Linuxtroll Simple Scalping

First two trades of the day....

Guess I didnt get my message through,

Go and get your exit rules straight! cause yours are really messsed up and as long as you dont know when or where to exit your trades will not be consistent and positive.

11.11 am

Thanks for the advice, now I just need to come up with a good exit strat.

Are you aiming for just ~10pips and then exit?


Edit: Sorry for all the questions but everyone has a different take on the rainbow.

thanks for the comments man

I just let it go till i feel confortable or i think i had enough profit. Then i take a break and go for a coffee.. I don´t have golf course around but a nice nature park nearby

Well get out when the price moves against you (and in the case of your trade if the spine breaks uhm thats a LOT of countermove there)
.

get out as soon as it moves against you or when it stalls you can always get in again.

if you want to take profit soon, just take profit whenever the price breaks H lines.

First entry was fake, exit, reverse...

To flip trades around, just buy/sell double the amount of your open position.

I used to get caught by this a lot - entering on false breaks. Now I have learned to steady the trigger by waiting till there is some supporting spine formation, which keeps me out of a lot of them.
My mantra is trade the rainbow, not the flame.
Hope that helps somebody

1st Trade:

It just started moving away from me rather quickly -6


2nd trade:

Got +5 out of this

I took two more trades after this +6 and a -4.

http://img.photobucket.com/albums/v4...h/trade2-1.jpg

2AM EST: Eur open: Anybody else pick up their daily E-J pips here?

Got +6 on the 8am breakout, should have had alot more if I wouldn't have gotten scared and jumped out of my first entrance...

Spot the beginnig of the new wave, dont jump in to a "free fall".
(Goes for both trades)

I do trade that session if I wake up in time Mike trades there too.

Hello,

I have applied the trail stop strategies described in the support in Ninja trader and they work super.

Can you please post some tips about the ladder?

Thank you

Basil

Please, I seem to be interested in this system but I just can't find where the rules of the system is neither do I understand what it is talkng about and how to apply it.
Please I need anyone to please help out here.

It's a style not a system, you won't find rules for it.
The rainbow is a tool to help you recongize the market patterns and movements, and capitalize on what you learn by using it.

Screen time is what you need to get there...

Well, I finished work early today, and managed to come home in time to open up the rainbow charts to do some good sreen time. Decided to spend time watching and observing, and comparing against my 5M and 15M charts.

I think the light has finally struck. I know what I am abt to say is not something that LT endorses, but as I have purchased the book, read it several times, and spent time watching the charts and still was getting caught in the chop, I thought I'd post what I have noticed today in the hope that ppl more experienced than me can correct me, maybe this might help someone else in a similar boat to me.

I pull up the normal 5sec chart, and also the 30 sec chart. I only trad in the direction of the 30sec chart. I wait for london session to start. Draw horizontal lines on the chart for the asian high and low. Now as the london boys come in, they will try to push the price towards and beyond these ranges. I took the first push thru for my 6 pips. Then waited for the retrace. So long as the 30 sec chart was still pointing in the same direction as the 5 sec, i didn't take the next trade till the low of the initial thrust was cleared. That gave me another 10 pips. Done for the day.

The one specific thing I would like to get feedback on is that I am debating that after the retrace is finished and the price is starting to move back down, ie the flame is starting to move back out of the rainbow, and as it comes out of the yellow lines, is it better to enter there (in the direction of the 30 sec chart), or wait till the last support is cleared? Nearly everytime today, I made a mental note of when the flame came out of the retrace, and thought I should enter as it came out of the yellow lines, and it was nearly always a good trade.

Patience, patience, let the trade come to you, do not chase, have a plan, and then stop after ur plan is fulfilled.

All feedback is much appreciated. Sorry, don't have any charts to post, as didn't do any screencapture.

Regards.
K.


PS And if anyone is still wondering if Oanda is slipping, they certainly are. My friend who was scalping on Oanda abt 2 weeks ago, said last week that he is getting slipped 1 pip each time (enter and exit). Also, I have demo acct open at the same time, and the price is always 1pip against my position versus the price on the demo. I think they have a manual way to flag an acct, and then set some algorithms in place to delay price to ur desktop, but u always get filled at price at server. Waiting to make enough money to open cnx acct.