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Scalping the Rainbow

  • #241
  • Edited 1:44pm Aug 18, 2008 1:23pm | Edited 1:44pm
  •  4xq
  • | Joined Jun 2008 | Status: In This Sign You Shall Conquer | 281 Posts
Quoting incredifx
you refer to when lag signal?
And then are you waiting for a clearer breakout when the red rainbow above white for longer period?
Yes, when lag signal
Your entry is 2-3 bars (minutes) out, not long time....the rainbow is thin...no volatility
I said I woudn't take it, for me is too early, but each trader has his own style
About pivots, I sugest you learn more technical analisys, the pivots indy is known by everybody, study is a key
"Money is only a part of wealth" Q.
  • #242
  • Edited 2:03pm Aug 18, 2008 1:37pm | Edited 2:03pm
  •  4xq
  • | Joined Jun 2008 | Status: In This Sign You Shall Conquer | 281 Posts
Quoting incredifx
this trade is still running on demo.
Take it because:
- it breaks the 38.2 fibo on 5 min chart.
- the price came out from 200MA for 2nd time to create break out
That's risky for me...you have no 1 min trend...~5 pips from your entry is the 50%, the price may bounce from that as 50% is the strongest fib level...fibs are projected levels, not real...the price may bounce of them or go trough them. I use real pivots, past swing levels and aditional pivot indy...this markets are obeing those.
try it and see how it works, better or worse for you
"Money is only a part of wealth" Q.
  • #243
  • Aug 18, 2008 7:54pm Aug 18, 2008 7:54pm
  •  4xq
  • | Joined Jun 2008 | Status: In This Sign You Shall Conquer | 281 Posts
Quoting Freddyfx
Dan 4xq.

Great job and excellent support on all.
Started reading earlier this afternoon and just finished reading all.

Don't have anything to contribute at this phase, but will start implementing this tomorrow before market open.

Just one question at this moment:
Can you spend a little time in showing us how to program the Trade Manager???

Thanks again on a great effort and enjoy making the good pips, you deserve them.
Thx Freddy, here are the parameters I use in Trade Manager EA
Attached Image
"Money is only a part of wealth" Q.
  • #244
  • Aug 18, 2008 8:06pm Aug 18, 2008 8:06pm
  •  4xq
  • | Joined Jun 2008 | Status: In This Sign You Shall Conquer | 281 Posts
First target won't work under 10 pip
Target increment...increments (steps in pips)from first target when EA will close how many lots you spacify on "Close Lots"
First StopTarget...when you have this profit will move the stop to "First Stop" (in my case 0...break even)
Second Stop Target...(at 30 pips profit will move stop to 10...lock in 10 pip profit)
Third Stop Target...the same
Max Loss...initial SL...won't show on the chart (or to your broker)

I use this setting for EUR...hope this helps
Q
Attached Image
"Money is only a part of wealth" Q.
  • #245
  • Aug 18, 2008 9:49pm Aug 18, 2008 9:49pm
entered the trade at breakout level after the rainbow opens up.
please comment what is wrong?
Attached Image
  • #246
  • Edited 10:56pm Aug 18, 2008 10:42pm | Edited 10:56pm
  •  4xq
  • | Joined Jun 2008 | Status: In This Sign You Shall Conquer | 281 Posts
Quoting incredifx
entered the trade at breakout level after the rainbow opens up.
please comment what is wrong?
Nothing's wrong, how is the 5m trend?
Depends what you want to do...get a few pips, or lots of pips...MA200 looks flat to me...today I stared at this type of markets for 5 hours...didnt take any trade....the markets went sideways, in consolidation
If you keep the grid at 10 pip you'll see better that is no market, your rainbow is ~10pip open
"Money is only a part of wealth" Q.
  • #247
  • Aug 18, 2008 11:39pm Aug 18, 2008 11:39pm
Quoting 4xq
Nothing's wrong, how is the 5m trend?
Depends what you want to do...get a few pips, or lots of pips...MA200 looks flat to me...today I stared at this type of markets for 5 hours...didnt take any trade....the markets went sideways, in consolidation
If you keep the grid at 10 pip you'll see better that is no market, your rainbow is ~10pip open

this is one of important rule avoiding sideway market.
In any new trend the 200MA starts flat but opening up at later stage.
The entry although looks good is not profitable at this stage. That is my problem.
  • #248
  • Aug 18, 2008 11:46pm Aug 18, 2008 11:46pm
Some of u may like this version of .... SHI_SilverTrendSig
with slightly larger dots. May be of help on longer TF's. IMO
Attached File(s)
File Type: mq4 SHI--Trend-Signals-1.mq4   4 KB | 788 downloads
  • #249
  • Aug 19, 2008 12:09am Aug 19, 2008 12:09am
Quoting ut2DaMax
Some of u may like this version of .... SHI_SilverTrendSig
with slightly larger dots. May be of help on longer TF's. IMO
I see the dots. But how does it work?
  • #250
  • Aug 19, 2008 1:54am Aug 19, 2008 1:54am
from last few experience the best is to avoid trading when the trend is not yet formed.

I've attached a picture in which the red lines crossing down the 200MA but the green box is the non-trade area.
The simple reason:
- All the rainbow colors are not in sequence

Only after the rainbow colors are in sequence, we'll look for entry opportunity as highlighted in white circles.
Attached Image (click to enlarge)
Click to Enlarge Name: defining a trend.PNG Size: 58 KB
  • #251
  • Aug 19, 2008 7:44am Aug 19, 2008 7:44am
sample USDJPY trades
Attached Image (click to enlarge)
Click to Enlarge Name: usdjpy20080819-1.PNG Size: 40 KB
  • #252
  • Aug 19, 2008 7:48am Aug 19, 2008 7:48am
sample EURUSD trades
Attached Image
  • #253
  • Aug 19, 2008 9:24am Aug 19, 2008 9:24am
  •  4xq
  • | Joined Jun 2008 | Status: In This Sign You Shall Conquer | 281 Posts
Quoting incredifx
sample EURUSD trades
Now those look much better
I have two questions for you...how old r u and who are we you are talking about?
Good job
"Money is only a part of wealth" Q.
  • #254
  • Aug 19, 2008 9:42am Aug 19, 2008 9:42am
  •  4xq
  • | Joined Jun 2008 | Status: In This Sign You Shall Conquer | 281 Posts
Quoting incredifx
from last few experience the best is to avoid trading when the trend is not yet formed.
.
If you look at my rules, having a trend is esential, one of the first rules
"Money is only a part of wealth" Q.
  • #255
  • Aug 19, 2008 9:52am Aug 19, 2008 9:52am
Quoting 4xq
Now those look much better
I have two questions for you...how old r u and who are we you are talking about?
Good job
4xq,

I hope, you don't feel, I'm messing up with your thread.
I'm new to forex and look for any opportunity to learn from many in this forum.

cheers
  • #256
  • Aug 19, 2008 11:56am Aug 19, 2008 11:56am
I'm going back and looking at some of your previous charts.

What are your arrows you put on them symbolizing exactly?

Also I'm a little confused on how you are determining the 5min trend..could you go over that a bit (sorry for asking you to restate yourself)
  • #257
  • Edited 3:04pm Aug 19, 2008 1:17pm | Edited 3:04pm
  •  4xq
  • | Joined Jun 2008 | Status: In This Sign You Shall Conquer | 281 Posts
Monday was horible for me, markets range bound, sideways, probably in expectation of the important news
Made just 2 trades...35pips
I tried last night a couple again and left it overnight with the Trade Manager...I put a magic number and it did't take the profit at target but at SL, so made only 20 pip
Today we had the PPI pushing the $ up and Building Permits down, after a while the EUR and GBP went up, the yen range bound. I tried to trade on 5m, that's why my first ones look so bad, late on entry, late on exit.
I tried one in yen and was a bad idea, I lost 10pip
Last EUR would had been a winner, but I entered late...ended with -5pip
Score...9/2....105pip
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 11 aug19.2008.eur.gif Size: 73 KB
Click to Enlarge Name: 11 aug19.2008.gbp.gif Size: 67 KB
"Money is only a part of wealth" Q.
  • #258
  • Aug 19, 2008 1:28pm Aug 19, 2008 1:28pm
  •  4xq
  • | Joined Jun 2008 | Status: In This Sign You Shall Conquer | 281 Posts
Quoting Maverick731
I'm going back and looking at some of your previous charts.

What are your arrows you put on them symbolizing exactly?

Also I'm a little confused on how you are determining the 5min trend..could you go over that a bit (sorry for asking you to restate yourself)
I presume this was intended for me
I determine any TF trend like this: price makes a bottom, then goes up, then retracts, but doesn't surpass the bottom, then goes up past the peak that made earlier. Reverse for downtrend. faster is to look at MA(34) in Color for the 5m TF, it is an indy I found on this forum
Can you specify the post # with the arrows?
I hope this helps
Q
"Money is only a part of wealth" Q.
  • #259
  • Aug 19, 2008 1:34pm Aug 19, 2008 1:34pm
  •  4xq
  • | Joined Jun 2008 | Status: In This Sign You Shall Conquer | 281 Posts
Quoting ut2DaMax
Some of u may like this version of .... SHI_SilverTrendSig
with slightly larger dots. May be of help on longer TF's. IMO
Thx, I tried and doesn't plot any new dots on the 5m, just the past dots...any settings I'm missing?
Thx
"Money is only a part of wealth" Q.
  • #260
  • Aug 19, 2008 1:35pm Aug 19, 2008 1:35pm
Post #2 & 11 sofar I guess once I understand what they are doing i can get more
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