I like to scalp on M1 & M5 charts, I use 25-50 MA and TL and pivot points.
any1 else do this? just interested
any1 else do this? just interested
DislikedHi Flashcall,
Ah,thanks.And how long have you been using rainbow?And recommedation?
ZuIgnored
DislikedMost rainbow users will recomend one thing above all.
SCREEN TIME!
Time spent observing Price Action.
This applies to any PA trading. Screen Time is what programs your mind with the way the market moves and lets your subconscious intuition guide you correctly.
Beyond that I don't think you will get to much recommendation.
Mike
.Ignored
DislikedLinuxtroll and other rainbow scalpers and scalpers in general consistently preach a few important facts which stand true for any scalping and I am sure Richard and other scalpers will concur...
1-pick a time to trade such a the last 2 hours of London as an example and learn or memorize the price action in that time period. Wait for the same EXACT setup and take your trades ONLY then.
2-pick 1 pair and learn it's characteristics especially in the time period you choose to trade!!! Most like the eu or uj because of their volume, liquidity and smaller spreads. Which is important because we are looking to make 3-20 pips per trade, in and out, minimum exposure to the market.
3-use a broker that allows scalping like mbt, hotspot and that does not manipulate your entries and exits but a non dealing desk. Onada has a nice tight spread on the eu so it is a favorite.
4-look for and trade small breakouts from s & r areas that form which is what PV has been demonstrating with his trendlines he has drawn on his 1 min. charts. That is one effective way. You can easily do the same thing on the 1 sec charts. You just need to recognize the s&r areas that form and get ready to enter on the break without having to physically draw the lines.
5-many also enter trades once the rainbow flips or rolls over and changes direction and then they wait for FIRST price pullback into the body of the rainbow and take the trade in the direction of the flip.
6-get down to the 1sec charts because what is happening on the 1min has already happened on the 1sec. chart. You can easily download ninjatrader(which is free) and set up a rainbow chart on a 1 sec chart.
7-have your order box open and ready to execute a trade with your finger on the button so to speak.
8-there are many others trading the linux rainbow, if you go to his cyrox forum you can view daily journals of many rainbow traders and their entries and exits all free.
None of these points are new but they are extremely important to succeed while scalping. I hope this helps a bit...Ignored
DislikedI have been slightly experimenting with this rainbow.
Here is a pic for those wondering what the rainbow is.
(this is a 1 min. rainbow. This has been used by many but others are using 10 sec. or less TF's)
Again, the rules are go long when the market is going up and go short when the market is going down. How do you know... SCREEN TIME.
One plain and one with trends (though Cyrox users dont use them)
Update: Ive received info that the color is important. So I have posted a color rainbow and template.
Oh, Template is at bottom alsoIgnored
DislikedI have been slightly experimenting with this rainbow.
Here is a pic for those wondering what the rainbow is.
(this is a 1 min. rainbow. This has been used by many but others are using 10 sec. or less TF's)
Again, the rules are go long when the market is going up and go short when the market is going down. How do you know... SCREEN TIME.
One plain and one with trends (though Cyrox users dont use them)
Update: Ive received info that the color is important. So I have posted a color rainbow and template.
Oh, Template is at bottom alsoIgnored
DislikedWould be great if contributors could share scalping price patterns they watch out for.
Could put together an album.
Heres one to get started.Ignored
DislikedThis is a great thread... keep up the excellent postings.
Scalpers Rule!Ignored