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Attachments: Linuxtroll Simple Scalping
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Linuxtroll Simple Scalping

or crazy... LOL

no i think everybody have to do what suits to himself/herself... and that is my surfing suit... thats only for watching if anyone do that it depends on himself/herself... If i get stress from LT, i get it, but it suits better to me and much importantly to my account... ;-) i know he said follow the H/V lines the spine and the flames... but somtimes when market is choppy what u want to do then? u didn't know the right direction and okay, but how u know where u r? and these little indicators to help me... if wrong can take pictures away...

[quote=arielkorber;1715933][quote=Iqtrading;1715915]Maybe it helps, i have plotted BBands to the price and a 365 SMA, /
Quote
You are a brave man to post technical indicators on this thread...LOL
I don't know what happened tonight but what a wild market, I have stopped trading for tonight. there was some serious money out there tonight. does the New York open also offer this type of volatile action?

yes the sideways choppy markets are a real hard thing to spot and judge on your first few trades, I now have realized that confirmation of spine direction and following the trend is the way to pay dirt.

early day's.........

Good scalping
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volatility is exactly what you want. go the quick scalp, only take a few each day, and come back every day and do the same thing - look at my trades for AUD/JPY above (last one was an absolute ripper ).

Once you master it, then I reckon you should learn how to use rainbow for longer term trades (my eventual aim anyhow).
nice post i really appreciate.but is there anybody inthe house who knows about RsI peroid 14.its a better idicator to trade this pair including ej.you can use any time frame but the best time frame is 4 hours chart.you can try and see if am correct.
Quoting tayser
look at my trades for AUD/JPY above (last one was an absolute ripper ).
AUD/JPY a particularly directional pair today - AUD weakest and JPY strongest of main currencies... see forexgrailmeter reading below...
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Click to Enlarge Name: forexgrailmeter.PNG Size: 20 KB
Quoting tayser
volatility is exactly what you want. go the quick scalp, only take a few each day, and come back every day and do the same thing - look at my trades for AUD/JPY above (last one was an absolute ripper ).

Once you master it, then I reckon you should learn how to use rainbow for longer term trades (my eventual aim anyhow).

Hey Tayser, are you still posting over at ASF? (if you're the tayser I think you are)

Yeh I have been looking at the longer term moves as well, pyramiding on to them in smaller lots. 5 sec time frame does not leave much room for error nd things happen dame fast.

cheers
  •  Yuppie
  • | Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts
Quoting wheelsut
Magnus I see you are here but have been very quite as of late. I for one am very quite as I am reading and learning all I can, I have missed your imput. Hope things are going well for you any insight please speak up.

Hey wheelsut,

Thank you... I'm still following the Rainbow... To a certain extent...

Actually, it's easier if I just give you a summary of my experience so far with the Rainbow...

[This will probably be a bit long... Thought I would use this as an opportunity to clear my head of some thoughts...]

As we all know, trading is pretty much 80% [give or take - depending on who you talk to] psychology/mindset/etc... I feel that a, not insignificant, part of this is how comfortable you are with a particular method/style/TF/etc... Rainbow on 5/30-sec gave me a TF that I was comfortable with... and [potentially with experience] high-probability trades - no doubt, most people would also like high-prob trades ...

However, after trading the Rainbow for a while, there were two things that I still felt uncomfortable about...

#1 - SCALPING!! I know, this probably sounds a bit daft... I'm following a scalping thread and I'm implementing a scalping framework... Bear with me... Right, I'm differentiating here between scalping and short-term trading... I take the definition of scalping to be a [generally] quick in/out - usually less than 10 pips, sometimes more... I define short-term trading to be trades that last somewhat longer [and for more pips] - but still intraday... Now, two things about scalping... Firstly, I do not like having spread/commission as such an overriding factor... Secondly, this is partly why I have decided to focus on very-high-probability setups that [generally] will deliver a minimum of 10 pips [note: I currently am only trading EUR/JPY]... E/J makes a few good moves pretty much every day [as demonstrated my LTs inevitable daily Rainbow chart]... This brings me onto...

#2 - 5/30-SEC!! Ok, more explanation required here... I appreciate that 5/30-sec charts are fine if you want to grab 6 pips. But I, personally, found them limiting on their own for the very-high-probability setups, with more [potential] pips, I look for [some people, no doubt, find 5/30-sec fine for this... with my somewhat limited experience, I do not]... I felt like I was in the dark with just these... Maybe more screen-time with the 5/30-sec will make things brighter... One more thing here... Consistency is really the key word in trading... I saw how many pips were made two days ago [well done all of you ]... but I also saw a lot did not do so great yesterday... I did not do as well as most of you on Wednesday... Yesterday was very good though... I am looking for consistency...


So what have I been doing?...

For the last few weeks I have been studying/researching/testing/discussing (hey G. various concepts/ideas/methods that will add support to the Rainbow. I appreciate that LT espouses, "...keep it smart and simple...", but everyone is different and, like I said, 5/30-sec on their own were just not cutting it for me, for the very-high-probability setups I am looking for...


What am I doing?

From all the above-mentioned research/discussion/etc my trading has evolved into the following...

- I have the 5/30-sec/1-min Rainbow on my screen. I really only use the 5-sec flame as a visual guide for fine tuning entry and [so far] exits. I say 'so far' for exits as I am currently working on a couple of strategies for better exits...
- I am using higher TF [5/15/30-min/1-hour] charts also... I use them for a few things... One use is in stepping-up TFs after you enter a trade AND it is going your way. If you stay on 5-sec once a trade is going your way, you can get scared out once it starts to reverse. However, this can be just a blip on a higher TF. Switching to 30-sec then 1-min then 5-min etc, as the trade moves in your favour helps you psychologically - especially if these higher TFs start showing confirming setups [the higher the TF - the more reliable the setup]... [Full kudos goes to G. for sharing his insights on this ]...
- Price Action... I am a James16 follower. I spent some time on pure price action... Pinbars, BUOB, BEOB, DBLHC, DBHLC, etc etc... Seeing what bars are doing on higher TFs can help keep you in a move for longer, get you out at a better point, or even give you totally conflicting messages and keep you out of a good move all together :...
- In total contradiction with being a Price Action Purist above... I have started using Stochastics *look of horror at use of indicator*... I was vehemently against any sort of indicator for a while!!... But, when you see a lot of successful traders on FF [and elsewhere] using them, you really have to keep an open mind... Saying that, I do not use them in the normal way... I must acknowledge Spudfyre and his excellent material on stochs...


What will I be doing?

I plan to continue with what I have said above... I am more comfortable than ever before because of the discussions/studying in the last few weeks... I need more trading time to feel where my comfort level is in terms of exits... But I'm working on that...


Thank you to those who PM me. It's always interesting discussing the Rainbow...

I always see a lot of charts posted here with trades taken. However, there is never much discussion about why they entered a particular trade(s) and how they interpereted the Rainbow the way they did. I know that when I posted my trade charts here I tried to give every single thought that went through my head at the time for entry/managing/exiting... This may/may not have been beneficial to others... But it certainly, without any doubt, helped me...


Keep up the good work guys,

Magnus
Quote
I don't know what happened tonight but what a wild market, I have stopped trading for tonight. there was some serious money out there tonight. does the New York open also offer this type of volatile action?

yes the sideways choppy markets are a real hard thing to spot and judge on your first few trades, I now have realized that confirmation of spine direction and following the trend is the way to pay dirt.

early day's.........

Good scalping

I don't know about everyone else but in learning something new most people say mistakes and failures are how you learn. NOT FOR ME !!
I learn more about how to trade correctly when I actualy do it correctly then when I keep trying and loosing.
Those ideal market conditions in the EJ teach me more about trading correctly than if Linuxtroll was sitting at my screen with me.
Quoting Yuppie
Hey wheelsut,

Thank you... I'm still following the Rainbow... To a certain extent...


Magnus
holy cow , the similarities between out thoughts are striking ! my implementation of the rainbow n spuds theory is the same like urs .... after 3 months im able to find the perfect system implementing both , and thats 1min tf on gbpjpy going after larger profits (30-50) ... im on testing stage right now , and its been pretty successful ... might post details or even journal on it if it does well continuously till the end of month
To Live is the rarest thing in the world , Most people exist , that is all
Quoting Yuppie
Hey wheelsut,
Magnus
Hi Magnus,

good to hear from you. I think I have discovered this thread approx. the same time as you. Well, I went the opposite direction. At the beginning I watched other system for confirmation. I watched correlation with other pairs, pivots, higher time frames and now I watch 5 sec. with even simpler rainbow.

Well, everyone of us will develop his own way of trading and that is probably the reason why the entries and exits are not discussed so much here. I do not think you will find two persons who will enter and exit the same time every time.

Quote
Consistency is really the key word in trading

I agree with this.

Lot of pips to you
Quoting arielkorber
AUD/JPY a particularly directional pair today - AUD weakest and JPY strongest of main currencies... see forexgrailmeter reading below...
I guess you took the screenshot of it at the end of the move and not before it happened. Do you find it useful for trading? How do you use it?

BTW, AUD/JPY range for today is 225 pips but EURJPY 238 pips and GBPJPY 413 pips.
Quoting Yuppie
I always see a lot of charts posted here with trades taken. However, there is never much discussion about why they entered a particular trade(s) and how they interpereted the Rainbow the way they did.

Magnus
This method appeals to me because it allows for an intuitive right brain approach to trading. (I would guess LT is a right brain dominant person.)
Rainbow makes the price more animated,
right brain naturally picks up the patterns and their variations,
all you have to do is build up your pattern recognition ability with screen time, and then trust your intuition to trade it (or stay out of it).
Thoughts/ rules /reasoning just get in the way of all of that.
This is art.
at least for me it is.
Quoting Blazer
Hello,

Imran indicators ,templates etc are in the first page, it is updated.
http://www.forexfactory.com/showthread.php?t=48926

Imran indicators etc, are auxilliary only in order to have a bigger picture.

Nothing is faster than LT rainbow.I tend to believe that screen time develops a gut indicator of what you must do.

Total taliban scalping .None can stop a trained LT scalper when he charges outside news zones.

I am not good yet,I am under 60%.

If you see it as a video game and a personal competition you must double your papertrade account in 10 days (maybe 5)max,constantly.

I imagine that this is the 90% success charging.

One last think is that I don't care for pips.I care for money earned or lost.

So I don't count any pips at all.When I see red $ number ,I am ready to cancel.

Cheers

Basil
Thanks, Basil. I am glad to hear your opinion. I have been using LTSS for the past 3 days and I feel confident already. I am just looking for sheer 4 to 6 pips per day, but plan to increase the lots gradually. If I win, then I increase the lot by 1, if I lose, it goes down by 1. Let me see how it goes.

Regds,
Rabi.
Quoting atomz
I guess you took the screenshot of it at the end of the move and not before it happened. Do you find it useful for trading? How do you use it?
It was like that through the move. It is very responsive to current activity, but not predicitve.
No I havent found a use for it in my trading, but I keep an eye on it to see if its the JPY or EUR thats driving the pair at any one time. JPY = big moves, EUR = small choppy moves, both = home runs
Quoting arielkorber
This method appeals to me because it allows for an intuitive right brain approach to trading. (I would guess LT is a right brain dominant person.)
Rainbow makes the price more animated,
right brain naturally picks up the patterns and their variations,
all you have to do is build up your pattern recognition ability with screen time, and then trust your intuition to trade it (or stay out of it).
Thoughts/ rules /reasoning just get in the way of all of that.
This is art.
at least for me it is.
So he must be left-handed, right? Are you Trollman?
Quoting FlashCall
So he must be left-handed, right? Are you Trollman?
Well I dont know about Trollman, but I am ambidextrous. So I use the creative power of the rainbow with the logical power of the parabolic SAR. That is all I need to make my 4 pips every day and I am out. I have stopped fishing out for 100 pips. I am focussing on my trading plan that helps me to be consistent and disciplined. Hope this will work for me.

Thanks to everyone for your contributions.
  •  Yuppie
  • | Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts
Quoting maheswara
holy cow , the similarities between out thoughts are striking ! my implementation of the rainbow n spuds theory is the same like urs .... after 3 months im able to find the perfect system implementing both , and thats 1min tf on gbpjpy going after larger profits (30-50) ... im on testing stage right now , and its been pretty successful ... might post details or even journal on it if it does well continuously till the end of month

Yeah, Spudfyres' material is very, VERY good...

He has (or should I say had, as he has not been active for a while) a great ability at conveying...

You into the Stochastic Threads [Not Forum Thread - it's a concept - a different kind of Thread] maheswara?...



Magnus
Quoting rabi35
Well I dont know about Trollman, but I am ambidextrous. So I use the creative power of the rainbow with the logical power of the parabolic SAR. That is all I need to make my 4 pips every day and I am out. I have stopped fishing out for 100 pips. I am focussing on my trading plan that helps me to be consistent and disciplined. Hope this will work for me.

Thanks to everyone for your contributions.
Nice - tried it. Nice indicator to switch subaccounts in OANDA from Buy to Sell. I made some Dollars already. Thanks for Your logical power...Heinz

PS. Which period do You use in 5sec frame? I took default 14.
  •  Yuppie
  • | Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts
Quoting atomz
Hi Magnus,

good to hear from you. I think I have discovered this thread approx. the same time as you. Well, I went the opposite direction. At the beginning I watched other system for confirmation. I watched correlation with other pairs, pivots, higher time frames and now I watch 5 sec. with even simpler rainbow.
Hey atomz, thank you...

Yeah, I did start, at the very beginning, with pure Rainbow... Then quickly took up Pivots as the action of price around these [pre-calculated] levels is too obvious to ignore... I also took note of ***.50 and ***.30 levels as well... It's all about the exits...


Quoting atomz
Well, everyone of us will develop his own way of trading and that is probably the reason why the entries and exits are not discussed so much here. I do not think you will find two persons who will enter and exit the same time every time.
I am afraid I have to diagree here atomz... I have thought a lot about this and... The Rainbow particularly lends itself to very basic entries and [depending on your comfort-level] exits... Although the Rainbow is a framework, and not a method in itself, from my limited experience, there is not much scope for a variety of entries if you are trading high-probability setups...

I have taken the same trades as others using the Rainbow while chatting online... When there is a decent move(s) [high-probability], almost everyone reports a nice big handful of pips... The common factors, when viewing 5/30-sec Rainbow, during such a move(s) are distinct spine, breaking of h-lines, and breaking of flames... And so high-probability trades will occur in one direction... This does not leave much opportunity for variation in high-probability trades...

However, my disclaimer here is that I am relatively inexperienced with the Rainbow and so am just not seeing all possible trades available... Although, I can say that I have studied the thread and every posted chart... I have seen the same entries and [mostly] exits, over and over and over... But maybe I am missing something...


Pips to you also atomz,

Magnus
Quoting arielkorber
This method appeals to me because it allows for an intuitive right brain approach to trading. (I would guess LT is a right brain dominant person.)
Rainbow makes the price more animated,
right brain naturally picks up the patterns and their variations,
all you have to do is build up your pattern recognition ability with screen time, and then trust your intuition to trade it (or stay out of it).
Thoughts/ rules /reasoning just get in the way of all of that.
This is art.
at least for me it is.
I'm more of a left brained person, but I think the rainbow universally works for scalping: the reason why is your right brain reacts much faster than your left brain.

The right brain is designed to pick up patterns in the environment right away, whereas the left brain takes them apart, and attaches abstract concepts, such as labels and numbers, to those parts. Because of this, the left brain is much slower than the right brain.

The other added benefit of the rainbow is that if you focus only on the rainbow itself, it shuts your left brain up from over analyzing the trades.
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