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Scalping the Rainbow

  • #521
  • Mar 31, 2014 1:55am Mar 31, 2014 1:55am
This was a quick 10 Pip gainer...

Holding on to the trade a couple of minutes more and it could have ended with a 50 Pips win in the bank.

Attached Image (click to enlarge)
Click to Enlarge Name: ET Rainbow short.PNG Size: 72 KB
  • #522
  • Mar 31, 2014 2:28am Mar 31, 2014 2:28am
Another 5 Pips...

Was up on 8 Pips, but reversed quickly. Closed it manually because I have to go to work now...

Attached Image (click to enlarge)
Click to Enlarge Name: GU long Rainbow.PNG Size: 76 KB
  • #523
  • May 22, 2014 3:26am May 22, 2014 3:26am
is this thread dead? has anybody tried using it on indices (DIJA, DAX) - does wonders sometimes...
has anybody tried to implement Wolf (with CCI and Lag) as a proper ea? I've tried with a mixed success:

~66% success rate
avg 3-4 trades/day
no trailing stop

a lot of them seem to be picked up a bit too late :/

thank you
  • #524
  • Jun 2, 2014 3:23am Jun 2, 2014 3:23am
Quoting chr1s
is this thread dead? has anybody tried using it on indices (DIJA, DAX) - does wonders sometimes... has anybody tried to implement Wolf (with CCI and Lag) as a proper ea? I've tried with a mixed success: ~66% success rate avg 3-4 trades/day no trailing stop a lot of them seem to be picked up a bit too late :/ thank you
The delays re due to the moving averages. The moving averages have a lag, thus they are not as fast as the prices move. But generally it is a good system.
  • #525
  • Jun 2, 2014 3:29am Jun 2, 2014 3:29am
That's the drawback, I mainly trade price action (15mins-1h tf) but sometimes like a thrill of loosing money on 1-5min (joking) and this simple strategy even with 1 trade per 1-2 days for 3-5 pips as a EA sounds good.

Is this thread dead?
  • #526
  • Aug 28, 2014 4:39am Aug 28, 2014 4:39am
Quoting 4xq
Hi everybody, I bumped into some posts on this forum about rainbow trading and nothing was clear how to trade it, so I started my own system. I'm just at the beginning of development of it and I start this tread in hope that others would contribute to it and would be open source, so good ideas would be included and tested and we will have a good solid system. Some software is developed like that and the products are great as is the result of many. ie OpenSolaris, Linux.,...

Hello 4xq sorry to bother you but I have tried to download the two systems but they ain't installing. What do you think could cause the problem. I really wana taste it up cuz it looks interesting.
  • #527
  • Aug 28, 2014 1:38pm Aug 28, 2014 1:38pm
Zimpaul, 4xq hasn't posted since 2008.

Try the template in this thread which will make the rainbow for you.

Good luck!


http://www.forexfactory.com/showthread.php?t=501577
  • #528
  • Feb 23, 2015 3:39pm Feb 23, 2015 3:39pm
This indicator can be combined with other indicators ?
  • #529
  • Jun 15, 2015 11:33pm Jun 15, 2015 11:33pm
This indicator is beautiful. I use it other indicators.
Discussion is an exchange of knowledge;argument is an exchange of ignorance
  • #530
  • Aug 25, 2015 6:10am Aug 25, 2015 6:10am
i think this system is useful and interesting but some one have to publish summary of this topic to be useful for every one ,is there any one can do this?tnx
  • #531
  • Aug 25, 2015 7:46am Aug 25, 2015 7:46am
Quoting saeedy.eh
i think this system is useful and interesting but some one have to publish summary of this topic to be useful for every one ,is there any one can do this?tnx
Why not you, if you want to use this.
  • #532
  • Nov 30, 2015 6:08am Nov 30, 2015 6:08am
I am currently using this system with slightly modified indicators quite successfully on M1 and M5 with 'the best trending' 3 or 4 major pairs.
would like to chat with anyone else using the system or a recognisable variant of it.
Don't ask me, I have no idea what's going on.
  • #533
  • Edited 4:57pm Nov 30, 2015 4:34pm | Edited 4:57pm
Nice to see the rainbow back in action as I have been trading it along side another system for years.... First trade was from this AM +31 (10 lots +3.1) Second +24 (10 lots +2.4) I am a FIFO scalper, trading quick trades with small pip targets and multiple lots with MM momentum .......Nice trading and happy Holidays To All.....

Stay GREEN My Friends
Attached Image (click to enlarge)
Click to Enlarge Name: USDJPYiM15.png Size: 117 KB
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  • #534
  • Dec 2, 2015 9:12am Dec 2, 2015 9:12am
EU, M5 +122 (20 lots +6.1) entered short on USD strength pending news but closed before release after pullback to EMA's with MM momentum! Left lots on the table as I only target small pip trades with multiple lots.........

Done for the day +170 banked and not going to give back by over trading....

Stay GREEN My Friends!
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDiM5.png Size: 127 KB
Keep It Simple
  • #535
  • Dec 2, 2015 10:59am Dec 2, 2015 10:59am
Quoting cigarguy
EU, M5 +122 (20 lots +6.1) entered short on USD strength pending news but closed before release after pullback to EMA's with MM momentum! Left lots on the table as I only target small pip trades with multiple lots......... Done for the day +170 banked and not going to give back by over trading.... Stay GREEN My Friends! {image}
Hello Cigarguy!
I tried Rainbow some other way, but I'm strongly interested in your variation. I folowed your trades in history at the topic abot THV and have several questions:
1. What do you call MM momentum?
2. Why do you enter trades (at THV topic examples) later then Rainbow and TMS Matrix propose?

Thank you for your time and attention!
Just an opinion. Based on research
  • #536
  • Dec 2, 2015 12:15pm Dec 2, 2015 12:15pm
Quoting cigarguy
EU, M5 +122 (20 lots +6.1) entered short on USD strength pending news but closed before release after pullback to EMA's with MM momentum! Left lots on the table as I only target small pip trades with multiple lots......... Done for the day +170 banked and not going to give back by over trading.... Stay GREEN My Friends! {image}
What's the strength indi that the yellow arrow points to?
Thank you.
  • #537
  • Edited 12:29pm Dec 2, 2015 12:19pm | Edited 12:29pm
Quoting since80808
{quote} Hello Cigarguy! I tried Rainbow some other way, but I'm strongly interested in your variation. I folowed your trades in history at the topic abot THV and have several questions: 1. What do you call MM momentum? 2. Why do you enter trades (at THV topic examples) later then Rainbow and TMS Matrix propose? Thank you for your time and attention!
I look at a couple of different charts. The rainbow as posted here for the main trend along side of the PVSRA chart I post on that thread to confirm my entries. As for MM momentum, as you are probably aware, there is more activity on different pairs at different times of the trading day. When the charts become active ie., after a news event or just prior too or after a Session open or close as an example. The higher t/f's do not offer as much as a clear indication as the actual momentum so I will drop down to a M1 or M5 chart and then enter based on the trend and PA relative to the key levels on maybe the M5 or M15.

I wish I could offer you more insight that you are looking for but I have been trading for a few years and have many hours of screen time and just get a feel for a couple of currencies that I watch and how they move. I only watch EU and UJ which trade conversely and I suggest to any new trader not to get anxious about missing a trade on many currencies and focus on just a couple of their choice.

Just my style and each trader must find what works for them......

Stay GREEN My Friend!
Keep It Simple
  • #538
  • Dec 2, 2015 12:37pm Dec 2, 2015 12:37pm
Quoting MidnightRun
{quote} What's the strength indi that the yellow arrow points to? Thank you.
I just use that to give me a heads up on the currencies strength, not for entries and then take a look at those charts as prospects for trade entries based on PA relative to key levels of S/R and the current momentum.

Here it is you can give it a try and see if it is beneficial.......
Attached File(s)
File Type: mq4 CurrencyStrengthAlerts (2).mq4   28 KB | 581 downloads
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  • #539
  • Edited 1:13pm Dec 2, 2015 1:02pm | Edited 1:13pm
EU M5 +104 (20 lots +5.2) entered long after pullback below key level 1.06000 and PA ran above this level with MM momentum......

I thought I was done for the day with +170 but could not pass on this trade totaling +274 and now I'm done I think!!........

Stay GREEN My Friends!
Attached Image
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDiM5.png Size: 123 KB
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  • #540
  • Edited 2:00pm Dec 2, 2015 1:47pm | Edited 2:00pm
Per PM's I have been asked what other charts I look at to determine the short term trend for FIFO scalping and PA relative to key levels as S & R for entries. I watch this M5 chart with real candles ( not HA's ) super imposed over one hour candles in the background. I also watch for the beginning of the new one hour candle which many times will offer a nice scalp trade at the beginning of this candle. I sometimes use the installed EA set for a quick 5 pip profit and a hidden emergency stop loss in case of a power outage. The hour timer at the top of my work space alerts me at the beginning of the hour to prospect for a trade with the new hour candle forming also considering PA and support/resistance.

Hope this helps!......
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Click to Enlarge Name: Traders Way MetaTrader 4.png Size: 164 KB
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