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Linuxtroll Simple Scalping

  • #3,541
  • Nov 13, 2007 12:22pm Nov 13, 2007 12:22pm
I think that I'm pretty close to just admitting
that there's no way, for me, to tell which rainbow
will really go big and which will be wimpy. However,
it seems like I'm getting better at getting a few pips
or a small loss (about 50/50) from the wannabe rainbows.
And if, by chance, I'm in on one that turns into a nice move,
I end up net positive. I don't like relying on chance to this degree,
but my crystal ball isn't working very well lately. LOL
  • #3,542
  • Nov 13, 2007 12:36pm Nov 13, 2007 12:36pm
Quoting FXSurfer
I think that I'm pretty close to just admitting
that there's no way, for me, to tell which rainbow
will really go big and which will be wimpy.
Are you trading EST 3:00 - 3:30AM?
  • #3,543
  • Nov 13, 2007 12:44pm Nov 13, 2007 12:44pm
Quoting FXSurfer
I think that I'm pretty close to just admitting
that there's no way, for me, to tell which rainbow
will really go big and which will be wimpy. However,
it seems like I'm getting better at getting a few pips
or a small loss (about 50/50) from the wannabe rainbows.
And if, by chance, I'm in on one that turns into a nice move,
I end up net positive. I don't like relying on chance to this degree,
but my crystal ball isn't working very well lately. LOL
Well thats it, You never kno what will happen next in forex, all you kno is what is happening rite now and react to it!
Im getting quite fed up with myself, thinking maby im not capable of profiting with this method.

Also I was wondering what you all are using for a SL, Seems that in markets like today placing the stop just below the last move up (or VV) gets me stoped out alot.

leon
Living the adventure in my head.
  • #3,544
  • Nov 13, 2007 12:47pm Nov 13, 2007 12:47pm
Quoting arielkorber
Are you trading EST 3:00 - 3:30AM?
Hello Ariel!

You bring up a good point (that I was going to mention in
the last post). I hear very little on the thread of taking trades
based on the "E-Book Type 1" (LOL) process. Where trades are
taken only at certain times.

Quoting linuxtroll
-Identify the time (example: EST 3:00-3:30)
Mostly, I see "Type 2" trades posted.
  • #3,545
  • Nov 13, 2007 12:59pm Nov 13, 2007 12:59pm
Quoting FXSurfer
You bring up a good point (that I was going to mention in
the last post). I hear very little on the thread of taking trades
based on the "E-Book Type 1" (LOL) process. Where trades are
taken only at certain times.
Yes I see alot of people here trying to trade all day with mixed results..using the rainbow as a holy grail for all market conditions...LT's rules are all about making a consistent reliable income through low frequency HP trades - I think the time rule is useful for anyone going for 95% success rate - same big fish entering market at this time every day = repeated patterns = higher predicatability = less time spent cutting losses + more time closing winners
his other reason ofcourse is ...
.. it leaves 23hours 30 mins to play golf!
  • #3,546
  • Nov 13, 2007 1:11pm Nov 13, 2007 1:11pm
Quoting Leonlorenzo
Well thats it, You never kno what will happen next in forex, all you kno is what is happening rite now and react to it!
Hi Leon!

I really think that we can become good scalpers! But, the point that
I was trying to make (not very well), is just what you've mentioned.
To develop our reactions and skills and trade what is in front of us.
I just hear a lot about "false" breakouts. But, if you don't get in on
the move how will you profit if it does break? If your not in you get
left sitting on the sidelines. If you are in and the move peters out,
you can just get out. But, if it takes off like a rocket you're in. It's no
90% method though. It's more the aggressive "Type 2" method.

The "true" LTSS method (I call it Type 1),that Ariel mentioned, has
trades being taken at specific Times of Day that are high probability
(90%?) for the pair to move on a reversal shortly after a session open.
I've personally had less practice (thus less success) with this method.

We can develop our skills and become successful scalpers.
  • #3,547
  • Nov 13, 2007 1:11pm Nov 13, 2007 1:11pm
The biggest challenge that any trader will face is the one that deals with the mental strategy of a trader.

If you watch the charts for hours and hours, without thinking of making a trade, but to just get as familiar with the pair you trade, then you will start to see a cycle/trend with that pair.

I use the Rainbow occasionally for more screen time, but I spend most of my time watching the price action itself, thus the second chart Linuxtroll shows on post #1.

It is very easy to get overwhelmed in Forex, but I personally came to a decision some time back to take on one pair, and that has been the E/J.

I have many charts with pairs on my screen top, but I only press the button for E/J 95% of the time, I will take a trade on a few pairs if they are ready to pick.

I remember thinking when I first started that I would be rich in 90 days, no problem, this is easy stuff. Come to find out, that 90 days was the longest and worst 90 days of my trading career.

I don't know how long most traders take in their learning curve, but the Rainbow will teach you fast about price action, and that is where the money is made. One can trade many timeframes, but after a while you just start to see the price move (rainbow reveals this) and you start to pick up more wins then losses.

Learn from small losses, keep it real simple, and do not overtrade.

Linuxtroll says he usually goes for a 6 pip move per day, WOW, if we stopped at our first 6 pip win, then we would be more successful, because most traders are trading way too much.

I have only made about 5 trades since market open, and I have yet to make one trade today, even though I made about 20 paper trades for learning the EJ characterstics.

Keep on pressing on, and make smaller mistakes by making less trades.

Just my two cents worth folks.

Enjoy and prosper.

Ken
  • #3,548
  • Nov 13, 2007 1:12pm Nov 13, 2007 1:12pm
But when are those consistent and reliable times? It seems that everyday there is a different time when conditions are optimal.
To my supprise sometimes that is in the middle of the afternoon or 3pm EST. Then other days the market is completely flat during that time.

I think a lot of it depends on the news that is released that day. Sometimes the market is flat till the release. Then days with no news it will slowly drift in a long trend for hours.
It seems watching the market all day looking for that trend is the best way to find it, however, the temptation to get in the market at every jump hoping it turns in to a trend is overwhelming.
  • #3,549
  • Nov 13, 2007 1:26pm Nov 13, 2007 1:26pm
Quoting FiboFan
But when are those consistent and reliable times?
Howdy FF!
From my understanding, if you want to go for the highest probability,
lowest frequency method (Type 1 LTSS). You need to "master" a
particular "time window" for your pair. For example: EST 3:00 - 3:30.
Which is associated with high liquidity and a reversal of a session open.
  • #3,550
  • Nov 13, 2007 1:40pm Nov 13, 2007 1:40pm
I get what your saying...
I just figured that the market movement in any given time frame would vary wildly based on the data that has or maybe coming out that day and what the market setiment is...
I assumed that understanding market setiment in more advantageous than a specific time frame.

Unless I just master the entire day
  • #3,551
  • Nov 13, 2007 1:43pm Nov 13, 2007 1:43pm
Quoting monarch
Linuxtroll says he usually goes for a 6 pip move per day, WOW, if we stopped at our first 6 pip win, then we would be more successful, because most traders are trading way too much.
Ken
Reminds me of something a casino manager once famously said: 'If every person entering the casino stopped gambling after they were $5 up we would go broke!"
  • #3,552
  • Nov 13, 2007 1:49pm Nov 13, 2007 1:49pm
Quoting FiboFan
Unless I just master the entire day
That's what I'm working on. LOL!
Maybe this old chart will help us!
Seems to be fairly reliable.
  • #3,553
  • Nov 13, 2007 1:57pm Nov 13, 2007 1:57pm
I've found that Volume charts are the best for Scalping,but I don't think you Forex guys have volume attached to your charts like Futures do?

I start with a higher Vol chart (50) then keep twigging it to I'm happy that it is picking up the early moves, and then stick with that.

Cheers..... Eco
Enter Signature
  • #3,554
  • Nov 13, 2007 1:59pm Nov 13, 2007 1:59pm
It seems to me that in the last few months the Early European session and late afternoon NY session are the most reliable. When they are both open the market is very unpredictable and choppy (8-12 EST)

I have been overtrading recently also, I'm begining to think it's a bad habbit. Its better to watch a trend start and not be in it till a pullback then to jump in at every small signal and hope your at the begining of a trend.

If the market doesn't go my way I'm out at twice the spread! for the EJ that's 5 pips. Because When it goes my way it happens quick with momentum and it's a fast 6 or 7 pips. The discipline to get out then is another story!!
  • #3,555
  • Nov 13, 2007 2:15pm Nov 13, 2007 2:15pm
.

Quoting FiboFan
watch a trend start and not be in it till a pullback then to jump in at
very small signal and hope your at the begining of a trend.
My skills in different areas have mostly improved lately. But, entering on
pullbacks isn't one of them. LOL

If the market doesn't go my way I'm out at twice the spread!
Do you pre-set a "catastrophic" stop farther out?

The discipline to get out then is another story!!
:
  • #3,556
  • Edited 2:57pm Nov 13, 2007 2:43pm | Edited 2:57pm
hey guys take a look at this... thats overtrading

Inserted Video


SORRY OFF TOPIC
  • #3,557
  • Nov 13, 2007 3:35pm Nov 13, 2007 3:35pm
Currently I use the EFX demo for practice when the market is really slow. I have set the spread meter to narrow: 0 pips and medium: 1 pip. The only main problem that I have with the EFX Navigator is that is difficult for me to watch the colors of the spread meter and the Rainbow to enter a trade.

I can solve this problem to enable en disable the buy and sell button when the spread meter gives a red color. So you are sure that you only enter a trade when the spread is < 1.

Who has already this kind of solution?
  • #3,558
  • Nov 13, 2007 3:36pm Nov 13, 2007 3:36pm
Quoting eyecelll
for those who's trying to set up the rainbow for the first time or still playing with settings let me suggest using squares for wmas - 9,16,25...
it looks good
I tried exponential progression of a factor of two (ie: one MA is twice a previous MA). Didn't like how it looked, and went back to linear progression. However, that square of numbers doesn't look too bad.
  • #3,559
  • Edited 4:01pm Nov 13, 2007 3:47pm | Edited 4:01pm
Quoting FlashCall
Currently I use the EFX demo for practice when the market is really slow. I have set the spread meter to narrow: 0 pips and medium: 1 pip. The only main problem that I have with the EFX Navigator is that is difficult for me to watch the colors of the spread meter and the Rainbow to enter a trade.

I can solve this problem to enable en disable the buy and sell button when the spread meter gives a red color. So you are sure that you only enter a trade when the spread is < 1.

Who has already this kind of solution?

You can open a extra FXboard where u only place EURJPY, then right click in the order area and choose the template Standard that u have buy and sell near to another and place it in your chart |||||||||||||||||| Okay i think firefox have problems to see jpg in forums, anyone the same problem?
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  • #3,560
  • Nov 13, 2007 3:49pm Nov 13, 2007 3:49pm
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