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Scalping the Rainbow

  • #261
  • Aug 19, 2008 1:56pm Aug 19, 2008 1:56pm
  •  4xq
  • | Joined Jun 2008 | Status: In This Sign You Shall Conquer | 281 Posts
Quoting incredifx
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
You better not, cause I'll hunt you down to the end of the world
Learning is good, i hope you don't get offended by my opinions, I'm just sayin what I would do, take it or leave it, I thought you will learn this way. maybe I'm not a good teacher, I'm old school, they used to beat us up in school...it worked
"Money is only a part of wealth" Q.
  • #262
  • Aug 19, 2008 2:06pm Aug 19, 2008 2:06pm
  •  4xq
  • | Joined Jun 2008 | Status: In This Sign You Shall Conquer | 281 Posts
Quoting Maverick731
Post #2 & 11 sofar I guess once I understand what they are doing i can get more
I see, those are the trades I took. Blue arrows are long entry and red are shorts, the triangles are exits. This is the default in MT4 platform
"Money is only a part of wealth" Q.
  • #263
  • Aug 19, 2008 2:25pm Aug 19, 2008 2:25pm
Ahh ok ty, I've been using dealbook atm.

I'm new to trading say a month or two but I'm picking up quick

Right now I'm trying to see the viability of .00 levels and setting entry orders with the trend about 15 pips above/below them and having the momentum carry me. Have any experience with that?
  • #264
  • Aug 19, 2008 3:25pm Aug 19, 2008 3:25pm
  •  4xq
  • | Joined Jun 2008 | Status: In This Sign You Shall Conquer | 281 Posts
Quoting Maverick731
Ahh ok ty, I've been using dealbook atm.

I'm new to trading say a month or two but I'm picking up quick

Right now I'm trying to see the viability of .00 levels and setting entry orders with the trend about 15 pips above/below them and having the momentum carry me. Have any experience with that?
I didn't trade like that, but I use this in the systems. Round numbers are known to do that many times, there is lots of activity there, as some take profits after the level breaks and others load up after break and retracement. this is hapenning also at the pivots and previous swing levels from higher time frames...we see a price acceleration at break and then retracement under the level, then break again...that's a usual scenario. It may be a change in direction, but usually there are signes before that
Also each pair has a level (ie x.xx75) where they tend to go
"Money is only a part of wealth" Q.
  • #265
  • Aug 19, 2008 7:25pm Aug 19, 2008 7:25pm
hmm ok I'm looking at some stuff for E/U today.... Wondering if this would be viable in the long run since there has been owhat 2 months of testing sofar? and summer months at that

also, what is the exit strat? I'm not going to take a guess lol

also also, do we wait for the full rainbow to extend and be in the proper color order? If so then that eliminates alot of scalps
  • #266
  • Aug 19, 2008 7:50pm Aug 19, 2008 7:50pm
  •  4xq
  • | Joined Jun 2008 | Status: In This Sign You Shall Conquer | 281 Posts
Quoting Maverick731
hmm ok I'm looking at some stuff for E/U today.... Wondering if this would be viable in the long run since there has been owhat 2 months of testing sofar? and summer months at that

also, what is the exit strat? I'm not going to take a guess lol

also also, do we wait for the full rainbow to extend and be in the proper color order? If so then that eliminates alot of scalps
This is not 2 months, but 2 weeks old...please read the entire tread...you get all the rules posted and is still a work in progress. test it and please post back
I don't wait for a full R., but for a trend...depends what you understand by scalp...first version here is finished and "scalps" 10-12 pips, the second one more than that and i don't consider it a scalping sys
Q
"Money is only a part of wealth" Q.
  • #267
  • Aug 19, 2008 7:58pm Aug 19, 2008 7:58pm
ahh sorry I got confused lol. well I guess I'll test this system myself and I have read the thread. The problem with looking at someone elses entries are that you do not know their thought process behind it.
  • #268
  • Aug 19, 2008 10:06pm Aug 19, 2008 10:06pm
I've changed my nick from incredifx to incrediblefx
  • #269
  • Edited 10:57pm Aug 19, 2008 10:38pm | Edited 10:57pm
  •  4xq
  • | Joined Jun 2008 | Status: In This Sign You Shall Conquer | 281 Posts
Guys, tomorow, Wed (my favorite day) I will not trade, I am busy with my sailboat
Please test some things and post them, I can't really do all the work
See ya,
Dan
"Money is only a part of wealth" Q.
  • #270
  • Aug 20, 2008 6:52am Aug 20, 2008 6:52am
......and it worked, I am happy they did. We got prepared to face real life.
Just 58 and Dutch......

Quoting 4xq
You better not, cause I'll hunt you down to the end of the world
Learning is good, i hope you don't get offended by my opinions, I'm just sayin what I would do, take it or leave it, I thought you will learn this way. maybe I'm not a good teacher, I'm old school, they used to beat us up in school...it worked
  • #271
  • Aug 20, 2008 8:48am Aug 20, 2008 8:48am
Read this today, scalp myself using price action and rsi so thought this would be something to look at in between rsi extremes on the 5min.

First attempt, captured it as it developed , hope i followed it right, was on my live account, demo wont teach you the stress or nerves
Attached File(s)
File Type: doc first attempt.doc   551 KB | 1,052 downloads
  • #272
  • Aug 20, 2008 9:57am Aug 20, 2008 9:57am
jame it looks to me like you took that a little early, the red was not even poking though yet...
  • #273
  • Aug 20, 2008 10:52am Aug 20, 2008 10:52am
Quoting 4xq
Thierry, I was looking at your rainbow and I spoted 4 entries on that.
1 and 4 are breaking the resistance and 2 and 3 are breaking the MA(200)...white thick line of my rainbow template. They are all good if the 5 min trend is up, but by not seing the 5 min chart I consider #4 the best because the new fresh 1 min trend did a pulback and then continued upward breaking the first peak resistance (top white horizontal line). I don't consider it a trend until it does that, otherwise may be just a large pulback of the down trend.

Happy trading
when you're talking about the top white horiz line here you are talking about the previous peak correct?

Of so I don't see how #4 broke that..(atleast yet in that timeframe)
  • #274
  • Aug 20, 2008 1:35pm Aug 20, 2008 1:35pm
Quoting Maverick731
jame it looks to me like you took that a little early, the red was not even poking though yet...
I didn't buy until i seen the red, thats why i bought 2 pips above the first image. The screen shot was 1 min before i bought, just showing that i was aware the setup was coming and was ready for it. Wanted to show what it looked like as it developed and finished. Showing a trade 10mins after it has gone good is easy to do, especially on 1min where indicators can change very quickly.
  • #275
  • Aug 20, 2008 2:37pm Aug 20, 2008 2:37pm
ah ok btw where did you get the indicator showing the daily range/prev daily range, open/close, and the pivots, I'd be interested in that very much!!!
  • #276
  • Aug 20, 2008 3:44pm Aug 20, 2008 3:44pm

This tracks from asia open i believe, usefull tool for seeing at a glance the todays range and daily pivot s/r lines

Attached File(s)
File Type: ex4 Daily_Fib_Pivots.ex4   20 KB | 610 downloads
  • #277
  • Edited 6:26pm Aug 20, 2008 4:35pm | Edited 6:26pm
hmm what would be the best to set the pivots at tho, I haven't been in this long enough but will the coincide with gmt = 00:00 the whole year or what will happen when DST wears off?


Also is there anyway to create this rainbow indicator in dealbook?

I know these are a bunch of WMA's, correct? how could I put them in it? Just copy the moving averages from the template?

ALSO: my IBFX 1min and RJOFX(dealbook) 1min do not look the same... I'm just looking to have the best demo charting software...any idea what the prob is?, I know its not that big a diff, but oh well. I already have an ECN broker so thats taken care of
  • #278
  • Aug 20, 2008 7:52pm Aug 20, 2008 7:52pm
Trade today off Asian Open,

EUR/USD

Long 00:07-08 GMT @ 1.4752

T/P @ 1.4767 (+13pips after spread) -- once RED retracted to YELLOW around 00:35

as of 00:45 could have let the trade ride for a current +24 pips,


You also could have reentered when it passed the previous high of 1.4771 and came back from YELLOW!

as of right now that trade would be +7 pips.
- a hammer is forming on 5min and we are nearing Fib R1 so watch for POSSIBLE REVERSAL

Look at your charts from 00:00 gmt - 00:49 gmt to see this trade I can't post pics right now...shower time
  • #279
  • Aug 20, 2008 8:16pm Aug 20, 2008 8:16pm
  •  4xq
  • | Joined Jun 2008 | Status: In This Sign You Shall Conquer | 281 Posts
Quoting incrediblefx
I've changed my nick from incredifx to incrediblefx
Incredible will be
"Money is only a part of wealth" Q.
  • #280
  • Aug 20, 2008 8:21pm Aug 20, 2008 8:21pm
  •  4xq
  • | Joined Jun 2008 | Status: In This Sign You Shall Conquer | 281 Posts
Quoting Maverick731
when you're talking about the top white horiz line here you are talking about the previous peak correct?

Of so I don't see how #4 broke that..(atleast yet in that timeframe)
You have to mention post number, I have no clue where is that
"Money is only a part of wealth" Q.
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