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Chronicles of the Price Action Scalpers

  • #141
  • Aug 9, 2009 8:12pm Aug 9, 2009 8:12pm
Quoting ben10
i should trade when the multiple weight moving average compressed and risking only 12 pips (resistance line at 97.73 - support line 97.61) either short or long direction

http://img27.imagefra.me/img/img27/2...bm_0276b49.png
correct, that's a pretty risky trade you have there
  • #142
  • Aug 9, 2009 8:16pm Aug 9, 2009 8:16pm
Quoting sibaroochi
Richard, so do you prefer using the rainbow with many colors over the rainbow with only one color? when scalping with big lots which timeframe do you trade? And I'd like to know the money management rules that you use.


Thanks,
Sibaroochi
Correct, for my eyes I like the many colors as there are specific patterns I look for that the colors help show. I trade with a 1tick and 10sec chart. 1tick for precise entry, 10sec for overall direction looking for the setups that give more pips. My money management is not what you will normally find here because you cannot accurately calculate R:R (risk reward) that most refer to on this forum. For me, when I enter a trade I know my max loss before I take it, usually nearest S&R level on 1tick chart, if that level is more than 5-6 pips away I don't take the trade, thus I go into a trade knowing my max loss but not knowing my max reward, I ride the market as far as I can, the SAME setup may yield 2 pips or 20 pips as it's never the same, as long as I have the direction right that's all I care about. At that point I take what the market gives. It's that simple.
  • #143
  • Aug 9, 2009 9:01pm Aug 9, 2009 9:01pm
Quoting fxRichard
Correct, for my eyes I like the many colors as there are specific patterns I look for that the colors help show. I trade with a 1tick and 10sec chart. 1tick for precise entry, 10sec for overall direction looking for the setups that give more pips. My money management is not what you will normally find here because you cannot accurately calculate R:R (risk reward) that most refer to on this forum. For me, when I enter a trade I know my max loss before I take it, usually nearest S&R level on 1tick chart, if that level is more than 5-6 pips away I...
if i may add.. timing is very important too, slow market my heart pumping fast but with fast market move no emotion involve in out in out
  • #144
  • Aug 9, 2009 9:20pm Aug 9, 2009 9:20pm
eur/jpy long now stops at 138.05 ! any taker?
  • #145
  • Aug 9, 2009 9:30pm Aug 9, 2009 9:30pm
move stop 138.20 (in the black)
  • #146
  • Aug 9, 2009 9:35pm Aug 9, 2009 9:35pm
the compression (circle) and red line stop loss

http://img33.imagefra.me/img/img33/2...qm_0d0c434.png
  • #147
  • Aug 9, 2009 9:39pm Aug 9, 2009 9:39pm
too greedy ,stop taken at break even
  • #148
  • Aug 9, 2009 9:41pm Aug 9, 2009 9:41pm
5 sec chart exhibit compression 138.20 short
  • #149
  • Aug 9, 2009 9:42pm Aug 9, 2009 9:42pm
138.14 out
  • #150
  • Aug 9, 2009 9:43pm Aug 9, 2009 9:43pm
watching
  • #151
  • Aug 9, 2009 9:46pm Aug 9, 2009 9:46pm
13823 long
  • #152
  • Aug 9, 2009 9:47pm Aug 9, 2009 9:47pm
13815 stop
  • #153
  • Aug 9, 2009 9:52pm Aug 9, 2009 9:52pm
http://img39.imagefra.me/img/img39/2...um_06e3562.png
  • #154
  • Aug 9, 2009 9:56pm Aug 9, 2009 9:56pm
asian session is lame sh1t session, im out got to go to work
  • #155
  • Edited 11:56pm Aug 9, 2009 11:38pm | Edited 11:56pm
Quoting sibaroochi
Mike, Do you primarily use FXCM micro to do your scalp trading? Their site states: " FXCM Micro acts as a counterparty in FXCM Micro transactions and, therefore, acts as the buyer when you sell and the seller when you buy." How does this affect scalping? And do you use a platform other than fxcm's?.. metatrader or ninja? I downloaded FXCM's micro trading Station and noticed that the smallest time frame allowed is the 1 minute.

Also, you mentioned in your word doc that you trade 3-4 pairs using 30 sec Timeframe. Can I ask what those pairs are?

wondering...
I use FXCM for my scalping. Yes they are a market maker. If you have a larger account you should go with an ECN.

I was trading 3-4 now I only focus on EU and sometimes EJ.

well its been said...

"If you want to prosper in a gold rush... Sell shovels"

thanks for posting.
  • #156
  • Aug 9, 2009 11:40pm Aug 9, 2009 11:40pm
Quoting fxRichard
correct, that's a pretty risky trade you have there
Listen to Rich.

That move is very exhausted. It also hasnt had any retrace into the rainbow.

You want to catch a move right as its happening and maybe the second or third leg. But never enter without some sort of a pullback.
  • #157
  • Aug 10, 2009 9:17am Aug 10, 2009 9:17am
Quoting fxRichard
Correct, for my eyes I like the many colors as there are specific patterns I look for that the colors help show. I trade with a 1tick and 10sec chart. 1tick for precise entry, 10sec for overall direction looking for the setups that give more pips. My money management is not what you will normally find here because you cannot accurately calculate R:R (risk reward) that most refer to on this forum. For me, when I enter a trade I know my max loss before I take it, usually nearest S&R level on 1tick chart, if that level is more than 5-6 pips away I...
Richard, are you trading live with this strategy? When you mention seeing patterns that the colors help show what do you mean? Are you looking for compression in certain colors? flip overs?
  • #158
  • Aug 10, 2009 9:47am Aug 10, 2009 9:47am
Quoting sibaroochi
Richard, are you trading live with this strategy? When you mention seeing patterns that the colors help show what do you mean? Are you looking for compression in certain colors? flip overs?
Yes I trade live, explaining my style is kind of difficult and cumbersome through here. Words cannot easily explain it, images help greatly unfortunately I don't have time to go into detail and post a bunch of them now...perhaps later today.
  • #159
  • Aug 13, 2009 3:23am Aug 13, 2009 3:23am
Quoting Pip Ventures
I use WMA's 1 - 156 with 4 for spacing.

So when creating them it goes like this

156
151
147
ect.

Be sure to start with the higher number first because this way your lower numbers will be 'on top' of the higher. how it should be.

Mike
Hi Mike,

just found this thread and made for very interesting reading. I've recently been experimenting with scalping as it suits my trading 'personality' and needs, more than position. I had been using the traditional Guppy MMA style of crossover trading for a while and then stumbled upon the rainbow style. I've been using this on a demo account trading off the 5min chart for around a week now and find it to be very useful.

I just want to check something with you though. I could only find one post written when Cyrox first invented this thing that said the parameters for the EMA's were as follows:

EMA 1-5 (red) (interval 1:: i.e. 1,2,3,4,5)
EMA 6-15 (yellow) (interval 1)
EMA 17-41 (green) (interval 2 :: i.e. 17, 19, 21,...,41)
EMA 44-74 (cyan) (interval 3)
EMA 78-122 (indego or blue) (interval 4)
EMA 125-200 (purple) (interval 5)


I notice that you have yours set at intervals of 4 starting with 156 and working down? I was assuming that the reason Cyrox had his set to the way he does is so that the higher numbers with larger intervals show the trend of the position traders while the lower numbers with intervals of 1 show the trend of the scalpers and day traders?

Have I missed the point? :S
  • #160
  • Aug 14, 2009 1:28pm Aug 14, 2009 1:28pm
Tell me what you think of this method...

As you can see this is a 1 tick chart consisting of a rainbow and avg. price line.
I wait for 3 consecutive S/R levels and then enter on the 4th S/R. At the same time being mindful of counter S/R levels nearby my trade... I'd have to enter at a point where no counter S/R levels are around my entry point.
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