendations for Mantra 21?
If not, no sweat (LOL) I'll just start working on it this week.

Gracias!

  • #3,239
  • Nov 3, 2007 9:22am Nov 3, 2007 9:22am
Quoting RickJames300
Hey LT - are there really any issues to be aware of when your
compounded pips get to be > $500 ? I've tried asking on other
forums and I can't seem to get a straight answer - specifically,
do you get targeted by larger institutions/your broker/alien spacecraft
trying to move the market against you, or is this just paranoia?

Sorry it's slightly off topic, but you are such a straight shooter
about everything else, I thought I'd give it a shot - if there's
another thread I should be reading, please anyone, let me know...

Thanks!
RJ
Well, $500/pip on any XXX/USD pair is 5 million units. If you look at an open book or volume information on an ECN feed, on some pairs, the 5 million units simply aren't there for you to clear your trade.

Every buyer needs to be matched up with a seller, and vice-a-versa. On an open book, the price levels above have volumes of open orders (ie: Limit orders) of people that want to sell, and the prices below have volumes of open orders of where people want to buy. The highest of the trades that people are wanting to buy is the bid, and the lowest of the trades that people are wanting to sell is the ask... it's how it works in every market in the world: stocks, commodities, bonds, whatever. Because you need to match your trade with an opposite position out there, you're forced to sell the bid and buy the ask.

So let's say you shorted 5 million units of XXX/YYY, and now you want to dump that position (ie: buy it back), and the open book looks like this:

123.15 (bid) x 2,500k
123.16 (ask) x 3,000k
123.17 x 1,500k
123.18 x 1,000k
123.19 x 525k

As soon as you click the "buy market" button, the price is going to instantly jump up two pips, because you took that much volume out of the market. In fact, you got filled for 123.16 @ 3 million units, 123.17 @ 1.5 million units, and 123.18 @ 0.5 million units.

So once you get into higher volumes its going to be more difficult to make precise take profits and stop loss orders because the liquidity is not there. The dealing desk brokers don't like it when you get into huge volumes like this because you wind up moving the market too quickly for them to price their commissions into the spread.
  • #3,240
  • Nov 3, 2007 12:40pm Nov 3, 2007 12:40pm
BB, what does it mean when someone like DukasCopy adverstises 100 mil @ 1 click? (1000 real lots)

I mean how much would someone get slipped in EURUSD? EURJPY? during europe

I've always wondered about that... obviously I don't need to make sure trades, but still would like to know the answer.
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