# Scalping FX with Cyrox Rainbow



## tayser

I'm just funded a live Oanda account and am waiting to go live on this method next week.

Memorise these words, because they're all you need to know:

(method thread on FF: http://www.forexfactory.com/showthread.php?t=52515)


			
				linuxtroll on ForexFactory said:
			
		

> -Identify the time (example: EST 3:00-3:30)
> -Monitor the market using <=1min time frame (use the attached setup)
> -Identify the direction of the move
> -Jump in and out with higher lots
> -You are done for the day within 30-60min (check the charts below)
> -Go out and golf
> 
> NB! Spend a few months screen time with this setup... If you detect that the price is moving against you -- jump out immediately -- you will always get better trades later... You can add Rainbow to support and capture big moves (here you can pick the time frame based on your risk capital)... Only use this scalping style with ECN and jump in when you get the spread <=zero... Keep it Simple and Smart... Make Money and Enjoy...




This method is perfect for Australians IMO.  Especially equities traders on here - once you've finished with the ASX around 4-5, you've got a decent break til around half 6, then at 7 you spend 30-60 minutes scalping your pips.

Just to save you the hassle of reading all 125 pages of the thread at FF (although if you like what you see here, I HIGHLY recommend reading every single post of that thread or buying LT's e-book), a summary of the development of that thread & the method to date;

What you need:
1. Choose one currency pair and note the times when it is at its most active - this method is best used on/after London open (7pm in AEDT or 5pm in AEST) when Paris, Frankfurt, London, Tokyo, Hong Kong & Singapore are all trading with each other.
2. Lots and lots of screen time - best way to learn this method is sign up for demos with Oanda/EFX and just jump in and out all over the place and learn like how a baby does when it touches a hot stove - that's the beauty of Forex. 
3. Patience.
4. Discipline.

once you're ready to go live you need:
1. A live Oanda account with your chosen currency pair on a 5sec 'Average Price' chart (see below for different rainbow setups)
2. A live account with a ECN broker (Market makers (IG, CMC, IBFX, GFT etc) are not recommended, although Oanda has been described the most transparent MM broker to use for this method if ECN broker is not an option) - most popular on FF is EFX: www.efxgroup.com - they're about to announce they'll accept accounts denominated in currencies other than Uncle Sam's Dollar - this is why I'm going live with Oanda initially (as they offer AUD already).

The rainbows:

**** Oanda's FXGame (demo) has a new beta that allows you to have multiple chart profiles*

*Rainbow #1.*  This is the one I will be using.  Not a colourful rainbow, but a rainbow nevertheless!
- In Oanda, select your currency pair, set it to Average Price and 5 seconds (I like to colour the price line differently (red) to the rest of the rainbow so you can clearly see the movement when the WMAs compress)
- Next start filling the chart with WMAs.  Bottom left: Add Study, select WMA, then in the textbox next to the Add Study drop down list, put in '10' and click the '+' symbol.
-- Repeat this step incrementing the WMAs by 10 until you reach 240. (10, 20, 30, 40.....210, 220, 230, 240).
- Colour all the WMAs the same colour, and I also colour the slowest WMA something different as well - this is what people at FF will refer to as the spine.
- Go to Tools Menu, and select Save Current Profile (otherwise you'll lose the WMAs next time you log in).







*Rainbow #2.*  A real colourful rainbow!  Essentially you're doing the same as #1, except the WMAs are tighter and coloured differently according to their group.  
- Again do your Average Price line (I colour it red so as it matches the first 4 WMAs)
- Start your WMAs at 6 and increment by 6 until you reach 150. 
-- Colour the first 4 WMAs red - this is referred to as the flame.
-- Colour the next 3 WMAs orange
-- Colour the next 4 WMAs  yellow
-- Colour the next 2 WMAs green
-- Colour the next 3 WMAs light blue
-- Colour the next 3 WMAs dark blue
-- Colour the next 5 WMAs purple
-- Again, with the spine I like to make it stand out (I colour it white).
- Tools > Save Current Profile.






Whichever rainbow you choose, make sure your Oanda chart is zoomed right out (bottom right corner there's a '+' and '-' which alter the zoom level) so as the timeframe across the top and the corresponding vertical lines are in 5 minute blocks - this is important because high probability entries are triggered when price (is above the spine and) moves through these timeframes as well as price levels of 10 (i.e .10, .20, .30, .40, .50, .60, .70, .80, .90, .00 etc etc).

Patience and Discipline are very much key: wait for the trend to be set after London open - look for the support / resistance ranges and when you see breakout commence scalping in the same direction.  Remember, all you need is 10 pips a day, and as the great man LT says, go out and golf thereafter (although, for the vast majority people reading this thread, we'll all be ready for bed soon after grabbing our 10 pips ).

I've been keenly observing AUD/JPY whilst demoing and will go live with this pair for serveral reasons:  
- It's one of the cheapeast JPY crosses to trade on EFX (whose commission is $5 USD per 100,000 USD traded) - 1 pip round trip on EFX, whereas GBP/JPY (the JPY cross that moves the most) costs over 2 pips round trip in commission.  Oanda (although not recommended but my only option initially) has a fixed 4 pip spread and no commission.
- It's also a pair that you can leverage highly depending on your account denomination (i.e if you're denominated in AUD or USD, you can buy a lot more AUD/JPY than GBP/JPY or EUR/JPY) and money management.
- It moves very nicely along with GBP/JPY and EUR/JPY around European and American opens
- It moves nicely (naturally) around Tokyo open

Watch this space.


----------



## Timmy

*Re: Linuxtroll simple scalping*

Just to clarify, most currency pairs should have the best liquidity around London open and for London session, but AUD/Yen is best around Tokyo open right?  That would make sense, just want to clarify that?


----------



## tayser

*Re: Linuxtroll simple scalping*

To be honest I can't give you a definite answer: I'm usually at work all day and don't always get to see Tokyo open.  I can give a definite answer on London open because that's when I scalp on a daily basis.

Of the times I have watched around Tokyo open I've been surprised by how much it can move.


----------



## Timmy

*Re: Linuxtroll simple scalping*

Thanks Tayser - the more liquid the better for a scalping strategy obviously.  Thanks for drawing my attention to that thread I will go through it.  I have always found that site to be pretty much the best fx site (I use their economic calendar over others, even though I am non-fx).

This sort of strategy, find a trend then scalp in that direction, is a sound day-trading method.  Can I just add that new traders reading your thread here should take extra care with fx, and with scalping, and with day-trading in general.  Each is challenging on its own.


----------



## tayser

*Re: Linuxtroll simple scalping*

Good point yes, I forgot to add a disclaimer: if you choose to use the method you do so at your own risk.

In saying that however, there is nothing wrong with blowing up a few demo accounts, I actually found it's the best way to learn - mechanically through using the method and psychologically!  Better to blow up a demo account rather than a live one! heh.

The key to this strategy is to identify the movements and only grab your target (mine is 10 pips per day), walk away and come back the next day and do the same thing again.  Focus on one pair only because it takes a long time to get a feel for its rhythm and when you have a good handle on it, you'll be able to grab what you need without thinking about it.  

Consistently getting your target pips per day + compounding lot sizes on a weekly basis = successful Linuxtroll scalping.


----------



## tayser

*Re: Linuxtroll simple scalping*

Oanda FXGame Demo (still waiting for funding confirmation):






a little too jumpy on the 2nd trade - could have got my 10 right there in one trade.

exit is always when you feel the trend goes against you (applies to getting out of losers and getting out of winners (if you haven't hit any pre-set targets)).


----------



## professor_frink

*Re: Linuxtroll simple scalping*



tayser said:


> Oanda FXGame Demo (still waiting for funding confirmation):
> 
> 
> a little too jumpy on the 2nd trade - could have got my 10 right there in one trade.
> 
> exit is always when you feel the trend goes against you (applies to getting out of losers and getting out of winners (if you haven't hit any pre-set targets)).




Evening Tayser,

hmmm, scalping with too many indicators on a chart. Sounds like my kind of thread

This method is loosely based around the GMMA isn't it?

Have you had a look at the GMMA in it's original form for this type of trading, and if you have, what would you say are the benefits of using the linuxtroll method over the GMMA?


----------



## tayser

*Re: Linuxtroll simple scalping*

And I'm done for the day boys and girls.   Net 8.5 pips today, under my target, but 12 is achievable tomorrow.






prof: yah, it's loosely based around GMMA.  Haven't really played around with GMMA in FX (Share Trading / Trend Trading were the first ever market-related books I read - so this scalping method is right up my and anyone else who likes GMMA's alley) - I'm purely focusing on getting this method down pat because I see it becoming the day job!


----------



## onemore

*Re: Linuxtroll simple scalping*

Tayser, 

Can you use close price instead of Average price?


----------



## tayser

*Re: Linuxtroll simple scalping*

Keep it simple.  Average price is best because realistically you should be watching your spread on your ECN broker just as much as you would the chart - when you see bid meet ask and the average price line is rising through one of the high probability triggers (vertical line and horizontal line): that's confirmation to go long, when you see ask meet bid and average price line is dropping through one of the high probability triggers: that's confirmation to go short.

You need the chart to be as simple as possible - get your direction from the chart and confirm the direction with your spread with your broker - seeing the real market will make things easier, because market makers like Oanda will delay their movements slightly (you can exploit that though).  

Don't need MACDs, RSIs, trendlines or any of that (the only thing I have up in metatrader at the same time is looking at daily/weekly/monthly pivots, S and R - these only act as the final confirmation before entering (i.e if too close, stay out etc)), but just keep it simple in Oanda.

Screen time and playing around with both Oanda and an ECN are very important!

cheers.


----------



## professor_frink

*Re: Linuxtroll simple scalping*



tayser said:


> prof: yah, it's loosely based around GMMA.  Haven't really played around with GMMA in FX (Share Trading / Trend Trading were the first ever market-related books I read - so this scalping method is right up my and anyone else who likes GMMA's alley) - I'm purely focusing on getting this method down pat because I see it becoming the day job!




Yeah, Gmma's are pretty cool for intraday trading. Had a look at both methods on the AUD/JPY last night- the GMMA was a little more prone to getting caught up in the chop than the linuxtroll method, but at the same time was a lot more responsive when trend changes were smoother and quicker. All a balancing act I suppose.




Timmy said:


> Just to clarify, most currency pairs should have the best liquidity around London open and for London session, but AUD/Yen is best around Tokyo open right?  That would make sense, just want to clarify that?




It's been a little while since I've traded this pair around the tokyo open, but from what I remember, the spreads aren't much different to the London open(2-3 pips with IB).

Will have a look at the spreads on it this morning and report back


----------



## >Apocalypto<

*Re: Linuxtroll simple scalping*



tayser said:


> I'm just funded a live Oanda account and am waiting to go live on this method next week.
> 
> Memorise these words, because they're all you need to know:
> 
> (method thread on FF: http://www.forexfactory.com/showthread.php?t=52515)
> 
> 
> This method is perfect for Australians IMO.  Especially equities traders on here - once you've finished with the ASX around 4-5, you've got a decent break til around half 6, then at 7 you spend 30-60 minutes scalping your pips.
> 
> Just to save you the hassle of reading all 125 pages of the thread at FF (although if you like what you see here, I HIGHLY recommend reading every single post of that thread or buying LT's e-book), a summary of the development of that thread & the method to date;
> 
> What you need:
> 1. Choose one currency pair and note the times when it is at its most active - this method is best used on/after London open (7pm in AEDT or 5pm in AEST) when Paris, Frankfurt, London, Tokyo, Hong Kong & Singapore are all trading with each other.
> 2. Lots and lots of screen time - best way to learn this method is sign up for demos with Oanda/EFX and just jump in and out all over the place and learn like how a baby does when it touches a hot stove - that's the beauty of Forex.
> 3. Patience.
> 4. Discipline.
> 
> once you're ready to go live you need:
> 1. A live Oanda account with your chosen currency pair on a 5sec 'Average Price' chart (see below for different rainbow setups)
> 2. A live account with a ECN broker (Market makers (IG, CMC, IBFX, GFT etc) are not recommended, although Oanda has been described the most transparent MM broker to use for this method if ECN broker is not an option) - most popular on FF is EFX: www.efxgroup.com - they're about to announce they'll accept accounts denominated in currencies other than Uncle Sam's Dollar - this is why I'm going live with Oanda initially (as they offer AUD already).
> 
> The rainbows:
> 
> **** Oanda's FXGame (demo) has a new beta that allows you to have multiple chart profiles*
> 
> *Rainbow #1.*  This is the one I will be using.  Not a colourful rainbow, but a rainbow nevertheless!
> - In Oanda, select your currency pair, set it to Average Price and 5 seconds (I like to colour the price line differently (red) to the rest of the rainbow so you can clearly see the movement when the WMAs compress)
> - Next start filling the chart with WMAs.  Bottom left: Add Study, select WMA, then in the textbox next to the Add Study drop down list, put in '10' and click the '+' symbol.
> -- Repeat this step incrementing the WMAs by 10 until you reach 240. (10, 20, 30, 40.....210, 220, 230, 240).
> - Colour all the WMAs the same colour, and I also colour the slowest WMA something different as well - this is what people at FF will refer to as the spine.
> - Go to Tools Menu, and select Save Current Profile (otherwise you'll lose the WMAs next time you log in).
> 
> 
> 
> 
> 
> 
> *Rainbow #2.*  A real colourful rainbow!  Essentially you're doing the same as #1, except the WMAs are tighter and coloured differently according to their group.
> - Again do your Average Price line (I colour it red so as it matches the first 4 WMAs)
> - Start your WMAs at 6 and increment by 6 until you reach 150.
> -- Colour the first 4 WMAs red - this is referred to as the flame.
> -- Colour the next 3 WMAs orange
> -- Colour the next 4 WMAs  yellow
> -- Colour the next 2 WMAs green
> -- Colour the next 3 WMAs light blue
> -- Colour the next 3 WMAs dark blue
> -- Colour the next 5 WMAs purple
> -- Again, with the spine I like to make it stand out (I colour it white).
> - Tools > Save Current Profile.
> 
> 
> 
> 
> 
> 
> Whichever rainbow you choose, make sure your Oanda chart is zoomed right out (bottom right corner there's a '+' and '-' which alter the zoom level) so as the timeframe across the top and the corresponding vertical lines are in 5 minute blocks - this is important because high probability entries are triggered when price (is above the spine and) moves through these timeframes as well as price levels of 10 (i.e .10, .20, .30, .40, .50, .60, .70, .80, .90, .00 etc etc).
> 
> Patience and Discipline are very much key: wait for the trend to be set after London open - look for the support / resistance ranges and when you see breakout commence scalping in the same direction.  Remember, all you need is 10 pips a day, and as the great man LT says, go out and golf thereafter (although, for the vast majority people reading this thread, we'll all be ready for bed soon after grabbing our 10 pips ).
> 
> I've been keenly observing AUD/JPY whilst demoing and will go live with this pair for serveral reasons:
> - It's one of the cheapeast JPY crosses to trade on EFX (whose commission is $5 USD per 100,000 USD traded) - 1 pip round trip on EFX, whereas GBP/JPY (the JPY cross that moves the most) costs over 2 pips round trip in commission.  Oanda (although not recommended but my only option initially) has a fixed 4 pip spread and no commission.
> - It's also a pair that you can leverage highly depending on your account denomination (i.e if you're denominated in AUD or USD, you can buy a lot more AUD/JPY than GBP/JPY or EUR/JPY) and money management.
> - It moves very nicely along with GBP/JPY and EUR/JPY around European and American opens
> - It moves nicely (naturally) around Tokyo open
> 
> Watch this space.




Big Congrats for putting this up Tayser! :jump:

You did a great job explaining it!

If you don't mind i will contribute some posts as well.


----------



## tayser

*Re: Linuxtroll simple scalping*

Go for it, the more the merrier, as I said to LT: I'm hoping to raise an army of Australian LT scalpers, cos we're severely under-represented in the FX world 

today: ASF
tomorrow: the world!!!1!1!!!one!!

etc.


----------



## professor_frink

*Re: Linuxtroll simple scalping*



professor_frink said:


> It's been a little while since I've traded this pair around the tokyo open, but from what I remember, the spreads aren't much different to the London open(2-3 pips with IB).
> 
> Will have a look at the spreads on it this morning and report back




Had a close look this morning, and spreads were under 3 most of the time, and would generally be 2 pips. In other words, plenty good for micro swings when it can move 20 pips in a minute or 2


----------



## >Apocalypto<

*Re: Linuxtroll simple scalping*



professor_frink said:


> Had a close look this morning, and spreads were under 3 most of the time, and would generally be 2 pips. In other words, plenty good for micro swings when it can move 20 pips in a minute or 2




Tayser I am Apocalypto on FF,

I am also going live in 2 weeks time on Efx, I just hope swapping my usd account to AUD won't be a prob when that option is up and running.

Frink the challenge now, is to be able to determine the 20 pip movers to the 5 pip thrusts!

As good as Tokyo may be and after my own personal experience, I agree with tayser, for now I only trade from 6pm to 9pm pre to london open. once i get 15 pips I am out for the day. I still have problems with holding my trades but the Cryox Rainbow offers great possibilities.


----------



## tayser

*Re: Linuxtroll simple scalping*

first ever live trade 






+6.4 pips.  w00t.


----------



## professor_frink

*Re: Linuxtroll simple scalping*



tayser said:


> first ever live trade
> 
> 
> 
> 
> 
> 
> +6.4 pips.  w00t.




Nice work Tayser 

Always good to get off to a positive start


----------



## prawn_86

*Re: Linuxtroll simple scalping*

Ok guys sorry to sound like a noob (but i am when it comes to forex) is a pip equivilant to a point on an index trade? ie - 1 pip = $1 or some other figure? depending on contract sizes obviously.

I might just look in up in Oanda after exams...


----------



## >Apocalypto<

*Re: Linuxtroll simple scalping*



tayser said:


> first ever live trade
> 
> 
> 
> 
> 
> 
> +6.4 pips.  w00t.




WELL DONE Tayser!! congrats on your first trade!

you wont believe it, I took the same trade, and exact to your entry! Freaky!

well done and keep the scalps coming! :guitar:


----------



## tayser

*Re: Linuxtroll simple scalping*

done for the day.






#1 (already posted before)
#2 (first trade on this chart) - bad entry, good exit however (golden rule: get out when you feel it goes against you).
#3 High probability entry (prive moved through the 5 min line and an even .00 line) which turned out not to be! (ah well, lifes a bitch) - went sideways (golden rule: get out when you feel it goes against you) - good exit.
#4 price fell through .90 level (looked like trend would continue), quick exit for 3 pips
#5 price fell through .80 level (trend continuation like #4), held longer than usual - paid off nicely.  Exited on 12 pip target.

Net 10.5 pips up.  $ching$


----------



## tayser

*Re: Linuxtroll simple scalping*

ta prof & trade_it.



Trade_It said:


> Tayser I am Apocalypto on FF,
> 
> I am also going live in 2 weeks time on Efx, I just hope swapping my usd account to AUD won't be a prob when that option is up and running.
> 
> Frink the challenge now, is to be able to determine the 20 pip movers to the 5 pip thrusts!
> 
> As good as Tokyo may be and after my own personal experience, I agree with tayser, for now I only trade from 6pm to 9pm pre to london open. once i get 15 pips I am out for the day. I still have problems with holding my trades but the Cryox Rainbow offers great possibilities.




yeah, I noticed the avatar similarities 

Have you received any mail from EFX re: changing account denomination options?  The only info Justin on FF has given out is that it's happening 'soon' - i.e today's effort might have had tighter results for me - you're dealing with bloatware++ when scalping with Oanda.

prawn: a pip is the smallest amount that a currency pair can move by.  www.investopedia.com has good FX intros.

Cheers.


----------



## doctorj

*Re: Linuxtroll simple scalping*

Congrats on being in the green.

So, am I reading it right that you trade in the direction of the trend when the red line moves outside of the bands? 

When's the exit? How much room do you give it to move before exiting for a loss?


----------



## tayser

*Re: Linuxtroll simple scalping*



doctorj said:


> Congrats on being in the green.
> 
> So, am I reading it right that you trade in the direction of the trend when the red line moves outside of the bands?
> 
> When's the exit? How much room do you give it to move before exiting for a loss?




You trade in the direction of the trend and look for different entries like trend continuation (my last two trades) - look for price moving through even numbers like .10, .20, .30, .40 etc and look for action around the 5 min lines.  

Basic support and resistance applies and look for breaks of both.

The key is only to go for a small target, so you keep the scalps really really short (seconds!)

The Exit is only one of two things: get out when you feel it goes against you (you can capture huge moves with this and you can get out before big moves against you if you just use that rule) or when you hit a pre-set target (like me: 10-12 pips in one trade and that's it - out).

It's interesting and hindsight's a beautiful thing, that I tried to go long on both shoulders of that H&S formation   On the right shoulder I was aware this could be the right shoulder forming - I took the trade anyway because it was a high probability entry (price moves upwards through both 5 minute and horizontal .10 line) - BUT I stuck to the rules and I got out when I felt it move against me.

After exiting, knowing I'd hit a shoulder, I could have gone for the agressive entry shortly after (price crosses (yellow) spine and moved through a .10 level once again) - and look how it turned out.  In fact I only started scalping again until I knew that the trend had changed (confirmed by it breaking earlier support (left of chart)).

cheers.


----------



## tayser

*Re: Linuxtroll simple scalping*

here's a beautiful entry/trade (this was demo - have to be disciplined once you have your daily target! )







The slope of the spine is downward (the trend), tested support twice and came back down for a third go - entered, seconds, bam..... dooooooowwwwn she goes.  I got out with 5 pips, but see - if I held, that would have been my target in one day.

$ching$


----------



## >Apocalypto<

*Re: Linuxtroll simple scalping*



tayser said:


> done for the day.
> 
> 
> 
> 
> 
> 
> #1 (already posted before)
> #2 (first trade on this chart) - bad entry, good exit however (golden rule: get out when you feel it goes against you).
> #3 High probability entry (prive moved through the 5 min line and an even .00 line) which turned out not to be! (ah well, lifes a bitch) - went sideways (golden rule: get out when you feel it goes against you) - good exit.
> #4 price fell through .90 level (looked like trend would continue), quick exit for 3 pips
> #5 price fell through .80 level (trend continuation like #4), held longer than usual - paid off nicely.  Exited on 12 pip target.
> 
> Net 10.5 pips up.  $ching$




Tayser 

nice trades tonight, and great score of 10+ pips! great charge chief!!
seeing you in the action makes he hungry to go live sooner!

Have you looked at Phillip Nell's 4 hour set up much on FF?

In the words of a scalping master "charge on make millions!"

.....................


----------



## tayser

*Re: Linuxtroll simple scalping*



Trade_It said:


> Tayser
> 
> nice trades tonight, and great score of 10+ pips! great charge chief!!
> seeing you in the action makes he hungry to go live sooner!
> 
> Have you looked at Phillip Nell's 4 hour set up much on FF?
> 
> In the words of a scalping master "charge on make millions!"
> 
> .....................




lol, that was the first system I looked at!  I just don't like the timeframe.  

TrendFollower 5 min is up my alley though, in fact I use the pivot indicator from that suite that was posted to guide me with LT


----------



## tayser

*Re: Linuxtroll simple scalping*



Trade_It said:


> In the words of a scalping master "charge on make millions!"
> 
> .....................




  

See attachment - everyone needs a pip plan.

remember to update exchange rates, and play around with lot sizes to suit your risk profile.  Anything coloured in blue is changeable.

millllllllllionnns.


----------



## tayser

*Re: Linuxtroll simple scalping*

Just looking at Tokyo open right now.  10 pips? no problem!


----------



## Flying Fish

*Re: Linuxtroll simple scalping*

How do you get a login for forexfactory.com


----------



## >Apocalypto<

*Re: Linuxtroll simple scalping*

Tonights trades on AUD/JPY.

had two losses, 1 a peace on EUR/JPY & AUD/USD so it was not all smooth sailing.

Tayser I am now playing on the AUD/JPY primarly as the brokerage is much lower then the EUR/JPY.

charts are of my AUD/JPY trades:


----------



## tayser

*Re: Linuxtroll simple scalping*

...pippin'...






30+ up tonight   

done for the day.


----------



## disarray

*Re: Linuxtroll simple scalping*

tayser, thanks heaps for this thread. there are so many trading options available i wouldn't know where to start so your info on where to go, what to play and the rules of the game has opened up a whole new avenue for me. i went straight out and bought another monitor and dual card so i can have a few charts up.

a few questions - 

1. is real life trading exactly the same as onanda fxgame? if the only difference is playing real money and everything else is identical then thats really sweet.

2. i'm still not 100% sure on margins and so on (hate that side of it), so basically i put $30,000 in their account, then i can go up to $30,000 "margin used" on a trade? 

3. what do you use ECN for?

the stop loss and take profits are pretty straight forward. automatically placing the stop loss with the trade makes life a lot easier, and the ability to move your stop loss / take profits real time by right clicking the line on the screen and dragging it to the level you want is pure gold.

as far as the platform, to be at home and able to plug yourself into real time international currency markets is a mind blowing concept. more and more platforms are being developed for warrants, forex, CFD's etc. increasing our options in where and how to trade.

thanks again tayser with props to linuxtroll


----------



## tayser

*Re: Linuxtroll simple scalping*



disarray said:


> tayser, thanks heaps for this thread. there are so many trading options available i wouldn't know where to start so your info on where to go, what to play and the rules of the game has opened up a whole new avenue for me. i went straight out and bought another monitor and dual card so i can have a few charts up.




lol ****, I still don't have two monitors!  You only need one chart, you truly want to 'trade naked' with LT. 

The only other charting package I might occassionally look at is Metatrader 4 to see where the other JPY-san crosses are (GBP and EUR) and to see where the pivots are - otherwise, you only need oanda (I still want two screens so I can do other crap at the same time in periods where AUD/JPY has the drunken staggers).



			
				disarray said:
			
		

> a few questions -
> 
> 1. is real life trading exactly the same as onanda fxgame? if the only difference is playing real money and everything else is identical then thats really sweet.




There's no real difference no (except on Demo you can reset your own balance ).



			
				disarray said:
			
		

> 2. i'm still not 100% sure on margins and so on (hate that side of it), so basically i put $30,000 in their account, then i can go up to $30,000 "margin used" on a trade?




Ok, time for the prudent message here: you are doing this at your own risk!  Dont go out and buy another two monitors based on what I may have to say! 

Oanda have max 1:50 margin.  So if you wanted to use a standard lot (100,000) on AUD/JPY, you need $2000AUD as a base for margin (EFX has 1:100 and one standard lot (100,000) only requires $1000 as a base margin).



			
				disarray said:
			
		

> 3. what do you use ECN for?




ECN's are more likely to allow scalping - many market makers loathe it because they can't trade against you fast enough (Whereas an ECN routes your orders directly into the Interbank network (thus they charge a commission to do this) - a market maker doesn't do this).

ECN's spreads are invariably tighter, are not fixed and you can place orders _inside_ the spread, with Market makers all you get is the bid or the ask, and they can artificially (and will do around news times) widen the spread.



			
				disarray said:
			
		

> the stop loss and take profits are pretty straight forward. automatically placing the stop loss with the trade makes life a lot easier, and the ability to move your stop loss / take profits real time by right clicking the line on the screen and dragging it to the level you want is pure gold.




Oanda's standard stop loss is fairly decent, trade with a stop loss, but only use it for disaster recovery - i.e I set it 16 pip (plus the 4 on AUD/JPY spread0 - or 20 - away from where I get in... if the price moves away from me by 4-6 pips I get out.  



			
				disarray said:
			
		

> as far as the platform, to be at home and able to plug yourself into real time international currency markets is a mind blowing concept. more and more platforms are being developed for warrants, forex, CFD's etc. increasing our options in where and how to trade.
> 
> thanks again tayser with props to linuxtroll




Oanda isn't the real FX market - remember that!  They're popular for this method owing to the fact that they provide 5 second charts (And they're one of the very few market makers who are ok with scalpers) - and most people use this method with an ECN for execution with the Oanda chart running in the background.  As I've said earlier, you should be watching your spread on the ECN just as much as the chart because the ECN will react a hell of a lot quicker than Oanda.

Oanda for me is temporary, as soon as EFX (www.efxgroup.com) offer AUD denominated accounts, I'll be withdrawing from oanda and executing on the real interbank market.

And just to re-iterate, you're doing this at your own risk, I've been looking at this method for 2-3 months now (and been looking at forex for at least the past 6), if you're completely new to the whole leveraged instruments game (hey, I can count on one hand the amount of times I've traded a stock on the ASX ), I wouldn't even think about committing real money yet - you need to practice, observe and do your FX homework for at least 6 months or more.

A good book to read is FX Trading; http://www.moneybags.com.au/default.asp?d=0&t=1&id=5016&c=0&a=74

this will teach you what a pip is, and give you a good grounding in the jargon & very good margin examples.  Well worth the buy.


----------



## tayser

*Re: Linuxtroll simple scalping*



Trade_It said:


> Tonights trades on AUD/JPY.
> 
> had two losses, 1 a peace on EUR/JPY & AUD/USD so it was not all smooth sailing.
> 
> Tayser I am now playing on the AUD/JPY primarly as the brokerage is much lower then the EUR/JPY.
> 
> charts are of my AUD/JPY trades:




Yeah I buggarised around with all sorts of pairs when I first started.  I then only stuck to Sterling/Yen and got quite comfortable with it, until I went over my pip plan for the 20,000th time and realised that you can get so much more bang for you buck for less work with a cross like AUD, CAD or NZD to the Yen.   

AUD/USD and AUD/CAD might get a look in from me sometime down the track, but for now, I've exclusively AUD/JPY.

nice work on the trades, it just starts to flow really nicely after a while eh


----------



## disarray

*Re: Linuxtroll simple scalping*

for sure, i'll be playing the game for a while before i commit funds. monitors and cards are really cheap at the moment, about $400 for card & 22" widescreen so its a tax deductible to spend some profits 

i have a 30 sec chart avg. price open to watch the current trend and a 5 second OHLC for entries and exits, but i'm probably overcomplicating like you said. but i've made some trades based on 30 sec charts that pay 30-50 pips so a wide-ish stop (with fake money admittedly  ) on a 30 minute play seems to be working. 5 sec scalping is definately efficient so i'll be spending some time learning that.

the whole "trade when you feel like it" is excellent. the AUD/JPY has just broken through a major resistance / support line from jan, march and september so it looking like a plummet is on the cards, but then again its easy to predict with play money.


----------



## tayser

*Re: Linuxtroll simple scalping*

Holy frak.






That movement = one week's worth of pips.

the horizontal lines are 10 pips apart.  Yes, the Yen is strengthening across the board, but as you can see on this chart, it's tried to go upwards, the WMAs compress (this is where Guppy-speak comes into it) - something's going to happen - the bias is downward (owing to the previous couple of hours trend), the price drops its toe in the water on the other side of the spine and holds for a few seconds above the 95.30 line, then breaks the .10 (95.30) level and breaks most recent support (to me that's saying SELL SELL SELL SELL SELL SELL) and the rest is just ... well.... gravy.  Possible to have grabbed 60 pips right there.

You get out when you feel the trend goes against you or when you have pre-set targets.

My own targets are 10-12 pips, or if I can quickly get 10 pips when I first start, I'll see what I can do in a half hour timeframe (see earlier chart).  After 30 minutes, you can risk over-trading and go backwards.

$0.02


----------



## tayser

*Re: Linuxtroll simple scalping*

lol freefalling!






the horizontal lines on that chart are now *20* pips apart.

Load that mofo up with a 10,000,000 lot from my original entry I talked about in post above and you could go on a first class round the world trip for 6 months tomorrow 

(good example of how it can be used for longer-term (although still short!) trades/scalps).


----------



## disarray

*Re: Linuxtroll simple scalping*

i'd like to claim an "i told you so"  these charts seem so pure.


----------



## tayser

*Re: Linuxtroll simple scalping*

lol it's yours


----------



## >Apocalypto<

*Re: Linuxtroll simple scalping*

I see it Tayser,

I am using another system as well as LTSS, I am short on AUD and EUR vs USD both looking good AUD broke a support area tonight. but the retraces it's making are scary. Time to turn off the prices and let it be.

all in all a good night.

News Tayser spoke to a ryan at efx today aud currency accounts will be avalibe in 2 weeks, i will go live once it's avalible.


----------



## tayser

*Re: Linuxtroll simple scalping*

excellent.


----------



## tayser

*Re: Linuxtroll simple scalping*

...10 pips a day keeps your current employer at bay!...


----------



## GreenTreeFrog

*Re: Linuxtroll simple scalping*

Thank you for this Thread and the information in it. 

I have setup the charts and am trading with OANDA tonight for the first time.

I was down $10k a short time ago but started to get into the swing of it and have reclaimed $8k so far. 

Which systems would anyone recommend for trading real time through?

Thanks!


----------



## >Apocalypto<

*Re: Linuxtroll simple scalping*

Tonights trades, took it easy tonight took only what I thought are sure things. made two nice plays with out taking and silly ones.  Future looking nicer!

:engel: God bless Linuxtroll! 

Tayser I am also using Phil Nell's 4 hour now, but i am spending time on the market rythem part of it, heaps of study there! Did u notice Efx aud/jpy spread tonight was hardly under 4 from 7-8pm : ( hence scalping the euro


Good scalping to ya...........


----------



## tayser

*Re: Linuxtroll simple scalping*

Nah I wasnt paying too much attention to EFX last night, was trying to go completely nekkid hah


----------



## tayser

*Re: Linuxtroll simple scalping*

If anyone's been following the ForexFactory thread, you might have noticed the LinuxTroll thread has been closed.  LinuxTroll himself has said that he's going to just focus on his own forum - Scalpers Helping Scalpers.  

Free to join: http://www.cyrox.com/forum/

Cheers.


----------



## >Apocalypto<

*Re: Linuxtroll simple scalping*



tayser said:


> If anyone's been following the ForexFactory thread, you might have noticed the LinuxTroll thread has been closed.  LinuxTroll himself has said that he's going to just focus on his own forum - Scalpers Helping Scalpers.
> 
> Free to join: http://www.cyrox.com/forum/
> 
> Cheers.




thanks for posting that Tayser, It just shows how much of a following the trollman has with a whole forum dedicated to his scalping system!

Cheers


----------



## tayser

*Re: Linuxtroll simple scalping*

11.8+ tonight.






dunno what it was, but I was really jittery tonight and didnt want to hold on for very long!

oh well, got there in the end


----------



## tayser

*Re: Linuxtroll simple scalping*

hey trade_it: did EFX mention if there were any fees to change the account denomination from USD to AUD?  Did they say it would be converted at the prevailing market rate - or by their banks rate?

I'm thinking of getting the ball rolling now and opening USD then changing to AUD when it's offered.

cheers.


----------



## tayser

*Re: Linuxtroll simple scalping*

this morning 






this afternoon


----------



## tayser

*Re: Linuxtroll simple scalping*

a nice quick 5 before the open.


----------



## tayser

*Re: Linuxtroll simple scalping*

5 more & we're done.






night.


----------



## >Apocalypto<

*Re: Linuxtroll simple scalping*



tayser said:


> hey trade_it: did EFX mention if there were any fees to change the account denomination from USD to AUD?  Did they say it would be converted at the prevailing market rate - or by their banks rate?
> 
> I'm thinking of getting the ball rolling now and opening USD then changing to AUD when it's offered.
> 
> cheers.




Hey Tayser, 

I have been getting stuck into Phil Nell's four hour system of late not much scalping going on ATM.

I did not ask about any fee that would be incurred to change over, best to hit them up on live chat. I am actually thinking about using Oanda to scalp EUR/JPY as they offer a 2 pip spread. EFX is always 1-2 and the brokerage is 7$ per bloody side kinda makes it more expensive! even at 1 pip plus brokerage makes it 24$ per trade.

I am opening a live account with Oanda, will take it from there. they offer some kick ass spreads .9 on the eur/usd and 1.8 on aud/usd. Not suyre how much it fluctuates though. Have u seen it increase around London open?

you look to be doing well, good on ya!

Joseph


----------



## caleb2003

*Re: Linuxtroll simple scalping*



tayser said:


> 5 more & we're done.
> 
> 
> 
> 
> 
> 
> night.




Hello Tayser, just trying to get my head around this, are you putting trades on at times when the WMAs confluence and the spine crosses a 5 min H/v line in the direction of the trend?


----------



## tayser

*Re: Linuxtroll simple scalping*



Trade_It said:


> Hey Tayser,
> 
> I have been getting stuck into Phil Nell's four hour system of late not much scalping going on ATM.
> 
> I did not ask about any fee that would be incurred to change over, best to hit them up on live chat. I am actually thinking about using Oanda to scalp EUR/JPY as they offer a 2 pip spread. EFX is always 1-2 and the brokerage is 7$ per bloody side kinda makes it more expensive! even at 1 pip plus brokerage makes it 24$ per trade.
> 
> I am opening a live account with Oanda, will take it from there. they offer some kick ass spreads .9 on the eur/usd and 1.8 on aud/usd. Not suyre how much it fluctuates though. Have u seen it increase around London open?
> 
> you look to be doing well, good on ya!
> 
> Joseph




Oanda are an absolute shizzle-truck for slippage I've learned this week however 

caleb: generally yes, however that chart you quote was an exception: I was actually watching the EUR/JPY and it shizzled itself (literally! hah) and went downward - so I took the trade as soon as the price line (red) crossed the spine.

It actually ended up going for another 40 pips quite nicely:


----------



## tayser

*Re: Linuxtroll simple scalping*

Well, I've finally learnt my lesson.  

Oanda is simply ****house for scalping AUD/JPY (and to a lesser extent EUR/JPY).  The slippage, the delays, the whole experience has put a real downer on scalper for the past week.  I'm net 15% down compared with approximately roughly the same percentage up by scalping AUD/JPY on EFX whilst looking at the Oanda charts.

I'm back to demos for more time and will probably go live once again with a real EFX account after Xmas/New Years.


----------



## onemore

*Re: Linuxtroll simple scalping*

Why don't you just stick to Currency Futures and use a Broker instead of a Market Maker


----------



## disarray

*Re: Linuxtroll simple scalping*

how do you do that? thats the biggest obstacle to investing in a certain area - how exactly do you go about investing in currency futures??

at the beginning of this thread were instructions on who offers broking and how to get your hands on charts and all that fundamental stuff we need to invest in currency pairs. so please, how do i invest in currency futures? where do i go to get the right charts to look at? what brokers will let me trade currency futures? what are your experiences with various currency futures brokers? do you have any advice or lessons learnt about investing in this area? need the info man.

and yes tayser, oanda is painful. its convenience is truly magnificent, being able to lay buys and sells on a 5 tick chart with a right click, with stop losses laid on trade which are easily moved by dragging and dropping, but their spreads are too high and stop chasing entirely too suspicious. although lag will always be a factor, it gets you killed in games as well as in the market. though definately read the mantra attached, i got it from the original forex thread you linked. the bits about starting small then making a certain number of trades before advancing and stopping after 2 losses (among other things) are golden pieces of advice.


----------



## onemore

*Re: Linuxtroll simple scalping*

Here's the info man,

Just about any futures broker will have Currency Futures eg Yen,Euro, B Pound,ect ect.

You trade them the same as Forex Pairs. There's no artifical spread . If you were trading say Euro which is very liquid, during active times the diff between the Bid/ Ask is normally 1pt . The other cost is Brokerage which is negotiable depending on your volume of trades.

There is also Index Futures DAX,FSTE ,CAC40 ect ect.

I hear a lot of you guys always going on about Forex Market Makers, Large Spreads,Bad Fills,Games played during Volatile times ect ect ect.

Why Bother?

Cheers... Onemore


----------



## tayser

*Re: Linuxtroll simple scalping*

I'm focusing on one thing at the moment, futures contracts are a natural progression for this method, and likewise, Oanda was only ever temporary until I could get an AUD denominated ECN account.


----------



## tayser

*Re: Linuxtroll simple scalping*

I'm cheating a bit today 

Post UK Rate announcement, I decided to have a crack, and got my minimum return in less than minutes.  This is scalping!







Time	Order ID	Message	Event	TIF	Orig Trader ID	
23:17:51	0tq002s:0cu9-00	Buy 50000 GBP/JPY @ Market on MBTX [expiring: 6/03/2008] (50000 traded at 224.32)	Filled	GTC	DEMO****
23:17:13	0tq002s:0cth-00	Sell Short 50000 GBP/JPY @ Market on MBTX [expiring: 6/03/2008] (50000 traded at 224.38)	Filled	GTC	DEMO****
23:15:54	0tq002s:0cpq-00	Sell 50000 GBP/JPY @ Market on MBTX [expiring: 6/03/2008] (50000 traded at 224.14)	Filled	GTC	DEMO****	
23:15:41	0tq002s:0coy-00	Buy 50000 GBP/JPY @ Market on MBTX [expiring: 6/03/2008] (50000 traded at 224.10)	Filled	GTC	DEMO****
23:15:11	0tq002s:0cng-00	Buy 50000 GBP/JPY @ Market on MBTX [expiring: 6/03/2008] (50000 traded at 224.21)	Filled	GTC	DEMO****	
23:13:22	0tq002s:0ckd-00	Sell Short 50000 GBP/JPY @ Market on MBTX [expiring: 6/03/2008] (50000 traded at 224.409)	Filled	GTC	DEMO****	

All up 30 pips on those three trades (minus 6 for EFX commission).

₤1GBP = $2.32AUD at time of posting, so if you need 10 pips on AUD/JPY (my base), you need to do 23 pips on GBP/JPY to get the same return if you utilise 100% of your account for margin in one trade in both instances.  Done for the day!


----------



## >Apocalypto<

*Re: Linuxtroll simple scalping*



tayser said:


> Well, I've finally learnt my lesson.
> 
> Oanda is simply ****house for scalping AUD/JPY (and to a lesser extent EUR/JPY).  The slippage, the delays, the whole experience has put a real downer on scalper for the past week.  I'm net 15% down compared with approximately roughly the same percentage up by scalping AUD/JPY on EFX whilst looking at the Oanda charts.
> 
> I'm back to demos for more time and will probably go live once again with a real EFX account after Xmas/New Years.




Tayser,

I was going to send u a pm but you just answered my question, so it's true Oanda do suck. I read a heap of reviews and users comments about them, put me right off. massive widening of spreads and huge slippage. 

hmmm there really is no such thing as a cheap spread. 

only thing that buggs me with EFX is the brokerage it's actually cheaper to trade the EUR/USD & AUD/USD on IG! but EFX on the other crosses wins hands down. For me right now it's a toss up between IB and EFX

BROKERS!!!!!!


----------



## tayser

*Re: Linuxtroll simple scalping*

I haven't had this confirmed (anyone please jump in - especially if you're an accountant ), however: paying commissions isn't all that bad, isn't the commission (from the purchase and disposal) added to your cost base of purchasing the asset for CGT purposes?  i.e your tax is slightly reduced in the long run...?


----------



## disarray

*Re: Linuxtroll simple scalping*

onemore, thanks for the info man 

for efx you have to deposit funds into an american account, so everything is happening offshore and isn't the business of the ATO. these trades are over in a day so you aren't going to be claiming holdings or anything, so the only time the ATO gets involved is when you bring the funds from the US back into australia.

i'm not an accountant so seek professional advice, but basically you send a bunch of cash offshore. if its under $10k then no one knows or cares, its your money, if its more than 10k it gets flagged by ASIC or anti-terrorist spooks or whatever but still goes through.

this money grows over however long and say your trading balance sits at 100k and you want to bring some money home, then when you wire that $90k into your home account that becomes part of your taxable income. so commission, spread loss or whatever aren't relevant for taxation purposes because all costs are already taken out of the profit.

theres a great thread on this board about the taxman at https://www.aussiestockforums.com/forums/showthread.php?t=5631&highlight=offshore


----------



## >Apocalypto<

*Re: Linuxtroll simple scalping*



disarray said:


> onemore, thanks for the info man
> 
> for efx you have to deposit funds into an american account, so everything is happening offshore and isn't the business of the ATO. these trades are over in a day so you aren't going to be claiming holdings or anything, so the only time the ATO gets involved is when you bring the funds from the US back into australia.
> 
> i'm not an accountant so seek professional advice, but basically you send a bunch of cash offshore. if its under $10k then no one knows or cares, its your money, if its more than 10k it gets flagged by ASIC or anti-terrorist spooks or whatever but still goes through.
> 
> this money grows over however long and say your trading balance sits at 100k and you want to bring some money home, then when you wire that $90k into your home account that becomes part of your taxable income. so commission, spread loss or whatever aren't relevant for taxation purposes because all costs are already taken out of the profit.
> 
> theres a great thread on this board about the taxman at https://www.aussiestockforums.com/forums/showthread.php?t=5631&highlight=offshore




Cheers Disarray,

top reply....... 

Mate I thought Halloween was over, what's with your creepy Avatar!


----------



## tayser

*Re: Linuxtroll simple scalping*

Easy money this morning...

Forgot that the US Interest rate decision was out!






07:23:41	0tv0d2s:15ha-00	Buy 960000 AUD/JPY @ Market on MBTX [expiring: 11/03/2008] (960000 traded at 96.34)	Filled	GTC	DEMO****	
07:23:26	0tv0d2s:15g8-00	Sell Short 960000 AUD/JPY @ Market on MBTX [expiring: 11/03/2008] (960000 traded at 96.40)	Filled	GTC	DEMO****	
07:21:17	0tv0d2s:15b4-00	Buy 920000 AUD/JPY @ Market on MBTX [expiring: 11/03/2008] (920000 traded at 96.551)	Filled	GTC	DEMO****	
07:18:57	0tv0d2s:153m-00	Sell Short 920000 AUD/JPY @ Market on MBTX [expiring: 11/03/2008] (920000 traded at 96.60)	Filled	GTC	DEMO****

Finally got some kick, I'll be the first to admit, AUD/JPY has been pretty stubborn recently.  GBP/JPY may have moved by 100 pips more than the AUD/JPY since the release (EUR/JPY has moved by a similar amount), but when you can buy 2.3 times the amount of AUD than GBP (or 1.6 times more AUD than EUR) - you'd have done VERY well for less work with this pair!


----------



## tayser

*Re: Linuxtroll simple scalping*






23 pips after EFX commission.

Using Ninja + EFX on tick chart redefines the word 'fun'.

I think I'll stick to 5 sec charts though...


----------



## tayser

*Re: Linuxtroll simple scalping*

I didnt trade this, but just wanted to post this pretty little chart.






Anyone want to have a crack at pointing out the entries and exits?


----------



## onemore

*Re: Linuxtroll simple scalping*

No, 
(hindsight) ,left hand side of the chart trading.
Not good.


----------



## tayser

*Re: Linuxtroll simple scalping*

I do a lot of hindsight analysis because it helps recognise the patterns when you're watching them live.

No-one??


----------



## onemore

*Re: Linuxtroll simple scalping*

If you insist:

Long: Price break spine at time 21:48 after retracement from double bottom.

Exit: (target) at Double top at time 21:14.

to easy


----------



## tayser

*Re: Linuxtroll simple scalping*

What bout the rest of them? including right at the end of the chart...


----------



## MS+Tradesim

*Re: Linuxtroll simple scalping*

Well, I've just started playing with my version of a GMMA. If its successful I will share, if not, I'll have to try the method Tayser is using. "Why not try it first?" I hear you ask. Dunno, just have a perverse penchant to do my own thing.


----------



## MS+Tradesim

*Re: Linuxtroll simple scalping*

Hmmm....looks like midnight on their server time can't place orders with EFX. Guess that would make sense as that would be rollover time. Found out the hard way as went to exit a position and order kept being rejected then kept getting message "Trying to connect to order server" (or something to that effect). So small profit turned into small loss. Oh well, the joy of losing play money in coming to terms with system quirks!


----------



## tayser

*Re: Linuxtroll simple scalping*

yah they shut their demo and live order servers (quotes should keep streaming however) down for about 10-15 minutes around midnight NY time.


----------



## nizar

*Re: Linuxtroll simple scalping*

Great thread guys, thanks for sharing.


----------



## tayser

*Re: Linuxtroll simple scalping*

AUD/JPY is being a stubborn old beeatch tonight.  Euro and Pound were flying!

[insert ARGH comment here]


----------



## julius

*Re: Linuxtroll simple scalping*

tayser,

Did you buy the ebook? Is it worth it?


----------



## tayser

*Re: Linuxtroll simple scalping*

I did yeah.  If you have picked up a lot from his old FF thread or new forum, you might be a little disappointed when you read it (as the vast majority of it is freely available on the forums: you just have to look for it).

It's a good concise resource to have on hand however so yeah, I do think it is worth it.

anyhow, today:






18:15:06	0ub002s:02sb-00	Buy 100000 AUD/JPY @ Market on MBTX [expiring: 27/03/2008] (100000 traded at 100.06)	Filled	GTC	DEMO****	
18:14:25	0ub002s:02rr-00	Sell Short 100000 AUD/JPY @ Market on MBTX [expiring: 27/03/2008] (100000 traded at 100.08)	Filled	GTC	DEMO****

Think I'll leave it at 1 pip for the day... very little liquidity today (usually Paris/Frankfurt open can be just as good as London!).  1 pip is still a profit!


----------



## tayser

*Re: Linuxtroll simple scalping*

London's back baby!  Been so bloody boring the past two weeks.






Time	Order ID	Message	Event	TIF	Orig Trader ID	
19:05:22	0uh152s:02aw-00	Sell 200000 AUD/JPY @ Market on MBTX [expiring: 2/04/2008] (200000 traded at 98.39)	Filled	GTC	DEMO****
19:04:11	0uh152s:028u-00	Buy 200000 AUD/JPY @ Market on MBTX [expiring: 2/04/2008] (200000 traded at 98.32)	Filled	GTC	DEMO****


----------



## nizar

*Re: Linuxtroll simple scalping*

Tayser,

Which broker demo are you using?


----------



## tayser

*Re: Linuxtroll simple scalping*

EFX.


----------



## nizar

*Re: Linuxtroll simple scalping*



tayser said:


> EFX.




Good man.
How have your experiences been so far?

Pros and cons??


----------



## tayser

*Re: Linuxtroll simple scalping*

Relatively good.  Demo can slip a bit - but that's probably more to do with latency between AUS and the US - I dunno, wait til I go live and I'll be able to provide a better review: demo servers don't get as much beef as live ones!

__________________

US Unemployment ("Non-Farm Employment") was released tonight... I took a gamble and it paid off:






(Red = positive trades, blue = negative trades).

Time	Order ID	Message	Event	TIF	Orig Trader ID	
00:32:48	0uj002s:0idu-00	Buy 100000 AUD/JPY @ Market on MBTX [expiring: 4/04/2008] (100000 traded at 95.61)	Filled	GTC	DEMO****	
00:31:19	0uj002s:0i37-00	Sell Short 100000 AUD/JPY @ Market on MBTX [expiring: 4/04/2008] (100000 traded at 95.69)	Filled	GTC	DEMO****	
00:30:36	0uj002s:0huo-00	Sell 100000 AUD/JPY @ Market on MBTX [expiring: 4/04/2008] (100000 traded at 95.49)	Filled	GTC	DEMO****
00:30:31	0uj002s:0htb-00	Buy 100000 AUD/JPY @ Market on MBTX [expiring: 4/04/2008] (100000 traded at 95.561)	Filled	GTC	DEMO****
*00:30:11	0uj002s:0hkh-00	Buy 100000 AUD/JPY @ Market on MBTX [expiring: 4/04/2008] (100000 traded at 95.98)	Filled	GTC	DEMO****	
00:27:28	0uj002s:0h80-00	Sell Short 100000 AUD/JPY @ Market on MBTX [expiring: 4/04/2008] (100000 traded at 96.32)	Filled	GTC	DEMO*****

Over 30 pips net - my weekly target - in one session.  If I exclude the big win firstly (you really are borderline gambling when you 'news trade') - the last trade is pretty much spot on 110% LT-method good as you observe the move and take the contrarian stance and it netted my daily target.

If you like this method I highly suggest looking at tick charts!


----------



## nizar

*Re: Linuxtroll simple scalping*

Tayser,

How many trades do you take per day on average?


----------



## tayser

*Re: Linuxtroll simple scalping*

When I first started learning the method?  shizzleloads - this is the best way to learn, jump in / out when you think you should, but pay attention and learn from mistakes and gradually reduce the frequency of trades to only when you see the high probability entries/patterns occur.

Now? as little as possible!

It's all about low frequency high probability scalps and when you hit your target (whether it's the all important positive target or the negative (stop loss) target) - stop, no questions asked.


----------



## nizar

*Re: Linuxtroll simple scalping*



tayser said:


> When I first started learning the method?  shizzleloads - this is the best way to learn, jump in / out when you think you should, but pay attention and learn from mistakes and gradually reduce the frequency of trades to only when you see the high probability entries/patterns occur.
> 
> Now? as little as possible!




LOL i take it from your response that this is a discretionary method which WAS NOT backtested then.
But thats cool 

What does as little as possible mean exactly?
Three? One?


----------



## tayser

*Re: Linuxtroll simple scalping*

Have you not been reading the thread or the cyrox forum?  You'll see how many trades if you go back over the posts where I've attached images - not least the last one, that'll give you a pretty good idea.

scalping is highly discretionary and employs alternative risk / money management techniques owing to the timeframes that you're actually in the market.  

You need to un-learn whatever principles you use when trading the ASX and start from scratch.

*Trade what you see now, not what you saw back then...*


----------



## tayser

*Re: Linuxtroll simple scalping*

Good afternoon!

I love these trades - caught this just as Australia was at COB.   Hit the pivot level @ .33, lower highs, lot of support around .27/.28 but watching EFX spread you could see it going nuts between both (as seen in the chart), take a position and then out when I saw my 6 pip target (got slipped by 1 pip).






Time	Order ID	Message	Event	TIF	Orig Trader ID	
17:12:41	0ut002s:04go-00	Sell Short 50000 AUD/JPY @ Market on MBTX [expiring: 14/04/2008] (50000 traded at 97.28)	Filled	GTC	DEMO****	
17:15:59	0ut002s:04l3-00	Buy 50000 AUD/JPY @ Market on MBTX [expiring: 14/04/2008] (50000 traded at 97.23)	Filled	GTC	DEMO****

done for the day!


----------



## tayser

*Re: Linuxtroll simple scalping*






Time	Order ID	Message	Event	TIF	Orig Trader ID	
18:41:38	0uu002s:056d-00	Buy 50000 AUD/JPY @ Market on MBTX [expiring: 15/04/2008] (50000 traded at 96.91)	Filled	GTC	DEMO****	
18:34:10	0uu002s:0517-00	Sell Short 50000 AUD/JPY @ Market on MBTX [expiring: 15/04/2008] (50000 traded at 96.96)	Filled	GTC	DEMO****	


I exited at that point because the bid came up to meet the ask & I was 5 pips (4 pips after commish) in profit.

I need to fine tune exits just as much as entries and I need to trust the rainbow more - it kept going right down to 96.77!  Argh.


----------



## tayser

*Re: Linuxtroll simple scalping*






Time	Order ID	Message	Event	TIF	Orig Trader ID	
17:56:10	0uv042s:04zp-00	Buy 900000 AUD/JPY @ Market on MBTX [expiring: 16/04/2008] (900000 traded at 93.60)	Filled	GTC	DEMO****
17:52:07	0uv042s:04rs-00	Sell Short 900000 AUD/JPY @ Market on MBTX [expiring: 16/04/2008] (900000 traded at 93.66)	Filled	GTC	DEMO****


----------



## tayser

*Re: Linuxtroll simple scalping*

Some reason my EFX Navigator demo is up **** creek tonight...

anyhow, discovered Ninja Execution and didn't need to edit the chart! 






short on the break of support.  Slipped 2 pips (tried to close trade smack bang on my 6 pip target) - should trusted the rainbow and held on - it would hit my Cyrox journal's namesake target!

Finished the week 100% positive with 16 pips (no trades on thursday) - looking for 25+ next week.


----------



## >Apocalypto<

*Re: Linuxtroll simple scalping*



tayser said:


> Some reason my EFX Navigator demo is up **** creek tonight...
> 
> anyhow, discovered Ninja Execution and didn't need to edit the chart!
> 
> 
> 
> 
> 
> 
> short on the break of support.  Slipped 2 pips (tried to close trade smack bang on my 6 pip target) - should trusted the rainbow and held on - it would hit my Cyrox journal's namesake target!
> 
> Finished the week 100% positive with 16 pips (no trades on thursday) - looking for 25+ next week.




*Very nice work Tayser!*


----------



## nizar

*Re: Linuxtroll simple scalping*



tayser said:


> Finished the week 100% positive with 16 pips (no trades on thursday) - looking for 25+ next week.




Hi Tayser,

What do you mean by 100% positive?
No losing trades?


----------



## tayser

*Re: Linuxtroll simple scalping*

none - 4 trades, all winners.  I don't expect that trend will continue, but as Linuxtroll says himself, you should aim for a 95% hit rate.

my eventual target is 10 a day, but I'm starting even smaller - only 5 a day (hence 25 target next week - it'll be 25 for the next few weeks).

You have to learn NOT to trade as well...

the pip plan I'm working off (screenshot from the excel sheet I uploaded earlier in the thread):


----------



## nizar

*Re: Linuxtroll simple scalping*

Trading with 100:1 leverage ey?
Good luck bro.


----------



## tayser

*Re: Linuxtroll simple scalping*

wouldn't have it any other way 

well, that is, at least, until I work up enough to open up an insto-level account with a Currenex broker 

remember, I'm not a swing trader who sets stops 40-50+ pips away from entry, I'm in and out of the market in seconds and at most minutes and if I enter and it goes against me, this method dictates you get out.  The idea is to do it as many times as possible on demos so you teach yourself when it goes go against you and you also train yourself to only look for high probability entries.

Yes, this method is not mechanical like the vast majority of systems people find comfort in and you have to unlearn a lot of what you may already have done trading another instrument, but to be scared of 1:100 leverage is foolish IMO.

There are a lot of EA's out there that you can install on MT4, read about it one day and start trading it live the next day - you don't have to think or really work - but this isn't one of them.


----------



## BentRod

*Re: Linuxtroll simple scalping*

What size account is needed for the above system and Forex in General?

Great posts BTW Tayser.


----------



## >Apocalypto<

*Re: Linuxtroll simple scalping*



BentRod said:


> What size account is needed for the above system and Forex in General?
> 
> Great posts BTW Tayser.




Linuxtroll says to start with a minimum account balance of $1000US.

most demos will give u 5000 - 100 000. before you even think about trading live you must go through the mantra read all u can on the method and do your screen time!


----------



## BentRod

*Re: Linuxtroll simple scalping*

Geez is that all, I thought Forex required a larger outlay.

As for the getting the hours up on the demo etc I'd prefer to just jump in and trade small, I learn faster that way


----------



## BentRod

*Re: Linuxtroll simple scalping*

Are you going to trial this system trade it?

Did you end up going with EFX or IB?


----------



## tayser

*Re: Linuxtroll simple scalping*



BentRod said:


> Geez is that all, I thought Forex required a larger outlay.




You need less capital than you would on equities - because 1:100 leverage is readily available at many brokers!

EFX only offer 1:100.


----------



## hissho

*Re: Linuxtroll simple scalping*



tayser said:


>




So in 13 weeks you went from $1000 to over $100K? that's really impressive. was that real money or just trading records from you demo account?

one more thing: you said it suits our local time, starting from 7pm-ish. how many hours do you normally trade? 

cheers
hissho


----------



## tayser

*Re: Linuxtroll simple scalping*

That's a plan which shows you how doing the same thing every day but compounding your profits makes your account balance grow exponentially (until you hit the ceiling with your broker - which will be around $150,000 @ 1:100 when trading AUD/JPY), it's not a trading log.

I'm still demoing.

Attaching the pip plan once more (I've added fixed % and floating % since first uploading it).


----------



## nizar

*Re: Linuxtroll simple scalping*



tayser said:


> Yes, this method is not mechanical like the vast majority of systems people find comfort in and you have to unlearn a lot of what you may already have done trading another instrument, but to be scared of 1:100 leverage is foolish IMO.






> Yet leverage has a point of diminishing returns, says Todd Crosland, chief executive officer of Interbank FX. By analyzing trends among Interbank's some 10,000 accounts, he noticed "the good money managers who trade with us and make money in this market just use a little bit of leverage, like 5-to-1," he says.




http://powerswings.com/wp-documents/WSJ.20061028.currencytrading.html



tayser said:


> There are a lot of EA's out there that you can install on MT4, read about it one day and start trading it live the next day - you don't have to think or really work - but this isn't one of them.




Ah yes.
I have seen these systems posted all over the internet, for free, or even on ebay, for a small price of $59.95!!!

I think this is a bit of a joke, and really brings down the reputation of trading as a serious profession.

Isn't it amazing how people think trading can be so easy??

Trading is not supposed to be easy, yet some people think you can just download an EA, buy an ebay system that makes $1million per day for only $59.95!! or scab someone's system from collective2, but the result will be, you will just become like the 90-95%.

And that's why Iv discounted MT4. Firstly it only works with market makers, and secondly, its free. Not only the software is free but so are the systems!!

With programs such as NeoTicker, I haven't seen not even one "free" system. That tells me something.

I know of and have heard of several traders who have done very well, none of them have traded somebody elses system or did it the easy way.


----------



## nizar

*Re: Linuxtroll simple scalping*



tayser said:


> That's a plan which shows you how doing the same thing every day but compounding your profits makes your account balance grow exponentially (until you hit the ceiling with your broker - which will be around $150,000 @ 1:100 when trading AUD/JPY), it's not a trading log.
> 
> I'm still demoing.
> 
> Attaching the pip plan once more (I've added fixed % and floating % since first uploading it).




All the best with your plan.
Its very ambitious. And maybe that's why I like it so much.

Except when I have my own plans I'm often reminded about the story of the glass jars.

It was in the Arab world thousands of years ago.
A poor man suddenly had an idea. He could buy jars from a far away village for a cheap price and sell them in the city for a handsome profit. Then repeat until he was rich. In the beginning he didn't have much money, So he started off with one jar. At the end of the first month he had several (lets say 30, but details arent important). And one day he was sitting in his house with all his jars, and thinking/dreaming to himself.

I've made a (relative) fortune in such a short time. Hmmm, so what next. Ok, after I sell these jars, I have enough money to move into Pottery. I'll do that for a while and then I'll have enough to move into the horses business. And after the horses, I will buy land and property. And then I will.....

And in his excitement, he jumped up from his chair, and he knocked the glass jars, and they all smashed into pieces.

The moral of the story: Take it one step at a time 

Not saying at all that this applies to you, but it applies to me almost everyday!  LOL


----------



## tayser

*Re: Linuxtroll simple scalping*

It applied to me 3-4 months ago 

One step at a time = start with a small target and achieve it every day for a few weeks, then double the target, achieve that for a few weeks then double again (I eventually want to aim for 20 pips a day (only looking for 5 for next few weeks) - put 100 in the target profit per week @ 80% account balance usage and start with $1000 in the above spreadsheet - that's what I'm aiming to start live with after a few more months of demoing and nailing the progressive targets)

When you have $200,000 and using 80%, 15,000,000-18,000,000 lot sizes - from what I've seen of EFX's level II - this is about the ceiling you'll hit before you start soaking up liquidity either side of the market price you want... but eh, I can live with $1500 pips


----------



## julius

*Re: Linuxtroll simple scalping*



nizar said:


> http://powerswings.com/wp-documents/WSJ.20061028.currencytrading.html
> 
> Ah yes.
> I have seen these systems posted all over the internet, for free, or even on ebay, for a small price of $59.95!!!
> 
> I think this is a bit of a joke, and really brings down the reputation of trading as a serious profession.
> 
> Isn't it amazing how people think trading can be so easy??
> 
> Trading is not supposed to be easy, yet some people think you can just download an EA, buy an ebay system that makes $1million per day for only $59.95!! or scab someone's system from collective2, but the result will be, you will just become like the 90-95%.
> 
> And that's why Iv discounted MT4. Firstly it only works with market makers, and secondly, its free. Not only the software is free but so are the systems!!
> 
> With programs such as NeoTicker, I haven't seen not even one "free" system. That tells me something.
> 
> I know of and have heard of several traders who have done very well, none of them have traded somebody elses system or did it the easy way.




- Scalping IS the domain of the small lot trader.

- Leverage does have 'diminishing returns' with respect to scalping, for obvious reasons.

- Learn to love the ebay systems - trading is a zero sum game 

- I'd like to see a mechanical forex system which generates statistically significant profits. I've been through all the finance journals and found nothing substantial net of transaction costs.

- Don't think of risk in terms of position size.


----------



## tayser

*Re: Linuxtroll simple scalping*

Making me work tonight... after an 'ok' first trade (ran away from PC to turn oven off! lol), hit a mullet of a trade and have been taking very small trades just to claw back into profit (4 pips up over friday).  Too many charts to post - the first and the mullet.











Time	Order ID	Message	Event	TIF	Orig Trader ID	
17:51:43	0v0002s:05l8-00	Sell Short 1000000 AUD/JPY @ Market on MBTX [expiring: 21/04/2008] (1000000 traded at 92.98008)	Filled	GTC	DEMO****
17:52:44	0v0002s:05mo-00	Buy 1000000 AUD/JPY @ Market on MBTX [expiring: 21/04/2008] (1000000 traded at 92.95)	Filled	GTC	DEMO****
18:36:21	0v0002s:071t-00	Sell Short 1000000 AUD/JPY @ Market on MBTX [expiring: 21/04/2008] (1000000 traded at 92.78)	Filled	GTC	DEMO****
18:37:40	0v0002s:073q-00	Buy 1000000 AUD/JPY @ Market on MBTX [expiring: 21/04/2008] (1000000 traded at 92.82)	Filled	GTC	DEMO****
18:55:06	0v0002s:07v3-00	Sell Short 1000000 AUD/JPY @ Market on MBTX [expiring: 21/04/2008] (1000000 traded at 92.82)	Filled	GTC	DEMO****
19:03:02	0v0002s:088v-00	Buy 1000000 AUD/JPY @ Market on MBTX [expiring: 21/04/2008] (1000000 traded at 92.79)	Filled	GTC	DEMO****
19:04:02	0v0002s:08aa-00	Sell Short 1000000 AUD/JPY @ Market on MBTX [expiring: 21/04/2008] (1000000 traded at 92.79)	Filled	GTC	DEMO****
19:12:55	0v0002s:08ne-00	Buy 1000000 AUD/JPY @ Market on MBTX [expiring: 21/04/2008] (1000000 traded at 92.77)	Filled	GTC	DEMO****
19:14:30	0v0002s:08rm-00	Sell Short 1000000 AUD/JPY @ Market on MBTX [expiring: 21/04/2008] (1000000 traded at 92.71)	Filled	GTC	DEMO****
19:15:24	0v0002s:08u3-00	Buy 1000000 AUD/JPY @ Market on MBTX [expiring: 21/04/2008] (1000000 traded at 92.68)	Filled	GTC	DEMO****
19:26:35	0v0002s:09r5-00	Sell Short 1000000 AUD/JPY @ Market on MBTX [expiring: 21/04/2008] (1000000 traded at 92.42)	Filled	GTC	DEMO****
19:40:18	0v0002s:0ah6-00	Buy 1000000 AUD/JPY @ Market on MBTX [expiring: 21/04/2008] (1000000 traded at 92.39)	Filled	GTC	DEMO****

^ held on for 14 minutes for the last trade - *slaps self on wrist*

Totals
3(2) -4(-5) 3(2) 2(1) 3(2) 3(2)
Ex commish: 10
including commish: 4

EFX is going to make a packet when the market makes me work! hah.


----------



## tayser

*Re: Linuxtroll simple scalping*

After spending the morning watching the Cyrox shoutbox and everyone else trade, I finally got to get a piece of the action 

Sold short on big break of support - held on (was following the 5sec oanda chart for overall direction) and got out on target.






Time	Order ID	Message	Event	TIF	Orig Trader ID	
17:25:57	0v1002s:03f0-00	Sell Short 1000000 AUD/JPY @ Market on MBTX [expiring: 22/04/2008] (1000000 traded at 90.93)	Filled	GTC	DEMO****
17:30:26	0v1002s:03jc-00	Buy 1000000 AUD/JPY @ Market on MBTX [expiring: 22/04/2008] (1000000 traded at 90.87)	Filled	GTC	DEMO****

Might look for a further 5 sometime later tonight.


----------



## tayser

*Re: Linuxtroll simple scalping*

grabbed a few more, entered on break of resistance....  I really need to focus on exits as it moved all the way to 91.15! YARGH.






Time	Order ID	Message	Event	TIF	Orig Trader ID	
19:23:18	0v1002s:09ju-00	Buy 1050000 AUD/JPY @ Market on MBTX [expiring: 22/04/2008] (1050000 traded at 90.61)	Filled	GTC	DEMO****
19:24:02	0v1002s:09lu-00	Sell 1050000 AUD/JPY @ Market on MBTX [expiring: 22/04/2008] (1050000 traded at 90.64)	Filled	GTC	DEMO****


----------



## tayser

*Re: Linuxtroll simple scalping*

Pip. Machine.






(happened while I was doing the above post hah )


----------



## tayser

*Re: Linuxtroll simple scalping*

Just updating the Pip Plan spreadsheet.  I fixed the leverage calculation in version 5 (i suck at maths and excel, but like most things - scalping included  - if you plod away at it, you'll eventually get there) - previously only calculated properly with 1:100.  Will work with whatever you put in the leverage box now.

Cheers.


----------



## >Apocalypto<

*Re: Linuxtroll simple scalping*



tayser said:


> grabbed a few more, entered on break of resistance....  I really need to focus on exits as it moved all the way to 91.15! YARGH.




maybe try running a trailing stop Tayser,


----------



## tayser

*Re: Linuxtroll simple scalping*

Problem is, I'd want to set it pretty tight ( <10 pips), but 10 pips is the end of my tolerance threshold for drawndown and the likelihood of the stop being hit prematurely is pretty high... 

catch-22.  

I'm just really jumpy once I've got a good entry - I want to get out as fast as I can with a profit... I need to do many more trades and get more comfortable with using the rainbow to exit as well as enter.  I want to trade as 'naked' as possible just using what I see in the rainbow.


----------



## tayser

*Re: Linuxtroll simple scalping*

Silly first entry - got out by reversing the position to break even - EFX's spread turned to **** too.





Time	Order ID	Message	Event	TIF	Orig Trader ID	
07:12:31	0v1002s:1obk-00	Sell Short 1100000 AUD/JPY @ Market on MBTX [expiring: 22/04/2008] (1100000 traded at 92.51)	Filled	GTC	DEMO****
07:18:32	0v1002s:1op9-00	Buy 1100000 AUD/JPY @ Market on MBTX [expiring: 22/04/2008] (1100000 traded at 92.57)	Filled	GTC	DEMO****
07:18:34	0v1002s:1oph-00	Buy 1100000 AUD/JPY @ Market on MBTX [expiring: 22/04/2008] (1100000 traded at 92.57)	Filled	GTC	DEMO****
07:22:40	0v1002s:1ovk-00	Sell 1100000 AUD/JPY @ Market on MBTX [expiring: 22/04/2008] (1100000 traded at 92.65)	Filled	GTC	DEMO****


----------



## tayser

*Re: Linuxtroll simple scalping*

Must. Trust. Rainbow.

Entry wasn't too bad (break of previous resistance) but just too jumpy as usual (last trade from orderbook extract)...






Time	Order ID	Message	Event	TIF	Orig Trader ID	
18:06:13	0v3012s:03qf-00	Sell Short 1200000 AUD/JPY @ Market on MBTX [expiring: 24/04/2008] (1200000 traded at 92.70)	Filled	GTC	DEMO****
18:06:22	0v3012s:03rs-00	Buy 1200000 AUD/JPY @ Market on MBTX [expiring: 24/04/2008] (1200000 traded at 92.67)	Filled	GTC	DEMO****
18:15:50	0v3012s:0483-00	Buy 1200000 AUD/JPY @ Market on MBTX [expiring: 24/04/2008] (1200000 traded at 92.76)	Filled	GTC	DEMO****
18:16:32	0v3012s:049a-00	Sell 1200000 AUD/JPY @ Market on MBTX [expiring: 24/04/2008] (1200000 traded at 92.78)	Filled	GTC	DEMO****

On the flipside, although I'm only grabbing tiny amouns of pips - my account balance is still very handsome...  started with $10k when EFX reset the balance on the 15th of each month, currently $13,841 (I'm using 80% of account balance in each trade and rounding to the nearest 10,000).


----------



## BentRod

*Re: Linuxtroll simple scalping*

How much are you actually risking for each trade?

What is your average loss?


----------



## tayser

*Re: Linuxtroll simple scalping*

If it moves 5-6 pips against me: I'm out.  That's my position 'risk'.

I'm being extremely conservative (so much so that my exits are only a few pips after they're in profit) and only entering on high probability entries (breaks of major support / resistance) etc.

You can see my losses above.

cheers.


----------



## nizar

*Re: Linuxtroll simple scalping*



tayser said:


> On the flipside, although I'm only grabbing tiny amouns of pips - my account balance is still very handsome...  started with $10k when EFX reset the balance on the 15th of each month, currently $13,841 (I'm using 80% of account balance in each trade and rounding to the nearest 10,000).




Very handsome.
Seems like a decent method.


----------



## tayser

*Re: Linuxtroll simple scalping*

I'm on annual leave this week and will be dabbling with the EUR/JPY this week - looking for roughly 5-10 pips in both the Asian and European opens.







Time	Order ID	Message	Event	TIF	Orig Trader ID	
11:38:31	0v6002s:088x-00	Sell Short 730000 EUR/JPY @ Market on MBTX [expiring: 27/04/2008] (730000 traded at 156.72)	Filled	GTC	DEMO****
11:39:12	0v6002s:08cg-00	Buy 730000 EUR/JPY @ Market on MBTX [expiring: 27/04/2008] (730000 traded at 156.67)	Filled	GTC	DEMO****

Done for Monday's Asian opens.


----------



## tayser

*Re: Linuxtroll simple scalping*

It's all fun and games until someone loses an eye!  Aiee, a lot of false starts (I kept getting out after one pip in profit, forgetting that EUR/JPY commission of EFX is about 1.5 pips... commission for this session is huge!)  Positive in pips however...

two main nice movements I caught.

Watching the Level II on this one, it kept butting its head on the BID @ 156.09, took a position with my finger hovering very close over my close all hot key in case it went pear shaped. 





Break of the 156.34 resistance and got out on the my standard AUD/JPY target of 6 pips... lucky.  I've forgotten how much more liquid EUR/JPY is compared to AUD/JPY...





lol check this out:

Time	Order ID	Message	Event	TIF	Orig Trader ID	
18:45:34	0v70h2s:04pg-00	Sell 750000 EUR/JPY @ Market on MBTX [expiring: 28/04/2008] (750000 traded at 156.421)	Filled	GTC	DEMO****	
18:45:18	0v70h2s:04p0-00	Buy 750000 EUR/JPY @ Market on MBTX [expiring: 28/04/2008] (750000 traded at 156.36)	Filled	GTC	DEMO****	
18:43:03	0v70h2s:04n7-00	Sell 750000 EUR/JPY @ Market on MBTX [expiring: 28/04/2008] (750000 traded at 156.32)	Filled	GTC	DEMO****	
18:42:13	0v70h2s:04ma-00	Buy 750000 EUR/JPY @ Market on MBTX [expiring: 28/04/2008] (750000 traded at 156.29)	Filled	GTC	DEMO****	
18:40:15	0v70h2s:04l2-00	Buy 750000 EUR/JPY @ Market on MBTX [expiring: 28/04/2008] (750000 traded at 156.23)	Filled	GTC	DEMO****	
18:38:58	0v70h2s:04k7-00	Sell Short 750000 EUR/JPY @ Market on MBTX [expiring: 28/04/2008] (750000 traded at 156.25)	Filled	GTC	DEMO****	
18:37:56	0v70h2s:04iw-00	Buy 750000 EUR/JPY @ Market on MBTX [expiring: 28/04/2008] (750000 traded at 156.19)	Filled	GTC	DEMO****	
18:36:25	0v70h2s:04he-00	Sell Short 750000 EUR/JPY @ Market on MBTX [expiring: 28/04/2008] (750000 traded at 156.20)	Filled	GTC	DEMO****	
18:35:47	0v70h2s:04gr-00	Buy 750000 EUR/JPY @ Market on MBTX [expiring: 28/04/2008] (750000 traded at 156.24)	Filled	GTC	DEMO****	
18:34:59	0v70h2s:04eu-00	Sell Short 750000 EUR/JPY @ Market on MBTX [expiring: 28/04/2008] (750000 traded at 156.25)	Filled	GTC	DEMO****	
18:28:36	0v70h2s:040s-00	Sell 750000 EUR/JPY @ Market on MBTX [expiring: 28/04/2008] (750000 traded at 156.18)	Filled	GTC	DEMO****	
18:26:36	0v70h2s:03wu-00	Buy 750000 EUR/JPY @ Market on MBTX [expiring: 28/04/2008] (750000 traded at 156.09)	Filled	GTC	DEMO****	
18:21:28	0v70h2s:03rl-00	Sell 750000 EUR/JPY @ Market on MBTX [expiring: 28/04/2008] (750000 traded at 156.00)	Filled	GTC	DEMO****	
18:18:41	0v70h2s:03n9-00	Buy 750000 EUR/JPY @ Market on MBTX [expiring: 28/04/2008] (750000 traded at 155.99)	Filled	GTC	DEMO****	
18:17:38	0v70h2s:03m3-00	Sell 750000 EUR/JPY @ Market on MBTX [expiring: 28/04/2008] (750000 traded at 155.97)	Filled	GTC	DEMO****	
18:16:35	0v70h2s:03ld-00	Buy 740000 EUR/JPY @ Market on MBTX [expiring: 28/04/2008] (740000 traded at 156.01)	Filled	GTC	DEMO****	
18:15:37	0v70h2s:03jm-00	Buy 10000 EUR/JPY @ Market on MBTX [expiring: 28/04/2008] (10000 traded at 156.01)	Filled	GTC	DEMO****


----------



## >Apocalypto<

*Re: Linuxtroll simple scalping*

Looks like u found your thing brother! I have been watching your progress for a while now tayser, all I can say is well done.

Quoting the the Tman "make it yours!"


----------



## tayser

*Re: Linuxtroll simple scalping*

crazy ****e on NY open...

lol.... can I have a "weee"? 






Time	Order ID	Message	Event	TIF	Orig Trader ID	
00:00:45	0v70h2s:0dij-00	Buy 750000 EUR/JPY @ Market on MBTX [expiring: 28/04/2008] (750000 traded at 156.9904)	Filled	GTC	DEMO****	
000:01:34	0v70h2s:0dkb-00	Sell 750000 EUR/JPY @ Market on MBTX [expiring: 28/04/2008] (750000 traded at 157.09)	Filled	GTC	DEMO****	
00:02:25	0v70h2s:0dn7-00	Buy 750000 EUR/JPY @ Market on MBTX [expiring: 28/04/2008] (750000 traded at 157.17)	Filled	GTC	DEMO****	
00:02:40	0v70h2s:0dq5-00	Sell 750000 EUR/JPY @ Market on MBTX [expiring: 28/04/2008] (750000 traded at 157.40)	Filled	GTC	DEMO****

all three sessions, haven't even counted up the total pippage.  I know my demo account balance is a good $1500 healthier...


----------



## tayser

*Re: Linuxtroll simple scalping*

Euro not giving me much love this morning, grabbed 2 on old faithful - trend reversal (headed back towards the .00 level as it invariably does).






Time	Order ID	Message	Event	TIF	Orig Trader ID	
10:25:04	0v70h2s:1did-00	Buy 1330000 AUD/JPY @ Market on MBTX [expiring: 28/04/2008] (1330000 traded at 94.92)	Filled	GTC	DEMO****
10:25:25	0v70h2s:1djl-00	Sell 1330000 AUD/JPY @ Market on MBTX [expiring: 28/04/2008] (1330000 traded at 94.95)	Filled	GTC	DEMO****


----------



## nizar

*Re: Linuxtroll simple scalping*

Tayser,

10 pips then another 25.
Well done brother, keep up the good work.

How long before you go live?

(I guess thats dependant on when AUD-denominated accounts are available)/

But overall...Have you been happy with EFX?

Im really enjoying this thread by the way.


----------



## tayser

*Re: Linuxtroll simple scalping*

Yeah dependent on AUD accounts and I want to have another two demo months.  I'm well on track to double the account balance this month (balance reset on 15th each month) - from March 15th to April 15th I want to triple/quadruple it.

Interesting European session today, less commission as I'm getting a little more comfortable with the Euro, just showing last chart:






Sold a little early, anticipating downward movement, kept going all the way down to .27.

course of trades this afternoon:

Time	Order ID	Message	Event	TIF	Orig Trader ID		
17:14:02	0v8012s:02h5-00	Buy 810000 EUR/JPY @ Market on MBTX [expiring: 29/04/2008] (810000 traded at 157.629)	Filled	GTC	DEMO****	
17:14:25	0v8012s:02j0-00	Sell 810000 EUR/JPY @ Market on MBTX [expiring: 29/04/2008] (810000 traded at 157.67)	Filled	GTC	DEMO****		
17:30:51	0v8012s:034c-00	Buy 810000 EUR/JPY @ Market on MBTX [expiring: 29/04/2008] (810000 traded at 157.85)	Filled	GTC	DEMO****	
17:30:59	0v8012s:0352-00	Sell 810000 EUR/JPY @ Market on MBTX [expiring: 29/04/2008] (810000 traded at 157.89)	Filled	GTC	DEMO****	
17:54:22	0v8012s:03sq-00	Buy 810000 EUR/JPY @ Market on MBTX [expiring: 29/04/2008] (810000 traded at 157.849)	Filled	GTC	DEMO****	
17:56:42	0v8012s:03uw-00	Sell 810000 EUR/JPY @ Market on MBTX [expiring: 29/04/2008] (810000 traded at 157.83)	Filled	GTC	DEMO****	
18:02:37	0v8012s:041d-00	Sell Short 810000 EUR/JPY @ Market on MBTX [expiring: 29/04/2008] (810000 traded at 157.76)	Filled	GTC	DEMO****	
18:04:12	0v8012s:045b-00	Buy 810000 EUR/JPY @ Market on MBTX [expiring: 29/04/2008] (810000 traded at 157.70)	Filled	GTC	DEMO****	
18:21:46	0v8012s:04ug-00	Sell Short 810000 EUR/JPY @ Market on MBTX [expiring: 29/04/2008] (810000 traded at 157.60)	Filled	GTC	DEMO****	
18:22:01	0v8012s:04vf-00	Buy 810000 EUR/JPY @ Market on MBTX [expiring: 29/04/2008] (810000 traded at 157.57)	Filled	GTC	DEMO****	
19:05:00	0v8012s:06py-00	Sell Short 810000 EUR/JPY @ Market on MBTX [expiring: 29/04/2008] (810000 traded at 157.47)	Filled	GTC	DEMO****	
19:05:59	0v8012s:06sy-00	Buy 810000 EUR/JPY @ Market on MBTX [expiring: 29/04/2008] (810000 traded at 157.37)	Filled	GTC	DEMO****

4 (2.5), 4 (2.5), -1.5 (-3), 6 (4.5), 3 (1.5), 10 (8.5)
25.5 gross
16 net.

current return on EFX demo account 63% after 10 trading days.


----------



## nizar

*Re: Linuxtroll simple scalping*

Tayser,

So EUR/JPY spread was under 1 pip for these trades?

Total costs per trade, meaning spread*2 + commission*2 was 1.5 pips?

Thats pretty tight spreads then, especially on a cross.
Nice, i like.


----------



## tayser

*Re: Linuxtroll simple scalping*

decided to answer these questions asked of me in a PM for all to see (as I've been getting the same sort of questions!)



> Firstly, I understand about setting up 1 second ticks and multiple WMA's. However, what I still don't understand is what are your indicators to enter a trade?




It can be a mix of things - price lines crossing the spine on a slower chart or recognising micro-patterns as their forming on a tick chart and taking the appropriate action.  Head and Shoulders, lower highs, higher highs, lower lows, higher lows - it all comes from sitting and watching, memorising patterns (because they frequently occur!) and just slowly practising executing.

I'm pretty much only using tick charts to trade from now, but I still run the OAnda 5-sec chart on the side to confirm directions (And the crossovers).



> do you wait until you see a solid trend forming, then jumping in and scalp a few points?




Trading/scalping with the trend is the easiest way to do it - after a fair bit of screentime watching tick charts you will start to see patterns emerge and you'll get a 'hunch' when the big moves start - wait til they do start (look for the break of significant support/resistance - then enter), use only a small target when you first start (I still only use small targets!) and attempt to get a few pips beyond profit+commission and repeat every day.

When you move to a more advanced level you'll start scalping inside the sideways movements (you can do it on pairs which have 0-1 spreads like USD/JPY, EUR/USD, AUD/USD etc).



> this scalping method is looking like it has the potential to replace my day job?




 that's the idea!  and that's what I'm aiming for! 







> Keep targets realistic




Absolutely, as I said before, at more advanced levels, you'll use the method to grab 50pips in one go!  That's a long way off for me and it won't be done with 80% of my account balance (what I'm doing with small targets)



> and tight stop losses...




your stop loss should be mental - set a 'disaster recovery' stop about 20pips away by all means, but get out when you're 4-5 pips, don't wait for any platform-set stop to be hit.



> Where can I get more information on the indicators rather than the setup of the WMA?




That's the thing, it's pretty close to 'naked' trading, I'm finding it's more about pattern recognition and feeling which way the market is going to move (you'll start 'feeling it' D) after a few months of screen time).  Some people on the Cyrox forum (and you'll see them talking about it in the shoutbox) are applying stochs - I'm not an indicator person & can't really help there sorry.

When you're on training wheels, just look at EUR/JPY from Paris/Frankfurt open to half an hour after London open (6:00pm - 7:30pm in AEDT).  Just sit and watch for a week and mentally tell yourself when you're getting in and out, thereafter execute on a platform.


----------



## tayser

*Re: Linuxtroll simple scalping*



nizar said:


> Tayser,
> 
> So EUR/JPY spread was under 1 pip for these trades?
> 
> Total costs per trade, meaning spread*2 + commission*2 was 1.5 pips?
> 
> Thats pretty tight spreads then, especially on a cross.
> Nice, i like.




The spread's not taken into account in commission, but yes the spreads usually are 1-2 pips on EUR/JPY on EFX.

Round-trip commission for any pair with EUR at the start is roughly 1.5 pips.

Commission is $5USD for every 100,000USD traded ("5/100,000" - or 0.00005).

Convert the currency on the left hand side of the pair (in EUR/JPY's case, Euro) to USD.

100,000 EUR/USD @ 1.4771 = 147,710USD

Multiply the USD amount by the commission



		Code:
	

147,710 * 0.00005 = 7.39 USD


Multiply by 2 to get round trip



		Code:
	

7.39  * 2 = 14.78USD


Covert back to Euro



		Code:
	

14.78 * (1/1.4771) = 10EUR


^ you can shortcut all this quite easily by remembering that the commission will be 5EUR for every 100,000EUR traded ($5A for every $100,000A traded, $5c/$100,000C, 5GBP/100,000GBP etc).

Get the value of the pip in EUR/JPY



		Code:
	

100,000 EUR/JPY @ 157.89 = 15,789,000 yen
100,000 EUR/JPY @ 157.90 = 15,790,000 yen
1000 yen


Convert the pip value (which is always the currency on the right hand side of the pair) back to Euro (which is the left hand side currency in our case)


		Code:
	

1000 * (1/157.90) = 6.33EUR


*10EUR / 6.33EUR = 1.58 pips.*

Although spread is not taken into account in the commission calculation - you need to add whatever spread you have at the time to the commission pip value if you're trying to compare.

Just remember however, a fixed-spread market-maker may offer a cheaper 'commission' as such, but you're limited in that you can't trade between the spread, you're trading against the broker and not a bank etc etc etc you've heard me rant on about it before 

cheers.


----------



## Stormin_Norman

*Re: Linuxtroll simple scalping*

cheers for the commission answer.

what's the minimum account balance EFX have (and what's it likely to be for AUD accounts?)


----------



## tayser

*Re: Linuxtroll simple scalping*

$400USD to open account and they offer 1:100 leverage only.

hoping it's going to be $400-$500AUD when they eventually offer AUD accounts.


----------



## Stormin_Norman

*Re: Linuxtroll simple scalping*



tayser said:


> $400USD to open account and they offer 1:100 leverage only.
> 
> hoping it's going to be $400-$500AUD when they eventually offer AUD accounts.




anything less then 1% margin is silly, really.

those costs make it a lot safer to trade. if the market goes against the trade, it can be closed out after 5 pips and cost not much more then a spread on most traders.


----------



## tayser

*Re: Linuxtroll simple scalping*

Got my 5 on AUD/JPY on Asian opens.

This pattern occured just prior (can see half of it on the left) - took a short position in anticipation of it heading south and grabbed 3.





Was being too cautious with this one and got slipped like buggary - I should have hit sell about 5 seconds before I did as I was watching a small H & S form.  Can't tell with tick charts as it's not time-based, but that sharp movement happened within a second.  





Time	Order ID	Message	Event	TIF	Orig Trader ID	
10:49:09	0v8012s:1gbh-00	Sell Short 1500000 AUD/JPY @ Market on MBTX [expiring: 29/04/2008] (1500000 traded at 95.11)	Filled	GTC	DEMO****	
10:55:24	0v8012s:1ge6-00	Buy 1500000 AUD/JPY @ Market on MBTX [expiring: 29/04/2008] (1500000 traded at 95.07)	Filled	GTC	DEMO****	
11:14:50	0v8012s:1gtz-00	Sell Short 1500000 AUD/JPY @ Market on MBTX [expiring: 29/04/2008] (1500000 traded at 94.94)	Filled	GTC	DEMO****	
11:18:20	0v8012s:1gzt-00	Buy 1500000 AUD/JPY @ Market on MBTX [expiring: 29/04/2008] (1500000 traded at 94.91)	Filled	GTC	DEMO****

Euro tonight.


----------



## tayser

*Re: Linuxtroll simple scalping*

Today's work is done.

Incredibly fast movements, quick on the exit trigger lol 





Pretty classic example of a short signal (bouncing its **** up and down on a resistance line), again, quick on the exit trigger like always.





Time	Order ID	Message	Event	TIF	Orig Trader ID	
17:57:42	0v9012s:047e-00	Sell Short 900000 EUR/JPY @ Market on MBTX [expiring: 30/04/2008] (900000 traded at 157.612)	Filled	GTC	DEMO****	
18:01:11	0v9012s:04ev-00	Buy 900000 EUR/JPY @ Market on MBTX [expiring: 30/04/2008] (900000 traded at 157.568)	Filled	GTC	DEMO****	
18:25:29	0v9012s:05io-00	Sell Short 900000 EUR/JPY @ Market on MBTX [expiring: 30/04/2008] (900000 traded at 157.484)	Filled	GTC	DEMO****	
18:27:55	0v9012s:05o9-00	Buy 900000 EUR/JPY @ Market on MBTX [expiring: 30/04/2008] (900000 traded at 157.42)	Filled	GTC	DEMO****

Just as a special addition in this entry D), here's one of the minor lot trades that also take - I'm only posting the 80% lot trades in the journal, and I randomly test entry and exit signals with minor trades (1 lot so if it goes pear shaped there's minimal affect toward the overall profit) - anyhow.  Another classic short signal, slowly heading southward and a classic example of where I am not trusting the rainbow.... it's easy to tell after the fact, but the exit is clearly where the trend goes northward after the very nice dive toward the .50 level.





Time	Order ID	Message	Event	TIF	Orig Trader ID	
19:16:22	0v9012s:07io-00	Sell Short 10000 EUR/JPY @ Market on MBTX [expiring: 30/04/2008] (10000 traded at 157.67)	Filled	GTC	DEMO****	
19:19:11	0v9012s:07lp-00	Buy 10000 EUR/JPY @ Market on MBTX [expiring: 30/04/2008] (10000 traded at 157.62)	Filled	GTC	DEMO****	

excluding the above trade, 5 pips on AUD/JPY and 8 on EUR/JPY - done.  73% on account balance since last reset (Jan 15th).


----------



## tayser

*Re: Linuxtroll simple scalping*

More micro-pipage practice 

This was easier because on the Oanda 5 sec chart it kept butting its head against the spine (the lower highs) - this is true LT scalping, take the contrarian stance after a movement.






Time	Order ID	Message	Event	TIF	Orig Trader ID		
21:53:30	0v9012s:0cgf-00	Sell Short 10000 EUR/JPY @ Market on MBTX [expiring: 30/04/2008] (10000 traded at 158.33)	Filled	GTC	DEMO****	
21:54:08	0v9012s:0chd-00	Buy 10000 EUR/JPY @ Market on MBTX [expiring: 30/04/2008] (10000 traded at 158.29)	Filled	GTC	DEMO****	
21:54:43	0v9012s:0chv-00	Sell Short 10000 EUR/JPY @ Market on MBTX [expiring: 30/04/2008] (10000 traded at 158.33)	Filled	GTC	DEMO****	
21:55:29	0v9012s:0ciu-00	Buy 10000 EUR/JPY @ Market on MBTX [expiring: 30/04/2008] (10000 traded at 158.28)	Filled	GTC	DEMO****

Not got the balls to do this with 80% of account balance yet.


----------



## tayser

*Re: Linuxtroll simple scalping*

...lol bloody over-cockiness made me wipe out gains after the US Interest rate release - not a completely bad thing I might add: So much so, it's the start of a new month, I after unintentionally wiping out a lot of gains due to over-trading, have now intentionally tanked my demo account balance further down to the point where I'm realistically going to start when I go live and am going to attempt to do just the same thing as I have been for the past two weeks, I should be looking for the same return each day (roughly 8-10%) which equates to 10 pips on AUD/JPY a day, or 16-18 on EUR/JPY each day.


----------



## korrupt_1

*Re: Linuxtroll simple scalping*

Hi Tasyer,

I had a go with the Rainbow charting and have SUCCESS with scalping 

Although it's not forex, I figured the principles would apply to pretty much any thing that has good volatility and trends well. I traded the XJO equivalent with IG markets and scalped 15 points in 2.5 minutes and another 10 points in 2 minutes just today.

Total of 25 points and betting fairly large contracts, I made a few K's in under 5 minutes!

Trend is your friend!

When I saw it trend, I jumped on and place my 'bet'. Had tight stops of 5 points - just incase it goes pear shape. When the trend looks like it wants to breach,  I hop off and pocket the scalpings  Going with the trend gives you more confidence that you will profit from the trade.

Been laughing all day.... Thanks for posting this thread... what a wonderful thing to stumble upon...

Now I want to learn to trade FX's so I can do it after hours with fixed spreads - unlike the XJO CFD's, where the spread isn't a crazy 10 - 40 points!! 

:bananasmi


----------



## tayser

*Re: Linuxtroll simple scalping*

hah, beautiful.  Welcome to the dark side 

 It's all fun and games on the FTSE, CAC, DAX and DJIA too 

Are you using IG Index?  What sort of bet is it and how liquid are they?  

The ultimate combo is scalping your favourite pair on London open utilising the higher leverage - your day job, and then scalping an index during the day - your pocket money.


----------



## korrupt_1

*Re: Linuxtroll simple scalping*



tayser said:


> hah, beautiful.  Welcome to the dark side




mwuhahaha... 



> Are you using IG Index?  What sort of bet is it and how liquid are they?




Not sure if I am answering this right, but IG's FX is 2 to 4 pip spread depending on poplularity, eg AUD/USD is 2 pip spread 24hrs. Deposit is 2% I think. This is their example page: http://www.igmarkets.com.au/content/sites/aum/en_GB/forex-example.html

I don't know about liquidity, but sometimes when I trade the Index out of hours, some positions I take can't be filled, eg the other Tuesday when the market crashed overnight, I took a large bet of 50 mini contracts (worth $250/point) and it couldn't be filled. I eventually had to split it up into two lots of 25 over a range of about 20 points. Eitherway, I KNEW it was crashing and KNEW i had to SHORT like there was no tomorrow... made a KILLING that night!!  (But my Long positions were wiped out too! )


What time is London opening?


----------



## tayser

*Re: Linuxtroll simple scalping*

I wouldn't use IG for FX - they're a market maker and that's probably why you couldn't short the indices as everyone else was trying 

But Index trading yes, you have to use a Market making CFD provider... I've got an account with Pacific Trader (unfunded as yet) and the spreads on the Euro and Yank indices are pretty tight.

Auckland open 6am AEDT
Sydney open: 8am AEDT & AEST
Tokyo open: 10am AEDT
Hong Kong / Singapore open: 11am AEDT
Paris/Frankfurt open: 6pm AEDT
London open: 7pm AEDT
New York open: midnight AEDT

opens are usually 8am in the local timezone.


----------



## disarray

*Re: Linuxtroll simple scalping*

question about your setup tayser. i'm using ninjatrader with the free GAIN datafeed for charting (nice little package), and EFX to place orders but the numbers between the 2 programs are out by 3 - 4 pips. chart aud/jpy will be 95.27 and efx is at 95.30 / 95.33. the oanda chart on 5 secs moves with efx ok though. have you had this sync problem? are you using a paid datafeed?

cheers


----------



## tayser

*Re: Linuxtroll simple scalping*

nah, just using EFX's demo feed.  I'm executing on the same - however through navigator.


----------



## nizar

*Re: Linuxtroll simple scalping*



disarray said:


> question about your setup tayser. i'm using ninjatrader with the free GAIN datafeed for charting (nice little package), and EFX to place orders but the numbers between the 2 programs are out by 3 - 4 pips. chart aud/jpy will be 95.27 and efx is at 95.30 / 95.33. the oanda chart on 5 secs moves with efx ok though. have you had this sync problem? are you using a paid datafeed?
> 
> cheers




I wanted to ask the same question.

Tayser, can you please be a bit more clearer on your response.

Whose charts are you trading off and are the prices insyc with what you see on EFX Navigator quotes?

Thankyou.

Edit: Oh so EFX comes with charting now? At what cost?
The last update I got from the FF thread was that they did not provide charting unless if you pay $50/month. Has this changed?


----------



## tayser

*Re: Linuxtroll simple scalping*

we've referred to a few platforms, I'll spec:

1. EFX Navigator
2. EFX Remote Trader
3. Ninja Trader 6.5b

EFX Navigator is the platform that is available to both Demo and Live clients - this does not have integrated charting.  EFX Remote Trade is their new platform that's currently only available to live clients.  Ninja Trader 6.5b is the platform that I'm using for charts (see above).

My setup basically consists of NinjaCharts in the middle of the screen with the EFX Navigator components surrounding the chart.  Two different apps - one from the broker, the other a 3rd party app, but they're both using the same feed (EFX's demo).

Remote Trader's charts are integrated and free as far as I know.


----------



## nizar

*Re: Linuxtroll simple scalping*



tayser said:


> we've referred to a few platforms, I'll spec:
> 
> 1. EFX Navigator
> 2. EFX Remote Trader
> 3. Ninja Trader 6.5b
> 
> EFX Navigator is the platform that is available to both Demo and Live clients - this does not have integrated charting.  EFX Remote Trade is their new platform that's currently only available to live clients.  Ninja Trader 6.5b is the platform that I'm using for charts (see above).
> 
> My setup basically consists of NinjaCharts in the middle of the screen with the EFX Navigator components surrounding the chart.  Two different apps - one from the broker, the other a 3rd party app, but they're both using the same feed (EFX's demo).
> 
> Remote Trader's charts are integrated and free as far as I know.




Thanks for the clarification.

Is NinjaCharts free?


----------



## disarray

*Re: Linuxtroll simple scalping*

got more info in PM from tayser today, cheers man.

ninjatrader is free - download it here

efx navigator is also free. download it here

sign up for 1 demo account for ninjatrader and *2* demo accounts for efx. when you set up ninjatrader you specify where you want the datafeed to come from under Tools - Account Connections then use MBTrading as the source with the demo account credentials for one of your efx accounts. then open efx with the second demo account credentials (you can't use 1 demo account logged into ninjatrader and efx at the same time thats why you need 2).

GAIN demo is also another free realtime provider you can use but it is 3-4 pips out from efx prices which is no good. or you can use specify yahoo but that does end of day only.


----------



## nizar

*Re: Linuxtroll simple scalping*



disarray said:


> got more info in PM from tayser today, cheers man.
> 
> ninjatrader is free - download it here
> 
> efx navigator is also free. download it here
> 
> sign up for 1 demo account for ninjatrader and *2* demo accounts for efx. when you set up ninjatrader you specify where you want the datafeed to come from under Tools - Account Connections then use MBTrading as the source with the demo account credentials for one of your efx accounts. then open efx with the second demo account credentials (you can't use 1 demo account logged into ninjatrader and efx at the same time thats why you need 2).
> 
> GAIN demo is also another free realtime provider you can use but it is 3-4 pips out from efx prices which is no good. or you can use specify yahoo but that does end of day only.




Thanks bro, i will look into it.


----------



## G-Zilla

*Re: Linuxtroll simple scalping*

Hey guys this thread is awesome. Thank you for all the great info so far.

Matt


----------



## tayser

*Re: Linuxtroll simple scalping*

Only casually looking for trades this week.

Pretty stock standard entry signal, price was butting its head up against a short-term resistance line (look for the lower lows), entered (unfortunately when the ask was fluctuating) and just took a few on the breakout.







Time	Order ID	Message	Event	TIF	Orig Trader ID	
20:37:49	0vm002s:0ges-00	Buy 800000 AUD/JPY @ Market on MBTX [expiring: 13/05/2008] (800000 traded at 96.71)	Filled	GTC	DEMO****	
20:38:57	0vm002s:0gkf-00	Sell 800000 AUD/JPY @ Market on MBTX [expiring: 13/05/2008] (800000 traded at 96.76)	Filled	GTC	DEMO****


----------



## tayser

*Re: Linuxtroll simple scalping*

Fiddling around a bit.






Time	Order ID	Message	Event	TIF	Orig Trader ID		
19:50:08	0vn002s:0p7x-00	Sell Short 750000 AUD/JPY @ Market on MBTX [expiring: 14/05/2008] (750000 traded at 96.16)	Filled	GTC	DEMO****
19:54:49	0vn002s:0pn2-00	Buy 750000 AUD/JPY @ Market on MBTX [expiring: 14/05/2008] (750000 traded at 96.10)	Filled	GTC	DEMO****
20:05:10	0vn002s:0s10-00	Buy 780000 AUD/JPY @ Market+TTO [+TTO @ Market when AUD/JPY <= 96.05 or >= 96.30] on MBTX [expiring: 14/05/2008] (780000 traded at 96.27)	Filled	GTC	DEMO****	
20:05:13	0vn002s:0s14-00	Sell 780000 AUD/JPY TTO [@ Market when AUD/JPY <= 96.05 or >= 96.30] on MBTX [expiring: 14/05/2008] (780000 traded at 96.31)	Filled	GTC	DEMO****
^ slipped positively!

#1 Stock standard trend continuation.
#2 Playing with EFX's Market + TTO order... I preset the target for 5 pips - mental note: you need to add that spread to it!


----------



## tayser

*Re: Linuxtroll simple scalping*

Bit of a morning scalp before work...

I was actually read to go short (finger hovering~!), but this was the start of a move toward the pivot level at 96.97.  Only took my 5.






Time	Order ID	Message	Event	TIF	Orig Trader ID	
07:37:39	0vn002s:2o70-00	Sell 800000 AUD/JPY @ Market on MBTX [expiring: 14/05/2008] (800000 traded at 96.89)	Filled	GTC	DEMO****	
07:32:16	0vn002s:2nzw-00	Buy 800000 AUD/JPY @ Market on MBTX [expiring: 14/05/2008] (800000 traded at 96.83)	Filled	GTC	DEMO****


----------



## tayser

Just a random note: I highly recommend people ditch Oanda and just stick with the NinjaTrader + EFX combo if you're going to be looking at this method.  Trading with any fixed spread market maker is going to disadvantage you, so if you're starting to play with it - play with an ECN setup from the word go.

You need latest versions of both EFX Navigator and NinjaTrader.

Get a demo licence for NinjaTrader.  Sign up for *2* EFX Demo accounts - note both their usernames and passwords.  In NinjaTrader: Go to Tools > Account Connections, click Add.  Click Next, in name use: "Gain", for provider select "Gain", for historical data keep Gain selected, click Next.  In Mode, select Demo, click Next, Click Finish.

Go back to Tools > Account Connections, click Add, Click Next, in name use "EFX", for provider select MBTrading (EFX's parent co), keep backup set to None. click next, Put your first Demo account's details in here selecting Demo Server Type.  I dont bother with Nav window.  Click Next, Click Finish.

Load my Rainbow template (right click and save as) by putting it in your My Documents > Ninja Trader > templates > chart folder.

*CONNECT TO GAIN FIRST*
by going to File > Connect > Gain.

Then go into NinjaTrader, select File > New > Chart, select your currency pair, your timeframe and how far you want the data to go back, select the Cyrox Template.  Click Ok.

Let the data load from Gain.

Once loaded in the chart, go to Tools > Disconnect > Gain, then immediately go to Tools > Connect > EFX.  This will solve the no historical data problem with EFX.

You can use NinjaTrader for execution - I still use EFX Navigator.

Remember EFX demo balances are reset on the 15th of every month (you can start afresh this coming monday).

Cheers.


----------



## Stormin_Norman

cheers for the run down on the ninjatrader software tayser.


----------



## prawn_86

tayser said:


> Then go into NinjaTrader, select File > New > Chart, select your currency pair, your timeframe and how far you want the data to go back, *select the Cyrox Template*.  Click Ok.




For some reason i cannot see where you select this as the template.

Am i blind?


----------



## Stormin_Norman

prawn_86 said:


> For some reason i cannot see where you select this as the template.
> 
> Am i blind?




did you save it in the correct directory?

if you did then you can select it from the drop down menu on the 'chart' selection screen. File -> new -> chart.

hope that helps.


----------



## lesm

prawn_86 said:


> For some reason i cannot see where you select this as the template.
> 
> Am i blind?




Maybe.

It is located in the bottom left hand section of the 'Format Data Series' screen. The drop-down box under the text heading 'Chart Template'


----------



## tayser

^ yap, that's it.

3's enough to start off the new demo period.






Time	Order ID	Message	Event	TIF	Orig Trader ID	
20:13:16	0vs002s:0ex0-00	Sell 850000 AUD/JPY @ Market on MBTX [expiring: 19/05/2008] (850000 traded at 98.65)	Filled	GTC	DEMO****	
20:09:03	0vs002s:0ent-00	Buy 850000 AUD/JPY @ Market on MBTX [expiring: 19/05/2008] (850000 traded at 98.61)	Filled	GTC	DEMO****


----------



## Stormin_Norman

my efx demo doesnt seem to be reset.


----------



## tayser

send 'em an email, they're usually pretty quick if you use their online chat on their website too.

anyhow, AUD/JPY is being a chode tonight.  EUR/JPY it is.






Time	Order ID	Message	Event	TIF	Orig Trader ID	
20:02:03	0vt002s:0bcu-00	Sell Short 100000 EUR/JPY @ Market on MBTX [expiring: 20/05/2008] (100000 traded at 158.65)	Filled	GTC	DEMO****
20:04:21	0vt002s:0bkn-00	Buy 100000 EUR/JPY @ Market on MBTX [expiring: 20/05/2008] (100000 traded at 158.57)	Filled	GTC	DEMO****
20:11:04	0vt002s:0c8i-00	Sell Short 100000 EUR/JPY @ Market on MBTX [expiring: 20/05/2008] (100000 traded at 158.50)	Filled	GTC	DEMO****
20:13:43	0vt002s:0ch0-00	Buy 100000 EUR/JPY @ Market on MBTX [expiring: 20/05/2008] (100000 traded at 158.43)	Filled	GTC	DEMO****

15 gross, 12 net, or about 7-8 pips net on AUD/JPY.


----------



## prawn_86

Man do i feel stupid.

I still cant figure out where to select the template.

I have attatched a screenshot of the "format data series" screen so you can see that there is no template part on mine


----------



## lesm

Prawn,

Looks like you may be right clicking on the chart based on the screen shot.

When you follow the method described by Tayser the Template selection is on the lower left of the 'format data series' screen.

If you right click on a chart and select 'Format Data Series' from the menu list the screen that is displayed does not have the template drop down box.

Try right clicking on a chart, when the pop-up menu is displayed the "Template" menu item is second from the bottom. Selecting this will provide you with the option to load a template.

Just as a matter of interest which version of NT are you using. The description above is for NT 6.5 Beta.

Cheers.


----------



## prawn_86

Finally got it.

thanks guys 

Now to test my wicked skills...


----------



## tayser

you can post screenshots, so do I what I do in here and post them in this thread (if you want to post the order book output from EFX, right click the orderbook and Export Data > Copy to Clipboard, paste in here - careful as it will have your account number in it - I usually asterisk the last 4 characters in the account number out (See above)) .  The more of us doing it, the more you can help each other.


----------



## prawn_86

ok here goes...

DISC - I am an absolute, complete, total newbie, so any gains are most probably pure luck at this stage. I have spent a grand total of about 2hrs in front of the AUD/JPY chart so yeh...

But i did manage to take a quick 11pips this morn 

I actually looked at the daily chart (i think) first, when it loaded up, and there was a nice triple top which had formed, which helped my decison to short it, as i thought it had further to fall.

Should have continued to hold as it broke down through .05 but i was more than happy with that for my first 'trade'



19:31:41	AUD/JPY	Executed	   Sold Short 30000 AUD/JPY at 99.15				
19:42:54	AUD/JPY	Executed	   Bought 30000 AUD/JPY at 99.04


----------



## prawn_86

Also, just for a bit of background info.

I am going to assume i put $1k into an account. So i wont be using the full account balance. Hence why i am trading 3 lots at this stage, as that gives me around about 30% leverage, which enables a few mistakes.

Even though its all theoretical, still pays to get as close to reality as possible


----------



## tayser

well done.  the usual support and resistance characteristics apply as you've just mentioned and you caught a big move - this is exactly what you should be looking for, high probability entries, dont look for the small scalps when it's range bound.

my advice to you?  stop now (for today).  come back tomorrow and get the same amount of pips and repeat.  If you can't not look at the market, only have Ninja open, just sit and observe, do not overtrade!  

(btw, your net return there was 10 pips, round trip commission on A/J is slightly less than 1 pip (when/if the rate goes above 100 yen it'll be slightly more than 1 pip))

cheers.


----------



## tayser

Also worthy of note: in yen crosses there are 'natural' support/resistance points at the *.00 and *.50 levels - your trade above is perfect in that the price was heading that way and it was taken after the Asian open.  Just come back and do it every day and you won't need a day job (and you won't be a slave to the ASX market hours ).

In short, variables to take note of:

- 'Natural' support/resistance
- daily, weekly and monthy pivot/support/resistance (I have MT4 loaded up in the background with an EA which plots them automatically for me)
- Session open times.
- Look for patterns & memorise them

Taking the 4 into account above wait for the big movements and act on them - big movements can usually be picked when the purple in the rainbow expands (confirm it with a slower timeframe i.e 30 second or 1 minute charts).

cheers.


----------



## prawn_86

tayser said:


> well done.  the usual support and resistance characteristics apply as you've just mentioned and you caught a big move - this is exactly what you should be looking for, high probability entries, dont look for the small scalps when it's range bound.
> 
> my advice to you?  stop now (for today).  come back tomorrow and get the same amount of pips and repeat.  If you can't not look at the market, only have Ninja open, just sit and observe, do not overtrade!
> 
> (btw, your net return there was 10 pips, round trip commission on A/J is slightly less than 1 pip (when/if the rate goes above 100 yen it'll be slightly more than 1 pip))
> 
> cheers.




thanks Tayser.

I can see why you got interested in this method. the hours could be quite good if you made a living from it 

I too have set a 10 pip target per day, as a very rough guide. So that one trade was it for the day.

But as you suggested im now just going to watch the charts and look for patterns. And maybe do some paper demo trading! lol


----------



## prawn_86

After watching for a while i found what i thought would be a good probability entry.

Got out a bit early, but the amount it is whipsawing at the moment i was happy with a profit, even if it is only 1 pip nett.

Isnt hindsight a wonderful thing ... should have held longer...

I have learnt from today that i dont need to be in a trade all the time, just the ones i think have a high probability. Wait for them to come to me...




02:33:57	AUD/JPY	Executed	   Bought 30000 AUD/JPY at 98.52			

02:36:02	AUD/JPY	Executed	   Sold 30000 AUD/JPY at 98.54


----------



## tayser

Aggressive scalp:






Time	Order ID	Message	Event	TIF	Orig Trader ID	
21:14:41	0vu002s:0bq7-00	Buy 500000 AUD/JPY @ Market on MBTX [expiring: 21/05/2008] (500000 traded at 98.83)	Filled	GTC	DEMO****
21:23:39	0vu002s:0c0l-00	Sell 500000 AUD/JPY @ Market on MBTX [expiring: 21/05/2008] (500000 traded at 98.87)	Filled	GTC	DEMO****


----------



## prawn_86

Another 3 pips nett.

I think i get to jumpy when i have a trade open and exit too early. Something I have to work on. I very nearly got stopped out of this at the start because i was trying to predict the move, rather than wait for the cross.


Nett of 11pips this morn and another 4 tonight, which i am very happy with 



06:45:53	AUD/JPY	Executed	   Bought 30000 AUD/JPY at 98.63				
06:52:11	AUD/JPY	Executed	   Sold 30000 AUD/JPY at 98.67


----------



## tayser

I'm still very jumpy and undisciplined... lol, I'm not going live until I'm satisfied I've gone a fair way to overcome it.


----------



## prawn_86

Well, gave back all of yesterdays gains in 2 trades this arvo. 2 whipsaws and that was that. Should have watched for a while 

not good... 



01:42:36	AUD/JPY	Executed	   Bought 30000 AUD/JPY at 99.46		
01:43:53	AUD/JPY	Executed	   Sold 30000 AUD/JPY at 99.38		**was targeting a hit of 99.5 for a couple quick pips**	

01:45:17	AUD/JPY	Executed	   Sold Short 30000 AUD/JPY at 99.35		
01:53:07	AUD/JPY	Executed	   Bought 30000 AUD/JPY at 99.41		
             **target 99.30. never made it**


----------



## prawn_86

Got another 5 pips back after waiting for a decent entry. Broke 99.30 and i was in, Almost got whipsawed out, but it bounced back down off of previous support nicely.


02:25:06	AUD/JPY	Executed	   Sold Short 30000 AUD/JPY at 99.28		
02:31:39	AUD/JPY	Executed	   Bought 30000 AUD/JPY at 99.22


----------



## julius

Hi tayser, prawn et al.

just wondering if you could provide more of your reasoning behind the entries...

also, what times are the best for the other pairs, GBPUSD, AUDUSD, EUR, etc

thanks in advance


----------



## prawn_86

Check back at the very first post for a very good overview that Tayser posted


----------



## prawn_86

I think im trying too hard tonight, so im going to stop.

Couldnt really get anything right, most went against me straight away, plus doesnt seem to be much range on the AUD/JPY tonight...

Hopefully i'll do better tomoz


----------



## Stormin_Norman

prawn_86 said:


> I think im trying too hard tonight, so im going to stop.
> 
> Couldnt really get anything right, most went against me straight away, plus doesnt seem to be much range on the AUD/JPY tonight...
> 
> Hopefully i'll do better tomoz




u should have been looking @ the GBP tonight cause of its important news announcement.

for a good site for news announcements: http://www.forexfactory.com/


----------



## Trembling Hand

Hey Guys just a observation whats your stop to profit ratio.

Just looking at a couple of the charts its seems that the stops aren't much  greater than the target. Now this is fine if you intend to trade Lots of round trips and win slightly more than lose, but on a couple of hits a night you may find you have no profitability after a month or more of trading. If you are paying 2 ticks spread your already 20% down on every trade (with 10 pips target). With out a large R/R ratio you are going to be up against it scalping. Especially if you are only doing a couple of round trips per day.

I'm not knocking scalping that's what I do but to do it profitable you really have to do hundreds of trades a day. And if you have to Buy/Sell at market scalping is near impossible.


----------



## tayser

julius said:


> Hi tayser, prawn et al.
> 
> just wondering if you could provide more of your reasoning behind the entries...
> 
> also, what times are the best for the other pairs, GBPUSD, AUDUSD, EUR, etc
> 
> thanks in advance




briefly:

entries: two kinds,

1. trend continuation, where price breaks previous support/resistance, or if it breaks a .10 level (.10/.20/.30/.40/.50/.60/.70/.80/.90).
2. contrarian trades, wait for a big movement to do its thing, teach yourself to pic where its top/bottom (usually on a S/R line), take the contrarian view.

by all means go through this thread, but look at the source too: www.cyrox.com/forum.


----------



## prawn_86

tayser said:


> 2. contrarian trades, wait for a big movement to do its thing, teach yourself to pic where its top/bottom (usually on a S/R line), take the contrarian view.




I've been having a play with this tonight. Just watching it mainly. Seems to me there are large spikes and then quick pull backs, which were ranging between 99.3 and 99.4.

Hard to make much more than 1 or 2 pips though once u take the spread into account


----------



## BSD

http://en.wikipedia.org/wiki/Fooled_by_Randomness


----------



## prawn_86

BSD said:


> http://en.wikipedia.org/wiki/Fooled_by_Randomness




Care to elaborate BSD?


----------



## BSD

Just a reference to a book that covers perfectly the discussion here and the efficacy of similar strategies.

A wonderful book.

My blunt view - 10 pips? 

Who cares? 

Not a criticism, just my view on such strategy.


----------



## prawn_86

10 pips per day compounding can add up quite quickly.

The market needs all sort of traders, its how it works.

I chose this method cause i am a mid to long term share investor, so this gives me something short term to learn, and hopefully profit from.


----------



## Trembling Hand

prawn_86 said:


> 10 pips per day compounding can add up quite quickly.




Yes but surely to get 10 pips per day after cost you would need to be taking 40 pips per day as a 'average' good day.

I haven't seen one trader who has a higher average day than his target.



prawn_86 said:


> The market needs all sort of traders, its how it works.




I agree there. Most people wouldn't believe how I trade.


----------



## BSD

As I said - no personal criticism. My view is simply that such skinny margins give the punter a win 9 times out of 10 but the losing event often wipes out all the gains from the 9 wins. 

Sold puts, $1.10 favourites etc. 

The pretty graphs act as a crutch. 

I play cards in between my market activities. My last 12 months have been wonderful - perhaps my black swan is just around the corner?

But at least I know I am betting with the odds in my favour and there are only 52 cards. Nobody can calculate the 'real' odds in markets.


----------



## tayser

Trembling Hand said:


> Yes but surely to get 10 pips per day after cost you would need to be taking 40 pips per day as a 'average' good day.




If you're a newbie at the method you would.  Patience, waiting for a big move and correctly trading it can you provide you with your target in one trade.

edit: et voila, this unfolded as I was typing this post:






1 second chart for reference (loaded with historical data):


----------



## Trembling Hand

What about the size of the stop? Where is that and how loose do you need it considering the 2 pip spread?


----------



## prawn_86

Trembling Hand said:


> What about the size of the stop? Where is that and how loose do you need it considering the 2 pip spread?




That was/still is one of my main concerns TH.

I am very very new to trading this system, but i think the premise behind it is that it is an intuitive system. So after 6 months or a years worth of screen time with trial accounts you will learn the patterns of your selected pair, learn to pick the high probability entries, and learn to exit when you feel a trade is going against you.

But yeh, at this stage im struggling with my stops on my losing trades...

However, its probably to be expected with only 3 days screen time


----------



## Trembling Hand

Every instrument is different and they all have their own behaviors that you can learn, I agree there. My point is about scalping, the mechanics of entry and exit are more import than any other type of trading. You moves to the spread are as thin as any other type of trading. So getting a signal and just entering is not going to give you the maximum edge. To scalp small moves you have to enter on the very small counter moves within a very small trend. So getting a signal and just entering is really putting you at the mercy of whips. 

And scalping over the long run is pretty thin you have to trade often and with large size and with very good entries and small stops. If not over time you will be cut up. 

Also the spread if you are paying 2-3 pips @ market that's 4 to 6 pips down on every trade, whats that over a year?? Massive 


All I can say is keep very good records and work out you expectancy over the long run it will be a lot smaller than you think. Which means trading @ market with a large spread is costing you big time.


----------



## prawn_86

Trembling Hand said:


> All I can say is keep very good records and work out you expectancy over the long run it will be a lot smaller than you think. Which means trading @ market with a large spread is costing you big time.




Any suggestions as to how the spread can be overcome?


----------



## Trembling Hand

prawn_86 said:


> Any suggestions as to how the spread can be overcome?




To scalp I think its absolutely critical to be using Futures where your spread is 1 pip and orders can be place @ limit and be taken out by other traders.

If you have a profit target placed @ limit order you will be taken out 3 to 4 pips move sooner than trading @ market with a MM.

Think about it if you want a 10 pip move theoretically you can, trading with Futures, only need a 8 pip move to get that if you trade on  limit. With @ market and 3 pip spread you are going to need at least a 14 pip move to get 10 pips profit. Crazy!!

Not to mention adding 3 pips to your losers!!


----------



## tayser

You can trade with a limit order inside the spread on any ECN FX broker with others on the network or the market makers who are providing the liquidity (i.e the banks) as well, and you dont 'need' to trade with futures.  You can do the same thing with AUD/USD, EUR/USD, USD/JPY, USD/CHF, USD/CAD and GBP/USD which sit on 1 pip spread throughout most of the day on EFX and I'm betting it'll be the same on an institutional/high-end platform like Currenex.


----------



## Trembling Hand

Yep thats sounds better than MM trading.

Whats the R/R on your individual trades?


----------



## tayser

I wouldn't even dream of scalping with a market maker - well I did, and learnt first hand that it's not worth the effort.

I've never really calculated risk return and I suppose you can't really do it in the sense that the stop is not pre-set before you enter the trade - it's a discretionary stop so the ratio would change dramatically when I'm in the trade.  

In saying that, my _targets_ in a slower moving market are 4-5 pips net (add one for AUD/JPY commission on EFX - probably half a pip on a Currenex broker when you reach that level), and 9-10 in a faster moving market.

My mental stop is 4-5 pips (add one for commission), so it's 1:1 in a slower moving market, or 1:1.5 in a faster moving market.  What increases your chances of winning rather than losing is only entering high probability entries and not getting greedy!


----------



## tayser

A random bank ****ed up here, nevertheless, was enough to rattle me out of the trade.  Entered on trend continuation trigger (broke previous resistance and the bid was  good 4-5 pips above the .00 level).






Time	Order ID	Message	Event	TIF	Orig Trader ID	
17:06:48	0vw002s:02ur-00	Buy 850000 AUD/JPY @ Market on MBTX [expiring: 23/05/2008] (850000 traded at 99.07)	Filled	GTC	DEMO****	
17:20:23	0vw002s:039c-00	Sell 850000 AUD/JPY @ Market on MBTX [expiring: 23/05/2008] (850000 traded at 99.09)	Filled	GTC	DEMO****	

stayed in the trade based on the M1 AUDJPY chart with GMMA - trend heading upward to a Monthly resistance line at 99.14


----------



## prawn_86

Have you looked at this method with a longer timeframe Tayser?

Say a 1 min chart? Just out of interest


----------



## tayser

Nope, I only use longer timeframes for confirmations.

I love London open... all the Yen crosses plunging at once...  I'll have a pip, you'll have one too


----------



## prawn_86

this was from about an hour ago.

Ended up breaking even.

At this stage im working on my entries. Another couple weeks and i'll try to combine my entries and exits together. one step at a time, im in no rush to start with real cash...

Short 1:
Was looking for a breakdown (obviously). Also looked possible from the 1 min chart. 
That spread really does kill you when you get something wrong


Short 2:
Entered waiting for a break of support. trend was down and pink WMAs were spreading. Decent entry, didnt hang on long enough (again)


Long 1:
It had dropped like a stone and i was looking for a rally back up. Got 1 pip nett out of it, which i was happy with, as i didnt know if it would continue downwards. I didnt expect it to rally as high as it did, although i guess it makes sense... 


Feel free to comment/critique


----------



## tayser

prawn_86 said:


> Short 1:
> Was looking for a breakdown (obviously). Also looked possible from the 1 min chart.
> That spread really does kill you when you get something wrong




You did exactly the right thing: you got out when you felt it go against you.  




> Short 2:
> Entered waiting for a break of support. trend was down and pink WMAs were spreading. Decent entry, didnt hang on long enough (again)




Higher probability entry, good work.




> Long 1:
> It had dropped like a stone and i was looking for a rally back up. Got 1 pip nett out of it, which i was happy with, as i didnt know if it would continue downwards. I didnt expect it to rally as high as it did, although i guess it makes sense...




If you had held (don't worry about it, if it makes you feel better I'm 6 months into this and still get out too early (I have no prior trading experience however - I'm a complete newbie in the holistic sense! )) this is pretty much perfect - you took the contrarian view.

Trade #2 is taking the contrarian view of the most recent trend too, but overall it's trend continuation - these are the two types of trades / entries you're going to be doing and you pretty much got them right.

Although you shouldn't worry about this yet, this is what I'm practicing at the moment: Trade #2 could (and eventually, when you get loads more screentime, should) be entered earlier to maximise the pippage.  98.97 would have been good there, look for the lower highs, moving further away from the .00 level all in the context of the slower timeframe trend.

heh, I think I was watching you in EFX's demo market depth, I was tempted to get in just after you exited on your 2nd trade - but this is what has killed me in the past: entry is far too late and you get whipsawed if you stick to your mental 4-5 pip S/L etc - this is the hardest part for me, restraining myself (comes back to complete newbie status ).

cheers.


----------



## prawn_86

tayser said:


> heh, I think I was watching you in EFX's demo market depth, I was tempted to get in just after you exited on your 2nd trade - but this is what has killed me in the past: entry is far too late and you get whipsawed if you stick to your mental 4-5 pip S/L etc - this is the hardest part for me, restraining myself (comes back to complete newbie status ).
> 
> cheers.




Yeh i also noticed that. You almost have to enter BEFORE the actual drop on the shorter timeframe.

Im starting to look at a 1min chart now, to see what way the trend is going, and as the rainbow squeezes on the 1 second chart i will enter the way that the 1 min chart indicates the trend SHOULD go.

It all practice, but at this stage im really enjoying myself


----------



## tayser

prawn_86 said:


> Yeh i also noticed that. You almost have to enter BEFORE the actual drop on the shorter timeframe.




bingo!

Anyhow, I've done enough, lots of little piddly trades tonight 

Time	Order ID	Message	Event	TIF	Orig Trader ID	
17:06:48	0vw002s:02ur-00	Buy 850000 AUD/JPY @ Market on MBTX [expiring: 23/05/2008] (850000 traded at 99.07)	Filled	GTC	
17:20:23	0vw002s:039c-00	Sell 850000 AUD/JPY @ Market on MBTX [expiring: 23/05/2008] (850000 traded at 99.09)	Filled	GTC	
18:46:54	0vw002s:07sp-00	Sell Short 850000 AUD/JPY @ Market on MBTX [expiring: 23/05/2008] (850000 traded at 98.83)	Filled	GTC	
18:49:03	0vw002s:07z7-00	Buy 850000 AUD/JPY @ Market on MBTX [expiring: 23/05/2008] (850000 traded at 98.82)	Filled	GTC	
18:49:23	0vw002s:07zu-00	Sell Short 850000 AUD/JPY @ Market on MBTX [expiring: 23/05/2008] (850000 traded at 98.78)	Filled	GTC	
19:03:00	0vw002s:08n2-00	Buy 850000 AUD/JPY @ Market on MBTX [expiring: 23/05/2008] (850000 traded at 98.74)	Filled	GTC	
20:52:08	0vw002s:0gl6-00	Buy 850000 AUD/JPY @ Market on MBTX [expiring: 23/05/2008] (850000 traded at 98.82)	Filled	GTC	
20:52:28	0vw002s:0gmp-00	Sell 850000 AUD/JPY @ Market on MBTX [expiring: 23/05/2008] (850000 traded at 98.84)	Filled	GTC

last trade from above:







Entered on the assumption that it was heading back up to the Pivot level at 98.87 - and it kept going.


----------



## disarray

going to add my setup here. i've been playing for a while with oanda then moving to ninja and efx (thanks tayser and all for the thread) and the current setup is nice. considering we are retail muppets at home pc's using free software, the ability to realtime hook into this market is sweet.

i like having the */JPY currencies open because you can see wider trends which adds confirmation to a move. one of the main points behind linuxtrolls original post was identify the time frame then hop on its opening trend, so i've been doing AUD/JPY from 10-11ish am, EUR/JPY at 6pm and GBP/JPY at 7. i've played around with higher timeframes (and 1 min does seem to offer great potential) but these tick charts are just so efficient and tidy. a 2 point spread is nothing to pay for access to this game. my problem is also discipline but the mantra has good guidelines for that.


----------



## Trembling Hand

disarray said:


> my problem is also discipline but the mantra has good guidelines for that.




I have never really understood that comment.

"Trading discipline is 90 percent of the game."

I completely disagree. What is the point of being disciplined if you have a method that has a negative expectancy.

You aren't going to blow up tomorrow but you will die a certain death. Sticking to the plan is not 90 % of the game. Its the plan that counts. And when you have one that you know works you don't need discipline to stick to it. greed will keep you there just fine.

I think people confuse symptom with cause.


----------



## disarray

discipline is just controlling the fear and the greed. i understand where you are coming from as a professional trader, with access to means and methods that retail traders don't, but i think we might be playing different games (albeit on the same field). this game is "hop on the short trend", the method isn't much more complex than that. the discipline is nothing more than deciding whether or not to enter, when to bail out or when to take your pips which has been the most important factor so far. obviously i'm a novice so appreciate advice in this area, its just how its seemed so far.


----------



## tayser

nice setup Davros, err disarray


----------



## Trembling Hand

disarray said:


> discipline is just controlling the fear and the greed..




Yeah fair enough.


----------



## prawn_86

Well that sure as hell didnt work out as planned. I think i was lucky to get out at B/E after all that. I was working on my "holding longer cause i exit to early". Didnt go too well 

Original target was 99.05, confirmed by a double top on the 1 min chart. Each time it reached 99.2 it was stalling so i continued to open more shorts.

99.1 acted as stronger support than i originally thought, so had to exit then.



21:08:16	AUD/JPY	Executed	   Bought 90000 AUD/JPY at 99.14				
20:43:34	AUD/JPY	Executed	   Sold Short 30000 AUD/JPY at 99.13			
20:54:00	AUD/JPY	Executed	   Sold Short 30000 AUD/JPY at 99.15			
21:00:11	AUD/JPY	Executed	   Sold Short 30000 AUD/JPY at 99.17


----------



## tayser

Vive le demo accounts!


----------



## Andy_aus

Thanks Tayser for spending the time and effort for posting all this stuff.  Am fascinated by this method and might buy the ebook to check it out.  Ive been looking at Forex markets for the last month or so.. mainly using pivot points, but i might start paper trading this method and see how it goes.  

Does anyone use IB brokers in here to scalp?  I have an account through them at the moment and i know that they offer some pretty tight forex spreads.  Also do you guys know what the tax ramifications are with IB brokers... as far as i know they are still in aus.  I wire the money to them via citibank in sydney.     

PS. read the whole thread today in my lunch break. 


Thanks again mate.


----------



## prawn_86

Playing around with Europe open.

What they hell was that spike? It went to .35 and then in the 1 sec it took for me to click my mouse it was at .29.

Never seen that before 

Nett of 1 pip because of that spike

Long 1: 2pips
Long 2: -4pips
Short 1: 3pips


----------



## prawn_86

And im done for the night. Only got 5 pips nett but im happy with that. 

Slowly starting to pick it up and get a few decent entries...


----------



## tayser

How to exploit natural S/R and get one pip while you're at it!!






Time	Order ID	Message	Event	TIF	Orig Trader ID	
20:05:40	0vz002s:0dep-00	Buy 900000 AUD/JPY @ Market on MBTX [expiring: 26/05/2008] (900000 traded at 99.48)	Filled	GTC	
20:06:46	0vz002s:0dhx-00	Sell 900000 AUD/JPY @ Market on MBTX [expiring: 26/05/2008] (900000 traded at 99.50)	Filled	GTC	

it may only be un/eins/uno/satu/ichi pip, but it's still positive!

Andy_aus: don't thank me, thank Trollmann, but in his absence, I'll say what he would say: charge on, make milllllllllions.


----------



## Andy_aus

Ill do some charging once i do some serous saving.  Too many oppurtunities not enough capital right now 

At least its not the other way around.  

Thanks again.


----------



## Andy_aus

By the way... can u give me a link as to where i can go to purchase the ebook? Im sorry if it was posted previously but i cant find it reading this thread.


----------



## tayser

www.cyrox.com  Sign up on the forum there too.

Also to anyone who's scalping AUD/JPY - the commission on EFX has just gone above 1 pip as the exchange rate's now above 100 yen to the 1 Aussie.


----------



## shodd

Hello all,

Just wanted to say a quick hello as I'm new to this forum. I started looking into trading Forex to supplement my longer term investing (ASX mainly) about 3 months ago. After a lot of scratching around and testing out various systems I've decided to concentrate on Linuxtrolls rainbow method. After reading the mammoth Forexfactory thread and purchasing the e-book I believe that his system fits my persona best. 

Have been trialling LTs method now for a couple of weeks with some promising results. I look forward to sharing my results with you all and I also hope to be able to contribute positively to the discussion in the future.


----------



## tayser

The more the merrier!  Welcome.

Are you sticking to EUR/JPY as the e-book suggests? or?


----------



## shodd

Like you and Prawn I have decided to concentrate on AUD\JPY. I have to thank you Tayser for doing the analysis that I based my decision on 

Last night was a good one for going long. Made some good pips going that way, but the end result could have been a lot better if I had decided to stay out of shorting. Must remember to consider the longer term trend (from 30 sec chart) more!


----------



## prawn_86

Just opened up my charts and there was a nice setup 

However, continuing my not holding long enough theme i only managed to nett 1 pip.


02:15:07	AUD/JPY	Executed	   Bought 30000 AUD/JPY at 100.23					
02:17:04	AUD/JPY	Executed	   Sold 30000 AUD/JPY at 100.25


----------



## prawn_86

Another 3 pips nett before dinner. 

While i was away i missed an awesome setup with it breaking up through 100


----------



## prawn_86

Another 3 pips 

Today was my 2nd best day ever. Amazing what happens when you actually only trade the signals, rather than trying to predict things.


----------



## tayser

I only just clawed myself back to breaking even last night....  the first three were in a sideways market that I didn't realise - I should have as a fairly decent downward move had just completed itself (I was looking for the continuation...)  trade 4 is what I should have just waited for - clear break of previous resistance and if I hadn't have taken the 3 previous trade, I'd have stopped with a net 8 pips (close enough to the daily target for me).  Last trade got me to 1 pip down where I stopped.

Time	Order ID	Message	Event	TIF	Orig Trader ID	
18:40:02	0w0002s:04q9-00	Sell Short 900000 AUD/JPY @ Market on MBTX [expiring: 27/05/2008] (900000 traded at 100.09)	Filled	GTC		
18:42:33	0w0002s:04wr-00	Buy 900000 AUD/JPY @ Market on MBTX [expiring: 27/05/2008] (900000 traded at 100.12)	Filled	GTC		
18:47:32	0w0002s:055b-00	Sell Short 900000 AUD/JPY @ Market on MBTX [expiring: 27/05/2008] (900000 traded at 100.09)	Filled	GTC		
18:51:52	0w0002s:05e3-00	Buy 900000 AUD/JPY @ Market on MBTX [expiring: 27/05/2008] (900000 traded at 100.10)	Filled	GTC		
18:52:52	0w0002s:05h8-00	Sell Short 900000 AUD/JPY @ Market on MBTX [expiring: 27/05/2008] (900000 traded at 100.07)	Filled	GTC		
18:54:55	0w0002s:05k7-00	Buy 900000 AUD/JPY @ Market on MBTX [expiring: 27/05/2008] (900000 traded at 100.10)	Filled	GTC		
20:18:48	0w0002s:066o-00	Buy 900000 AUD/JPY @ Market on MBTX [expiring: 27/05/2008] (900000 traded at 100.14)	Filled	GTC		
20:26:53	0w0002s:0bbc-00	Sell 900000 AUD/JPY @ Market on MBTX [expiring: 27/05/2008] (900000 traded at 100.23)	Filled	GTC		
20:47:07	0w0002s:0c8p-00	Sell Short 900000 AUD/JPY @ Market on MBTX [expiring: 27/05/2008] (900000 traded at 100.18)	Filled	GTC		
20:50:28	0w0002s:0ccu-00	Buy 900000 AUD/JPY @ Market on MBTX [expiring: 27/05/2008] (900000 traded at 100.18)	Filled	GTC		
21:03:15	0w0002s:0cw0-00	Buy 900000 AUD/JPY @ Market on MBTX [expiring: 27/05/2008] (900000 traded at 100.22)	Filled	GTC		
21:10:33	0w0002s:0dcn-00	Sell 900000 AUD/JPY @ Market on MBTX [expiring: 27/05/2008] (900000 traded at 100.25)	Filled	GTC

-3(-4), -1(-2), -3(-4), 9(8), 0(-1), 3(2): total 5 gross, (-1) net.


----------



## prawn_86

Got 2 pips this morn. Slowly improving...


The signals weren't quite there, but the Resistance was very strong at 15 and 12 so thats why i entered. .2 was my target and i just missed that 1st spike.

Im starting to be comfortable holding longer


----------



## Trembling Hand

prawn_86 said:


> The signals weren't quite there,




In fact the rainbow inverted after you entered and gave you a sell signal didn't it?


----------



## tayser

prawns attempted to pick the bottom/reversal, the entry's a little too early - had he waited for the first couple of waves after he entered to complete and then let it ride (how far did it go eventually prawn?) it would have been perfect contrarian trade.

You need to get as early an entry as possible on the trend continuation trades - patience is needed for the contrarian trades.  What I see when I see that chart: can see the momentum was slowing and that's where you prepare for a reversal/contrarian trade.

well that's my two Euro cents anyhow


----------



## korrupt_1

hey guys... been following this thread with much interest... i'm a total noob to FX trading, but from my understanding (trial and errors)... 1 pip is not worth a hell of alot right??

i tried trading 1 AUD/USD contract on IG's demo a/c. The deposit I needed was USD$2000. However, 1 pip ($0.0001) was worth only $10...

When you guys say that you get nett 1 pip.. that's only $10? So... if you needed $2K capital to trade and get $10 in returns... that's 0.5% return on capital?

I trade the Aussie 200. 1 contract requires AUD$1750 deposit. Each point is worth $25. So if the index moves 1 points... that's $25 profit... return on capital outlay is 1.4%...

So to all you FX traders, what deposit do you need to make it really worth the while to scalp 1 or 2 pips here and there?


----------



## tayser

Depends on the leverage & the lot size.

100,000 AUD/USD, 1 pip = $10USD
1,000,000 AUD/USD, 1 pip = $100USD
10,000,000 AUD/USD, 1 pip = $1000USD

100,000 EUR/GBP, 1 pip = 10GBP
1,000,000 USD/CAD, 1 pip = $100CAD
10,000,000 USD/CHF, 1 pip = 1000CHF

using 1:100 leverage (1:50 in brackets - which I think is what IG offers), in order to trade 100,000 AUD/USD, you need $1000AUD ($2000AUD) as your margin
1,000,000 AUD/USD requires $10,000AUD ($20,000AUD) margin
10,000,000 AUD/USD requires $100,000AUD ($200,000AUD) margin

You need X amount of the currency on the left hand side of the pair to trade it and your pip value is always in the Y amount on the right hand side of the pair.

I highly recommend buying this book: 


It's by an Aussie author and it'll teach you all the basics you *need* to know about.  It's readily available in Dymocks/A&R etc.

cheers.


----------



## prawn_86

tayser said:


> (how far did it go eventually prawn?)




It went as high as .24, so i didnt catch the full rise, however i was happy exiting at resistance at .2

Korrupt:
While i am unsure of Aussie200 trading and the like, here is my take on forex:

Assuming i put $1k into a new account.
I trade 3 lots of the AUD/JPY each trade. 
The margin for 3 lots is roughly $300 (give or take)
Thereofr marging is 33% of starting capital.
Each pip with that lots size is $2.75 (approx again due to fluctuations)
So if i nett 5 pips per day that = $13.75
That = 1.37% of my initial capital.
If i can make 1% a day on my initial capital consistently (which is the key) it doesnt take long at all to compound gains. 

Hope that helps


----------



## Trembling Hand

prawn_86 said:


> Assuming i put $1k into a new account.
> I trade 3 lots of the AUD/JPY each trade.
> The margin for 3 lots is roughly $300 (give or take)
> Thereofr marging is 33% of starting capital.
> Each pip with that lots size is $2.75 (approx again due to fluctuations)
> So if i nett 5 pips per day that = $13.75
> That = 1.37% of my initial capital.




Looking at that from account size to maximum risk per trade you are way over-leveraged. With scalping you can guarantee that if you do it regular enough to make money from it at least once a month you are going to take a 2 or more R loss. I know you are just feeling out the system with demo trades but you need to do some more work on R:R before you leverage a small account like you have stated above.


----------



## prawn_86

Thanks TH,

I appreciate the advice.

I am slowly reading my way through various trading books at this stage also, so hopefully i'll pick up some stuff there too


----------



## Stormin_Norman

Trembling Hand said:


> Looking at that from account size to maximum risk per trade you are way over-leveraged. With scalping you can guarantee that if you do it regular enough to make money from it at least once a month you are going to take a 2 or more R loss. I know you are just feeling out the system with demo trades but you need to do some more work on R:R before you leverage a small account like you have stated above.




yeah that is the same thing ive been thinking in discounting scalping as a long term successful strategy (not saying people cant do it. we just have different risk preferences).

have a go of this excel file and see the difference the risk ratios can make to the results of an account. 

it is set up to have 1/3 successful trades. Anything over 10% sees the account more then likely blown. 2% sees it rarely fail. With the same returns.

http://myfreefilehosting.com/f/b63cf9a39a_0.23MB


----------



## tayser

Positive limit slippage.  woot.






Oh my lovely Yen crosses (the above is the start of this below - a benefit with a market order for exit is that I could have grabbed A LOT more, dunno why I used a limit, but hey,  15% return on my account since demo balance was reset) 






^ Lions, tigers and bears? oh my!

Time	Order ID	Message	Event	TIF	Orig Trader ID	
18:28:40	0w1002s:09w2-00	Buy 950000 AUD/JPY @ Market on MBTX [expiring: 28/05/2008] (950000 traded at 100.23)	Filled	GTC		
18:40:24	0w1002s:0apb-00	Sell 950000 AUD/JPY @ Market on MBTX [expiring: 28/05/2008] (950000 traded at 100.26)	Filled	GTC		
19:05:14	0w1002s:0c3b-00	Sell Short 950000 AUD/JPY @ Market on MBTX [expiring: 28/05/2008] (950000 traded at 100.40)	Filled	GTC		
19:06:07	0w1002s:0c7w-00	Buy 950000 AUD/JPY @ Market on MBTX [expiring: 28/05/2008] (950000 traded at 100.38)	Filled	GTC		
19:30:11	0w1002s:0dkf-00	Sell Short 950000 AUD/JPY @ Market on MBTX [expiring: 28/05/2008] (950000 traded at 100.30)	Filled	GTC		
19:33:42	0w1002s:0doq-00	Buy 950000 AUD/JPY @ 100.28 Limit on MBTX [expiring: 28/05/2008] (950000 traded at 100.24189474)	Filled	GTC

8 net, that's enough for me.


----------



## tayser

Wait for the breaks and don't be greedy!






Time	Order ID	Message	Event	TIF	Orig Trader ID	
19:48:48	0w2002s:082i-00	Buy 1000000 AUD/JPY @ Market on MBTX [expiring: 29/05/2008] (1000000 traded at 100.11)	Filled	GTC	
19:51:41	0w2002s:08al-00	Sell 1000000 AUD/JPY @ Market on MBTX [expiring: 29/05/2008] (1000000 traded at 100.15)	Filled	GTC


----------



## prawn_86

nice work.

i have had a few beverages tonight and wouldnt be able to concentrate as much as i need too


----------



## tayser

or if you felt like being greedy...... the following could have occurred.











good old Guppy.

a lazy $2ks work in under 15 min (note the lot size/compounding I'm doing).  Now go read a book


----------



## tayser

prawn_86 said:


> nice work.
> 
> i have had a few beverages tonight and wouldnt be able to concentrate as much as i need too




yah, dont scalp when you've had a few drinks - tried it once and blew up an EFX demo account.  Who'd've thunk $10k can disappear so fast


----------



## disarray

sorry trembling hand, whats an R loss? and when scalping you watch the whole trade so you won't lose more than you are willing to, so i don't understand what you mean when prawn86 is overleveraged. cheers.


----------



## Stormin_Norman

> sorry Trembling Hand, whats an R loss? and when scalping you watch the whole trade so you won't lose more than you are willing to, so i don't understand what you mean when prawn86 is overleveraged. cheers.




I thought the discussion of risk deserved its own thread.

https://www.aussiestockforums.com/forums/showthread.php?p=265556


----------



## Trembling Hand

disarray said:


> sorry Trembling Hand, whats an R loss? and when scalping you watch the whole trade so you won't lose more than you are willing to, so i don't understand what you mean when prawn86 is overleveraged. cheers.




1 R is your standard stop loss. The Max you planed to lose per trade.

With scalping small amounts you should have a stop or R value at equal or slightly less than your profit target. that means for these kind of trades you are looking at 5 to 10 pips stop. There is no way in the world that you aren't going to from time to time get hit harder than that.


----------



## disarray

thanks for the explanation gentlemen. i plan to start with US$1,000, trade 10 10,000 lots for $10 / pip and bail out once the trade goes -$50. it seems a reasonable enough risk as i am chasing 10 pip gain, i just wanted to make sure i'm not violating a fundamental trading rule or something


----------



## Stormin_Norman

disarray said:


> thanks for the explanation gentlemen. i plan to start with US$1,000, trade 10 10,000 lots for $10 / pip and bail out once the trade goes -$50. it seems a reasonable enough risk as i am chasing 10 pip gain, i just wanted to make sure i'm not violating a fundamental trading rule or something




no 5% is pretty reasonable. Grab that calculator and have a go of it to see what difference the 5% to 10% trade rules make.


----------



## tayser

dissaray, don't concern yourself over each and every trade's risk to reward ratio right now.... just worry about getting to know your pair, spot when the big moves are about to start (you confirm it with a slower timeframe), pick the right time to get in and just ride them - if you bag 10 pips and you stick to the method's 5-6 pip overall S/L rule you'll be getting 1:2 or upwards nearly every time.

Get the method right first before worrying about your lot sizes.


----------



## professor_frink

disarray said:


> sorry Trembling Hand, whats an R loss? and when scalping you watch the whole trade so you won't lose more than you are willing to, so i don't understand what you mean when prawn86 is overleveraged. cheers.




The possibility of taking a larger than expected loss is something that everyone that trades these sorts of timeframes should be very aware of when position sizing. **** happens when trading off of short term charts, and it happens quite a bit more than you think it will whilst papertrading/testing. Internet/computer/power problems, software problems, broker problems, order entry problems *WILL* happen, and it will surely happen when you are in a trade that isn't going well. 



disarray said:


> thanks for the explanation gentlemen. i plan to start with US$1,000, trade 10 10,000 lots for $10 / pip and bail out once the trade goes -$50. it seems a reasonable enough risk as i am chasing 10 pip gain, i just wanted to make sure i'm not violating a fundamental trading rule or something




personally I think 100:1 leverage and 5% risk without a hard stop is asking for trouble. What will happen if your broker's platform goes down just before a major news announcement and you are in a trade? You'll probably lose the entire amount and then some in one hit


----------



## tayser

Can I just reiterate once more.  With this method you have a hard platform-set "DISASTER RECOVERY" Stop loss of 20 pips set.  You NEVER let the market hit this stop as you keep the S/L you'll use in your head - i.e 5-6 pips away from where you got in, this should only be used in the instances as listed above by Prof Frink.  I personally don't stick to the hard and fast rule of 5 pips down get out if the market is just starting to lurch in the direction I want it too (as you almost always get initial retracement) - this comes through experience of getting to know your currency pair (look at the last charts I posted for a good example).  You would stick to that rule if you're entering with a lower probability of success - you also wouldn't use the same amount of lots if you were entering on a higher probability entry.  Experience with the currency pair and the method of entering/exiting at the right time is crucial.

However if you're new and you want to learn to use this method *just focus on the method* and if you need a guide for lot size, just use 1 EFX mini lot (10,000 - when you start with $10,000USD you're only using about $90 of the balance to trade 100,000 AUD/JPY) whilst you practice and focus on money management afterwards - it is critical to recognise when big moves start and it's also critical to figure out how to jump on and jump off.  Learn this first and the only way you can do this is with screentime - lots of it.


----------



## tayser

Entry was very late, however on days like these the odds of reaching to your targets are very much in your favour! Nice H&S eh:







Time	Order ID	Message	Event	TIF	Orig Trader ID	
02:16:09	0w6002s:05eq-00	Sell Short 900000 AUD/JPY @ Market on MBTX [expiring: 2/06/2008] (900000 traded at 96.15)	Filled	GTC	
02:17:20	0w6002s:05ix-00	Buy 900000 AUD/JPY @ 96.03 Limit on MBTX [expiring: 2/06/2008] (900000 traded at 96.03)	Filled	GTC

11 up net, might try for some more after London's opened.


----------



## prawn_86

nice work 

i have been busy back at uni so havnt been able to get in front of the screen.

oh well, im in no real rush to start live


----------



## tayser

Used a Stop + TTO order for this (Although I cancelled it after entry fill and repositioned a new limit to get me out - I thought I was being a little too optimistic (anticipating a bounce off support at 95.53), however as can be seen on the graph, it would have been close to filling...)






Time	Order ID	Message	Event	TIF	Orig Trader ID	
19:08:44	0w6002s:07nv-00	Sell Short 1000000 AUD/JPY @ 95.65 Stop+TTO [+TTO @ Market when AUD/JPY <= 95.50 or >= 95.75] on MBTX [expiring: 2/06/2008] (1000000 traded at 95.65)	Filled	GTC		
19:09:32	0w6002s:07pq-00	Buy 1000000 AUD/JPY TTO [@ Market when AUD/JPY <= 95.50 or >= 95.75] on MBTX [expiring: 2/06/2008]	Cancelled	GTC	DEMOBOT1	
19:11:49  0w6002s:07v0-00	Buy 1000000 AUD/JPY @ 95.57 Limit on MBTX [expiring: 2/06/2008] (1000000 traded at 95.57)	Filled	GTC	

EFX's demo servers are playing up again - the times on the chart probably won't match the orderbook.


----------



## tayser

things have slowed down considerably.  20's (18) enough for the day.


----------



## Stormin_Norman

how many times do you 'lose'?


----------



## tayser

plenty, like last night, I held on for a 15 pip loss.  

It's the reason I'm not live yet - I've got the technique just about right, it's all the other things in trading that I've got to get sorted, specifically: psychologically.  

I keep saying this, but it can't be said enough, this is the beautiful thing about FX - you can do all this with no financial risk to yourself due to the plethora of demos available which provide a far more realistic paper-trading environment than in equities.


----------



## Trembling Hand

tayser said:


> It's the reason I'm not live yet - I've got the technique just about right, it's all the other things in trading that I've got to get sorted, specifically: psychologically.




Not so sure about transferring psychologically on a Sim to having real skin in the market. I reckon Sims are great for testing and practising a new system or for basic learning by new traders. I often use a Sim for replaying the day after a crappy result.

Have you got a goal to achieve when you will go live? One thing to think about is you may just find your learning is accelerated by trading live.


----------



## tayser

I understand what you're saying and I was live for a period of 2 weeks with Oanda, but that's the point where I learnt first hand how **** it is to scalp with a MM.

My own prognosis is this: I'll improve a lot when I learn to be more patient - I am improving, but not fast enough (lol).


----------



## Stormin_Norman

tayser said:


> I understand what you're saying and I was live for a period of 2 weeks with Oanda, but that's the point where I learnt first hand how **** it is to scalp with a MM.





no wonder you dont like them! they stole your money!!! 

but seriously; if you lost with transaction costs in the past very similar to the ones in the future - will the small savings in transaction costs allow you to become profitable?

or like u said; was your non-success more to do with inexperience?


----------



## tayser

inexperience, different mindset and technique has matured since then.


----------



## gosko

Hi Guys,

Ive been following this method for the past few weeks and i think its awesome. Its been a bit up and down for me in terms success, but overall im definately up =). Has anyone read through LinuxTrolls posts. He mentions the mantra? I cannot find this anywhere, does anyone know where this is, if so could you provide me a link?

Thanks in advance.


----------



## disarray

Mantra


----------



## tayser

Aussie was a snore tonight.  So switched to the Pome-dollar.

2 neg 2 pos, first two neg were caught in sideways / heavy upper resistance, 2 pos when it roared back into life in the other direction.











Time	Order ID	Message	Event	TIF	Orig Trader ID	
20:12:38	0w9002s:090m-00	Buy 10000 GBP/JPY @ Market on MBTX [expiring: 5/06/2008] (10000 traded at 206.42)	Filled	GTC	
20:12:56	0w9002s:0915-00	Sell 10000 GBP/JPY @ Market on MBTX [expiring: 5/06/2008] (10000 traded at 206.44)	Filled	GTC	
20:24:37	0w9002s:09ck-00	Buy 150000 GBP/JPY @ Market on MBTX [expiring: 5/06/2008] (150000 traded at 206.59)	Filled	GTC		
20:36:51	0w9002s:09p0-00	Sell 150000 GBP/JPY @ Market on MBTX [expiring: 5/06/2008] (150000 traded at 206.53)	Filled	GTC	
20:46:49	0w9002s:09u4-00	Buy 150000 GBP/JPY Stop 206.61 Market on MBTX [expiring: 5/06/2008] (150000 traded at 206.63)	Filled	GTC	
20:51:45	0w9002s:09zh-00	Sell 150000 GBP/JPY @ Market on MBTX [expiring: 5/06/2008] (150000 traded at 206.55)	Filled	GTC	
20:53:38	0w9002s:0a0w-00	Sell Short 150000 GBP/JPY @ Market on MBTX [expiring: 5/06/2008] (150000 traded at 206.53)	Filled	GTC	
20:57:07	0w9002s:0a4r-00	Buy 150000 GBP/JPY @ Market on MBTX [expiring: 5/06/2008] (150000 traded at 206.42)	Filled	GTC	
21:02:26	0w9002s:0abx-00	Sell Short 150000 GBP/JPY @ Market on MBTX [expiring: 5/06/2008] (150000 traded at 206.30)	Filled	GTC	
21:04:34	0w9002s:0ais-00	Buy 150000 GBP/JPY @ Market on MBTX [expiring: 5/06/2008] (150000 traded at 206.11)	Filled	GTC	

-6(-8), -8(-10), 11(9), 19(17)  total: 16 gross, (8 net - or the equivalent of 3-4 on AUD/JPY).  Might give the Sterling and Euro Interest rate statements a look in later tonight, otherwise that's it for the night.


----------



## tayser

Chart speaks for itself really.







Time	Order ID	Message	Event	TIF	Orig Trader ID	
23:00:46	0w9002s:0dd7-00	Buy 150000 GBP/JPY @ Market on MBTX [expiring: 5/06/2008] (150000 traded at 206.42)	Filled	GTC	
23:01:39	0w9002s:0di3-00	Sell 150000 GBP/JPY @ Market on MBTX [expiring: 5/06/2008] (150000 traded at 206.54)	Filled	GTC	

12(10).  Next up Euro in 35 min.


----------



## tayser

Euro was rubbish.... no trades... bedtime.


----------



## tayser

Yabba dabba doo?

A nervous first trade, followed by a neg trade where I broke the golden rule! (get out as soon as you feel it go against you - I saw the price cross the spine but ignored as you need to give Sterling a little lee-way... argh!), then on impulse got a nice little retracement trade.






After a few more positives, this has capped my night right off.  All three were smashing down against the support, I took my position as it was coming down again toward the .00 level and then violence ensued.  I held on around the .62/.63 level for 20 seconds and just got out with 37 piparinas:






my lovely yen crosses:






what a night!

Time	Order ID	Message	Event	TIF	Orig Trader ID			
17:54:49	0wa012s:04ag-00	Sell Short 150000 GBP/JPY @ Market on MBTX [expiring: 6/06/2008] (150000 traded at 206.60)	Filled	GTC		
17:55:16	0wa012s:04bl-00	Buy 150000 GBP/JPY @ Market on MBTX [expiring: 6/06/2008] (150000 traded at 206.56)	Filled	GTC		
17:59:02	0wa012s:04k9-00	Sell Short 150000 GBP/JPY @ Market on MBTX [expiring: 6/06/2008] (150000 traded at 206.25)	Filled	GTC		
18:01:01	0wa012s:04nt-00	Buy 150000 GBP/JPY @ Market on MBTX [expiring: 6/06/2008] (150000 traded at 206.39)	Filled	GTC		
18:04:20	0wa012s:04td-00	Sell Short 150000 GBP/JPY @ Market on MBTX [expiring: 6/06/2008] (150000 traded at 206.57)	Filled	GTC		
18:07:23	0wa012s:04ww-00	Buy 150000 GBP/JPY @ Market on MBTX [expiring: 6/06/2008] (150000 traded at 206.45)	Filled	GTC		
18:27:18	0wa012s:05oz-00	Sell Short 150000 GBP/JPY @ Market on MBTX [expiring: 6/06/2008] (150000 traded at 206.25)	Filled	GTC		
18:30:37	0wa012s:05ub-00	Buy 150000 GBP/JPY @ Market on MBTX [expiring: 6/06/2008] (150000 traded at 206.20)	Filled	GTC		
18:31:57	0wa012s:05x4-00	Buy 150000 GBP/JPY @ Market on MBTX [expiring: 6/06/2008] (150000 traded at 206.20)	Filled	GTC		
18:32:20	0wa012s:05yj-00	Sell 150000 GBP/JPY @ Market on MBTX [expiring: 6/06/2008] (150000 traded at 206.23)	Filled	GTC		
18:36:16	0wa012s:0653-00	Buy 150000 GBP/JPY @ Market on MBTX [expiring: 6/06/2008] (150000 traded at 206.34)	Filled	GTC		
18:38:55	0wa012s:068s-00	Sell 150000 GBP/JPY @ Market on MBTX [expiring: 6/06/2008] (150000 traded at 206.38)	Filled	GTC				
19:24:43	0wa012s:08gp-00	Buy 150000 GBP/JPY @ Market on MBTX [expiring: 6/06/2008] (150000 traded at 206.09)	Filled	GTC		
19:27:33	0wa012s:08mv-00	Sell 150000 GBP/JPY @ Market on MBTX [expiring: 6/06/2008] (150000 traded at 206.14)	Filled	GTC				
19:31:44	0wa012s:08t3-00	Sell Short 150000 GBP/JPY @ Market on MBTX [expiring: 6/06/2008] (150000 traded at 206.00)	Filled	GTC		
19:35:09	0wa012s:093e-00	Buy 150000 GBP/JPY @ Market on MBTX [expiring: 6/06/2008] (150000 traded at 205.63)	Filled	GTC	

4(2), -14(-16), 12(10), 5(3), 3(1), 4(2), 5(3), 37(35), total 56 gross, 40 net.  (roughly equivalent to 20 pips on AUD/JPY)

*BEER O'CLOCK!*


----------



## johnnyg

Great thread tayser, im just getting started using the Oanda Demo. Im currently using Candlesticks on a 1 min chart trading mostly AUD/USD and EUR/JPY using the Rainbow WMA's.


----------



## tayser

Have you tried a faster timeframe?  1 minute chart with candle sticks (and in particular some other indicators - I have a bog standard GMMA running on mine (see above)) are good for trend confirmation, but have a crack with a faster timeframe line chart...

Go the second chart on the NinjaTrader + EFX combo!


----------



## johnnyg

Cheers Tayser, Ill have a look. Currently im using 1:50 leverage and trading 10000 units using a margin for $200-$300 AUD. 

Talking about a fast move did you see the EUR/JPY about 5 minutes back? Moved 1 cent in about 4 minutes. Being a newbie is that kind of movement normal? Doesnt look like it looking back over the charts. LOL Scalped a few pips coming back down though.


----------



## tayser

Normal after big news announcements / something that spooks the market.

Use EFX, not Oanda...  You wouldn't use a market maker to scalp live, so you might as well practice with an ECN.  You start with $10k balance and if you use the same lot size (which is one lot on EFX), you're only using 1% of the account balance (1:100 leverage).

Go back a page or so, I posted directions how to get the EFX + NinjaTrader combo up and running.

cheers


----------



## tayser

Something just spooked Mr Yen, either that or everyone was sick of waiting for resistance @ 96.15 to be breached hah.






e	Order ID	Message	Event	TIF	Orig Trader ID	
21:27:02	0wf002s:0dp8-00	Sell Short 150000 AUD/JPY @ Market on MBTX [expiring: 11/06/2008] (150000 traded at 96.04)	Filled	GTC	
21:27:19	0wf002s:0dqo-00	Buy 1500000 AUD/JPY @ Market on MBTX [expiring: 11/06/2008] (150000 traded at 95.93)	Filled	GTC		
21:27:35	0wf002s:0dro-00	Sell Short 150000 AUD/JPY @ Market on MBTX [expiring: 11/06/2008] (150000 traded at 95.95)	Filled	GTC		
21:28:04	0wf002s:0dtx-00	Buy 150000 AUD/JPY @ Market on MBTX [expiring: 11/06/2008] (150000 traded at 95.85)	Filled	GTC	

19's more than enough.


----------



## johnnyg

All set up now using Ninja & EFX. Quick question regarding Stops using EFX Tayser. I Use a market stop and set the stop a few points above the bid (when shorting and vice-versa for going long) however when the price goes threw my stop price, my order doesnt get closed out? Any ideas? Or am I setting it up wrong?


----------



## tayser

Right click any of the order entry screens in Navigator and select preferences.  Down the bottom there's a stop method selection - try either of them.  I don't really know sorry, I don't use stops that close to the market so I've rarely had them hit!

TRy and only set a stop of about 20 pips away from where you enter - this is purely a disaster recovery stop (i.e if your PC goes haywire while you're in a trade and the market moves against you this is your security) but at all times, keep a mental stop loss and act on that.... 6-8 pips is a rough guide (never let the market get to the point where you'll exit a trade on the disaster recovery stop).  When you enter a trade, you set the stop 20 pips away and if you want to close the trade you need to first cancel the limit (stop) order first before exiting on market or another limit order.  It's a bit clunky, but it works.


----------



## johnnyg

Im only using stops so close just to make sure im setting up the trade properly (trying for the stops to be hit and the trade to close) however I still cant get the stop to work. 

Tayser, if you wouldnt mind, could you do a step by step of how you set your stops on EFX Navigator and Ill give it a burl.

Cheers.


----------



## tayser

Use a market + trailing stop order (or limit + trailing stop) in your order entry screen set.  Set the trail offset to 0.20, enter your lot sizes, then go long or short.  If you watch the orderbook your trailing stop will be set after you're filled.  

You have to cancel your trailing stop order when you want to close the trade.  I set up hotkeys in Navigator:  F2 = Close all positions.  F3 = Cancel all orders.  Go to Navigate > Preferences, then click next all the way to the 2nd last screen where you can set up hotkeys.  Click Add, click in the keystroke field then hit the key you want to assign the function to (F2), then select Close all Positions (Account), click ok.  Repeat for F3 (Cancel all orders) then ok.

Close navigator and re-open and you'll be right to go.  When I'm ready to exit, it's always just a combo of hitting F3 first (need to wait til order is cancelled) then F2.


----------



## onemore

Tayser, 
Will you be trading this method with money one day?


----------



## tayser

Live with an ECN will be in the new tax year - need time to save a more decent deposit and I'm about to hit the HECS threshold - and I dont want a nasty tax slug in 07/08 which may affect my initial ECN deposit.  

incidentally I am already, albeit it a small oanda account:






"post" newstrading with rainbow (really only following the price action rather than the WMAs in this instance) on the Yank CPI release at 11:30pm.


----------



## onemore

Look forward to your post then.I hope nothing changes and it goes well for you.

cheers


----------



## tayser

So do I, I have my resignation letter already written up - I just need to change the effective date (best case scenario: end of the year, worst case scenario: end of 08/09 financial year - no in between!)


----------



## Andy_aus

Good on you Tayser, ill look forward to hearing from you when u hand in that letter.  Im still a few months behind you yet, have been demo trading for the last few weeks, but its all starting to come together now.  Ive found that using 20 second charts on NT and MBT more up my alley. 

I get too panicky, too slow, and i cant see the big picture with the 5 second charts.


----------



## tayser

When you find something that sits well with you: stick to it.  You're always bound to find your own style using this method.  I'll admit alot of my decisions were based on the slower timeframes (it's a lot easier as you say to see the big picture) - as time goes by I'm relying on it less and less and being guided by the price line on the 1 second chart!

The slower timeframes are almost a must when you first start your session - you need to see what's happened in the last few hours as pairs move through active and inactive waves, you want to catch a ride in the active waves.  

Incidentally, did anyone see the liquidity on AUD/JPY last night after NY open on EFX?  typically 30,000,000 - 40,000,000 on offer over 2 pips and then some.........


----------



## prawn_86

Well done Tayser,

good to see the progress you are making. Hopefully you can reach your goals sooner rather than later 

I havn't been able to get in front of the screen lately, due to too many other commitments, but i do still like the method.

Are you keeping track of your daily pips? If so what is your average over the past month (if you want to say)? Are you hitting your target each day yet?


----------



## tayser

havent been full time trading the past 2-3 weeks.  In the past fortnight: 5 positive days, 2 negative days.

I've exceeded my targets on all the positive days (the target is the equivalent of 10 pips on AUD/JPY) - across three different pairs too.

Balance is reset today so Monday's a time for playing with different levels of lot sizes & aggressive and conservative scalping - until I go live in July, I'm just going to tinker around a bit.


----------



## G-Zilla

Tayser,

Im slowly working my way through the closed Cyrox thread on forex factory. There is a lot of reference to Linuxtroll's ebook. Do you recommend buying that or just reading the thread a few times and other forum reading?

Cheers,
Matt


----------



## Andy_aus

Nah i missed it tayser, im mainly looking at EUR / JPY... some nice breakouts around american market session opening times last night.  

I think ill start with 20 second and slowly work my way down.... but ive had most of my successes with a slower tf.  

Are you using simple at market orders to jump in and out with the 1 second tayser.


----------



## tayser

G-Zilla said:


> Tayser,
> 
> Im slowly working my way through the closed Cyrox thread on forex factory. There is a lot of reference to Linuxtroll's ebook. Do you recommend buying that or just reading the thread a few times and other forum reading?
> 
> Cheers,
> Matt




You don't really need to buy it... if you've got a spare $100, go for it, it's quite concise.  In saying that, you can pick up just as much from the various threads, and there's a forum dedicated to it (www.cyrox.com - also where you buy the ebook).

I bought it out of courtesy to Linuxtroll/TRollmann giving us the method for free.

Andy: yep, market orders in/out.  Sometimes limits on the way out - this is something I'm likely to play around with over the next month or so.  If you're just starting out, don't fuss over complex orders, just use market - EFX Navigator's execution's pretty good.


----------



## Andy_aus

Man, ive been trialling oanda fx game just to get a grasp of it.

My conclusion from doing that is that it sux, im like 80-90 dollars down as soon as i start a position which means that it needs to move 4-5 pips in my favour just to break even.  Im trialling a 10,000 account and its depressing to see that you are down 1% of your account just for entering a position.  Anyone find the same thing? or should i just persist and get good at it?


----------



## tayser

Spreads are naturally enormous tonight.  Playing a little bit on the greedy side, burned me, however have made it back and am stopping now.







Ouch:










Time	Order ID	Message	Event	TIF	Orig Trader ID	
19:08:07	0wk002s:091x-00	Sell Short 1000000 AUD/JPY @ Market on MBTX [expiring: 16/06/2008] (1000000 traded at 89.93)	Filled	GTC		
19:14:01	0wk002s:09ev-00	Buy 1000000 AUD/JPY @ Market on MBTX [expiring: 16/06/2008] (1000000 traded at 89.81)	Filled	GTC		
20:00:04	0wk002s:0az9-00	Buy 1000000 AUD/JPY @ Market on MBTX [expiring: 16/06/2008] (1000000 traded at 89.92)	Filled	GTC		
20:00:37	0wk002s:0b0u-00	Sell 1000000 AUD/JPY @ Market on MBTX [expiring: 16/06/2008] (1000000 traded at 89.79)	Filled	GTC		
20:08:54	0wk002s:0b5q-00	Sell Short 1000000 AUD/JPY @ Market on MBTX [expiring: 16/06/2008] (1000000 traded at 89.75)	Filled	GTC		
20:11:31	0wk002s:0b96-00	Buy 1000000 AUD/JPY @ Market on MBTX [expiring: 16/06/2008] (1000000 traded at 89.65)	Filled	GTC		
20:11:57	0wk002s:0b9h-00	Sell Short 1000000 AUD/JPY @ Market on MBTX [expiring: 16/06/2008] (1000000 traded at 89.57)	Filled	GTC		
20:12:48	0wk002s:0b9w-00	Buy 1000000 AUD/JPY @ Market on MBTX [expiring: 16/06/2008] (1000000 traded at 89.52)	Filled	GTC

+ 9 real pips on my Oanda account earlier today (not at the above lot sizes unfortunately though ).


----------



## disarray

does anyone use pivot points in ninjatrader? if so, do you enter the trading session time to calculate them, and if so, what times do you enter on your charts.?

i was mucking around and trying to set them but default time is 12am - 12am but that would bugger up the pivot point calculation wouldn't it? so i set 8-4 on AUD/JPY chart, 6pm - 3am on the EUR/JPY chart, 7-4 on GBP etc but outside of those times the chart stops feeding price data because it thinks the session is closed.

cheers

** nm, sorted **

from ninjatrader site



> Another method you can use to match NinjaTrader pivots with the pivots published is to use the daily bars option available in the NinjaTrader pivot indicator in version 6.5 or later. With this option, NinjaTrader will calculate the pivots based on the previous day’s HLC values as reported by your data provider’s daily bars. This approach will remove the need to fondle with the chart’s session begin and end times and will continue to allow you to chart pre-market and after-hours trading, but if your data provider does not support daily bars beware that the indicator will revert back to using session times for pivot calculations.


----------



## tayser

^ awesome, time to fiddle with Ninja methinks, thanks for that!

Done - and all on one chart today!






Time	Order ID	Message	Event	TIF	Orig Trader ID	
20:01:20	0wm0c2s:0b96-00	Buy 500000 AUD/JPY @ Market on MBTX [expiring: 18/06/2008] (500000 traded at 91.55)	Filled	GTC		
20:01:47	0wm0c2s:0b9u-00	Sell 500000 AUD/JPY @ Market on MBTX [expiring: 18/06/2008] (500000 traded at 91.56)	Filled	GTC		
20:04:11	0wm0c2s:0bff-00	Buy 500000 AUD/JPY @ Market on MBTX [expiring: 18/06/2008] (500000 traded at 91.63)	Filled	GTC		
20:05:14	0wm0c2s:0biv-00	Sell 500000 AUD/JPY @ Market on MBTX [expiring: 18/06/2008] (500000 traded at 91.68)	Filled	GTC		
20:10:15	0wm0c2s:0bsq-00	Sell Short 100000 AUD/JPY @ Market on MBTX [expiring: 18/06/2008] (100000 traded at 91.46)	Filled	GTC		
20:10:49	0wm0c2s:0bu8-00	Buy 100000 AUD/JPY @ Market on MBTX [expiring: 18/06/2008] (100000 traded at 91.44)	Filled	GTC		
20:16:26	0wm0c2s:0c5e-00	Buy 100000 AUD/JPY @ Market on MBTX [expiring: 18/06/2008] (100000 traded at 91.32)	Filled	GTC		
20:17:14	0wm0c2s:0cj8-00	Sell 100000 AUD/JPY @ Market on MBTX [expiring: 18/06/2008] (100000 traded at 91.38)	Filled	GTC		

1(0), 5(4), 2(1), 6(5).  Commission's now worth about 0.9 pips, so even on the first trade I still made (albeit only a little) a bit of cash...


----------



## johnnyg

Looks like your going along well tayser. Finally got my stop to work, Using a market + trailing atm like you said. Im starting to demo abit more serious and using lot sizes equal to or close to what ill use when and if I go live. I usually trade 10 lots using a margin of ~1K. So far im finding it abit easier to use a slower moving chart (1,2,5min chart) and watch for when the candle either breaks up threw the spine or down threw it. I set a trailing stop of 0.20 (20 pips) however if i feel its going against me ill close the order. So far since Monday night my trades have gone as follows.

Short AUDUSD 10 lots +12pips - $120+
Short EURJPY 10 lots +55pips - $528+
Short EURJPY 15 lots +10pips - $124
Short AUDUSD 15 lots -1pip - $9- (got stoped out)
Short AUDUSD 15 lots +5pips $54+
Long EURJPY 15 lots +4pips $60
Short EURJPY 10lots +16pips $152

Still want to play around alot with different time frames to see which feels the best for me and log alot more results/ideas. Im not sure if youd call my trades scalping but am interested to hear thoughts/opinions.

Regards Johnny,


----------



## tayser

good stuff.  I keep a M1 chart of EUR/JPY, GBP/JPY and AUD/JPY running on my second screen with a bog-standard GMMA + pivots and pretty much use it for confirmation.  It really depends on the prevailing market conditions, but it's been good to refer to the M1 chart in the past few days - bigger movements and are much easier to spot on the slower chart - in fact I've noticed I've been looking at the slower chart more often than the second chart this week and actually swapping both charts roles!

The only thing I would recommend is sticking to one pair, or one group of pairs.  I.e you're trading crosses to the USD and JPY.  XXX/USD and XXX/JPY pairs have dramatically different characteristics - for one the JPY will move many more pips than a USD pair in the same timeframe and another at this point in time, the Yen is strengthening and Uncle Sam's Peso is weakening, therefore any yen cross will yield more for you than a Yank buck cross atm - you'll find it a lot easier to make roughly the same pipage more consistently if you stick to one sole pair, or stick to the same group.  

I started with EUR/JPY as LT's E-book suggests and have since moved to AUD/JPY primarily, but I keep an eye on Euro, Sterling and Aussie to the Yen.  All three don't move in synch, but it takes a lot less screen time to successfully move between them than say going from a XXX/JPY to any XXX/USD or EUR/XXX.

Apologies if you're more experienced in FX trading than me (doesn't take much to have more than me!), but HTH.


----------



## Andy_aus

Semi retarded question tayser... how do you get ninja trader to zoom out a bit.  I cant get the zoom similar to that of my oanda chart.  I also noticed that the v line isnt set at 5 minutes in your charts... is there a way to do this?

Thanks


----------



## disarray

CTRL + UP / DOWN to zoom in and out

ALT + UP / DOWN to make the bars thicker


----------



## johnnyg

Cheers for the tips Tayser. LOL im only an amauter at this game. Only been demoing for the last 2-3weeks. Look forward to learning alot more.


----------



## tayser

Meh, can't be arsed - in weekend mode already   Enough for today.






Time	Order ID	Message	Event	TIF	Orig Trader ID	
20:12:10	0wn082s:0bl1-00	Sell Short 100000 GBP/JPY @ Market on MBTX [expiring: 19/06/2008] (100000 traded at 197.26)	Filled	GTC		
20:13:53	0wn082s:0boo-00	Buy 100000 GBP/JPY @ Market on MBTX [expiring: 19/06/2008] (100000 traded at 197.14)	Filled	GTC


----------



## Andy_aus

AUD / JPY for me tayser, being aussie the times suit me nicely.

Have u quit ur job yet? 

By the way that last trade u did, u entered a little bit too early for my liking, i would have waited for a clearer break of support.  Any comments? im still learning


----------



## tayser

hah, no, haven't quit - gotta go live first   197.30 above was a resistance line, so you take the contrarian view once the move is complete (usually is when it hits S/R).  

Anyhow, battling against enormous spreads, 1 pip on the pome-dollar will do me for Easter Monday... 






Time	Order ID	Message	Event	TIF	Orig Trader ID	
16:25:29	0wr002s:03j0-00	Sell Short 100000 GBP/JPY @ Market on MBTX [expiring: 23/06/2008] (100000 traded at 197.48)	Filled	GTC	
16:45:17	0wr002s:044t-00	Buy 100000 GBP/JPY @ Market on MBTX [expiring: 23/06/2008] (100000 traded at 197.45)	Filled	GTC


----------



## tayser

5 pips on EUR/USD after the favourable German news release tonight - only 5, I'm such a pussy!


----------



## tayser

Date with the Euro tonight...  Happy with trades 1 & 3 - continuation patterns, Trade #2 I was far too late in entering and Trade #4 I was late, but it paid off, in and out very quickly.














Time	Order ID	Message	Event	TIF	Orig Trader ID	
18:06:50	0wu002s:07nj-00	Buy 150000 EUR/USD @ Market on MBTX [expiring: 26/06/2008] (150000 traded at 1.5786)	Filled	GTC		
18:07:11	0wu002s:07pb-00	Sell 150000 EUR/USD @ Market on MBTX [expiring: 26/06/2008] (150000 traded at 1.57923)	Filled	GTC		
18:17:57	0wu002s:083j-00	Sell Short 150000 EUR/USD @ Market on MBTX [expiring: 26/06/2008] (150000 traded at 1.5781)	Filled	GTC		
18:20:03	0wu002s:0868-00	Buy 150000 EUR/USD @ Market on MBTX [expiring: 26/06/2008] (150000 traded at 1.5783)	Filled	GTC			
19:17:16	0wu002s:0bsp-00	Buy 150000 EUR/JPY @ Market on MBTX [expiring: 26/06/2008] (150000 traded at 156.71)	Filled	GTC		
19:18:23	0wu002s:0bx1-00	Sell 150000 EUR/JPY @ Market on MBTX [expiring: 26/06/2008] (150000 traded at 156.88)	Filled	GTC		
19:20:46	0wu002s:0c5d-00	Sell Short 150000 EUR/USD @ Market on MBTX [expiring: 26/06/2008] (150000 traded at 1.5737)	Filled	GTC		
19:21:06	0wu002s:0c7e-00	Buy 150000 EUR/USD @ Market on MBTX [expiring: 26/06/2008] (150000 traded at 1.5732)	Filled	GTC	

6.3 (4.8), -2 (-3.5), 17 (15.5), 5 (3.5) - 24.3, (20.3).  More than enough.


----------



## tayser

Some more Euro lovin' tonight.






-2.4, 7.3 + 3.5 pips earlier today...


----------



## tayser

And some demo pips (EUR/USD edited image in above post):






Time	Order ID	Message	Event	TIF	Orig Trader ID	
21:46:06	0wv002s:0k2k-00	Buy 150000 EUR/JPY @ Market on MBTX [expiring: 27/06/2008] (150000 traded at 158.09)	Filled	GTC		
21:51:29	0wv002s:0ka5-00	Sell 150000 EUR/JPY @ Market on MBTX [expiring: 27/06/2008] (150000 traded at 158.15)	Filled	GTC		
22:19:49	0wv002s:0ljo-00	Buy 150000 EUR/USD @ Market on MBTX [expiring: 27/06/2008] (150000 traded at 1.5825)	Filled	GTC	
22:23:11	0wv002s:0lqg-00	Sell 150000 EUR/USD @ Market on MBTX [expiring: 27/06/2008] (150000 traded at 1.5832)	Filled	GTC

reason for holding on to the trades:  M1 GMMA had both groups of averages in an upward trend and the EUR/USD was heading for a resistance line @ 1.5840.


----------



## tayser

Some weekend reading: http://www.cyrox.com/forum/index.php?topic=4.0

FlashCall's turned himself into a true blue pip machine, also look at his blog (http://www.scalpalot.com/)


----------



## el caballo

Hi Tayser,

Great journal.

Can I ask what broker you are using, whether you are trading the actual underlying market, and whether you are able to place limit orders within the bid/ask spread?  For example, IG Markets type brokers only allow the buying and selling at market prices, with a constant spread (typically greater than 2 points).  This is effectively their commission.  For scalping purposes, this is not a good thing - once the trade is placed, the trader is automatically at loss.

Thanks.


----------



## el caballo

Tayser,

Are you still with www.efxgroup.com.

Please let me know if your experience with his broker has a been a smooth one?  Are you based in Australia?  Are customer service issues difficult to solve with this overseas-based broker?  Do you feel your money is safe with them?  Is your account constantly exposed to exchange rate flucuations, or do they allow Australian currency?

I have been profitably scalping forex with IG Markets, but their fixed spread is an awful disadvantage, and I am looking to trade with a broker with a one point spread where I can place true limit orders (ie. with the actual underlying market spread).

Your help is appreciated.


----------



## lbradman

hi tayser great job with the trades so far especially in a such a small timeframe. I want to ask how do you get zero spread before you enter because I would imagine that happens in a blink of an eye so you have to be lightning fast. I'm not sure how your able to get your 5 pips from the OANDA demo since from the screenshots it looks like you would only end up with 3 pips after the spread. If you get a setup using EFX demo and the spread is say 2 pips do you still go ahead and take the trade or insist on zero spread before you do?


----------



## tayser

el caballo:

I've been demo'ing with EFX for about 6 months now, so I'm pretty familiar with their platform.  I also have a live Oanda account.  

I'm in Melbourne yeah, and they only offer USD account denomination at the moment.  There was talk of them offering other currencies and apparently it wasn't too far off but has been put on the back burner yes.  EFX are pretty much the best ECN broker for the small retail trader - they only require $400USD as an initial account deposit.  You're best to look at the EFX group threads on here and on Forexfactory where your questions have been asked and answered a few times.

I plan to open a live account with them and start trading with them in the new financial year so I won't be able to answer many of the customer-related questions until then (again, check the EFX group threads).  I have dealt with the customer support whilst on demos a few times - their demo platform is also their developer's test platform so the performance is somewhat flakey and I've had to ask to get orders that have got stuck cleared etc.  Very prompt and they appear to treat demo 'customers' in the same way as live ones.

I've been back on Oanda recently, but have only been scalping EUR/USD (which has a fixed 0.9 spread) or EUR/JPY (2-2.3).  I originally started scalping AUD/JPY with them back about 4-5 months ago (4 pip spread) but I was still at the stage where I was jumping in all over the place trying to maximise the pips - and ended up eroding 20% of my account (eh, I only chucked $100 in to start, but irrespective of the dollar amount, losing 20% of your account is still a big deal).  So I'm sticking to using 25%-50% (depending on the probability) of my account balance in lot size and am slowly coming back up to break even.  

Now though, 4-5 months on, I'm only trading big movements - it comes from learning specific currency pairs and well... more overall trading experience.

I wouldn't recommend scalping with Oanda as they have the same order types as you mention IG do (buggar all), I wouldn't focus on limit orders exclusively however.  Market is fine when you jump on a big move - the spread becomes a care factor less than 1!

lbradman:

depends on the pair - the big 3 XXX/USD pairs (GBP, EUR and AUD) are frequently between 0-1 pip spread - especially EUR and it's very easy - even on market - to get in with buggar all spread.  EUR/JPY is the same.  AUD/JPY can on occasion do it and is invariably a sign of a surge in either direction - this is actually one of my signals to get in on a trade. 

And no, I don't insist on 0 spread for my entries (you'd be waiting a long time lol!), I'm looking for bigger movements generally, so yeah, I'll enter on 2-3 pips on AUD/JPY if the momentum's building behind it.  The only time I'd go the aggressive route and try and take 1 or 2 pips here or there is actually on EUR/USD exclusively on Oanda.  The pair can bounce in a 5 pip range in slow times and it's quite easy to get 2-3 pips when its fixed spread is 0.9.  

cheers


----------



## prawn_86

Is anyone having problems loading past data into ninja trader using Gain?

I have tried a couple times lately, but none of the past data will load


----------



## tayser

It took me ten minutes on friday to pre-load for three pairs.  I think they're only allowing one day's worth of data to be downloaded now...


----------



## disarray

i didn't have any problems. i saved my workbench on 5 minutes so connect to GAIN and it will backfill the 5 minute chart. then switch down to 1 min or 1 sec then connect to MBTrading. i've gone live with EFX, $5 per trade commission as well as the spread. was no hassles wiring the cash and it was available to trade with next day.


----------



## prawn_86

disarray said:


> i didn't have any problems. i saved my workbench on 5 minutes so connect to GAIN and it will backfill the 5 minute chart. then switch down to 1 min or 1 sec then connect to MBTrading. i've gone live with EFX, $5 per trade commission as well as the spread. was no hassles wiring the cash and it was available to trade with next day.




See when i connect to gain it is not back filling for some reason. I have all my templates saved and stuff, but it just wont get the historical data.

I have just signed up for the free demo GFT are offering in the banner adds here on ASF. I will see what their platform is like and use their charts and execute my trades with efx still as MBT spreads are fixed at 3 pips


----------



## el caballo

Tayser,

Thanks for your prompt reply. I am increasingly nervous about brokers going bankrupt, and having little to no recourse (see Trader Dealer's recent woes).  I am also not keen about wiring substantial amounts of money overseas.  Does EFX pay interest on the account, and if yes what is the current rate?  I know Oanda pays interest.  The US's interest rates are substantially lower than ours, hence I presume that would be a (~2%) disadvantage.

Has any forex trader in this forum used or using IB?  I would be grateful if you could share your experience.


----------



## tayser

They only pay interest on account balances over a mil from memory (read it on the ForexFactory thread).

And yeah, that is the disadvantage of having US denominated accounts - poor bank interest.  As for large amounts of money being wired - you shouldn't really have to send all that much to the US (only your initial deposit - and it doesnt need to be all that much), you'll just be getting lots of money back from the US if you successfully trade FX with EFX


----------



## el caballo

Tayser,

Thanks for the confirmation - the interest issue is a problem then.  Do you know at present what their interest payment is? ~ 4.25%?  Do they take off a set amount of this, a la Aussie CFD providers?  IG currently pay credit interest at the RBA rate less 2% (ie. 7.25 - 2 = 5.25%)  (Side question:  Does this 2% reduction simply go to IG's bottom line?).

Your comment regarding the small amount needed to be wired overseas - I think successful trading is very difficult with anything less than at least a mid five figure account.  Sending that type of money to an overseas broker leaves me a little cold ...

Again, to the forex traders out there .. how is the experience with IB?


----------



## tayser

I have no idea what rate's they pay, I'd be assuming it would be close to whatever the Fed charges retail US banks (but you have to have a LARGE balance to actually get the interest - they're not going to pay interest on a $50,000 account).

Remember that EFX only offer 1:100 leverage so you don't necessarily require large amounts of capital to start up (you just need to be wise with your starting lot sizes - IMO).

If you have a 5 figure starting capital - go straight to a Currenex broker (which would invariably allow you to denominate in AUD from the word go - you'll have to do your own research on Currenex however, I know very little about any of the brokers which offer the platform).


----------



## disarray

prawn_86 said:


> See when i connect to gain it is not back filling for some reason. I have all my templates saved and stuff, but it just wont get the historical data.




have you been changing the time properties of your charts? just leave it at default 12:00AM for open and close. i had some fill problems when i was changing my chart session times.


----------



## prawn_86

Got the backfill problem sorted 

4 pips net on a good setup. Flame was expanding and broke down through .2


20:36:41	AUD/JPY	Executed	   Bought 30000 AUD/JPY at 91.13		
20:34:42	AUD/JPY	Executed	   Sold Short 30000 AUD/JPY at 91.18


----------



## tayser

NinjaTrader update fixed problem?


----------



## prawn_86

tayser said:


> NinjaTrader update fixed problem?




I didnt update it, i just loaded it up this morning and it had data tight back to this mornings open. It didnt go back to last week though, which doesnt really matter.


----------



## prawn_86

03:26:42	AUD/JPY	Executed	   Bought 30000 AUD/JPY at 91.14	
03:28:44	AUD/JPY	Executed	   Sold 30000 AUD/JPY at 91.15

03:37:27	AUD/JPY	Executed	   Bought 30000 AUD/JPY at 91.23		
03:39:13	AUD/JPY	Executed	   Sold 30000 AUD/JPY at 91.17

03:39:21	AUD/JPY	Executed	   Sold Short 30000 AUD/JPY at 91.18		
03:40:33	AUD/JPY	Executed	   Bought 30000 AUD/JPY at 91.14		

03:41:35	AUD/JPY	Executed	   Sold Short 30000 AUD/JPY at 91.05		
03:42:59	AUD/JPY	Executed	   Bought 30000 AUD/JPY at 91.03			

-3 pips nett 

Dont trade against the flame!!


----------



## prawn_86

+4 pips gives me my 5 pip target for the day.

I have closed my screens down so i dont overtrade 

03:56:33	AUD/JPY	Executed	   Bought 30000 AUD/JPY at 90.95		
03:55:06	AUD/JPY	Executed	   Sold Short 30000 AUD/JPY at 91.00


----------



## tayser

^ good work.

continuation






contrarian





Time	Order ID	Message	Event	TIF	Orig Trader ID	
21:52:09	0wy002s:0jbe-00	Buy 300000 EUR/JPY @ Market on MBTX [expiring: 30/06/2008] (300000 traded at 157.38)	Filled	GTC		
21:56:38	0wy002s:0jgt-00	Sell 300000 EUR/JPY @ Market on MBTX [expiring: 30/06/2008] (300000 traded at 157.49)	Filled	GTC		
22:07:38	0wy002s:0k3z-00	Sell Short 200000 GBP/JPY @ Market on MBTX [expiring: 30/06/2008] (200000 traded at 198.28)	Filled	GTC		
22:09:44	0wy002s:0k7o-00	Buy 200000 GBP/JPY @ Market on MBTX [expiring: 30/06/2008] (200000 traded at 198.19)	Filled	GTC		

all up roughly-ish 10 on AUD/JPY


----------



## prawn_86

Why did you enter on that first trade T?

Its a widening downward flame so what convinced you to go long? Did you use other charts?


----------



## tayser

lots of short sharp upward moves to the left, price was taking a breather and just (aggressively) entered as it started to slowly move upwards again - finger was hovering over the cover button however, ready to get out at the first sign of downward trend continuation.  exited after yet another short / sharp up move.

2nd one is a text book (or more to the point: 'e-book' (from the official one )) trade: wait for the move to complete (you look for signs that it's complete like lower highs/lows etc) and take the opposite view.


----------



## prawn_86

Do you use the oscilator T?

Im too stingy to pay for it


----------



## tayser

nope, nekkid (figuratively, not physically )


----------



## Andy_aus

Make enough money from the rainbow and buy the oscillater 

Sorry if none of this has been mentioned before but have you guys ever considered IB.... lower commisions and about the same spread as efx.


----------



## tayser

min account opening balance turns me off them.


----------



## prawn_86

Got absolutely hammered tonight 

lesson from tonight is I need to get out of bad trades earlier, i just struggle to identify what exactly is a bad trade before its too late.


Short 1. -7 pips
**I thought this was a decent entry. Breaking down through .1. Held too long**
03:31:32	AUD/JPY	Executed	   Sold Short 30000 AUD/JPY at 91.08		
03:32:07	AUD/JPY	Executed	   Bought 30000 AUD/JPY at 91.14


Long 1. -7 pips
**Was looking for upwards continuation. In hindsight not a very good trade. Also held too long**	
03:34:24	AUD/JPY	Executed	   Bought 30000 AUD/JPY at 91.19		
03:35:51	AUD/JPY	Executed	   Sold 30000 AUD/JPY at 91.13 


Long 2. -5 pips
**Dunno what i was thinking trading against the flame**
03:36:29	AUD/JPY	Executed	   Sold Short 30000 AUD/JPY at 91.07
03:38:01	AUD/JPY	Executed	   Bought 30000 AUD/JPY at 91.11 


Short 2. +7 pips
**Expanding flame continuing downwards. If only every trade was like this. Picked a good exit too**
03:40:01	AUD/JPY	Executed	   Sold Short 30000 AUD/JPY at 91.05	
03:41:48	AUD/JPY	Executed	   Bought 30000 AUD/JPY at 90.97 

Short 3. +3 pips
**Another decent trade. Continuation, expanding flame breaking down through .9**
03:52:48	AUD/JPY	Executed	   Sold Short 30000 AUD/JPY at 90.87		
03:53:51	AUD/JPY	Executed	   Bought 30000 AUD/JPY at 90.83 

Long 3. +2 pips
**Could have held longer but was worried about resistance at .1. Didnt enter until .00 had been successfully cleared**
04:01:09	AUD/JPY	Executed	   Bought 30000 AUD/JPY at 91.05	
04:04:21	AUD/JPY	Executed	   Sold 30000 AUD/JPY at 91.08 


Short 4. +1 pip
**Quick scalp**
04:06:19	AUD/JPY	Executed	   Sold Short 30000 AUD/JPY at 91.08		
04:06:57	AUD/JPY	Executed	   Bought 30000 AUD/JPY at 91.06 

Long 4. -10 pips
**Killed me. Was a little unlucky, as soon as i submitted the order it jumped by 3 pips so that was my entry price. Would have still lost out in the end though even without the bad fill**
04:08:53	AUD/JPY	Executed	   Bought 30000 AUD/JPY at 91.15		
04:09:24	AUD/JPY	Executed	   Sold 30000 AUD/JPY at 91.06 


Short 5. -3 pips
**A 'better' losing exit. Got out as soon as i thought it was going bad.**
04:26:27	AUD/JPY	Executed	   Sold Short 30000 AUD/JPY at 91.04	
04:27:42	AUD/JPY	Executed	   Bought 30000 AUD/JPY at 91.06	 
So all up 19 points down. Lucky its a trial account


----------



## roland

prawn_86 said:


> Got absolutely hammered tonight
> 
> lesson from tonight is I need to get out of bad trades earlier, i just struggle to identify what exactly is a bad trade before its too late.




either that or not get into a bad trade in the first place. 

I started playing with this last night - and slowly but surely, I am finding it a little boring.

I am finding that it is easier to lose money than to gain because of my built in resistance to wanting to accept a loss and my excitement of taking a quick gain - so my loses tend to run a little long, and my profit taking is a little quick.

I am running the data on a 1 sec tic, which is visually appealing, but distorts the overall trend.

Now I am experimenting with running the buy/sell cycle a little longer - like 10 minutes or so, my results are better and closer to the overall trend. Probably this goes against the scalping theory - not sure.

Does the EFX Account show all the costs in demo mode, that would be resultant in real life? I've done like 41 trades, have a P&L of -$14.00 with gross commissions of $18.55

So far this seems like a hard way to make $20 or so ... (well, that is when I am able to make my return positive)

The rainbow chart is way pretty though


----------



## tayser

Some real pips tonight:


----------



## tayser

prawn_86 said:


> Got absolutely hammered tonight
> 
> lesson from tonight is I need to get out of bad trades earlier, i just struggle to identify what exactly is a bad trade before its too late.
> 
> 
> Short 1. -7 pips
> **I thought this was a decent entry. Breaking down through .1. Held too long**
> 03:31:32	AUD/JPY	Executed	   Sold Short 30000 AUD/JPY at 91.08
> 03:32:07	AUD/JPY	Executed	   Bought 30000 AUD/JPY at 91.14




Never ignore the immediate trend visible on the chart (relatively powerful uptrend) - this is price taking a breather.  Price looks like it's going to start going down, but really, the immediate trend is just taking a breather - you were unlucky because there's a Weekly pivot @ 91.02 and a daily pivot @ 91.13.  Irrespective of the pivots, don't ignore the previous trend, it will only really change direction as quickly as that when something spooks the market. A Good entry would have been to go long when the flame (red WMAs) disappears back into the rest of the rainbow (oranges then yellows) - the price went sideways across 2 pips then kept going upwards again.  A good exit would have been where your long enter 1 is.  However I'll note with all your exits on that chart: they're perfect, you're getting out as soon as you feel it goes against you (I still have this issue ) even though the entries just need to be the opposite (contrarian).




			
				prawn said:
			
		

> Long 1. -7 pips
> **Was looking for upwards continuation. In hindsight not a very good trade. Also held too long**
> 03:34:24	AUD/JPY	Executed	   Bought 30000 AUD/JPY at 91.19
> 03:35:51	AUD/JPY	Executed	   Sold 30000 AUD/JPY at 91.13




If you were thinking this was a trend continuation: chances are I would have been in there with you as the price has broken the previous high at 91.16.  You've correctly exited when it's gone against you.  

Where you exited long 1 is a perfect short signal - price is disappearing inside the rainbow and turns out it was a double top.  



			
				prawn said:
			
		

> Long 2. -5 pips
> **Dunno what i was thinking trading against the flame**
> 03:36:29	AUD/JPY	Executed	   Sold Short 30000 AUD/JPY at 91.07
> 03:38:01	AUD/JPY	Executed	   Bought 30000 AUD/JPY at 91.11



You're looking at the right type of entry signal, just a little too quickly.  The Roo buck D) requires a little more patience than Euro-lefty and pome-dollars.  It looks like you started your session where you took your first short - give it time, even if you see a juicy signal, when you first start, don't take it.  




			
				prawn said:
			
		

> Short 2. +7 pips
> **Expanding flame continuing downwards. If only every trade was like this. Picked a good exit too**
> 03:40:01	AUD/JPY	Executed	   Sold Short 30000 AUD/JPY at 91.05
> 03:41:48	AUD/JPY	Executed	   Bought 30000 AUD/JPY at 90.97




Excellent trade.  8/10 for the effort - 10/10 marks would have been awarded if you'd entered near your Exit Long 1 (eh, I'm too pussy to hold on for that long, so don't aim for 10/10 everytime lol ), 9/10 marks would have been awared if you entered around Exit Long 2 - this is a nice entry signal, the previous high that you entered long confirmed a lower high - and a right shoulder in a H & S pattern, the price is then making lower highs til its ars3 drops & along with its lunch at 91.08.  I know it's easy for me or anyone to look back and see it now, but train yourself to WAIT and be PATIENT (it's taken me months to learn it) and the pips will flow.  Perfect Exit - you weren't greedy and you exited at the end of sharp down move (Exit gets 10/10 btw)



			
				prawn said:
			
		

> Short 3. +3 pips
> **Another decent trade. Continuation, expanding flame breaking down through .9**
> 03:52:48	AUD/JPY	Executed	   Sold Short 30000 AUD/JPY at 90.87
> 03:53:51	AUD/JPY	Executed	   Bought 30000 AUD/JPY at 90.83




Can't really comment on that one cos I can't see the time gap between the first chart and this, but eh, who cares, it's positive, win.  One pip for me, one for you.  I will say however, notice where you exited what happened thereafter?  When you see sharp down moves that come back up pretty quickly (on a 5 second chart the price will disappear into the rainbow - and you should know what that means by now).  They're more aggressive (and higher risk) entries - ones that you need to be a little more tolerant of erratic movements (and hold your finger firmly above the exit button), but if you start seeing lower lows and higher highs (or vice versa if you've done short), you know to hold on and that you've caught the new trend.  A 10/10 entry would have been a couple of seconds after you exited Short 3, and a 9/10 entry would have been on 18:27:35 - that price spiked above a previous high and didn't retrace too much.  A good exit would have been your target or anywhere after a nice sharp burst which gives you some extra pippage.



			
				prawn said:
			
		

> Long 3. +2 pips
> **Could have held longer but was worried about resistance at .1. Didnt enter until .00 had been successfully cleared**
> 04:01:09	AUD/JPY	Executed	   Bought 30000 AUD/JPY at 91.05
> 04:04:21	AUD/JPY	Executed	   Sold 30000 AUD/JPY at 91.08




Good trend continuation entry, can't fault it.  Exit is good too - I actually do this alot, I don't hold for very long either, both you and I focus on getting in and out very quickly when we don't always have to be.  we both need to learn to trust the rainbow.  A good exit here would have been after 10 (my target) or when the price disappeared back into the rainbow after that peak at 91.14	




			
				prawn said:
			
		

> Short 4. +1 pip
> **Quick scalp**
> 04:06:19	AUD/JPY	Executed	   Sold Short 30000 AUD/JPY at 91.08
> 04:06:57	AUD/JPY	Executed	   Bought 30000 AUD/JPY at 91.06




I can now tell you're getting quicker and you're more alert to what the rainbows telling you.  	Everyone on Cyrox will tell you the same thing: you need to get in earlier.  Perfect entry is the same as the previous exit I mentioned: when the price disappears into the rainbow (i.e rainbow is telling you trend is changing).  You were positive however, w00t.



			
				prawn said:
			
		

> Long 4. -10 pips
> **Killed me. Was a little unlucky, as soon as i submitted the order it jumped by 3 pips so that was my entry price. Would have still lost out in the end though even without the bad fill**
> 04:08:53	AUD/JPY	Executed	   Bought 30000 AUD/JPY at 91.15
> 04:09:24	AUD/JPY	Executed	   Sold 30000 AUD/JPY at 91.06




lol, it can be a bitch eh?  Only thing to comment on here is that you're perhaps on the verge on overtrading, you've entered pretty quickly after exited (eventually you'll do it all the time), but given the amount of losses you've had, I assume you were feeling pretty desperate to make the pips back?  Ending the day with a loss isn't all that bad.  




			
				prawn said:
			
		

> Short 5. -3 pips
> **A 'better' losing exit. Got out as soon as i thought it was going bad.**
> 04:26:27	AUD/JPY	Executed	   Sold Short 30000 AUD/JPY at 91.04
> 04:27:42	AUD/JPY	Executed	   Bought 30000 AUD/JPY at 91.06




You were looking for the break of the previous low at 91.03, yeah?  Remember that the .00 level is a natural support level for yen crosses,  This is easy to see after the fact (what isn't) and pretty hard to see as it happens when you first start attempting it, but with time you'll probably nail it: it's a combo of looking at the overall pattern you see on the chart and using the flame disappearing into the rainbow as the entry.  The rainbow was making higher lows and higher highs - we generally think that this is the start of an uptrend (albeit it somewhat haphazard) - don't do anything when you see this - it will either go sideways, but DO pay attention to the macro pattern it forms (in this case a triangle!) watch for immediate pattern changes: see how there were two lower highs just before it headed south?  bang - when you see that, get excited.  When the flame disappears into the rainbow, enter, or if you want to be a little more conservative, enter when the price breaks the first low (91.09-91.10) levels.  Exit after target or when the flame disappears back into the rainbow again.



			
				prawn said:
			
		

> So all up 19 points down. Lucky its a trial account



 lol I've blown up a few EFX accounts in one night before, it's somewhat liberating after a while....... snort 

Patience.  Persistence. Pippage. 

Win.

HTH.


----------



## roland

sorry, but I am finding it hard to believe a loss can be had with a rainbow chart like the current AUD/JPY one.

Am I missing something here????


----------



## prawn_86

Thanks T,

that was massively helpful.

I think i will be coming back to this combo of trades and your commentary on it. Very insightful.

Cheers again, and I hope your hitting your targets


----------



## prawn_86

roland said:


> sorry, but I am finding it hard to believe a loss can be had with a rainbow chart like the current AUD/JPY one.
> 
> Am I missing something here????




It depends on your timeframe Roland.

When i first started this method I liked the longer timeframes also, but worked my way into shorter terms. 

A 30sec chart could still be considered scalping, but not ultra short term. I guess it just depends how much screen time you can fit in.

The other thing is look at the 1st peak and trough. from top to bottom it is 25 pips. Wouldnt you get a bit edgy losing that much on each dip? Again it depends on your hold time.


----------



## roland

prawn_86 said:


> It depends on your timeframe Roland.
> 
> When i first started this method I liked the longer timeframes also, but worked my way into shorter terms.
> 
> A 30sec chart could still be considered scalping, but not ultra short term. I guess it just depends how much screen time you can fit in.
> 
> The other thing is look at the 1st peak and trough. from top to bottom it is 25 pips. Wouldnt you get a bit edgy losing that much on each dip? Again it depends on your hold time.




but don't you amplify your risk by taking too short a time frame?

I mean to say, the current AUD/JPY trend is up, how can you justify any loss with an upward trend?


----------



## tayser

NY open in 10, maybe some demo pips...


----------



## prawn_86

roland said:


> but don't you amplify your risk by taking too short a time frame?
> 
> I mean to say, the current AUD/JPY trend is up, how can you justify any loss with an upward trend?




The current share market trend since the 1900's is up.

Do you justify losses with that : 

Horses for courses


----------



## roland

prawn_86 said:


> The current share market trend since the 1900's is up.
> 
> Do you justify losses with that :
> 
> Horses for courses





well said, but in the course of you making x number of quick trades and making a loss, I have made a profit in the same period wth less trades ... and all done within my lifetime - I do believe that scalping tends to turn trading into a Space Invaders game akin to gambling.

but hey, who am I to point out the obvious - you have to pay for your fun - right?


----------



## prawn_86

roland said:


> well said, but in the course of you making x number of quick trades and making a loss, I have made a profit in the same period wth less trades ... and all done within my lifetime - I do believe that scalping tends to turn trading into a Space Invaders game akin to gambling.
> 
> but hey, who am I to point out the obvious - you have to pay for your fun - right?




Dont get me wrong, i know a few people who trade a rainbow with a 2 - 3 day timeframe and are happy with it.

it just depends on what method suits you.

im sure there would be days when you make losses to though with that method. if not let me know and i'll happily trade it... 
And theoretically the losses would be bigger as you need to allow a wider range to get your R:R


----------



## roland

prawn_86 said:


> Dont get me wrong, i know a few people who trade a rainbow with a 2 - 3 day timeframe and are happy with it.
> 
> it just depends on what method suits you.
> 
> im sure there would be days when you make losses to though with that method. if not let me know and i'll happily trade it...
> And theoretically the losses would be bigger as you need to allow a wider range to get your R:R




are you trading with a real account, or still on demo?


----------



## prawn_86

roland said:


> are you trading with a real account, or still on demo?




Still on demo, and def will be for many more months yet.

i only first discovered this method about 6 weeks ago, and 4 of those weeks i didnt even open the charts due to other commitments.

Im in no rush to go live.


----------



## roland

prawn_86 said:


> Still on demo, and def will be for many more months yet.
> 
> i only first discovered this method about 6 weeks ago, and 4 of those weeks i didnt even open the charts due to other commitments.
> 
> Im in no rush to go live.




so, still in Space Invaders mode???? Seems like everywhere I look, Linuxtroll, Cyrox.com etc, everyone is in demo mode - me too .... rainbow is pretty, but the risk/return kills most for going live


----------



## Andy_aus

Hey worth a go Roland... Im sure cyrox, flashcall and a few others in the other forum are definitely not demoing.  This is one of the better systems that i have looked at.   

Unfortunately im still in space invaders mode , ive only been paper trading it for about a month. Ill let u know how i go in 6 months time.


----------



## Trembling Hand

roland said:


> so, still in Space Invaders mode???? Seems like everywhere I look, Linuxtroll, Cyrox.com etc, everyone is in demo mode - me too .... rainbow is pretty, but the risk/return kills most for going live




Thing with any short term trading is you need to build up what a Psyc calls a "rich mental map" and that can take a long time. (how long  years??) With out the patterns internalized you are just throwing darts. or even worst as its money on the line you may be better throwing darts than thinking 

Whatever you can only succeed by LOTS of practise.


----------



## roland

Trembling Hand said:


> Thing with any short term trading is you need to build up what a Psyc calls a "rich mental map" and that can take a long time. (how long  years??) With out the patterns internalized you are just throwing darts. or even worst as its money on the line you may be better throwing darts than thinking
> 
> Whatever you can only succeed by LOTS of practise.




yep, looks like a trap for the "get rich quick mob", and there are providers out there to accomomdate, ECN providers ready to sign you up, Ninja chartists there to help, Linuxtrollers with pretty graphs .....

sort of reminds me of the mobile phone market

The visualisation of the FX market is intruiging, the accessability is attractive, the profit takers are there and ready - caution to all


----------



## tayser

roland said:
			
		

> I started playing with this last night - and slowly but surely, I am finding it a little boring.




Well go find something else to bide your time with then, either that or go start a new thread and vent your spleen about the method your ****-canning after having only spent one day looking at it, I'm sure you'll get a few interesting nibbles.


----------



## Trembling Hand

roland said:


> The visualisation of the FX market is intruiging, the accessability is attractive, the profit takers are there and ready - caution to all




Yet more is lost daily "investing" in stocks. From punters doing something they THINK they are experts at.


----------



## roland

I actually got into positive territory last night, up about 0.5% on my demo account.

It may have beed a dumb question, but I quizzed EFX yesterday if there were any other hidden costs. This was thier reply:



> Yes, the balances reflected in the demo show all cost of trading as well – our $5.00/100,000 commission.
> 
> The Datafeed should be available through your Ninja Trader software already – there is no charge from us.
> 
> 
> Justin LeBlang
> Business Development
> MB Trading




Is the data feed coming through the free version of Ninja live?


----------



## roland

I;m being killed by the lag between orders tonight. Not sure if it just my internet connection - but the lag really has to be considered as a major impact to this system


----------



## tayser

Something's wrong with their demo servers (again) - it's not just you.


----------



## roland

When I first logged in, there was a message that the server was "critical" - then it came good.

It's hard not to be reactive with the swings as opposed to being proactive with anticipating a move. Being reactive generally leads to a loss. 

Must try and keep in mind the overall trend to reduce bad reactive decissions.


----------



## disarray

don't confuse periods of inactivity followed by bursts of movement as lag.

the main idea behind any trading to make money is to ride trends within a system. markets are all just chaotic systems which people use different methods to read, elliot wave or moving averages or whatever. what i think is the advantage of this is its technical "purity". the nature of this market is beautiful compared to the ASX - its literally a pool of global money sloshing around which is so enormous it has a life of its own. it takes central banks, governments or major major players to influence this market, so the input into the system is of an order of magnitude higher than anything we encounter in the asx. fundamentally you can see the influence of the main players, forexfactory keeps a daily tab of who is announcing what to take advantage of it. i'm still amazed a pleb like me is allowed access to it.

i sent $1700 about a week ago, there was a $30 fee and it gave me a $1500US balance the next day. in demo i was using 10 lots and buggerising around because it wasn't real, now its live i've dropped down to 2 (if the trend is good i'll add more). this isn't a a con or get rich quick scheme or anything, but a window into another world. of money 

the technology is new, but it will become more commonplace. something like oanda but with a less sucky spread would be perfect. then let me hook it into commodity markets and global stocks and then i can't really complain about not being offered opportunity to make a profit can i?

as for chart reading, systems move in leaps and ranges. 

1. trend finishes at high point. retest and fail. thats the upper range.
2. retraces to low point. retest and fail. there's your lower range.
3. breaks upper range, might get sucked in.
4. get sucked in again on the downside. daily masochistic streak will determine how many pips i hang on for. might get lucky and ride it out.
5. range broken, hop on the downtrend.

short term support and resistance lines make things a lot clearer and stop you getting sucked into range trades. imo.


----------



## prawn_86

That chart looks familiar disarray 

But seriously, thanks, that helps with the visualisation.

I struggle to identify these things when its happening live, its fine after the fact with a still shot of the chart. I guess thats where practice and screentime comes into it


----------



## disarray

keep drawing and moving those support lines. i check the 1 minute chart and draw its main lines then zoom in and draw the current lines. then keep moving them as they go up and down and create new ranges. 5 minute chart also gives you another snapshot of whats pushing the price. and personally i think you can perceive systems like this with intuition as well as maths.


----------



## tayser

disarray 

Which pair are you playing with? just one? or?


----------



## disarray

AUD/JPY now, but i am online from 9.30 to 12ish so i get the asian opens. are any of you guys on the site live chat at the moment? i'll hang around for 20 mins or so if you want to chat about it.


----------



## tayser

not tonight, but sign up for an account on cyrox if you don't already have one... the shoutbox on the mainpage is pretty good.


----------



## roland

So disarray, to go live, we just send $$'s to EFX, we don't need to subscribe to a feed anywhere do we?


----------



## disarray

no. if you use ninjatrader you can connect to MBTrading for your feed using an EFX demo account so you get free data in synch with efx prices. mbt doesn't have backfill tho so connect to GAIN first (another freebie) then mbt


----------



## metalhead

Hi,

I've been playing around with this system for a week or so now.

For those of you who have been using it, I have a few questions:

1.  Do you enter only when price crosses a vertical or horizontal line in the direction of the spine?

2.  Do you ever enter when price crosses over the spine (this would happen on trend reversals)?

3.  When do you exit?  In some of the charts that have been posted, I've seen entries based on 1 above, but the price reverses for a while, goes below the entry point (or even below the spine), yet the trader does not exit, and then eventually the original trend continues and the trader takes a large profit.  What was the criteria for not exiting here when the price broke the spine in the opposite direction?


----------



## metalhead

I had been doing well with this system on the EUR/USD until today.  I missed the huge rally that started around 11:53am.

Anyway, you can see:

Trade 1: Went long because price was rising above spine which was also rising.  MAs were spreading.  But I seem to have picked the top.  Closed for a loss.

Trade 2:  Went short right as price broke the spine, trying to preemptively catch the trend.  Closed as price went back up like 3 pips for a loss.

Trade 3:  Shorted as price broke down through spine again and MAs were spreading out.  Covered for loss as price went back up through spine.

Ugh.  Yesterday's gains wiped out by these three bad trades.

(sorry for the goofed up colors.  My version of MSPaint seems to change colors when you save .jpgs)

Also you can see my account value in the second attachment since I have started trading with this method.  My losses are bigger than my gains because of the spread (I only trade when the spread on EUR/USD is .9 pips... I can't imagine how people trade with bigger spreads.  I'd blow out my account instantly).


----------



## metalhead

And then I made it all back with this trade.

Seriously, I suck at this 
	

		
			
		

		
	




Trading in my US$5,000 account in 90,000 unit lots, so 1 pip is US$9.00.

Sorry to hijack this thread.  Just wanted to get some feedback from other people using this rainbow method.

I haven't purchased the e-book but I've read this entire thread and the thread over at FF.  It seems like the rules are kind of vague... are they lined out clearly in the e-book?

You can see my 3 losers from the previous post, and one more loser, and then my winner.  I don't like losing more than I win.


----------



## tayser

One thing to remember: after big moves, price invariably does not come straight back down.  What happened on the EUR/USD in your first chart is pretty commonplance - it stabilised and bounced around in a range for a while, when it does this, you're looking for contrarian trades (your picking the top/bottom and taking the opposite view - as I discussed above you enter when the price and flame disappears inside the rainbow AFTER some event like a series of lower highs etc etc).

Your last trade is very good, price broke previous highs, lots of shrp up moves to suggest something's brewing - you need lots of momentum and a lot of indicators such as lower lows to pick a big move and you correctly did it and more importantly held it.


----------



## prawn_86

Welcome Metalhead 

Just one thing. You said you dont like to have more losers than winners. That is not the point. You could have say 10 3pip losers and 5 6pip winners and still be in front. 

That is why getting out early is a key part (which i struggle to do at the moment)


----------



## Trembling Hand

metalhead said:


> Also you can see my account value in the second attachment since I have started trading with this method.  My losses are bigger than my gains because of the spread (I only trade when the spread on EUR/USD is .9 pips... I can't imagine how people trade with bigger spreads.  I'd blow out my account instantly).




Just a look at these moves up and down. Although there is not enough to make a call. It seems you may run into some trouble. With the naked eye you losers are larger that most of your winners, maybe even double! That's is going to make the task close to impossible to survive long term. Nothing more depressing than giving back a week of good work with one bad day.

On the stop what does the Cyrox system say as to the maximum % of account. From a couple of examples I have seen it looks like way to much is being bet per trade.


----------



## disarray

you're range trading. with the spread and commish you'll just bleed money slowly and surely. you want to hop onto new trends rather than position yourself in a range and hope it breaks out the way you want it. and lol at owned.jpg


----------



## roland

This was the response I received this morning after I quizzed MB Trading on the poor performance of the demo servers last night:



> We are testing new features in demo right, that’s probably why you have and will experience some lags or inconsistent behavior over the next couple days. Before we launch anything live, we always test on our demos first.
> 
> Justin LeBlang
> 
> Business Development
> 
> MB Trading


----------



## julius

Try saving the charts as .gifs

The colors will turn out better.


----------



## prawn_86

Got my target in one trade today 

Now i just have to keep working on only entering these sort of trades  
03:21:56	AUD/JPY	Executed	   Sold 30000 AUD/JPY at 94.29		
03:20:18	AUD/JPY	Executed	   Bought 30000 AUD/JPY at 94.23


----------



## tayser

EFX's demo is still up **** creek tonight.

Anyhow, took some earlier losses, clawed back to be positive.  Might look for another trader closer to Yank open.







Time	Order ID	Message	Event	TIF	Orig Trader ID	
18:06:07	0x1002s:08is-00	Buy 300000 AUD/JPY @ Market on MBTX [expiring: 3/07/2008] (300000 traded at 94.32)	Filled	GTC	
18:07:35	0x1002s:08lr-00	Sell 300000 AUD/JPY @ Market on MBTX [expiring: 3/07/2008] (300000 traded at 94.28)	Filled	GTC	
18:11:28	0x1002s:08se-00	Sell Short 300000 AUD/JPY @ Market on MBTX [expiring: 3/07/2008] (300000 traded at 94.21)	Filled	GTC	
18:13:02	0x1002s:08wq-00	Buy 300000 AUD/JPY @ Market on MBTX [expiring: 3/07/2008] (300000 traded at 94.20)	Filled	GTC	
18:30:59	0x1002s:09tk-00	Sell Short 300000 AUD/JPY @ Market on MBTX [expiring: 3/07/2008] (300000 traded at 94.29)	Filled	GTC	
18:31:48	0x1002s:09yt-00	Buy 300000 AUD/JPY @ Market on MBTX [expiring: 3/07/2008] (300000 traded at 94.26)	Filled	GTC	
18:32:41	0x1002s:0a3i-00	Sell Short 300000 AUD/JPY @ Market on MBTX [expiring: 3/07/2008] (300000 traded at 94.20)	Filled	GTC	
18:34:34	0x1002s:0aee-00	Buy 300000 AUD/JPY @ 94.15 Limit on MBTX [expiring: 3/07/2008] (300000 traded at 94.14)	Filled	GTC

Why oh why did I place a limit order? (oh well, positive slippage on it )


----------



## roland

hey prawn, I'm doing OK tonight as well. What sample time are you using? It's quite surprising how different the chart looks with different time samples.

If you take a larger and courser sample you can see a better trend which may help to give preference over whether we should be weighting decisions on whether we should have a closer interest on shorting or taking long positions.

If we keep within the overall trend, then the loses should be reduced ???


----------



## prawn_86

Its a 1 second chart



roland said:


> If we keep within the overall trend, then the loses should be reduced ???




Not too sure about that Roland. Im a fair newb at this myself.

What this method trades is pretty much 'noise' on longer timeframe charts. So if you stick to the longer trend, you may as well not worry about the short term charts.

I sometimes use a 30sec chart for major support and resistance points, but that hasnt been very useful lately.

I know tayser watches the EUR/JPY and USD/JPY for confimation.


----------



## prawn_86

Can a chartist please tell me:

Is that an inverse head and shoulders at the botom of the chart i just posted?


----------



## tayser

I have AUD/JPY, EUR/JPY and GBP/JPY visible in a metatrader window on the M1 charts which is what I use for confirmation.

USD/JPY doesn't move the same way as those three... it's like AUD/USD or EUR/USD... it can move, but it's very slow.


----------



## tayser

my desktop setup:





metatrader stuff: old monitor I flogged from work D) and everything else (main screen) is a 22 inch Widescreen.


----------



## prawn_86

tayser said:


> my desktop setup:
> 
> 
> metatrader stuff: old monitor I flogged from work D) and everything else (main screen) is a 22 inch Widescreen.




Very nice.

One day i'll steal something worthwhile from my work...


----------



## tayser

Trade #1 you might be thinking: he's just winged it or it was luck.  Actually it's a very easy way to get a pip or two...  price gravitates towards the .00 levels all the time and this is just exploiting it.  Truth be known I was slipped like no tomorrow, well sort of, the FX quotes on EFX demo are not in synch with the actual price available to the orderbook at the moment, I did a market order at .95 on the ASK, so straight after I saw that I got filled at .99 I hit the sell and got out lol.

Trade #2: pretty obvious break of support, again slipped due to quotes not being in synch. OH well, pip positive.






Time	Order ID	Message	Event	TIF	Orig Trader ID	
22:13:31	0x1002s:0mkr-00	Buy 300000 AUD/JPY @ Market on MBTX [expiring: 3/07/2008] (300000 traded at 93.99)	Filled	GTC		
22:13:57	0x1002s:0mlk-00	Sell 300000 AUD/JPY @ Market on MBTX [expiring: 3/07/2008] (300000 traded at 94.01)	Filled	GTC		
22:23:28	0x1002s:0n4m-00	Sell Short 300000 AUD/JPY @ Market on MBTX [expiring: 3/07/2008] (300000 traded at 93.75)	Filled	GTC		
22:23:39	0x1002s:0n5n-00	Buy 300000 AUD/JPY @ Market on MBTX [expiring: 3/07/2008] (300000 traded at 93.69)	Filled	GTC


----------



## Andy_aus

Hey metal head i noticed from the trades that you made, the first few where you went long in anticipation of a trdaing range break out, you werent following the spine.  Wait for the spine to turn, it will filter out most of the false breakouts.


----------



## prawn_86

Now i remember why i only trade london open...

Got out at b/e at least


----------



## prawn_86

Continuing with holding my losers longer than my winners  

First trade -7
2nd trade +2


02:41:42	AUD/JPY	Executed	   Bought 30000 AUD/JPY at 93.53			
02:41:07	AUD/JPY	Executed	   Sold Short 30000 AUD/JPY at 93.56			

02:40:27	AUD/JPY	Executed	   Sold 30000 AUD/JPY at 93.57			
02:32:54	AUD/JPY	Executed	   Bought 30000 AUD/JPY at 93.63


----------



## prawn_86

+3 more.


03:15:41	AUD/JPY	Executed	   Bought 30000 AUD/JPY at 93.53	
03:11:35	AUD/JPY	Executed	   Sold Short 30000 AUD/JPY at 93.57


----------



## prawn_86

+1 more. Contrarian trade, looking for bounce down off .60

It certainly is choppy tonight...

03:40:09	AUD/JPY	Executed	   Bought 30000 AUD/JPY at 93.56	 
03:38:14	AUD/JPY	Executed	   Sold Short 30000 AUD/JPY at 93.58


----------



## prawn_86

Got massively caught out playing with the resistance the 2nd time

Short 1: +2
Short 2: -10


----------



## prawn_86

Well after my first week of serious demoing, i finished up negative 21pips.

I suspect my main problem is not realising a bad trade and holding too long, hence causing my losers to be larger than my winners.

From next week i will keep an individual trade plan, so i will be able to graph all my seperate trades, not just aggregates.

Lots learnt, lets see if i cant improve next week...


----------



## Andy_aus

Keep on going prawn, ive been in my 4th week of demoing... slowly getting more confident at it, and even put a few real trades in today.  

... baby steps hey.  Apparently it takes a few months... but you will get there


----------



## tayser

post news releases is one of the best times to scalp....... smooth trends up and down, good time to up your lot size too 












Time	Order ID	Message	Event	TIF	Orig Trader ID	
23:35:03	0x20i2s:0pbv-00	Buy 600000 AUD/JPY @ Market on MBTX [expiring: 4/07/2008] (600000 traded at 93.42)	Filled	GTC	
23:35:39	0x20i2s:0pli-00	Sell 600000 AUD/JPY @ Market on MBTX [expiring: 4/07/2008] (600000 traded at 93.63)	Filled	GTC		
23:41:37	0x20i2s:0rf5-00	Buy 300000 GBP/JPY @ Market on MBTX [expiring: 4/07/2008] (300000 traded at 203.86)	Filled	GTC	
23:41:55	0x20i2s:0rhm-00	Sell 300000 GBP/JPY @ Market on MBTX [expiring: 4/07/2008] (300000 traded at 204.11)	Filled	GTC	

21(20) + 25(23) = 43 pips all up.


----------



## prawn_86

tayser said:


> post news releases is one of the best times to scalp....... smooth trends up and down, good time to up your lot size too
> 
> 21(20) + 25(23) = 43 pips all up.




Wow, well done!

What site do you use to know what news is coming out? And does it give a live news feed?


----------



## tayser

mainpage of: www.forexfactory.com

sign up for a forum account there and set your timezone and the mainpage will show your local times.


----------



## nizar

tayser said:


> post news releases is one of the best times to scalp....... smooth trends up and down, good time to up your lot size too




Good to see you are getting some of the GBP/JPY action.
It gives some beautiful trends.

How was the spread?

And what exactly is your lot size?


----------



## tayser

the spread is the least of your worries after news releases when you look at the range of movement.  All my ninja charts I've posted shows the lot size I've used underneath.


----------



## prawn_86

+5 (thats my daily target) on first trade of London open 

Reason i held on into that down sike was that i had purchased just before open, when it had broke heave resistance around .6. I was confident it would keep going up on the bell.

Had a vicious downturn in the end. Lucky i got out when i did...

03:31:50	AUD/JPY	Executed	   Sold 30000 AUD/JPY at 94.70		
03:28:12	AUD/JPY	Executed	   Bought 30000 AUD/JPY at 94.64


----------



## prawn_86

+8 pips tonight 

Not too sure what was happening during my 2nd trade. The bid was above the ask 

All shorts strangely enough.

Happy with those trades actually...


03:17:31	AUD/JPY	Executed	   Sold Short 30000 AUD/JPY at 94.60
03:18:42	AUD/JPY	Executed	   Bought 30000 AUD/JPY at 94.62		

03:19:11	AUD/JPY	Executed	   Sold Short 30000 AUD/JPY at 94.57
03:22:05	AUD/JPY	Executed	   Bought 30000 AUD/JPY at 94.50		

03:30:20	AUD/JPY	Executed	   Sold Short 30000 AUD/JPY at 94.53
03:31:01	AUD/JPY	Executed	   Bought 30000 AUD/JPY at 94.47


----------



## roland

I scored a few pips here. For me, I instantly got better results when I switched from 1 second to 5 seconds.

Also I am being more patient in waiting for a good spread in the rainbow - the decision is also influenced by any sign of the spine breaking through the first couple of colours.


----------



## prawn_86

roland said:


> I scored a few pips here. For me, I instantly got better results when I switched from 1 second to 5 seconds.
> 
> Also I am being more patient in waiting for a good spread in the rainbow - the decision is also influenced by any sign of the spine breaking through the first couple of colours.




17 pips all up. Well done 

I think you should be careful if you are buying in before the price crosses the final WMA (the spine) as alot of the time the price will pull back into the rainbow to consolidate, then continue to move in its previous direction.

Your second trade was textbook  Much higher probability than your 1st trade


----------



## roland

prawn_86 said:


> 17 pips all up. Well done
> 
> I think you should be careful if you are buying in before the price crosses the final WMA (the spine) as alot of the time the price will pull back into the rainbow to consolidate, then continue to move in its previous direction.
> 
> Your second trade was textbook  Much higher probability than your 1st trade




I agree, the pips on my chart are where the trade actually ocurred, my decision happened a little differently on that first trade - the spine was properly set - must be the couple of pips commission distorting the representation.


----------



## roland

went against my observations with the spine breaking through the yellow bands - even though the spread was looking good

Bought long at .48, sold at .44 - lost 4 pips 

is turning again now and could have held for a profit - hard to know when the risk outways the reward


----------



## tayser

Entry 1 roland is exactly what you should be looking for: overall trend is downward, price takes a breather and jump in as soon as it returns to the previous trend (when flame disappearts into the rainbow).  Price took a breather because it's hit the .50 level.  Usual behaviour across all yen crosses: bounces 5-10 pips either side of the .50 and .00 levels unless the down/up move is significant - which for you it was, and you can use this type of trade to your advantage (it's a high probability setup): price will eventually gravitate towards it.

re: 1 or 5 second chart, whatever you're comfortable with, use it.

I grabbed 4 on the pome-dollar before, can't do much this week, work's killing me  and the new open times are no help either  

for reference (AEST):

Sydney open 8am
Tokyo/Hong Kong/Singapore open 10am
Paris/Frankfurt open 4pm
London open 5pm
New York open 10pm.


----------



## roland

Is it a trick of optics or perception to feel that shorting is easier? Seems like I am now waiting for tops and looking for a fall before I enter....


----------



## prawn_86

roland said:


> Bought long at .48, sold at .44 - lost 4 pips




Just being pedantic here, but including commision that is a 5 pip loss.



roland said:


> Is it a trick of optics or perception to feel that shorting is easier? Seems like I am now waiting for tops and looking for a fall before I enter....




Perhaps it is the overall trend tonight. All mine were shorts, and if you look at the 1 or 5 min chart maybe that shows a downtrend (im not sure,my charts are not open)


----------



## G-Zilla

hi guys,

Im going to start posting my nightly trades to keep me honest and only take the high probability stuff.

My thoughts before taking this trade was:
- price broke out from 160.80
- trend was beginning as the purple WMAs were starting to show
- decided to get in when spine crossed the 5min vertical line

Got out at 160.70

+7 pips, hopefully more to come!

(PS: Let me know if my trade logic is wrong)


----------



## prawn_86

Welcome G-zilla 

I take it you are trading the EUR/JPY?

Happy scalping


----------



## G-Zilla

hi prawn! yep, EUR/JPY for me.

Have you guys found that your stricter with your trades when you post online?

My biggest issue is being trigger happy and trading too much, hopefully showing my trades will reduce that


----------



## tayser

just do that every day G-zilla and you'll be a happy little chappy. 

Read Stan's journal over at cyrox, this is another high probability entry (people on cyrox refer to it as a page 58 - of the e-book) trade, pretty much what disarray showed a few pages back too.  good work.


----------



## prawn_86

G-Zilla said:


> hi prawn! yep, EUR/JPY for me.
> 
> Have you guys found that your stricter with your trades when you post online?
> 
> My biggest issue is being trigger happy and trading too much, hopefully showing my trades will reduce that




I too had an overtrading problem, and i probably still do with my demo account.

Sometimes during the day i will open it up and just screw around trying different timeframes etc, but this is more trailling than over trading (at least that how i justify it  )

if/when i do go live obviously i would be a lot stricter, and i am tightening up on my discipline now to make it as realistic as possible


----------



## prawn_86

First few trades I think were a bit impatient. 

Plus i need to learn to not enter into trades looking for bounce down of resistance. Whenever i do it seems to break out 

On this page:
-7
-3
-3

Third trade i got too greedy, should have taken a couple pips profit when i had the chance


----------



## prawn_86

Last 2 trades were much better. Amazing what happens with a bit of concentration and patience!

+5
+5

Giving me a nett of -3 for the night...


----------



## tayser

don't be scared of news releases (as long as you trade with the trend AFTER the announcement), using natural support to help with the entry:







Time	Order ID	Message	Event	TIF	Orig Trader ID	
18:36:43	0x7002s:0ddj-00	Buy 130000 GBP/JPY @ Market on MBTX [expiring: 9/07/2008] (130000 traded at 201.59)	Filled	GTC		
18:39:16	0x7002s:0dir-00	Sell 130000 GBP/JPY @ Market on MBTX [expiring: 9/07/2008] (130000 traded at 201.71)	Filled	GTC


----------



## G-Zilla

1st trade:
Watched this trade sideways for ages then jumped in on a pull back from the break down. I had a target of 160.80 but it went the other way. Im lucky I was able to only -3 pips 

2nd trade:
didnt get on the good run up so I waited for the reversal. Got a lot of slippage getting in, and a little bit again getting out. I only ended up with +1.5pips but should of been more as I feel I picked the move right here.


----------



## tayser

prepare for more slippage on Oanda, along with the dodgey & jerky price movements 

Recommend you crank up Ninja + EFX combo.


----------



## tayser

Good night for post-news scalps... (AEST)

9pm Bank of England rate decision.  Watch GBP/JPY.

9:45pm ECB rate decision.  Watch EUR/JPY.

Watch both pairs about half an hour beforehand - invariably nice movements occur because all the real news traders are taking their positions.  Just don't hold a position as it's being announced - this is what you call gambling and you're better off going to play a roulette table.  Wait for the initial post-news announcement to run its course, pick the top/bottom and take the contrarian view (see my GBP/JPY trade last night for an example).

AUD/JPY might see a bit of movement also, but stick to the native currencies when interest rates are announced.


----------



## prawn_86

Ok so another night -3 pips nett. Slowly eating away at my profits earlier in the week 

A few charts so bear with me...

8am london time is circled. make sure you dont have a trade placed before that, as there seems to usually be a clear out spike. Watch for 10 - 20 min after 8am London time, then start scalping 

Short 1: +3
Decent trade. Entered as price pulled back into the flame (am practicing these sort of entries)

Short 2: -5
Break of .1 and was looking for it to head to .00. Not to be

Short 3: -4
Again a break of previous low, looking for it to head to .00. Possibly entered too soon after my previous trade 

Long 1: -1
Got out just paying brokerage. Upwards movement had stalled. I would be happy if all my losses were like this.

Long 2: +4
Already trending up, plus break of previous resistance. 


So a mixed bag for me tonight. Once again i seem to be having larger losers than winners 

Appreciate any feedback.


----------



## prawn_86

final chart...


----------



## IFocus

prawn_86 said:


> I too had an overtrading problem, and i probably still do with my demo account.
> 
> Sometimes during the day i will open it up and just screw around trying different timeframes etc, but this is more trailling than over trading (at least that how i justify it  )
> 
> if/when i do go live obviously i would be a lot stricter, and i am tightening up on my discipline now to make it as realistic as possible




Hi Prawn this may help

Impulse and over trading can be the result of raised or heighten sensory levels like excitement, stress, fear etc often the cause of impulsive trading.

Some will say emotional rather than logical then go on to say you need to exercise more discipline sheeez like you don't already know but what causes and what fixes? 

When next sitting in front of the screen set the trap to monitor or ask how your are feeling. 

If excited or emotional try taking deep slow breaths, slowing your self down and monitor your self coming back to being focused on the job at hand.

I got it out of Brett Steenbargers Enhancing Trader Performance as simple as it is it works plus he explains it better.


----------



## prawn_86

Thanks Ifocus,

Will try it.


Working on entering earlier (at advice of a different forum member) to get a bigger move.

Definitely worked tonight. 

Short: +2
I still dont feel comfortable entering this. What is to say it will break its resistance? I think i just got lucky/

Long: +6
Here i entered as soon as there was a decent jump above the spine. Worked Well 

Perhaps i should also switch to this time of night, as the market seems a little more liquid...


----------



## disarray

yeah i want to have a go at the pound and euro announcements tonight. i'll put msn on if any of you guys are online and trading after 9. forexfactory is telling me 10 and 10.45 tonight.


----------



## G-Zilla

First trade:
Killed by the spread, was a little trigger happy here so jumped out early.

Second trade:
Stayed in too long. I had a target of 159.50 but go too greedy and missed out for a small gain.

total of +3 pips


----------



## tayser

disarray said:


> yeah i want to have a go at the pound and euro announcements tonight. i'll put msn on if any of you guys are online and trading after 9. forexfactory is telling me 10 and 10.45 tonight.




change your DST settings!!!


----------



## tayser

Time	Order ID	Message	Event	TIF	Orig Trader ID	
21:25:38	0x8002s:0ryk-00	Sell Short 280000 AUD/JPY @ Market on MBTX [expiring: 10/07/2008] (280000 traded at 93.48)	Filled	GTC	
21:30:45	0x8002s:0s87-00	Buy 280000 AUD/JPY @ Market on MBTX [expiring: 10/07/2008] (280000 traded at 93.44)	Filled	GTC


----------



## tayser

plus afew more on GBP/JPY....... enough for tonight! night! 

edit: buggar should have stayed in for 10 on the pome-dollar........ narf


----------



## prawn_86

Not trading tonight, due to large spread and previous commitments.

Here is my breakdown for my 2nd week of serious demoing.

Overall profit - 15pips (10 pips off weekly target)

9 winners. Average win = 4.55
7 losers. Average loss = -3.7pips


Any comments appreciated


----------



## tayser

something spooked Mr Yen, clear entry for the first (break of everything) and trade with that trend!  2nd trade was another clear trend continuation, however EFX's demo is up **** creek again (too many scalpers lol ) I hit the exit around 5 pips up but the quotes were either ahead or behind the actual chart... argh.






didn't really use the 1sec chart to get me into the first trade......






Time	Order ID	Message	Event	TIF	Orig Trader ID	
20:30:42	0x9002s:0oeq-00	Sell Short 300000 AUD/JPY @ Market on MBTX [expiring: 11/07/2008] (300000 traded at 94.97)	Filled	GTC	
20:31:48	0x9002s:0okz-00	Buy 300000 AUD/JPY @ Market on MBTX [expiring: 11/07/2008] (300000 traded at 94.90)	Filled	GTC	
20:40:16	0x9002s:0prq-00	Sell Short 300000 AUD/JPY @ Market on MBTX [expiring: 11/07/2008] (300000 traded at 94.55)	Filled	GTC	
20:40:31	0x9002s:0pv5-00	Buy 300000 AUD/JPY @ Market on MBTX [expiring: 11/07/2008] (300000 traded at 94.53)	Filled	GTC


----------



## roland

tayser said:


> something spooked Mr Yen, clear entry for the first (break of everything) and trade with that trend!  2nd trade was another clear trend continuation, however EFX's demo is up **** creek again (too many scalpers lol ) I hit the exit around 5 pips up but the quotes were either ahead or behind the actual chart... argh.
> 
> 
> 
> 
> 
> 
> didn't really use the 1sec chart to get me into the first trade......
> 
> 
> 
> 
> 
> 
> Time	Order ID	Message	Event	TIF	Orig Trader ID
> 20:30:42	0x9002s:0oeq-00	Sell Short 300000 AUD/JPY @ Market on MBTX [expiring: 11/07/2008] (300000 traded at 94.97)	Filled	GTC
> 20:31:48	0x9002s:0okz-00	Buy 300000 AUD/JPY @ Market on MBTX [expiring: 11/07/2008] (300000 traded at 94.90)	Filled	GTC
> 20:40:16	0x9002s:0prq-00	Sell Short 300000 AUD/JPY @ Market on MBTX [expiring: 11/07/2008] (300000 traded at 94.55)	Filled	GTC
> 20:40:31	0x9002s:0pv5-00	Buy 300000 AUD/JPY @ Market on MBTX [expiring: 11/07/2008] (300000 traded at 94.53)	Filled	GTC




yes that was a great run, I stayed a little longer and got more than 20 pips

well done tayser 

I'm going to organise whatever is necessary to go live next week or so

enjoy!


----------



## tayser

20 pips? two days trades... one beer for me, two for you


----------



## roland

tayser said:


> 20 pips? two days trades... one beer for me, two for you




wah, 2 beers only ? should be worth a few fireworks at least 

so far, correct me if I am wrong, the best setup would be NinjaTrader free account, EFX/MBT trading account

most popular pair seems to be AUD/JPY - haven't really played with much else - but you sort of get to know and get comfortable with a pair set


----------



## tayser

just stick to one pair.  if you find you're having trouble with AUD/JPY, go with EUR/JPY.  

yes, I recommend the NINJA + EFX/MBT setup (you need 2x demo accounts from EFX/MBT if you decide to have navigator as the execution platform (you can execute on ninja however))


----------



## roland

tayser said:


> just stick to one pair.  if you find you're having trouble with AUD/JPY, go with EUR/JPY.
> 
> yes, I recommend the NINJA + EFX/MBT setup (you need 2x demo accounts from EFX/MBT if you decide to have navigator as the execution platform (you can execute on ninja however))




are you live yet tayser?, if not - when do you expect to go live? I do feel that going live will certainly take out a lot of the blaise risk taking moves


----------



## tayser

new tax year I'll be live, all the account opening et al motions will be handled in June however.


----------



## Trembling Hand

prawn_86 said:


> Here is my breakdown for my 2nd week of serious demoing.
> 
> Overall profit - 15pips (10 pips off weekly target)
> 
> 9 winners. Average win = 4.55
> 7 losers. Average loss = -3.7pips
> 
> 
> Any comments appreciated




Prawn I find the scatter charts very helpful. They tell a lot about your trading.


----------



## prawn_86

Trembling Hand said:


> Prawn I find the scatter charts very helpful. They tell a lot about your trading.




Yeh i got the idea from you 

I think they are telling me i do not have enough big winners ie 8 - 10 pips.

Something to work towards...


----------



## Trembling Hand

prawn_86 said:


> Yeh i got the idea from you
> 
> I think they are telling me i do not have enough big winners ie 8 - 10 pips.
> 
> Something to work towards...




Yeah they are important to hit some home runs with scalping. They really make a big diff to a good week or just another week. They really push up the averages in you favour.

As you get more comfortable with the system and build profitability you can start letting some trades run as you just move your mental stop to break even then to 8 pips then to 16 etc.


----------



## prawn_86

Perfect way to start the week  if i was live I would stop now, but since I am on uni break, i was planning to trade all day to get some practice.

Long 1: +3
Should have held this longer, but .5 was my target, and the overall trend is down so i wasnt too comfortable holding. 
19:53:49	AUD/JPY	Executed	   Bought 10000 AUD/JPY at 93.46
19:59:28	AUD/JPY	Executed	   Sold 10000 AUD/JPY at 93.50 


Short 1: -2
Again probably should have held on, but thought it was going against me so got out, as the rule says.
20:05:43	AUD/JPY	Executed	   Sold Short 10000 AUD/JPY at 93.58
20:09:03	AUD/JPY	Executed	   Bought 10000 AUD/JPY at 93.59 


Short 2: +4
Textbook trade. Break through .5, flame widening.	
20:12:11	AUD/JPY	Executed	   Sold Short 10000 AUD/JPY at 93.49
20:13:39	AUD/JPY	Executed	   Bought 10000 AUD/JPY at 93.44 

Short 3: +7
I was already at my daily target, but it broke through very strong resistance at .4 so i jumped in. Amazing how quickly it can move when major points are broken.
20:17:03	AUD/JPY	Executed	   Sold Short 10000 AUD/JPY at 93.37	
20:17:49	AUD/JPY	Executed	   Bought 10000 AUD/JPY at 93.29


----------



## tayser

you'll probably find you'll do very well when all your day is taken up by 100% scalping... I found that when I took a week of leave back in Jan


----------



## prawn_86

Found other things to do today so I didnt trade anymore today up until now.

Broke down quickly through heavy resistance, got bad slippage, but still managed to pick up 6 pips 

18 pips all up today, my best day so far. 

I'll go live when i can be this consistent...  Maybe a long way off 

Im not trading anymore today, even though im demoing. I want to try and keep this form, lol.


02:54:56	AUD/JPY	Executed	   Sold Short 10000 AUD/JPY at 93.10	
02:56:34	AUD/JPY	Executed	   Bought 10000 AUD/JPY at 93.03


----------



## tayser

Demo platform is its flakey self once again - bout a 2 second lag between the charts and quotes.







Time	Order ID	Message	Event	TIF	Orig Trader ID	
17:55:51	0xc002s:0c6z-00	Sell Short 300000 AUD/JPY @ Market on MBTX [expiring: 14/07/2008] (300000 traded at 92.90)	Filled	GTC	
17:56:20	0xc002s:0c83-00	Buy 300000 AUD/JPY @ Market on MBTX [expiring: 14/07/2008] (300000 traded at 92.85)	Filled	GTC


----------



## G-Zilla

A nice +8 pips to start the night (my target, in first trade)

tried to get in after the pullback from the breakout just before 19:10 but didnt take the exit early when I should have.


----------



## prawn_86

EFX demo is taking about 1 - 2 seconds to process orders, so giving massive slippage. I clawed my way back to positive and hopefully the demo is better tomorrow night...

Long 1: +1
Entered on break of .00, didnt feel comfortable holding for some reason so only took a small profit.

Short 1: -3
Tried for the early entry, but wasnt quick enough with the exit.

Short 2: -4
Actually entered this at .99 but ended up getting filled at .95. Worse slippage i have had with EFX. Should have got out at b/e in hindsight.

Short 3: +7
Overall trend was down. Was in holding pattern with rainbow turning. Didnt expect the move to be so fast though

Short 4: b/e
Was lucky here. Again the fills were crap so i was an idiot for taking the trade...


----------



## G-Zilla

3 trades tonight:

1) not too sure why I took this one, I felt bad about it after taking it and decided to get out. Ended up getting out for a profit just before a breakout - go figure. +2.6pips

2) went for a reversal trade here (not sure the correct term). When it didn't reverse quickly as it had done previously tonight, I decided to get out for a small loss. -1.3 pips

3) price broke down just before 20:10 so i jumped in short on the pullback. These are the high probability trades I want to learn to have patience for.
+10.8pips

Trading over tonight. Good news is for the first 2 trades I was only trading 10k lots then bumped it up to 20k for the third!


----------



## Andy_aus

Nice trades mate, if you guys dont mind i might start posting my trades here as well.  Got home late so nothing tonight so far. I am watching the EUR USD and EUR JPY mainly.


----------



## prawn_86

G-Zilla said:


> 1) not too sure why I took this one, I felt bad about it after taking it and decided to get out. Ended up getting out for a profit just before a breakout - go figure. +2.6pips
> 
> 2) went for a reversal trade here (not sure the correct term). When it didn't reverse quickly as it had done previously tonight, I decided to get out for a small loss. -1.3 pips
> 
> 3) price broke down just before 20:10 so i jumped in short on the pullback. These are the high probability trades I want to learn to have patience for.
> +10.8pips




Here's another relatives newbs opinion

1st trade: Personally i would have entered when it broke 160 (previous high) pretty much where you ended up exiting.

2nd Trade: I used to try for contrarian/reversal trades all the time. Now i have found its better to wait for a defined move than guess/hope

3rd trade: good work 

Hope that helps


----------



## tayser

Andy_aus said:


> Nice trades mate, if you guys dont mind i might start posting my trades here as well.  Got home late so nothing tonight so far. I am watching the EUR USD and EUR JPY mainly.




The more the merrier!


----------



## G-Zilla

prawn_86 said:


> Here's another relatives newbs opinion
> 
> 1st trade: Personally i would have entered when it broke 160 (previous high) pretty much where you ended up exiting.
> 
> 2nd Trade: I used to try for contrarian/reversal trades all the time. Now i have found its better to wait for a defined move than guess/hope
> 
> 3rd trade: good work
> 
> Hope that helps




1) yes I prob should of jumped back in here but I think I was a little shell shocked for my judgment to have been off. Im actually trading a small live account as I want to feel the gains and losses

3) thankyou! would like these more often


----------



## G-Zilla

1st trade:
Price broke above 161.20 and I jumped in. Pulled back a bit but wasnt doing anything so I got out. I think this is a really good example of getting out if a trade isnt going your way, you can see what happened to the price shortly afterwards. -3.9pips

(didnt get in on that massive downspike as it was moving way too fast for me)


2nd trade:
Price broke down and I jumped in on the pullback. Missed the spike down and as the big even 161.00 was just above me i thought this would head back up. Exited for a small profit. +1pip


3rd trade:
broke up above resistance at about 161.00 and jumped in on the pullback shortly after 20:35. Previously had been choppy so I thought it would continue zagging up. Again didn't really do anything so closed out for a small profit after getting uncomfortable with the trade. +1pip


4th trade:
Price broke out just before 21:00 so i jumped in right on 21:00 after it had pulled back a bit and purple area was starting to show. Jumped up quickly so I took my profit. +9.3pips


----------



## tayser

Time	Order ID	Message	Event	TIF	Orig Trader ID	
17:42:43	0xj002s:0ium-00	Buy 250000 USD/CHF @ Market on MBTX [expiring: 21/07/2008] (250000 traded at 1.0162)	Filled	GTC	
17:45:23	0xj002s:0je2-00	Sell 250000 USD/CHF @ Market on MBTX [expiring: 21/07/2008] (250000 traded at 1.0160)	Filled	GTC	
17:49:23	0xj002s:0k2y-00	Sell Short 250000 USD/CHF @ Market on MBTX [expiring: 21/07/2008] (250000 traded at 1.0150)	Filled	GTC	
17:49:54	0xj002s:0k63-00	Buy 250000 USD/CHF @ Market on MBTX [expiring: 21/07/2008] (250000 traded at 1.0147)	Filled	GTC	
17:53:50	0xj002s:0l6u-00	Buy 250000 USD/CHF @ Market on MBTX [expiring: 21/07/2008] (250000 traded at 1.0129)	Filled	GTC	
17:54:59	0xj002s:0lkb-00	Sell 250000 USD/CHF @ Market on MBTX [expiring: 21/07/2008] (250000 traded at 1.0125)	Filled	GTC	
17:56:31	0xj002s:0m54-00	Sell Short 250000 USD/CHF @ Market on MBTX [expiring: 21/07/2008] (250000 traded at 1.0118)	Filled	GTC	
17:59:40	0xj002s:0n07-00	Buy 250000 USD/CHF @ Market on MBTX [expiring: 21/07/2008] (250000 traded at 1.0106)	Filled	GTC	

-2 (-3), 3 (2), -4 (-5), 12 (11) = 9 (5).


----------



## disarray

yeah i rode that as well   i am having issues with EFX and Ninjatraders mbtrading feed not being in sync (still using efx demo for ninjatrader feed) so i'm having a chat with mbt support to figure out whats going on. i'll update if it gets resolved.


----------



## tayser

sending the orders to the orderbook - no probs.  

execution tonight however? absolutely ****house!  

usually it's the other way around on a bad day (which there have been multiple on the demo of late).


----------



## Andy_aus

Hey guys ive started a journal in the cyrox forum as well but here is what ive got for tonight.  

Check it out and critic if u want


----------



## disarray

ok was having trouble when i open mbt navigator, then open ninjatrader then try to connect to the mbt feed, i was getting invalid username errors. so instead i tried ninjatrader first, connect to the feed, then open mbt navigator which didn't start at all. so i went into the account connector, put in my credentials then told ninjatrader to launch mbtnavigator when i connect and they both came up ok now but with a different interface.

as for the customer support i hopped onto their website at about 7.30 and went to live chat and there was a guy on duty. told him my problem, he did a quick check and told me to dial their helpdesk. dialled the helpdesk in the US (skype is good) a few times and they kept resetting my password which didn't help matters so they told me to call around 11pm my time when their CS / tech support staff come online. so a good experience with customer support but i figured a workaround so thats as good as a fix. looks like a bug with multiple connections on the same credentials even though my account is flagged live.


----------



## tayser

had a few dilly-dally trades on USD/CHF - I'm still 5-6 pips down (commish chewing everything up).  Looking for another trade after yank open.






Time	Order ID	Message	Event	TIF	Orig Trader ID	
21:40:21	0xl002s:0qvp-00	Buy 150000 GBP/JPY @ Market on MBTX [expiring: 23/07/2008] (150000 traded at 204.53)	Filled	GTC		
21:42:00	0xl002s:0r00-00	Sell 150000 GBP/JPY @ Market on MBTX [expiring: 23/07/2008] (150000 traded at 204.62)	Filled	GTC


----------



## metalhead

Have any of you tried applying this method to currency futures?

j/w.

btw I'm still following this thread


----------



## prawn_86

After a couple weeks off due to sickness and travel i managed to get my 5pips first trade 

Reason i entered is due to the spread closing up and both the bid and ask were at .96 so i knew something weird was going on.

Should have held a little longer as it turns out, but got out when i hit my target so im happy


----------



## tayser

Time	Order ID	Message	Event	TIF	Orig Trader ID	
17:30:06	0xq062s:15pf-00	Sell Short 100000 GBP/JPY @ Market on MBTX [expiring: 28/07/2008] (100000 traded at 206.89)	Filled	GTC		
17:31:32	0xq062s:17bz-00	Buy 100000 GBP/JPY @ Market on MBTX [expiring: 28/07/2008] (100000 traded at 206.94)	Filled	GTC		
17:32:06	0xq062s:180f-00	Buy 100000 GBP/JPY @ Market on MBTX [expiring: 28/07/2008] (100000 traded at 206.96)	Filled	GTC		
17:35:00	0xq062s:1b2t-00	Sell 100000 GBP/JPY @ Market on MBTX [expiring: 28/07/2008] (100000 traded at 207.11)	Filled	GTC		

Stupidly ignored the pivot at 206.78, sure enough, it found a higher support so exited minus 7.  As always with Sterling, if you're patient enough, it'll range nicely for you...  nabbed 13 to get me positive again.

Might look for some opps on Yank open.


----------



## tayser

prawn_86 said:


> After a couple weeks off due to sickness and travel i managed to get my 5pips first trade
> 
> Reason i entered is due to the spread closing up and both the bid and ask were at .96 so i knew something weird was going on.
> 
> Should have held a little longer as it turns out, but got out when i hit my target so im happy




One thing to watch for in that instance, invariably what's making the spread so narrow is that someone's put a limit order in to give the impression the banks in the liquidity pool are narrowed.  I always glance at the market depth when this happens - in your case, if you see the Bid not move and it's some odd number of lots available (banks usually offer lots of a million (100 if you use default EFX lot size) and anything else is usually other traders) then this is another user on the ECN, look to see where the nearest bank is on the bid - if it goes further and further away (and drags the ask with it) - then the ask will execute on that person's limit order - you want to get in just before this happens.  

On the flipside, if the bids (the banks) were just behind the limit order (only a pip in it), that's a signal to stay out for me as the price is likely to pullback and the poor guy's limit orders going to swamped by all the banks - no soup/execution for you! haha


----------



## tayser

verrryyy late entry, just held on and got out with a decent enough profit.






Time	Order ID	Message	Event	TIF	Orig Trader ID	
20:10:33	0xq062s:470w-00	Sell Short 100000 EUR/USD @ Market on MBTX [expiring: 28/07/2008] (100000 traded at 1.5672)	Filled	GTC		
20:16:01	0xq062s:49oc-00	Buy 100000 EUR/USD @ Market on MBTX [expiring: 28/07/2008] (100000 traded at 1.5667)	Filled	GTC


----------



## roland

I have an account with MBT/EFX now, but haven't funded it so far 'cause I don't think I am good enough yet.

I find that if I want to just get in there and place orders, I go backwards - you really need to have a good setup (entry point) just to get over the commission.

The obvious 3 entry points for me have been entering into a long spread, waiting for the turn from a strong push in one direction or trying to pick the direction from an extended period of short ranging.

I do believe that my mindset would be quite different if out of "Space Invaders" mode and it was my dollars on the line.


----------



## tayser

Space Invaders - lol I love it 

Do EFX allow you to open the account and then fund it at your own leisure??  I was under the impression that you had to send the funds after you got the official account opening go ahead... or?


----------



## prawn_86

roland said:


> I do believe that my mindset would be quite different if out of "Space Invaders" mode and it was my dollars on the line.




This is a difficuklt thing to overcome, however, like many other trading mentalities it comes down to discipline. 

I now blow my trial account down to what my initila balance would be when the accounts are reset every month, just to make it that bit more realistic.

As you have said also, waiting for the best setups are the key. My last trade for instance, even if you entered after i did on the actual break of support there would have been an easy 5 - 7 pips after spread and commission.


----------



## roland

tayser said:


> Space Invaders - lol I love it
> 
> Do EFX allow you to open the account and then fund it at your own leisure??  I was under the impression that you had to send the funds after you got the official account opening go ahead... or?




Well, you go through the hoops of proving your identity etc, then after a couple of days they give you an account with instructions on how to fund - bank details etc.

You have to have an account to fund before you fund it


----------



## roland

prawn_86 said:


> This is a difficuklt thing to overcome, however, like many other trading mentalities it comes down to discipline.
> 
> I now blow my trial account down to what my initila balance would be when the accounts are reset every month, just to make it that bit more realistic.
> 
> As you have said also, waiting for the best setups are the key. My last trade for instance, even if you entered after i did on the actual break of support there would have been an easy 5 - 7 pips after spread and commission.




Getting yourself in a negative P/L position in demo mode gives you a challenge. In real mode with your own $$$'s it would be called a disaster.


----------



## tayser

yeah figured as much 

It's a Wells Fargo account they ask you to transfer funds to yeah?


----------



## roland

tayser said:


> yeah figured as much
> 
> It's a Wells Fargo account they ask you to transfer funds to yeah?




Yep:

Your account is now ready for funding. Please refer to the following location for funding Instructions:

http://www.mbtrading.com/fx/funding.asp



Beneficiary: MB Trading Futures, Inc.
Receiving Bank: Wells Fargo Bank
Account number: 0290119866
ABA number: 121000248
Foreign Wires: Swift code WFBIUS6S


----------



## prawn_86

roland said:


> Getting yourself in a negative P/L position in demo mode gives you a challenge. In real mode with your own $$$'s it would be called a disaster.




Sorry perhaps i didnt make that as clear as i should have.

EFX gives you 10k in your demo account, so i blow that down to 1k as that is the amount i will start with when i go live. This gives me both accurate return figures and makes the account size and win/loss amount more realistic


----------



## roland

prawn_86 said:


> Sorry perhaps i didnt make that as clear as i should have.
> 
> EFX gives you 10k in your demo account, so i blow that down to 1k as that is the amount i will start with when i go live. This gives me both accurate return figures and makes the account size and win/loss amount more realistic




Cool, whatever works for you 

...mmm, maybe an easier way would be to subtract $9,000 from your balance - would save you wasting time in losing, but then, would lessen the fun 'eh!


----------



## tayser

Entry could have been earlier - was looking for confirmation it would breakout from the range and hit a high spot on the spread unfortunately.






Time	Order ID	Message	Event	TIF	Orig Trader ID	
18:38:05	0xr092s:0gzi-00	Buy 100000 GBP/JPY @ Market on MBTX [expiring: 29/07/2008] (100000 traded at 206.57)	Filled	GTC	
18:41:10	0xr092s:0hdx-00	Sell 100000 GBP/JPY @ Market on MBTX [expiring: 29/07/2008] (100000 traded at 206.64)	Filled	GTC


----------



## metalhead

Are you live yet?


----------



## tayser

No.  New financial year I will be.


----------



## tayser

Merci beaucoup Paris! Danke SchÃ¶n Frankfurt!  Grazie Milano!  smack bang on time the euros decided to short GBP/JPY   I used a Stop + Market order to get in here (placed it underneath the short-term range it was trading in) and just exited as soon as I saw the quotes go ballistic in navigator lol 






Time	Order ID	Message	Event	TIF	Orig Trader ID	
15:50:27	0xs002s:027j-00	Sell Short 100000 GBP/JPY Stop 204.17 Market on MBTX [expiring: 30/07/2008] (100000 traded at 204.17)	Filled	GTC		
15:51:18	0xs002s:0283-00	Buy 100000 GBP/JPY Stop 204.45 Market on MBTX [expiring: 30/07/2008]	Cancelled	GTC		
16:00:04	0xs002s:02gv-00	Buy 100000 GBP/JPY @ Market on MBTX [expiring: 30/07/2008] (100000 traded at 204.03)	Filled	GTC	

Long live the GMMA (you can clearly make out which direction you should be trading in)!


----------



## tayser

Interesting ride.  Ended this little session pip negative, but cash positive...  Guess tihs points out I still can't accurately tell when a pair is trading in a range (but I properly picked the breakout!).  Chopped to shizzle here with a combo of the spread and not taking the contrarian trades:






However, it breached the upper range, pulled back - importantly made a higher low, jacked up the lots to 80% (we've got confirmation of a high probability entry with the breach) and jumped in as soon as price poked above the spine and I went for a ride...






easier to see the range breakout here:






Time	Order ID	Message	Event	TIF	Orig Trader ID	
16:59:21	0xt002s:06b1-00	Buy 100000 GBP/JPY @ Market on MBTX [expiring: 31/07/2008] (100000 traded at 206.22)	Filled	GTC	
17:02:12	0xt002s:06en-00	Sell 100000 GBP/JPY @ Market on MBTX [expiring: 31/07/2008] (100000 traded at 206.244)	Filled	GTC	
17:07:41	0xt002s:06qo-00	Buy 100000 GBP/JPY @ Market on MBTX [expiring: 31/07/2008] (100000 traded at 206.19)	Filled	GTC		
17:08:15	0xt002s:06se-00	Sell 100000 GBP/JPY @ Market on MBTX [expiring: 31/07/2008] (100000 traded at 206.10)	Filled	GTC		
17:08:52	0xt002s:06ui-00	Sell Short 100000 GBP/JPY @ Market on MBTX [expiring: 31/07/2008] (100000 traded at 206.05)	Filled	GTC
17:10:51	0xt002s:06zs-00	Buy 100000 GBP/JPY @ Market on MBTX [expiring: 31/07/2008] (100000 traded at 206.16)	Filled	GTC		
17:12:41	0xt002s:076a-00	Buy 100000 GBP/JPY @ Market on MBTX [expiring: 31/07/2008] (100000 traded at 206.08)	Filled	GTC		
17:14:56	0xt002s:07iu-00	Sell 100000 GBP/JPY @ Market on MBTX [expiring: 31/07/2008] (100000 traded at 206.15)	Filled	GTC		
17:25:37	0xt002s:08ev-00	Buy 400000 GBP/JPY @ Market on MBTX [expiring: 31/07/2008] (400000 traded at 206.20542)	Filled	GTC		
17:27:04	0xt002s:0941-00	Sell 400000 GBP/JPY @ 206.40 Limit on MBTX [expiring: 31/07/2008] (400000 traded at 206.41)	Filled	GTC

no more trades as I'm pip negative irrespective whether or not I've made a nice little profit.


----------



## tayser

What that breakout I caught a ride on turned out to be... a pip machine:






(red resistance line is one I've drawn from a 1 hour chart).  This method doesn't have to be used exclusively for scalping - it is based on Guppy theory after all - eh combo the entry on rainbow with the above chart et voila!


----------



## disarray

hey man, a few questions please. what is that other chart package you are using, metatrader? i quite like candle charts but i'm having trouble with it in ninjatrader. and is GMMA the guppy MA?

cheers


----------



## tayser

The pivots are from the TrendFollower System (got it from ForexFactory) and the template + GMMA is mine.

Put the Pivot Points Multitimeframe.ex4 file in your MetaTrader 4 > experts > indicators folder and put the gmma with pivots.tpl file in your MetaTrader 4 > templates folder.

Restart MetaTrader 4 then open your currency pair, right click the chart and select Templates > GMMA with Pivots and all should be nice and rosy.

I usually just watch the M1 chart of the pair I'm scalping.

Files are located on my own webspace, right click Save As the links above.

yep GMMA = Guppy Multiple Moving Average (from the Trend Trading book).  The template has the bog-standard settings on... Short-term EMAS: 1,3,5,8,10,12,15.  Long-term EMAS: 30,35,40,45,50,60.

cheers.


----------



## Andy_aus

Hey tayser whats wrong with ninja traders pivot indicators?
Is the one you got from ff and running on MT4 better?


----------



## tayser

I've just never bothered to look at Ninja's pivots to be honest


----------



## tayser

Big pip night tonight...  US Unemployment / NFP @ 10:30pm AEST.  GBP/JPY usually ranges really nicely after the initial bursts (as does... well......... everything lol ).  Remember, scalp AFTER the initial move has run its course, don't newstrade!


----------



## tayser

meh, all orders are taking 5 seconds to change from "Pending" to "Live" on the EFX demo tonight... even the limit order I used to exit took 4 seconds to execute, lucky price didn't move all over the place...






Time	Order ID	Message	Event	TIF	Orig Trader ID	
21:15:05	0xu052s:0imm-00	Buy 150000 EUR/USD @ Market on MBTX [expiring: 1/08/2008] (150000 traded at 1.5456)	Filled	GTC		
21:18:13	0xu052s:0ir1-00	Sell 150000 EUR/USD @ 1.5463 Limit on MBTX [expiring: 1/08/2008] (150000 traded at 1.54631)	Filled	GTC		

^ I took an aggressive entry as soon as price poked above the previous high (EUR/USD goes to the tenth a lot and ninja charts don't show it).  A more conservative entry would have been as soon as the price poked above the spine after the last higher low on the right of the chart.  Newbies should practice looking for this and it's all the more easier if you've got a separate chart which displays the pivots (see above).  There's a weekly support at 1.5449 and the .50 level is a natural support level anyhow.


----------



## tayser

Time	Order ID	Message	Event	TIF	Orig Trader ID	
22:36:21	0xu052s:0qhd-00	Buy 100000 GBP/JPY @ Market on MBTX [expiring: 1/08/2008] (100000 traded at 208.67)	Filled	GTC	
22:36:49	0xu052s:0qtv-00	Sell 100000 GBP/JPY @ Market on MBTX [expiring: 1/08/2008] (100000 traded at 208.78)	Filled	GTC


----------



## roland

Hey tayser, are you averaging a profit yet? I find that the commission is a real killer. Increasing the lot size makes the situation worse. The smallest lot size seems to work the best, but the return is very small. I f I try hard enough, I can consistantly return around $30 - $50 a day but this takes around 3 hours.

Is this the sort of returns you are getting - or am I doing something wrong?


----------



## tayser

If commission is killing you then you're not getting enough pips and that can be caused by not waiting / identifying the big(ger) moves.

I've got a 9% return on one demo account (used for USD based pair scalps) and 18% return on another (used for JPY based pair scalps) since last balance reset two weeks ago.  I'm only using lot sizes which are 25% of the available buying power - with some exceptions (like the one I've put up here a few posts back on GBP/JPY where I jacked it up to 75-80%).


----------



## HRL

I trade with CMC and they don't have any commissions on FX trades (http://www.sitm.com.au/pgtemplate.asp?page=brokers&brokers=cmc&sub=1) so I don't need to worry too much about the spread or the direction.  20pips either way and I'm happy.  If you don't mind trading on margin (ALWAYS USE A STOP LOSS!!!) and going short or long then get into it.  Haven't traded any other live data programs before but CMC's live feed and charting suite is pretty good.  

I've been scanning through this thread just now and nodding my head in agreement with most of it... scalping suits me best also as I can catch the Asian markets close and the European open most days (& some US action if I'm having trouble sleeping or theres a game on!).  I generally stick to the major spots (USD,EUR,GBP,JPY,CHF and AUD sometimes too) for liquidity reasons.


----------



## tayser

CMC are a bucketshop (their platform's even called "Market Maker"!) and no you shouldn't have to always set a platform-side stop loss for the method - your stop loss is in your head and you execute it as soon as the trigger occurs.

Paying commissions with floating and narrowed spreads with far more order options and trading with banks and other traders is far more favourable than trading against a broker with limited order options.  If you're going to look at this method, I highly recommend training yourself from the start on an ECN - EFX/MB Trading is the broker that suits most beginners.


----------



## HRL

Few questions Tayser if you don't mind...

Limited order options?  Market, Stops, Limits and OCOs are enough for me for the moment.  I'm still fairly new to FX.  What else are you getting with yours?

If I'm getting a fixed spread of 2-3pips and no commissions then why move to a commission platform with floating spreads?  Whats the narrowest spread you get and how regular is it?  What commissions are you paying?

Why would I care about whether I'm 'only' trading with a broker rather than banks and other traders if all my trades have been filled within seconds of placing the order?  What's the benefit?

Don't need to use a stop loss?  Huh?  Ok now I'm suspicious.  So if you have a couple of positions open (on margin or not) and you duck out to the toilet when suddenly one or both quickly turn against you while you're still on the crapper - then what?  You happily take the hit?

Your response above was a bit brief.  I'm fine with you saying 'this is better than that' but at least give me some facts to back it up.

Thanks


----------



## Trembling Hand

HRL said:


> Few questions Tayser if you don't mind...
> 
> Limited order options?  Market, Stops, Limits and OCOs are enough for me for the moment.  I'm still fairly new to FX.  What else are you getting with yours?
> 
> If I'm getting a fixed spread of 2-3pips and no commissions then why move to a commission platform with floating spreads?  Whats the narrowest spread you get and how regular is it?  What commissions are you paying?
> 
> Why would I care about whether I'm 'only' trading with a broker rather than banks and other traders if all my trades have been filled within seconds of placing the order?  What's the benefit?
> 
> Don't need to use a stop loss?  Huh?  Ok now I'm suspicious.  So if you have a couple of positions open (on margin or not) and you duck out to the toilet when suddenly one or both quickly turn against you while you're still on the crapper - then what?  You happily take the hit?
> 
> Your response above was a bit brief.  I'm fine with you saying 'this is better than that' but at least give me some facts to back it up.
> 
> Thanks




HRL why do you think that CMC gives you "free" trades??

Are they philanthropic organizations?


----------



## HRL

Is your mouse finger broken?  Read the link I put in my post above or go to their website.


----------



## Trembling Hand

HRL said:


> Is your mouse finger broken?  Read the link I put in my post above or go to their website.




Well smarty congratulations for believing the marketing hype. Your "free" commissions are costing you heaps. Having to always buy and sell "@ market" with "free" commission is costing you about 10 times more than being in the real market paying commission. thats why they give you such rubbish.

Maybe you would like to use your mouse finger and read this.

http://tremblinghandtrader.typepad.com/trembling_hand_trader/2007/06/the_real_cost_o.html

It continues to amaze me that people don't question the "Free commission" rubbish. If I was selling you a product and said it was free you would be suspicious but with FX & CFD people take it hook line and sinker.


----------



## tayser

quick break of the .00 level & range, jumped in for quick pips:







Time	Order ID	Message	Event	TIF	Orig Trader ID	
18:46:35	0xy002s:0ifw-00	Sell Short 100000 GBP/JPY @ Market on MBTX [expiring: 5/08/2008] (100000 traded at 205.96)	Filled	GTC		
18:47:03	0xy002s:0iio-00	Buy 100000 GBP/JPY @ Market on MBTX [expiring: 5/08/2008] (100000 traded at 205.87)	Filled	GTC


----------



## G-Zilla

hey guys, havent been trading as my PC has been out of action lately.

1st at 8pm:
trade wasnt too good in hindsite. Price hadnt broken out from162.50. I thought it would and made a mistake getting before the action was confirmed. First trade of the night so learn form the mistake!
-6.6

2nd at 8:30pm:
after a breather from jumping upto 162.65 I thought it was going to run towards 162.75 if it broke up again which it did so jumped on.
+3.8pips

3rd trade at 9:05pm:
Price broke down hard and pulled back a little. Jumped in and set a take profit at 162.50.
+9.6pips

overall +6 pips. Might look for some more on the US open.


----------



## tayser

Caught on the wrong side of an unexpected bad news announcement (German factory orders) - spooked nearly every pair!  Jacked the lots up (it's pretty obvious which way the market's now going and it broke a daily support, a previous low and the entry signal was the ask falling through the .50 level) and went for a ride...






Time	Order ID	Message	Event	TIF	Orig Trader ID	
19:54:32	0xz0m2s:0iba-00	Buy 200000 EUR/USD @ Market on MBTX [expiring: 6/08/2008] (200000 traded at 1.5469)	Filled	GTC		
20:00:06	0xz0m2s:0iq2-00	Sell 200000 EUR/USD @ Market on MBTX [expiring: 6/08/2008] (200000 traded at 1.5463)	Filled	GTC		
20:01:25	0xz0m2s:0ism-00	Sell Short 500000 EUR/USD @ Market on MBTX [expiring: 6/08/2008] (500000 traded at 1.5449)	Filled	GTC	
20:01:42	0xz0m2s:0iv7-00	Buy 500000 EUR/USD @ Market on MBTX [expiring: 6/08/2008] (500000 traded at 1.5437)	Filled	GTC


----------



## nizar

Trembling Hand said:


> Are they philanthropic organizations?




LOLOLOLOL.
Classic


----------



## nizar

tayser said:


> No.  New financial year I will be.




Tayser.
Will EFX be accepting accounts funded with $AU by then?
Great thread by the way, Ive been following with interest.
Nice to see you trading GBP/JPY, it gives nice big trends.


----------



## G-Zilla

Tayser, I got on that news move too!

easy 11pips 

(pity I wasn't shooting with max lots )


----------



## >Apocalypto<

HRL said:


> Is your mouse finger broken?  Read the link I put in my post above or go to their website.




LOL

CMC = clients money collector.

mate u are with a fine group I wish u well with em. 

EFX well they are yet to prove much. I wont knock em to hard cuz they work brokerage out on the % so higher the euro value the more the comm. but HRL don't defend CMC in fx go read some reviews.


----------



## tayser

nizar said:


> Will EFX be accepting accounts funded with $AU by then?




No idea, I'm not the one to ask.

G-zilla: pip on.


----------



## tayser

G'night.






Time	Order ID	Message	Event	TIF	Orig Trader ID	
22:30:23	0xz0m2s:0omx-00	Buy 200000 GBP/JPY @ Market on MBTX [expiring: 6/08/2008] (200000 traded at 206.04)	Filled	GTC	
22:33:15	0xz0m2s:0oyg-00	Sell 200000 GBP/JPY @ Market on MBTX [expiring: 6/08/2008] (200000 traded at 206.14)	Filled	GTC


----------



## tayser

looking for another trade after Euro rate announcements.






Time	Order ID	Message	Event	TIF	Orig Trader ID	
21:23:27	0y0002s:0m5q-00	Buy 500000 GBP/JPY @ Market on MBTX [expiring: 7/08/2008] (500000 traded at 204.27)	Filled	GTC	
21:24:40	0y0002s:0m8n-00	Sell 500000 GBP/JPY @ Market on MBTX [expiring: 7/08/2008] (500000 traded at 204.38)	Filled	GTC


----------



## tayser

Done.






Time	Order ID	Message	Event	TIF	Orig Trader ID	
21:49:48	0y0002s:0nm8-00	Buy 700000 EUR/USD @ Market on MBTX [expiring: 7/08/2008] (700000 traded at 1.5361)	Filled	GTC	
21:50:16	0y0002s:0nmz-00	Sell 700000 EUR/USD @ Market on MBTX [expiring: 7/08/2008] (700000 traded at 1.5368)	Filled	GTC


----------



## tayser

Baby Pips






Time	Order ID	Message	Event	TIF	Orig Trader ID	
18:45:59		Buy 10000 EUR/USD @ Market on MBTX [expiring: 11/08/2008] (10000 traded at 1.5436)	Filled	GTC	
18:46:24		Sell 10000 EUR/USD @ Market on MBTX [expiring: 11/08/2008] (10000 traded at 1.54402)	Filled	GTC	

^ live EFX/MBT


----------



## caribean

Did someone mention my favorite broker's name? 
Ahhhh, i remember the good old days, when i've made plenty of donations to that philanthropic organization, though i've got a sneaking suspicion my donations did not end up in Ethiopia, rather to some guy in the united...something or other......or waking up to margin call emails from a "forgotten" order which did not show anywhere prior to logging off the trade console, or ,being allowed to enter an order during news but no matter how many times you clicked that mouse button to exit with a profit you could not exit until you were in a loss....ahhh the good old days...one good thing, i don't go through so many mice any more....they used to smash beautifully if you swing them by the cord on to the floor while your face turns the color of beetroot and some previously unthought of combinations of obscenities come out of your mouth


----------



## tayser

Time	Order ID	Message	Event	TIF	Orig Trader ID	
22:33:07		Buy 10000 EUR/USD @ Market on MBTX [expiring: 11/08/2008] (10000 traded at 1.5448)	Filled	GTC	
22:33:31		Sell 10000 EUR/USD @ Market on MBTX [expiring: 11/08/2008] (10000 traded at 1.5445)	Filled	GTC	
22:43:25		Buy 10000 EUR/USD @ Market on MBTX [expiring: 11/08/2008] (10000 traded at 1.5454)	Filled	GTC	
22:45:26		Sell 10000 EUR/USD @ Market on MBTX [expiring: 11/08/2008] (10000 traded at 1.5459)	Filled	GTC


----------



## tayser

Time	Order ID	Message	Event	TIF	Orig Trader ID	
18:35:43		Sell Short 10000 EUR/USD @ Market on MBTX [expiring: 12/08/2008] (10000 traded at 1.5503)	Filled	GTC	
18:35:48		Buy 10000 EUR/USD @ Market on MBTX [expiring: 12/08/2008] (10000 traded at 1.5497)	Filled	GTC		
18:36:50		Buy 10000 GBP/JPY @ Market on MBTX [expiring: 12/08/2008] (10000 traded at 202.77)	Filled	GTC	
18:37:08		Sell 10000 GBP/JPY @ Market on MBTX [expiring: 12/08/2008] (10000 traded at 202.82)	Filled	GTC


----------



## prawn_86

This method is like riding a bike, once you know it you pick it up quickly again.

Got 6 pips after not having 'traded' (demoed) for over a month


----------



## prawn_86

Couldnt help myself.

Broke down after being range bound for ages so took another 2 quick pips


----------



## prawn_86

-6 (brokerage kills)

+5

+4


----------



## ThingyMajiggy

Nice work prawn


----------



## tayser

getting my mojo back... yep add me to the list of people who are learning money management the hard way 

First trade - should have waited, luckily the trailing (10pip) stop is set (my default orders are now Market + Trailing) as it moved very fast against me - how I got burned over the past couple of weeks.  Suck it up tays (I have).

Pretty happy with 2nd trade, could have entered earlier, exit is perfect (mini-triple top and exited on the third - luckily the price stuck around).







Time	Order ID	Message	Event	TIF	Orig Trader ID	
16:58:20		Sell Short 5000 GBP/JPY @ Mkt.+Trail [+Trail 0.10] on MBTX [expiring: 8/09/2008] (5000 traded at 206.89)	Filled	GTC	
16:58:22		Buy 5000 GBP/JPY Trail 0.10 on MBTX [expiring: 8/09/2008] (5000 traded at 207.02)	Filled	GTC		
17:02:02		Buy 5000 GBP/JPY @ Mkt.+Trail [+Trail 0.10] on MBTX [expiring: 8/09/2008] (5000 traded at 207.29)	Filled	GTC		
17:02:05		Sell 5000 GBP/JPY Trail 0.10 on MBTX [expiring: 8/09/2008]	Cancelled	GTC	
17:03:24		Sell 5000 GBP/JPY @ Market on MBTX [expiring: 8/09/2008] (5000 traded at 207.38)	Filled	GTC


----------



## tayser

finishing the day 4 pips down.






Time	Order ID	Message	Event	TIF	Orig Trader ID	
18:32:22		Buy 5000 EUR/USD @ Mkt.+Trail [+Trail 0.0010] on MBTX [expiring: 8/09/2008] (5000 traded at 1.5823)	Filled	GTC	
18:32:24	Sell 5000 EUR/USD Trail 0.0010 on MBTX [expiring: 8/09/2008]	Cancelled	GTC	
18:34:04		Sell 5000 EUR/USD @ Market on MBTX [expiring: 8/09/2008] (5000 traded at 1.5831)	Filled	GTC


----------



## Euler

tayser said:


> getting my mojo back... yep add me to the list of people who are learning money management the hard way
> 
> First trade - should have waited, luckily the trailing (10pip) stop is set (my default orders are now Market + Trailing) as it moved very fast against me - how I got burned over the past couple of weeks.  Suck it up tays (I have).
> 
> Pretty happy with 2nd trade, could have entered earlier, exit is perfect (mini-triple top and exited on the third - luckily the price stuck around).




Tayser, congrats ... an innovative thread to read and some great trades ... talk about short time frames!!

Re the GBP/JPY first trade, I see why you took this entry, however, after you noticed it moving to your S/L, did you consider after it hit your stop to go long immediately ... or do you consider this too risky? _I do understand that all this is obvious in hindsight and without cold-hard-cash on the line!_

Keep up the work and posts .... makes intriguing reading following your trades.


----------



## tayser

Euler said:


> Tayser, congrats ... an innovative thread to read and some great trades ... talk about short time frames!!
> 
> Re the GBP/JPY first trade, I see why you took this entry, however, after you noticed it moving to your S/L, did you consider after it hit your stop to go long immediately ... or do you consider this too risky? _I do understand that all this is obvious in hindsight and without cold-hard-cash on the line!_
> 
> Keep up the work and posts .... makes intriguing reading following your trades.




I did actually consider jumping straight in yes - although, I'm being a little bit more conservative.

Hindsight is beautiful yeah, however in saying that, I should have waited a little longer on that first trade because GBP/'JPY is known to range a lot and being only 10-15 pips from a .00 (or .50) level is introducing more risk.  Your best trades are always going to be when the price is between .15 and .35 & .65 and .85 as the pair always gravitates to the natural support levels (.50 and .00).


----------



## Euler

tayser said:


> I did actually consider jumping straight in yes - although, I'm being a little bit more conservative.
> 
> Hindsight is beautiful yeah, however in saying that, I should have waited a little longer on that first trade because GBP/'JPY is known to range a lot and being only 10-15 pips from a .00 (or .50) level is introducing more risk.  Your best trades are always going to be when the price is between .15 and .35 & .65 and .85 as the pair always gravitates to the natural support levels (.50 and .00).




I seldom trade a "mature" leg (eg. a stock/derivative that has put in several bars move in a direction ... depending on the vehicle could be 6-8+ bars), for a retracement may be imminent. In doing this I may miss a move, but would prefer not chasing it, to getting caught in a correction/retracement move. It is especially profitable, when used with breakout entries as is the case with your second trade ... as you said "could have entered earlier" @ around 207.20 ... but none-the-less a good trade and exit.

Do you use a minimum brokerage/spread broker, or fixed spread MM (eg. IG, CMC eek (... I did read something about this but am in info overload with this thread, so excuse any repition of an earlier question/reply)


----------



## tayser

ECN broker (MBTrading / EFX) - don't use a Market Maker for scalping.


----------



## prawn_86

Short 1: -2.5

Should have stuck with my instinct. Would have been profitable if i held 1 second (literally) longer


Short 2: +8.5

Now thats more like it 

Long 1: +2.5

Was originally targeting just 1 quickish pip on the bounce but it went higher than expected.


Total = 8.5


----------



## tayser

doesn't inspire much confidence when a dramatic quote change (I thought I'd missed a news event at first - spread widened to 50 pips) fails to take out a trailing stop lol!!






Time	Order ID	Message	Event	TIF	Orig Trader ID	
20:03:57		Buy 5000 EUR/USD @ 1.5511 Stop+Trail [+Trail 0.0010] on MBTX [expiring: 9/09/2008] (5000 traded at 1.5511)	Filled	GTC	
20:04:30		Sell 5000 EUR/USD Trail 0.0010 on MBTX [expiring: 9/09/2008]	Cancelled	GTC	
20:10:33		Sell 5000 EUR/USD @ Market on MBTX [expiring: 9/09/2008] (5000 traded at 1.5516)	Filled	GTC	

used a stop market + trailing order for the entry.

finished with 3.5.


----------



## tayser

actually, look at that time on the cancelled trail - that's when the price spike happened...  (although afterwards I was watching the trail rise with the bid...)  

Usually to exit a trade I hit F3 and F2 (I've assigned them Cancel all orders and Close all positions (market) respectively) thus the cancelled order should be a few seconds before the Sell...

bizarre.


----------



## julius

tayser - are you trading live or demo ?


----------



## tayser

live.


----------



## Euler

tayser said:


> ECN broker (MBTrading / EFX) - don't use a Market Maker for scalping.




Tayser, don't want to harp on this point, but would like your further views. Have you used a MM and tried your system on their quotes, even in demo mode. I do understand your thinking behind your stance, but wonder if there is some scope in that area.

Keep up your input ... it's very illuminating.


----------



## tayser

With an ECN:

- You can trade between the spread
- have many more order types for entries / exits
- execute orders against real market makers (which are banks in an FX ECN as opposed to broker market makers) as well as other users on the platform - never underestimate how useful this is, the amount of times I've whitnessed another user on the platform narrowing the spread on a pair is mindboggling.
- you invariably have tighter spreads (owing to the above).

With a Market Maker:

- you're constrained with order types and spread
- the broker hedges against your trades and IMO therefore has a higher probability of manipulating quotes/executions or even your positions in order for them not to lose as much.
- you'll probably get a better swap on an MM however (this isn't a concern for me or this method though).

I have a live Oanda account and a live MBT/EFX account.

If you're interested in the method, you really should get involved with the whole Cyrox forum - there's plenty of threads on this type of discussion.

cheers.


----------



## Euler

tayser said:


> With an ECN:
> 
> - You can trade between the spread
> - have many more order types for entries / exits
> - execute orders against real market makers (which are banks in an FX ECN as opposed to broker market makers) as well as other users on the platform - never underestimate how useful this is, the amount of times I've whitnessed another user on the platform narrowing the spread on a pair is mindboggling.
> - you invariably have tighter spreads (owing to the above) ................................................. cheers.




Very powerful considerations ...... many thanks


----------



## Largesse

i'm having trouble setting up the live feed into Ninjatrader.

have downloade Ninjatrader, i have the MBT account what else do i need to do?


----------



## disarray

in ninjatrader go Tools - Account Connections - make a new account and use MBTrading as the data source. it will ask you for your credentials as you go in. the help file in ninjatrader under account connections has a walkthrough.

there is a check box for Launch Navigator as you create the account. if you use efx / mbtrader then you need to tick this box because you can't connect with ninjatrader and efx on the same account at the same time. ticking the box will launch another navigator window you can use but it can't be resized so its a pain in the ass. there is no eta on a fix for this. you could use a demo account for the ninjatrader account but its a crappy feed which you don't really want.


----------



## tayser

post US CPI release:






Time	Order ID	Message	Event	TIF	Orig Trader ID	
22:37:36		Sell Short 7500 EUR/USD @ Mkt.+Trail [+Trail 0.0010] on MBTX [expiring: 12/09/2008] (7500 traded at 1.5334)	Filled	GTC	
22:37:38	Buy 7500 EUR/USD Trail 0.0010 on MBTX [expiring: 12/09/2008]	Cancelled	GTC	
22:40:08		Buy 7500 EUR/USD @ Market on MBTX [expiring: 12/09/2008] (7500 traded at 1.5310)	Filled	GTC


----------



## tayser

Euler said:


> Very powerful considerations ...... many thanks




The only other thing I'd say about using a Market Maker broker - specifically Oanda, the only pair worth scalping on it is EUR/USD - the spread is primarily fixed at 0.9 pips and if you focus on early contrarian entries you'll probably do just as well than on an ECN (biggest bonus with Oanda is AUD denomination).  

You really don't want to be chasing the market with a market maker even though the spread and no commission can be an advantage - to a point, so focus on early entries (I basically look for when the price disappears back into the rainbow - this is on my 1sec ninja charts with the EFX feed and executing on Oanda) and jump out when you feel it start to go against you.

Usually if I see a surge on EFX, I prepare to get out on Oanda - Market makers's quotes don't flow smoothly like an ECN's so when you see the Oanda quote react to the surge in the real market on the ECN, that's invariably an exit signal.


----------



## prawn_86

Went fishing in a slow moving market. Not to be unfortunately.

-2.5 pips


----------



## prawn_86

2 more trades for 5.5 pips each 

Nett of 8.5 pips for the night.


----------



## Euler

prawn_86 said:


> 2 more trades for 5.5 pips each
> 
> Nett of 8.5 pips for the night.




Nice trades Prawn ... and so elegant ... keep them coming.


----------



## prawn_86

Still cant get those exits right.

-1.5 for this trade (due to brokerage)


----------



## prawn_86

Long:
Didnt hold long enough
+4.5

Short:
Very happy with that, was looking for it to drop back to natural support at .50
+3.5

Total today:
+6.5 and thats me done for the day


----------



## prawn_86

Agressive +2.5


----------



## prawn_86

+4.5 but could have been heaps more. I got in a bit late and got out too early, but a profit is a profit

Total of 7 for 20 minutes so im done for the afternoon


----------



## prawn_86

Ok so heres a breakdown of my results so far.

After 40 trades:

Total wins: 25 (63%)
Total losers: 15 (37%)

Average Win: 4.64 pips
Average Loss: -3.2 pips

Total Profit: 116
Total Loss: -48
Average return per trade: +1.7 pips

Scatterplot of all 40 trades shown below.

personally i would like to get my win % up above 75%.

Would appreciate any input please...


----------



## tayser

hah, caught the same move, I can see you're taking the tory approach (nothing wrong with that!) 







Time	Order ID	Message	Event	TIF	Orig Trader ID	
17:51:18		Sell Short 5000 EUR/JPY @ Mkt.+Trail [+Trail 0.10] on MBTX [expiring: 18/09/2008] (5000 traded at 167.23)	Filled	GTC	
17:51:21		Buy 5000 EUR/JPY Trail 0.10 on MBTX [expiring: 18/09/2008]	Cancelled	GTC	
17:52:59		Buy 5000 EUR/JPY @ Market on MBTX [expiring: 18/09/2008] (5000 traded at 167.17)	Filled	GTC


----------



## prawn_86

tayser said:


> hah, caught the same move, I can see you're taking the tory approach (nothing wrong with that!)




I would have entered where you exited (break of support), but i was away from the screen so got in a bit late


----------



## professor_frink

prawn_86 said:


> Ok so heres a breakdown of my results so far.
> 
> After 40 trades:
> 
> Total wins: 25 (63%)
> Total losers: 15 (37%)
> 
> Average Win: 4.64 pips
> Average Loss: -3.2 pips
> 
> Total Profit: 116
> Total Loss: -48
> Average return per trade: +1.7 pips
> 
> Scatterplot of all 40 trades shown below.
> 
> personally i would like to get my win % up above 75%.
> 
> Would appreciate any input please...





For an impoverished uni student that is more concerned with fundamental analysis of small caps, you are doing a good job of making the rest of us traders look bad

personally I think your win rate is fine. I'd maybe work on developing a hold button so you can step on the odd winner to really cash in. overall you are doing well though


----------



## prawn_86

professor_frink said:


> For an impoverished uni student that is more concerned with fundamental analysis of small caps, you are doing a good job of making the rest of us traders look bad
> 
> personally I think your win rate is fine. I'd maybe work on developing a hold button so you can step on the odd winner to really cash in. overall you are doing well though




LOL thanks Prof.

i must admit i never quite know when to exit. I think i just need to trust the rainbow a little more and keep holding as long as the price is outside of it. I just get a bit edgy and dont want to give up too much profit.

Appreciate your input


----------



## professor_frink

prawn_86 said:


> LOL thanks Prof.
> 
> i must admit i never quite know when to exit. I think i just need to trust the rainbow a little more and keep holding as long as the price is outside of it. I just get a bit edgy and dont want to give up too much profit.
> 
> Appreciate your input




just as long as you keep good records of what you are doing now, you'll be in a decent position to work on things down the track. As you get a larger sample size for your papertrades, you'll start to see if you are exiting too early, or too late, etc and can begin to look at makig adjustments where appropriate.


----------



## prawn_86

+5.5 net. Thats my target so im done for the week.

Starting to get the hang of this


----------



## prawn_86

prawn_86 said:


> personally i would like to get my win % up above 75%.




Instead of studying for exams, i have been procrastinating by studying my past trades/charts etc.

For my last 20 trades i actually only had 4 losers, so that takes my win rate to the amount i was seeking.

Now my task is to maintain this win rate...


----------



## julius

prawn_86 said:


> Instead of studying for exams, i have been procrastinating by studying my past trades/charts etc.
> 
> For my last 20 trades i actually only had 4 losers, so that takes my win rate to the amount i was seeking.
> 
> Now my task is to maintain this win rate...




Hi Prawn,

Here's another way you can approach it:

A win loss ratio of 4.64/-3.2 equates to a risk:reward of 1.45:1. At 63% winners, you can expect to earn 1.74 pips per trade, or 54 percent of every dollar risked.

Given the R:R of 1.45, you need to maintain a win rate of atleast ~41% in order to breakeven, not including transaction costs.

Personally I think you want to rely on your accuracy as little as possible - this means emphasizing the risk:reward pattern over the %winners.

If you want to develop a reasonable estimate of winning percent then you need a much larger sample than 40 or 50 trades, and I would say over an extended period of time (weeks/months) because the accuracy of any method or system is going to fluctuate with market conditions.

That way you have an idea when the method isn't in tune with the market and what you can expect.


----------



## prawn_86

julius said:


> Hi Prawn,
> 
> Here's another way you can approach it:
> 
> A win loss ratio of 4.64/-3.2 equates to a risk:reward of 1.45:1. At 63% winners, you can expect to earn 1.74 pips per trade, or 54 percent of every dollar risked
> 
> Given the R:R of 1.45, you need to maintain a win rate of atleast ~41% in order to breakeven, not including transaction costs.




Thanks for this Julius, that makes sense.

All my profits i post here, and record are net, so the transaction cost issue does not matter in this case.




julius said:


> Personally I think you want to rely on your accuracy as little as possible - this means emphasizing the risk:reward pattern over the %winners.




Any ideas of how to recognise the higher R:R patterns? 
From what i have gathered so far, scalping (due to its ultra short term nature) is just about picking up quick pips here and there. Its hard (for me at least) to identify which moves will be bigger than others.



julius said:


> If you want to develop a reasonable estimate of winning percent then you need a much larger sample than 40 or 50 trades, and I would say over an extended period of time (weeks/months) because the accuracy of any method or system is going to fluctuate with market conditions.
> 
> That way you have an idea when the method isn't in tune with the market and what you can expect.




I totally agree here. Im not in any rush to go live and would like well over 100 trades before i consider doing so.

Having said that however, if im only executing 1 or 2 trades a day and getting my target (5 pips), its going to take quite some time to get a decent sample up. For example, i only had 8 trades last week with 7 winners and one loser, for a total of 30 pips. So to get another 100 trades or so will take a few months at least.

Thanks for your input, i appreciate it


----------



## julius

prawn_86 said:


> All my profits i post here, and record are net, so the transaction cost issue does not matter in this case.
> 
> Any ideas of how to recognise the higher R:R patterns?
> From what i have gathered so far, scalping (due to its ultra short term nature) is just about picking up quick pips here and there. Its hard (for me at least) to identify which moves will be bigger than others.
> 
> I totally agree here. Im not in any rush to go live and would like well over 100 trades before i consider doing so.
> 
> Having said that however, if im only executing 1 or 2 trades a day and getting my target (5 pips), its going to take quite some time to get a decent sample up. For example, i only had 8 trades last week with 7 winners and one loser, for a total of 30 pips. So to get another 100 trades or so will take a few months at least.
> 
> Thanks for your input, i appreciate it




Prawn,

In my opinion transaction costs are worth considering in this case because they represent a significant portion of net profits. Brokerage and slippage have much more of an impact on a scalper than they do a swing or position trader.

As for the R:R - I always work out the stop level first then filter out trades that are less than 2:1. You can also look at average volatility to get a similiar estimate.

Beyond that it's mostly about how you choose to manage the trade - managing a position is always going to have a push/pull effect on R:R and Win%. 

Wider stops will increase w%, but decrease R:R. Tight stops will do the opposite. Profit targets increase w%, decrease R:R. Wide trailing stops will give bigger trends, but give back more profits, etc...


----------



## prawn_86

I cant say i evaluate my R:R before i enter a trade. Most of the time there isnt really time, its just press the button when I see everything lining up.

I run relatively tight stops, depending on how fast the market is, of between 2 - 5 pips. So it looks to me that most of my trades have a R:R of 1:1.

As i said bfore, i dont know how to pick those moves that will be bigger than others, so i wouldnt know when there is a 2:1 opportunity.

I would like to hear from other scalpers as what sort of R:R they are using?


The stop levels above will keep me within the 2% rule however, as i will only be trading very small lots (or part lots) when i do go live.


----------



## tayser

I don't bother calculating r:r for each individual trade either, but you can have an idea of what it's likely going to be if you hit your targets.

Identifying bigger moves come with lots and lots of screen time + support/resistance (short and long term) basics.

In navigator, for the trailing stop settings, you can set either a fixed pip amount or percentage of account balance risk - try using market + trailing stops when you trade.  When you want to close a position, always remember to firstly cancel the trailing stop order and then close.


----------



## caribean

Question from a friend who's interested, can he get a longer term ninjatrader demo with any broker feed (idealy EFX), your replies appreciated.


----------



## tayser

MB Trading demos dont expire (The account) - the balance is just reset on the 15th of each month.


----------



## caribean

Thank you.


----------



## tayser

no probs.

German Business Climate index came in lower tonight.







Time	Order ID	Message	Event	TIF	Orig Trader ID	
18:00:41		Sell Short 5000 EUR/JPY @ Mkt.+Trail [+Trail 0.10] on MBTX [expiring: 22/09/2008] (5000 traded at 167.01)	Filled	GTC	
18:00:44		Buy 5000 EUR/JPY Trail 0.10 on MBTX [expiring: 22/09/2008]	Cancelled	GTC	
18:03:20		Buy 5000 EUR/JPY @ Market on MBTX [expiring: 22/09/2008] (5000 traded at 166.915)	Filled	GTC


----------



## prawn_86

Well it got there in the end. Agressive entry, and i was in the trade for a lot longer than normal.

+5.5


----------



## Euler

tayser said:


> no probs.
> 
> German Business Climate index came in lower tonight.
> 
> 
> 
> 
> 
> 
> Time	Order ID	Message	Event	TIF	Orig Trader ID
> 18:00:41		Sell Short 5000 EUR/JPY @ Mkt.+Trail [+Trail 0.10] on MBTX [expiring: 22/09/2008] (5000 traded at 167.01)	Filled	GTC
> 18:00:44		Buy 5000 EUR/JPY Trail 0.10 on MBTX [expiring: 22/09/2008]	Cancelled	GTC
> 18:03:20		Buy 5000 EUR/JPY @ Market on MBTX [expiring: 22/09/2008] (5000 traded at 166.915)	Filled	GTC




Tayser, why didn't you enter this trade earlier, say a break of  167.24.
Does your entry methodology make you wait for further confirmation and the earlier entry too risky?
I know it's so simple to make these dedcisions with hindsight, but was interested in how you view/handle those early fast breakouts .


----------



## Euler

prawn_86 said:


> Well it got there in the end. Agressive entry, and i was in the trade for a lot longer than normal.
> 
> +5.5




Very nice prawn and very aggressive. The quick or the ...., and you are very quick!!


----------



## prawn_86

Euler said:


> Very nice prawn and very aggressive. The quick or the ...., and you are very quick!!




Thanks Euler,

If it broke up through .28 i was out of there. I entered as the momentum had stalled and resistance had formed there


----------



## tayser

Euler said:


> Tayser, why didn't you enter this trade earlier, say a break of  167.24.
> Does your entry methodology make you wait for further confirmation and the earlier entry too risky?
> I know it's so simple to make these dedcisions with hindsight, but was interested in how you view/handle those early fast breakouts .




I wouldn't have been filled at 167.24 as that's exactly the time the news was released 

I actually held on to the trade (was 8 pips down at one stage - almost hit my trailing stop) in the belief that it would go further to the next support level (which was at 166.84 from memory), a better entry would have been 167.04 a minute or two after I entered at 167.01.  I jumped in a bit early and was chasing the price so to speak.

Scalping _post_ news releases is one of the best times to do it, especially after unexpected news events such as that one last night - remember a scalper wants lots of liquidity and movement in fast timeframes (but they don't want to gamble with full-blown news trading).


----------



## Euler

prawn_86 said:


> Thanks Euler,
> 
> If it broke up through .28 i was out of there. I entered as the momentum had stalled and resistance had formed there




Prawn, you still trading demo acct or with yr own $ now?
You seem to be picking up some good points with yr scalps ...
_btw am not saying you should go live if you are not currently  ... just out of interest_

Will be interested to hear how you compare live trading with *real $* on the line, compared to trading on L-plates with monopoly $. It'll be a good test for you.

Good luck.


----------



## prawn_86

Im still demo Euler. I want to try and get a decent sample size before going live.

I may look at going live end of July when i free up some capital, but it will only be with micro lot sizes just to test the waters.

Im also interested to see the mental/emotional aspect between live and demo


----------



## prawn_86

Lost my mojo tonight. I was trying too hard i think.

-3.5
+1
-5.5
-5
+1


Total of -12. not good


----------



## RobinHood

Are you guys taking all the signals provided by this system?

is there lots of room for discretion? if so what else are you following to make your decisions - news?

has anyone back-tested it?


----------



## prawn_86

RobinHood said:


> Are you guys taking all the signals provided by this system?
> 
> is there lots of room for discretion? if so what else are you following to make your decisions - news?
> 
> has anyone back-tested it?




Hi RobinHood,

Its a hugely discretionary system so therefore cannot be backtested. Im in the process of demoing so hopefully that will provide a decent sample, although im aware the psychology may change when real cash is on the line.

For the basics of the system read the very first post. Everyone has their own little interpretations of it, so there is a lot of variability. Personally i look for a break of previous support or resistance, with the price being on the correct side of the flame. Or for an aggressive scalp i'll look for the rainbow to flip.

Basically its just an indictator (albeit a good one), to help with discretionary scalping.

Hope that helps


----------



## tayser

^ correct.  the rainbow's just a tool or method at best - the trading _system_ is your own - there's no hard and fast rules about MM which comes with it.


----------



## tayser

pretty much identical entries:











Time	Order ID	Message	Event	TIF	Orig Trader ID	
18:35:48		Buy 7000 EUR/JPY @ Mkt.+Trail [+Trail 0.10] on MBTX [expiring: 24/09/2008] (7000 traded at 168.05)	Filled	GTC		
18:35:50		Sell 7000 EUR/JPY Trail 0.10 on MBTX [expiring: 24/09/2008]	Cancelled	GTC		
18:37:16		Sell 7000 EUR/JPY @ Market on MBTX [expiring: 24/09/2008] (7000 traded at 168.11)	Filled	GTC		
18:51:39		Buy 7000 EUR/USD @ Mkt.+Trail [+Trail 0.0010] on MBTX [expiring: 24/09/2008] (7000 traded at 1.5587)	Filled	GTC		
18:51:41		Sell 7000 EUR/USD Trail 0.0010 on MBTX [expiring: 24/09/2008]	Cancelled	GTC		
18:51:46		Sell 7000 EUR/USD @ Market on MBTX [expiring: 24/09/2008] (7000 traded at 1.5593)	Filled	GTC

note the length of the last trade: 7 seconds!


----------



## prawn_86

Looks as though my lucky streak has come to an end.

+4 first

-1 second


----------



## prawn_86

-5

+3

Daily total: very average +1

Not quite sure what i am doing different the last few days. I need to focus more on trades like the last one, the breaks of really strong support.

Any comments appreciated...


----------



## tayser

just wanted to repost this pic from FlashCall's journal on the Cyrox forum.






hah


----------



## nizar

tayser said:


> just wanted to repost this pic from FlashCall's journal on the Cyrox forum.
> 
> 
> 
> 
> 
> 
> hah




Hahaha.
At first I was thinking, damn look at all those Euros, must be a big player.
Then I saw the DELL laptop!


----------



## Euler

prawn_86 said:


> -5
> 
> +3
> 
> Daily total: very average +1
> 
> Not quite sure what i am doing different the last few days. I need to focus more on trades like the last one, the breaks of really strong support.
> 
> Any comments appreciated...




Prawn, are you also running a longer term chart (or two) to gauge the trend in that timeframe and that you are not entering counter trend?

_(You may be doing that but just a question to prompt your post trade analysis.)_


----------



## prawn_86

Euler said:


> Prawn, are you also running a longer term chart (or two) to gauge the trend in that timeframe and that you are not entering counter trend?
> 
> _(You may be doing that but just a question to prompt your post trade analysis.)_




No im not at the moment. I used to, but found it didnt really have much affect when you are only looking for a couple pip moves.

I might have to start again....


----------



## Trembling Hand

prawn_86 said:


> No im not at the moment. I used to, but found it didnt really have much affect when you are only looking for a couple pip moves.




For me it all depends on setup. There is nothing wrong with going against the trend if its a good set up and you are after a couple of pips. Obviously there is more chances with the trend if its running but mostly markets don't run and run. So I wouldn't make it a hard and fast rule. Still depend mainly on the setups in you first time frame.



prawn_86 said:


> Not quite sure what i am doing different the last few days. I need to focus more on trades like the last one, the breaks of really strong support.
> 
> Any comments appreciated...





One thing I find a bit weird about you and Taysers results are the lack of scratch trades. I may be wrong but I cannot remember 1!! When scalping You should be looking to get to break-even and letting them do as they will. The problem with scalping is the the temptation to take small profits. This can result in going nowhere over time because of cost and the odd nasty trade. Things are a tad easier when your goal is good trading rather than profit. ie make your 1st aim of each trade be a risk free. Scalping is profitable because you are in the market catching the chance for the out-liners that make a BIG diff to your Avg winner. 

30-40% of my trades are scratched.


----------



## tayser

^ this is the very thing I have come to realise in the past month or so since using real money.

On another note: Oanda's platform has changed slightly, it appears there's a just a tad more transparency in their quotes now as they refresh frequently rather than the odd 3 pip movement in a second on EUR/USD (when on an ECN it will be a smooth pip by pip movement!).


----------



## prawn_86

Trembling Hand said:


> 30-40% of my trades are scratched.




Thanks for this TH.

So you just set a stop when you get to b/e and then let it run or get stopped out? or do you use a trailing stop to lock in some profits?


----------



## Trembling Hand

prawn_86 said:


> Thanks for this TH.
> 
> So you just set a stop when you get to b/e and then let it run or get stopped out? or do you use a trailing stop to lock in some profits?




Its probably easier with Futures as you can set up an Auto bracket order on entry. Which I always trade with. Then I have a hot key to move the stop to BE. But even If I don't use an auto stop at BE I will manually close the trade a lot of the time.

Have a look at my keyboards hot keys. After Cancel Or Orders (top Red button) the next most warn one is the blue BE button. It gets a hammering.

I don't like stops to take profits as they are market orders you get robbed of a tick or two which really adds up scalping. So mostly I try to take myself out of most orders with a limit order but the stops are there and get hit often.


----------



## prawn_86

I have setup EFX so that there is a 10 pip trailing order, just for if the comp crashes or something, plus my buy and sell hotkeys.

However i cant set it up so that it moves the stop to b/e unfortunately, looks like im just going to have to do it manually.


----------



## tayser

With EFX: Trailing stops you can't move yourself (only the market moves it), with manual stops you effectively need to cancel the stop then re-position it that you could probably configure with hotkeys.

Actually must try something soon - Market + trail to enter, limit to exit (have used limit to exit multiple times - just without the trailing stop), I doubt the limit order will cancel the trailing stop so that would probably need to be a manual procedure AFTER your limit has executed.  getting a bit complex.


----------



## prawn_86

Nice, liquid flowing market is what suits my style. Due to CC ann coming out soon. I picked up 7 pre-ann and because im boring on a fri night i will wait round after and try to get some more just to get screen time...


----------



## tayser

^ that's all you need.


----------



## prawn_86

tayser said:


> ^ that's all you need.




yeh i just sat out after the announcement. Trading straight after (10 mins)news releases is too hard, the price jumps around so much. I think you need to wait a bit for it to settle down.

For my style i need a lot of movement, so if the chart has a range greater than 20 pips it is a good indication, otherwise my trades get whipsawed too quickly...


----------



## tayser

got a scratched one for you TH 












Time	Order ID	Message	Event	TIF	Orig Trader ID	
17:49:53		Sell Short 3000 EUR/USD @ Mkt.+Trail [+Trail 0.0010] on MBTX [expiring: 29/09/2008] (3000 traded at 1.5802)	Filled	GTC		
17:49:55	 Buy 3000 EUR/USD Trail 0.0010 on MBTX [expiring: 29/09/2008]	Cancelled	GTC		
17:53:23	 Buy 3000 EUR/USD @ Market on MBTX [expiring: 29/09/2008] (3000 traded at 1.5801)	Filled	GTC	
18:02:17		Sell Short 3000 EUR/JPY @ Mkt.+Trail [+Trail 0.10] on MBTX [expiring: 29/09/2008] (3000 traded at 166.39)	Filled	GTC		
18:02:20		Buy 3000 EUR/JPY Trail 0.10 on MBTX [expiring: 29/09/2008]	Cancelled	GTC		
18:02:50	Buy 3000 EUR/JPY @ Market on MBTX [expiring: 29/09/2008] (3000 traded at 166.355)	Filled	GTC	

I actually hit exit on .00 to get out with enough to cover commish & a little bit more but price moved too fast for me.  EUR/JPY was clearly slowing down (it's fallen 150 pips since Paris open) and went into this trade only after 2-3 pips.


----------



## tayser

late entry...






Time	Order ID	Message	Event	TIF	Orig Trader ID	
22:17:35	Sell Short 3000 EUR/USD @ Mkt.+Trail [+Trail 0.0010] on MBTX [expiring: 29/09/2008] (3000 traded at 1.5758)	Filled	GTC	
22:17:38		Buy 3000 EUR/USD Trail 0.0010 on MBTX [expiring: 29/09/2008]	Cancelled	GTC	
22:24:44		Buy 3000 EUR/USD @ Market on MBTX [expiring: 29/09/2008] (3000 traded at 1.5753)	Filled	GTC


----------



## tayser

Back on demo temporarily - I have a new toy to play with   






Time	Order ID	Message	Event	TIF	Orig Trader ID	
18:23:54		Buy 100000 EUR/JPY @ Mkt.+Trail [+Trail 0.10] on MBTX [expiring: 1/10/2008] (100000 traded at 168.18)	Filled	GTC	
18:23:56		Sell 100000 EUR/JPY Trail 0.10 on MBTX [expiring: 1/10/2008]	Cancelled	GTC	
18:26:14		Sell 100000 EUR/JPY @ Market on MBTX [expiring: 1/10/2008] (100000 traded at 168.25)	Filled	GTC	

with the indicators, it's pretty simple really, you do need to be pretty familiar with your pair though.  It's not a matter or jumping in and out with every signal however.


----------



## tayser

very high probability entry:  all greens alligned & the price spikes to the nearest previous high.






Time	Order ID	Message	Event	TIF	Orig Trader ID	
18:40:22		Buy 100000 EUR/JPY @ Mkt.+Trail [+Trail 0.10] on MBTX [expiring: 1/10/2008] (100000 traded at 168.34)	Filled	GTC	
18:40:24		Sell 100000 EUR/JPY Trail 0.10 on MBTX [expiring: 1/10/2008]	Cancelled	GTC	
18:41:49		Sell 100000 EUR/JPY @ Market on MBTX [expiring: 1/10/2008] (100000 traded at 168.38)	Filled	GTC


----------



## tayser

Ah-HAH... it's not all easey peasey sugar squeezy:






Time	Order ID	Message	Event	TIF	Orig Trader ID	
18:53:47		Buy 100000 EUR/JPY @ Mkt.+Trail [+Trail 0.10] on MBTX [expiring: 1/10/2008] (100000 traded at 168.48)	Filled	GTC	
18:53:50		Sell 100000 EUR/JPY Trail 0.10 on MBTX [expiring: 1/10/2008]	Cancelled	GTC	
18:54:48		Sell 100000 EUR/JPY @ Market on MBTX [expiring: 1/10/2008] (100000 traded at 168.42)	Filled	GTC	

truth be known, it was a stupid entry even if the indicators are all pointing to yes - look at where I entered and look at what I missed   ( the .50 level - yah, you're being pretty naive if when you take into account the big previous move and it's a natural resistance/support level).


----------



## tayser

Initial thoughts on the indicators:  

- they are an absolute god-send for filtering out all the potentially disastrous trades if you only take the high probability entries (which are when all colours are in allignment - green for long, red for short), however as my last post shows, you still need to apply _other_ filters (like natural support/resistance for the specific pair you're trading) for your trades.
- key is to get in as soon as possible (just like when you trade it naked like I have been), indicators make it much easier - especially on high probability entries.
- they illustrate why this method is always best done in active times, they compact the info you'd normally have to glance at on other charts at higher timeframes right where you need it (near the current price) so you can make a split decision to get in early.


----------



## >Apocalypto<

tayser said:


> Initial thoughts on the indicators:
> 
> - they are an absolute god-send for filtering out all the potentially disastrous trades if you only take the high probability entries (which are when all colours are in allignment - green for long, red for short), however as my last post shows, you still need to apply _other_ filters (like natural support/resistance for the specific pair you're trading) for your trades.
> - key is to get in as soon as possible (just like when you trade it naked like I have been), indicators make it much easier - especially on high probability entries.
> - they illustrate why this method is always best done in active times, they compact the info you'd normally have to glance at on other charts at higher timeframes right where you need it (near the current price) so you can make a split decision to get in early.




do the indicators lag much on the price? I would think so as you're trading under a minute time frames.


----------



## tayser

nope.


----------



## >Apocalypto<

tayser said:


> nope.




so you're telling me it runs in perfect harmony with the price movements.

this must be a super indicator!


----------



## tayser

Well if you post a vague question, you're going to get an equally vague answer... 






^ taken 2 minutes ago - market's settled right down now.  you can see how quickly the top bar responds to price movement, at a guess the middle bar is tracking some of the middle-range WMAs because it does change slower than the upper bar and the lower bar is obviously looking at much slower timeframes (it's similar to the slower group of averages I look at in a standard GMMA).

I don't know the specifics behind the indicator - only the guy who created it does - but I'm quite confident when I say, no the indicators do not 'lag' much on the price.


----------



## >Apocalypto<

tayser said:


> Well if you post a vague question, you're going to get an equally vague answer...




Vague, I don't think it was that. did you expect a 5 page long question?

Cheers for your answer. That indicator reminds my of Heiken Ashi band level indicator I have seen operates in the same way to. Hope it can clean out the noise for u.


----------



## tayser

Pippin'

I had another 4 images, but am limited to 5 in the post.  These were all executed on Oanda - MBT only just came online 30 minutes ago.

first with EUR/USD: taking some higher risk trades (High Porbability / lowest risk = where all three bars are the same colour):

















a nice little taker post GBP PMI release:






EUR/JPY taking one last run at a resistance line @ 168.83 - high probability entry:






course of trades: 3*, 4*, -4, 1, 0, 2*, -2, 3*, 5*, 1, net: 13.  

* = pictured above.

done for this session - big one tonight, EUR rates (9:45pm AEST) & NFP (10:30pm)


----------



## tayser

-5 earlier around 8:30pm, 26 post NFP:






exit was pretty easy - the .50 level

6.2% return on my Oanda account today (trading at 75% account balance).


----------



## nizar

Tayser,

Which one of the 50 lines on your chart in actually the price action?
Serious question.

Is it the top red line?


----------



## tayser

Yep, Ninja charts follow the bid of the instrument you're trading and the blue lines from the labels I put on the charts are touching the price point where I entered (you can see on some charts I take into account the spread - i.e the 3rd of the EUR/USD charts above, I hit the ASK at 1.5872 (bid was 1.5871 - where the price is on the chart)).

Pink / orange lines are pointing to the signal I've used to enter.


----------



## shuei

Tayser,
Thanks for your reply to my qusetions last week.
I have noticed that you are using LT's indicators now and not going 'naked'.
Question: Has it made it easier for you to confirm your entry & exits now. I got LT's ebook last week and with further screen time and demo I improved a great deal. I still need to work on entry & exits but this in my opinon is something that will always need assessment to achieve better results.
Now that you are using LT's indicators would you say that it would be wiser to get these on your system sooner rather than later and have they made a big difference as to when you pull the trigger for your entry & exit??

I want to open a live a/c, have looked at EFX, Oanda & FXCM. I know that EFX supports NT but don't know about the other two. Do you?
And, with EFX I can't seem to find out whether they allow mini accounts. I really want set up a mini a/c $500-$1000 so that I can experience the live component of trading this system. I am using the NT Demo at the moment and was also wondering if when you go live you have purchase the NT program? Can you also post how you have your screen setup for this so that I can compare.
Happy trading, shuei.


----------



## tayser

EFX only has one account type and the minimum funds you need are $400USD...

With ninja you can just keep using the same demo license and as a data provider GAin are fine (or even an EFX demo account).  I personally have navigator & my live account separate to ninja.  Oanda's my backup account given the changes they've made to their quotes (slightly more transparent) and yeah watch out for their spreads on monday mornings.

The setup helps a heck of a lot - if you're coming to the workshop you get to keep the setup and you'll see how much it helps first hand.  Will be just as good to see the Trollmann himself trade.


----------



## shuei

when is the melbourne workshop scheduled for??


----------



## disarray

tayser said:


> With ninja you can just keep using the same demo license and as a data provider GAin are fine (or even an EFX demo account)




ninjatrader and the various feed issues have been frustrating the hell out of me lately. if you use GAIN it backfills so you can switch between charts no problems, but its a 3 pip difference between what GAIN and EFX report as the price. you can just trade off chart movements and ignore the price but this isn't ideal. if you use EFX demo the feed is often sh1tty and drops out / lags / is unpleasant to use. if you use your real EFX account the feed is better but the lack of backfill keeps buggering up my charts when i switch between pairs looking for patterns, AND you have to use the ninjatrader MBTrader interface which can't be resized or moved around. lots of niggly little things with this platform are pissing me right off.


----------



## tayser

hah, you're not alone 

shuei: check the cyrox forum, August 23rd.


----------



## disarray

you've mentioned some changes with oanda, i really like their platform a whole lot better. right click trading and drag and drop entry / stop management was almost perfect. the minimum was 5 secs but i don't see that much difference between trading 5 seconds or 1 second (which never turns out to be 1 second anyway).

the only problem with oanda was their spreads were unreasonable (like a regular 8 pips on GBP/JPY) so efx was a much better proposition.

what do you think of oanda now tayser?


----------



## tayser

They've improved a lot, it used to take ages for quotes to refresh, they now refresh at the same rate they do on EFX/MBT.  Still no trailing stop or elaborate order suite though.

GBP/JPY can be as low as 4.5 pips in liquid (European) times, and yeah, it's pretty **** at other times.

EUR/USD 0.9 is pretty much unbeatable, EUR/JPY 2.3 is ok (not as good as an ECN), AUD/JPY in a hard 4 pip spread is crap however.  AUD/USD is an ok 2 pip spread in liquid times, similarly GBP/USD.

They're a decent backup broker - AUD denomination & interest on unused margin is also a bonus.  Leverage is pretty weak at 1:50 only though.


----------



## >Apocalypto<

tayser said:


> They've improved a lot, it used to take ages for quotes to refresh, they now refresh at the same rate they do on EFX/MBT.  Still no trailing stop or elaborate order suite though.
> 
> GBP/JPY can be as low as 4.5 pips in liquid (European) times, and yeah, it's pretty **** at other times.
> 
> EUR/USD 0.9 is pretty much unbeatable, EUR/JPY 2.3 is ok (not as good as an ECN), AUD/JPY in a hard 4 pip spread is crap however.  AUD/USD is an ok 2 pip spread in liquid times, similarly GBP/USD.
> 
> They're a decent backup broker - AUD denomination & interest on unused margin is also a bonus.  Leverage is pretty weak at 1:50 only though.




The only thing that makes me not look at Efx now is the brokerage rates. expensive.


----------



## roland

Hey tayser, how do I get a hold of the Rainbow template you are using? I still have the old one - not as pretty as your new toy


----------



## tayser

Good trades when I first started:






Bad trades - chasing the market:






Good trades - (making up for lost pips!)






still -3 atm


----------



## tayser

In the green.... surge toward .50 - jump in.






3 up.


----------



## tayser

Charging on...


----------



## Andy_aus

Nice trades Tayser.

U can buy Taysers new trade at cyrox.com.  Costs about 600 bucks.  Its probably worth doing the screentime first mate.

Btw... so this is where u are getting all ur melbournian folk for the workshop from Tayser


----------



## tayser

roland said:


> Hey tayser, how do I get a hold of the Rainbow template you are using? I still have the old one - not as pretty as your new toy




sorry roland, we posted at the same time last night and didnt see your posts afterwards.

As andy said above, it's the Cyrox setup, you pay a once-only $600USD fee for the license.  We're organising a local workshop for August 23rd which is $1000USD where Trolmann & his wife will be in attendance, the fee includes the setup and a subscription to the e-book.


----------



## tayser

Time	Order ID	Message	Event	TIF	Orig Trader ID	
18:09:22		Buy 5000 EUR/USD @ Mkt.+Trail [+Trail 0.0010] on MBTX [expiring: 7/10/2008] (5000 traded at 1.57317)	Filled	GTC	
18:09:26		Sell 5000 EUR/USD Trail 0.0010 on MBTX [expiring: 7/10/2008]	Cancelled	GTC	
18:11:33		Sell 5000 EUR/USD @ Market on MBTX [expiring: 7/10/2008] (5000 traded at 1.5735)	Filled	GTC		
19:58:09		Buy 1000 EUR/JPY @ Mkt.+Trail [+Trail 0.10] on MBTX [expiring: 7/10/2008] (1000 traded at 167.66)	Filled	GTC		
19:58:12		Sell 1000 EUR/JPY Trail 0.10 on MBTX [expiring: 7/10/2008]	Cancelled	GTC		
20:02:42		Sell 1000 EUR/JPY @ Market on MBTX [expiring: 7/10/2008] (1000 traded at 167.617)	Filled	GTC		
21:12:49		Buy 1000 EUR/JPY @ Mkt.+Trail [+Trail 0.10] on MBTX [expiring: 7/10/2008] (1000 traded at 167.63)	Filled	GTC		
21:12:51		Sell 1000 EUR/JPY Trail 0.10 on MBTX [expiring: 7/10/2008]	Cancelled	GTC	
21:16:12		Buy 4000 EUR/JPY @ Mkt.+Trail [+Trail 0.10] on MBTX [expiring: 7/10/2008] (4000 traded at 167.68)	Filled	GTC		
21:16:14		Sell 4000 EUR/JPY Trail 0.10 on MBTX [expiring: 7/10/2008]	Cancelled	GTC		
21:18:32		Sell 5000 EUR/JPY @ Market on MBTX [expiring: 7/10/2008] (5000 traded at 167.74)	Filled	GTC


----------



## tayser

Time	Order ID	Message	Event	TIF	Orig Trader ID	
18:35:51	Buy 5000 GBP/JPY @ Mkt.+Trail [+Trail 0.10] on MBTX [expiring: 8/10/2008] (5000 traded at 211.72)	Filled	GTC	
18:35:54	Sell 5000 GBP/JPY Trail 0.10 on MBTX [expiring: 8/10/2008]	Cancelled	GTC	
18:39:55	Sell 5000 GBP/JPY @ Market on MBTX [expiring: 8/10/2008] (5000 traded at 211.84)	Filled	GTC


----------



## Andy_aus

Hey 

Just a quick update on the workshop.  If anyone is still interested then can u please send an email off to linuxtroll@cyrox.com to confirm it.

Its on the 23rd Aug in Melbourne

Cost for people who already have the setup is 303 USD, and for people with no setup is 997 USD.  Details on the workshop in cyrox.com.  If u already have the setup trollman will send u the paypal details later.

If we dont get 10 people confirmed for the workshop its off.


----------



## tayser

Been confirmed, it's going ahead.

Ramada Encore Dandenong
50-52 McCrae Street
Dandenong, VIC 3175

August 23rd.


----------



## tayser

just a quickie to end the week:







Time	Order ID	Message	Event	TIF	Orig Trader ID	
17:29:18		Buy 10000 AUD/USD @ Mkt.+Trail [+Trail 0.0010] on MBTX [expiring: 10/10/2008] (10000 traded at 0.96169)	Filled	GTC	
17:29:21		Sell 10000 AUD/USD Trail 0.0010 on MBTX [expiring: 10/10/2008]	Cancelled	GTC		
17:30:16		Sell 10000 AUD/USD @ Market on MBTX [expiring: 10/10/2008] (10000 traded at 0.96201)	Filled	GTC


----------



## tayser

Nothing like a bit of an aggressive streak to start the week:











-3, 3, 1, 1, -2.5, 6.5, 0.5, 1.5 - total 8 for this session.


----------



## Steve_QS

not a bad little session there at all, keep up the posting of your results.


----------



## tayser

too many to show the Cyrox chart - too many! 






0, 1, 0, 1, 0, 2.5, 0.5, 3, -2.5, 2, 1 - total 8.5

8 pips for me atm = 1% return on account balance.


----------



## tayser

7 all up (6 + 1) for live pips tonight - want to play around with GFT's Demo.


----------



## Steve_QS

hi tayser what is the indicator your using at at the bottom of your Ninja program, with the changing colours? if you dont mind me asking?


----------



## tayser

CyroxMMA.  www.cyrox.com


----------



## tayser

The Melbourne workshop on the 23rd of August is now sold out!


----------



## tayser

1, -3, 4.5.

Entered thinking that price was forming a lower high on downward resistance - turns out it broke out of that pattern.


----------



## Steve_QS

Hi tayser i have 2 questions, is it only possible to get those indicators through purchasing it off Cyrox.com? or is it a simple coding that can be applied? in terms of liquidating your account do you do that on a regular basis or are you the sort of guy who leaves his money in there and just continues to build up his pile?


----------



## tayser

It's a proprietry indicator that you need a license for (that's what you pay $600USD for).


----------



## andy87

Hi tayser, what would you suggest to be a suitable demo account broker to be run within ninja trader? currently having problems trying to get a live feed from the broker into ninja trader please help


----------



## tayser

Gain is fine - you just go into Ninja and create a GAin connection and select Demo - dont need user/pass etc.


----------



## Steve_QS

hi tayser could you please load your latest template up on here if possible cheers.


----------



## julius

tayser said:


> too many to show the Cyrox chart - too many!
> 
> 
> 
> 
> 
> 
> 0, 1, 0, 1, 0, 2.5, 0.5, 3, -2.5, 2, 1 - total 8.5
> 
> 8 pips for me atm = 1% return on account balance.




at what leverege ratio ?


----------



## tayser

max on Oanda. 1:50.


----------



## tayser

Steve_QS said:


> hi tayser could you please load your latest template up on here if possible cheers.




Read what I said when you first asked that question.


----------



## tayser




----------



## >Apocalypto<

tayser said:


> Read what I said when you first asked that question.




Like your new style of answering Tayser, so what you're some kind of Guru now?


----------



## tayser

I don't quite know how to answer your question... other than to say (and point out) the same roundabout question was asked by the same person 5 or 6 posts up and I don't know about you, I don't particularly like repeating myself.

In what way has that post made me some kind of guru???? I'm not and probably won't be (and I don't aspire to be) for a _very_ long time.


----------



## >Apocalypto<

tayser said:


> I don't quite know how to answer your question... other than to say (and point out) the same roundabout question was asked by the same person 5 or 6 posts up and I don't know about you, I don't particularly like repeating myself.
> 
> In what way has that post made me some kind of guru???? I'm not and probably won't be (and I don't aspire to be) for a _very_ long time.




I have just noticed a certain change in you Tayser. You used to be such a giving poster. 

Don't sweat it, I am being a smart ass as well. 

Good scalping.........


----------



## tayser

a bit of a hairy one to finish off the night...


----------



## alwaysLearning

How many pips would this system generate on average if one were to use it for the entire London session?

Or rather if an average is not known then what have been some past results for trading it during the London open (whole day).

I'm just curious.


----------



## Andy_aus

Its not a system its a method

It depends on how active the market is and how aggressive a trader you are.

Whats the point of asking such questions?


----------



## tayser

No need to look at the indicators here, price action alone was enough to make me jump in:











Anyhow, no more pips for a week and a half - I'm off to NZ :xmaswave


----------



## tayser

Can't help myself, just too good an opportunity


----------



## Euler

Andy_aus said:


> Its not a system its a method
> 
> It depends on .....    a trader you are.QUOTE]
> 
> Adding to your point Andy, it's so dependant on the driver in control of the vehicle.
> 
> No good having the best and greatest F1 car on the racetrack if the driver doesn't have the required knowledge and skills.


----------



## nuc

What happened to cyrox.com?  Seems like it hasn't been available for a while now.


----------



## BentRod

Working here Nuc??

http://www.cyrox.com/


----------



## nuc

Very weird, does not come up at all I get the regular, IE cannot display this webpage, notice. I will try it for my work computer.


----------



## incrediblefx

Hi,

I've just started reading this Cyrox Rainbow and thinking to buy the material but it's rather costly at $597.00USD.

I read the 1st 3 pages and still can't get the setup right. Can anyone trades this explain the entries/exit?
I just see rainbows and have no idea when is the right entry. 
Basically I only see chart with arrows.

I've been down $30K+ in the last 2 months in stock market and left with a little of bullets. Now I can't afford this expensive reading material.


----------



## Andy_aus

You could just set the rainbow up on ninjatrader and start screentime and taking some trades... you dont have to spend the 600 on the indicators if u dont have to

A few people on the forum are doing just fine without the indicators.

There are no set entry and exit rules, many people trade the rainbow differently...u have to do some screentime, make mistakes and find out what works for u


----------



## incrediblefx

Andy_aus said:


> You could just set the rainbow up on ninjatrader and start screentime and taking some trades... you dont have to spend the 600 on the indicators if u dont have to
> 
> A few people on the forum are doing just fine without the indicators.
> 
> There are no set entry and exit rules, many people trade the rainbow differently...u have to do some screentime, make mistakes and find out what works for u




I think, I can create the indicators myself from the information found at page1.
However I'm still confused with the setup (entry/exit) as it's not really explicitly mentioned. I only see rainbows and arrows.

Hope someone here can help me.

thanks.


----------



## prawn_86

Read this thread from start to finish and look at what the charts with profitable trades have in common.

That would be a good starting point


----------



## incrediblefx

prawn_86 said:


> Read this thread from start to finish and look at what the charts with profitable trades have in common.
> 
> That would be a good starting point




I only found some confused readers.


----------



## BentRod

> Anyhow, no more pips for a week and a half - I'm off to NZ




Geez Tayser, you picked a good time to go!

Scalpers should have cleaned up in the last 48 hours.

Hopefully you might have put a couple of trades on while over there Mate!

cheers


----------



## tayser

incrediblefx said:


> Hi,
> 
> I've just started reading this Cyrox Rainbow and thinking to buy the material but it's rather costly at $597.00USD.
> 
> I read the 1st 3 pages and still can't get the setup right. Can anyone trades this explain the entries/exit?
> I just see rainbows and have no idea when is the right entry.
> Basically I only see chart with arrows.
> 
> I've been down $30K+ in the last 2 months in stock market and left with a little of bullets. Now I can't afford this expensive reading material.




You're panicking/desperate, don't think you're going to win your 30k back quickly by doing this.  I'm coming up on a year of following this method and am still a long way off from being able to use large pip values ($100+).

The method is highly discretional and is not a one-stop Enter here and exit there way of going about things, it takes a lot of _time_ to get things right.


----------



## tayser

first pips after NZ trip:






Entered entered .4946
exited .49406


----------



## tayser

entered 162.765
exited 162.791


----------



## andy87

stupid question, but ive just started trading with the demo account and want to post a screenshot of my trades, but not sure how to upload it onto the forum as the other guys do, so can someone help


----------



## professor_frink

andy87 said:


> stupid question, but ive just started trading with the demo account and want to post a screenshot of my trades, but not sure how to upload it onto the forum as the other guys do, so can someone help




have a look at this thread - 

https://www.aussiestockforums.com/forums/showthread.php?t=6530

HTH


----------



## Steve_QS

Problem: when i try and load MBTrading for my efx account through Ninja Trader it doesn't seem to move the graph, this is after i have connected gain for historical data. where as it works perfectly fine the information for Gain? can some one please walk me through this step of the process on how to get the currency feed through ninja trader for MBTrading (efx)???


----------



## tayser

I havent used the EFX feed for NinjaTrader in a month actually.  There may have been some changes to how Ninja implements it.


----------



## tayser

contrarian trade 101: found support, price moving through orange (disappearing back into rainbow), in and out.


----------



## andy87

tayser said:


> I havent used the EFX feed for NinjaTrader in a month actually.  There may have been some changes to how Ninja implements it.




What feed do you use instead, and why no more EFX?


----------



## tayser

the demo servers are erratic.  I've just been using the GAIN feed.


----------



## andy87

tayser said:


> the demo servers are erratic.  I've just been using the GAIN feed.




yeh i noticed that the other night, but i would think that no matter what feed your using, its still going to be erratic


----------



## tayser

no I mean the actual servers have been up and down, i.e not data flowing for periods on end.

luckily the live platform isn't like that!


----------



## tayser

a little different this time....... EUR/GBP where your pip value is double EUR/USD or EUR/JPY


----------



## tayser

playing with the Viking Trader (Currenex Lite from ADM Derivatives) demo now:






.5 pip spreads on EUR/USD and $4.50 per 100,000 USD *round trip* commission (half of MBT's commission essentially).  mmmm tasty.


----------



## shuei

hey tays,

what is the minimum for live a/c on viking?
Shuei


----------



## tayser

It's Cyrox specific thing (info on Cyrox forum).

Currenex Lite: $2500
Currenex Pro: $25,000

Lite's meant to be a market making platform of some kind - still researching it, check out of the Cyrox forum for the threads on it.


----------



## tayser

Going to be an interesting Saturday this weekend...  Cyrox is coming to....DANDENONG!


----------



## Steve_QS

Hi tayser,

Just got a copy of Viking Trader is it the same process of running it through Ninja Trader? 

If so which feed do i use through Ninja for Viking as the main connection?


----------



## tayser

Viking's an execution platform which only connects to the broker you've got an account (live/demo) with, Ninja is a charting application.  Just keep Ninja for charts and execute on Viking (organise Viking's components around the Ninja charts etc).


----------



## tayser

to quote Post #13 in this thread:



			
				tayser said:
			
		

> as I said to LT: I'm hoping to raise an army of Australian LT scalpers, cos we're severely under-represented in the FX world




It has begun.  

Thanks again to Andy for pushing for an AU workshop and of course thanks to the Trolls for making their way down here.


----------



## shuei

great workshop.
Thanks to all who pushed for this to happen and thanks to Mr & Mrs Troll for acknowledging.
Tays, good to put a face to the name.
Troll mentioned that you can change the parameters for the CyroxOsc indicator to capture possible reversal movements much faster than what you would with the default settings. Have you played around with these settings?? I ask you this because I noticed of late that you are capturing pips when the flame is cutting thru the rainbow.
Cheers Shuei. (JohnnyComeLate NO MORE!)


----------



## tayser

JohnnyComeLate lol 

I actually didn't know you could confiure if (shows you how much I've played around with it eh), so no I haven't played with it unfortunately.

I'm essentially starting from scratch as of today anyhow - I'm purely just going to use the yellow spine / flame in same direction entries and the 2nd chance crocodile exits that we discussed at length.  I've had 6 hours of screentime just looking at them on EUR/USD over the weekend (using pre-recorded sessions).


----------



## Euler

shuei said:


> great workshop..... Troll mentioned that you can change the parameters for the CyroxOsc indicator to capture possible reversal movements much faster than what you would with the default settings.




Am focusing on the setups detailed in the workshop, but had a look at the settings and adjusted them tighter  .... very interesting at first glance ... will monitor them and see how they perform over a few sessions.


----------



## Andy_aus

... No worries tayser.  It was nice meeting everyone

Thanks for getting the melbournites organised and signed up for the workshop to make it all happen.

Shuei will have to trademark his dragon pattern haha


----------



## tayser

First trade was possibly a bit too early - and I ignored CyroxOSC.  Everything else, pretty happy.


----------



## tayser




----------



## shuei

I have encountered a problem with zoom for the rainbow. I can zoom right on in but zooming out doesn't want to work. First time that this has happend to me and need to rectify it. Has anybody got a solution??


----------



## tayser

shuei: Crtl + UP arrow / Crtl + DOWN arrow not working?


----------



## andy87

im guessing Trollman's seminar was worth every penny.  What was the biggest lesson learnt from the o'wise one?  I couldnt justify going down there because ive only been doing scalping for a few weeks, and monitoring for a few months


----------



## prawn_86

hey tayser,

those entry and exit arrows on NT, do you put them in yourself, or have you somehow hooked NT up to Oanda?

thanks

Prawn


----------



## prawn_86

back on the horse 

executing through Oanda (same as Tayser), but using gain feed on NT to get signals.

+3.1 will do for my first trade in about 6 weeks


----------



## tayser

started hesitating, so stopped.  21 net.


----------



## tayser

first 2 sets of arrows:  on the 1st is where I clicked buy.  the 2nd is where I got filled.  the 3rd is where I clicked sell, the 4th is where I got filled - this on Viking Demo.  surprisingly the 5 pipper was fine and likwise the last...  

I am running this in VMWare as it's not supported on 64-bit Windows as yet (hurry the fraggle up Currenex!).


----------



## tayser

more demo slippage....






the fill to open the 2nd trade was spot on... look how **** the exit fill was (.06 instead of .10)...


----------



## prawn_86

Ok so im focusing on more aggressive scalps now rather than my old style of S/R breaks. So far its looking good but very early stages. Just focusing on the yellow flame as Trollmann has said...

1st: Price bounced off flame for entry. Took profit when it retracted further in. +3

2nd: Entered as yellow turned up. Slightly late but still got some quick pips. +2.1

3rd: Entered as yellow flattened and turned down. Price stalled at support so exited at b/e. 0


----------



## tayser

more than enough today.


----------



## agisthos

tayser said:


> JohnnyComeLate lol
> 
> I actually didn't know you could confiure if (shows you how much I've played around with it eh), so no I haven't played with it unfortunately.
> 
> I'm essentially starting from scratch as of today anyhow - I'm purely just going to use the yellow spine / flame in same direction entries and the 2nd chance crocodile exits that we discussed at length.  I've had 6 hours of screentime just looking at them on EUR/USD over the weekend (using pre-recorded sessions).




I have been looking at these Rainbow charts on many different forums for the last day or so. One thing I noticed was that when a strong move has started up or down, and the red flame bounces off the orange/yellow lines, it is a powerful continuation move that would seem to be high probability of success taking 3-5 pips.

Is this what you are talking about?


----------



## tayser

yep - after a move, you wait for the price to go the other way and when the yellow/orange lines start forming a spine _in the same direction_ you enter - the filter whether to enter or not is if both flame (price) and yellow spine are going in the same direction.  It'll take a lot of screentime to do it with a certain degree of confidence btw.


----------



## prawn_86

1st: +4.5. Price crossed through yllows as they started to push up. Prob my best trade.

2nd: -3.1. got too greedy looking for another quick entry. should have waited.

3rd: -0.2. Probably should have held longer but made it back on the next one.

4th: +1.9. Broke resistance plus yellows expanding. Could of held longer

5th: +2.9. Bounced off previous resistance, plus yellows pointing up and expanding. Def could have held that one longer.

Total = 6 (target is 5 daily)

Now i just need to focus on identifying the trades to hold longer and those to exit early. Need to stop panicing and taking a small profit when i have a trade open.


----------



## prawn_86

5th trade:


----------



## prawn_86

Final trade (couldnt help myself) +4.

R:R was a bit big for my liking, but i was pretty confident it was going to get back down, cause it was just a bull trap spike creatng a lower high.


----------



## tayser

market's making me work today.


----------



## prawn_86

tayser said:


> market's making me work today.




Looks like you still came out positive at least


----------



## prawn_86

1st: Happy with that.

2nd: Slipped a little on entry, but was only after quick pips

3rd: Risky, but using resistance.

4th: Absolute ****e. Either should have waited to enter where i exited after it had confired Resistance as support, or should have held longer and only exited on break of previous resistance.


----------



## prawn_86

Got slipped massively on both entry and exit. 

First arrow of each is where i pressed the order. What should have been a > 10 pip trade eded up being 4. Still a profit though 

Thats me done for the day/night


----------



## Euler

Have been the homework and putting in the required screen time and identifying the HP setups.
Last night's EURUSD saw some amazing setups, but kept to my plan to get the screen time in. The moves were fast, so quick recognition and execution of the trades were required.
In the slower market of this a.m. took the following demo trades.
It does take a concerted effort to get out of the traditonal longer term trading mentality and into the fast recogniton & reacting mode.
Anyway, am doing the apprenticeship phase ..... as the Master tells us ..... Charge On!!


----------



## prawn_86

Just stuffing around, in order to avoid my uni work.

I havnt included these in my results as its not a time i will trade when im live, i just did it for a bit of fun and practice


----------



## prawn_86

Had to trade a bit earlier today as i will be at the airport during my normal time. Liquidity just starting to come in leading up to FF open.

1st: All factors lined up. Break of resistance, yellows pointing up and expanding. I had no idea it would run for so long though. Should have held longer. +2.9

2nd: Just looking for a couple quick pips on the retrace. Am happy with how long i held that, because on retraces of big moves you never quiet know how far it will go. +2.4

Total: +5.3

Summary - still need to practice holding certain trades longer. Any advice??


----------



## barney

prawn_86 said:


> Had to trade a bit earlier today as i will be at the airport during my normal time. Liquidity just starting to come in leading up to FF open.
> 
> 1st: All factors lined up. Break of resistance, yellows pointing up and expanding. I had no idea it would run for so long though. Should have held longer. +2.9
> 
> 2nd: Just looking for a couple quick pips on the retrace. Am happy with how long i held that, because on retraces of big moves you never quiet know how far it will go. +2.4
> 
> Total: +5.3
> 
> Summary - still need to practice holding certain trades longer. Any advice??




Gidday Prawn,  I don't use the Cyrex, but you could try moving your stop to break even once in profit .... then let the "bugger" run until the red hits the purple/ maybe green (ie. momentum is failing) .....  (adjust your stop as it moves up to lock in profit)

A scratch trade is still a good trade if it turns back on you ....... All still a work in progress for me as well, so good luck with it.


----------



## Euler

prawn_86 said:


> .......   1st: All factors lined up. Break of resistance, yellows pointing up and expanding. I had no idea it would run for so long though. Should have held longer. +2.9
> 
> 2nd: Just looking for a couple quick pips on the retrace. Am happy with how long i held that, because on retraces of big moves you never quiet know how far it will go. +2.4
> 
> Total: +5.3
> 
> Summary - still need to practice holding certain trades longer. Any advice??




Appears you are exiting at the earliest opportunity to bank a profit.

1st: the exit made is on a break of price to the upside. Maybe you are focusing very hard on the flame action. Keep an eye on the yellows as well and as long as they are expanding, stay in. Also, as the flame moves in your direction make a mental trailing stop and keep moving it up as you move more in the money. Act on it to exit if price turns. Based on this the exit point could have ben 8 pip further up. Remember, it's always much easier to make these decisions with hindsight and without the pressure of real trading dynamics at play.

2nd: The exit made is probably the logical get out level, even if one had waited for the next opportunity presenting . Only someone very aggessive could have made an exit lower and made the extra ~2 pip.


----------



## prawn_86

Euler said:


> Appears you are exiting at the earliest opportunity to bank a profit.
> 
> 1st: the exit made is on a break of price to the upside. Maybe you are focusing very hard on the flame action. Keep an eye on the yellows as well and as long as they are expanding, stay in. Also, as the flame moves in your direction make a mental trailing stop and keep moving it up as you move more in the money. Act on it to exit if price turns. Based on this the exit point could have ben 8 pip further up. Remember, it's always much easier to make these decisions with hindsight and without the pressure of real trading dynamics at play.
> 
> 2nd: The exit made is probably the logical get out level, even if one had waited for the next opportunity presenting . Only someone very aggessive could have made an exit lower and made the extra ~2 pip.




Someone else also suggested that a good exit strategy is when a breakdown occurs from the 'teeth' that form. On my previous chart this occured where i exited, or the next one was at .4792 so that would have netted me some more pips. I guess its just practice really. Combined with your 'blue' rule should help me hold longer

I have no problems with the 2nd trade. As i said, you never know how far its going to retrace, so quick pips are the best on a setup like that imo.


----------



## prawn_86

This chart was playing around before FF open in a slow market. Def need to hold longer in a slow market.

Emotions over-ran instinct on the 2nd trade.


----------



## prawn_86

This was on London open. 2 from 2, im starting to get my hit rate up 

1st: Looking for standard reversal that usually happens when the market opens.

2nd: Continuation trade for the pip bank.

Im posting my weekly trade details in my blog here:
https://www.aussiestockforums.com/forums/blog.php?u=8739

Basically, 22 trades for 35 pips, with a win rate of 76%


----------



## andy87

could someone send me the link for Trollman's e-book?  For the people who have read it, was it very useful? I feel that i need some more grounding in the scalping world before i can take it on seriously.


----------



## prawn_86

Bit of morning scalping before Japan open.

Trade 1: took as soon as my charts were open, probably a bit late in the move realistically. Adjusted my mental stop loss to b/e and stuck to it luckily.

Trade 2: As it should be


----------



## prawn_86

And another couple trades. Should have exited the 1st one earlier, but it moved quickly.


----------



## Euler

andy87 said:


> could someone send me the link for Trollman's e-book?  For the people who have read it, was it very useful? I feel that i need some more grounding in the scalping world before i can take it on seriously.




Check the link .... 

http://www.cyrox.com/method.html


----------



## tayser

really need to learn how to hold on longer... (last trade)


----------



## tayser

7.5 pips so far (3 + 4.5)


----------



## tayser




----------



## prawn_86

Massively annoyed with myself for exiting the first trade, or for not taking another on that wave, but it was getting close to the half hr (open) time.

Happy with second trade, standard pullback after a big run


----------



## tayser

Yellow spine and price = easy to enter, hard to hold on eh prawnage?


----------



## Trembling Hand

Prawn I find it useful to look at last low ticks as adjustment levels for my exit when long and last high ticks when short.

You can still be very aggressive with the exits but don't look at the current price rather at the last lows(for long trades). I find this very helpful because when you are going for small targets it is all to easy to bail out to soon. So in my mind when a trade goes my way by say 4 ticks then I am thinking this is a break even trade. then as it moves 9 ticks I move the stop again to just under the last tick low and in my mind I know I now have say 5 ticks locked away as profit. I keep on doing this readjustment. It makes you much less jumpy. Its actually easier to show you on a bar chart but have a look at this.


----------



## tayser




----------



## prawn_86

Thanks for your input TH. Any comments from ASFs resident gun scalper are appreciated 

The reason i closed the first one when i did, was because one more pip fall and i would have been slightly negative (due to the initial spread). So it was virtually a scratch trade for me.

What i should have done however was enter again when the flame was expanding and the price broke resistance.


----------



## tayser




----------



## tayser

last two were silly trades... not paying attention to my own entry criteria!


----------



## tayser

Good Morning! 30pips, that's your lot, thank you very much - off to work.


----------



## tayser

enough's enough for me today (total 37)...


----------



## Largesse

are you live yet tayser? or still paper trading?


----------



## tayser

been live for months.  Just got a small account and using only 10% of it as equity atm.


----------



## Largesse

if this isn't too private, what has total % return on your account been since you went live?


----------



## tayser

from the time I opened my Oanda account (Nov) to before the workshop: roughly -30%

Since the workshop: roughly 10%

I post the majority of my trades on here, but don't underestimate the serious volume of pure screentime that's required to start firing trades left right and centre.  

Put it this way, I have an account with under 200 dollars in it and I'm only trading pips worth $0.05 - (10% of the available equity).  If I have an overall positive week and hit my targets, I up the lot size by 10% and that's when my ROI will start accelerating.


----------



## tayser

can't help myself lol


----------



## tayser

huge gap this morning

took a 13 pip loss just before this...






two entry/exit markets to show the spread on Oanda (10 pips).

All in all, a nice run


----------



## prawn_86

Took my first ever live trades today. Used the EJ, which isnt my usual pair, but is more active than the EU during Tokyo open. I think i might just demo with the EJ for a while on Tokyo open while i get a feel for it and then come back live again. i will stick to the EU on FF and London opens at this stage.

Still finished in a profit though so im happy, probably overtraded a little though.

All numbers are pips and i will update $ stats on my blog.

1: +10 pips. Should have called it quits after this.

2: -7.4. Stupid trade, spine was still pointing up. Moved quickly against me, plus bigger spread on EJ cause big loss.

3: +1.5. used a tight stop on this luckily

4: +3.9. Entered on break of 'teeth' exited on the same. happy with it.


----------



## Trembling Hand

Prawn what broker? And what type off orders are your entries?


----------



## prawn_86

Trembling Hand said:


> Prawn what broker? And what type off orders are your entries?




Trading with Oanda, just to get used to risking real cash. 

Market entries, with default stop loss and take profits set in case of power/broker failure, but use mental stops for exits.


----------



## prawn_86

I can see why so many ppl like the Ej on Tokyo open...

Another live trade  all trades from now on will be live unless stated otherwise.


----------



## prawn_86

Ok so this is my normal trading time, got my target in 2 trades so thats it. making sure i dont overtrade by closing the charts.

Missed a couple of pips on both entries as i wasnt fast enough, but overall im happy with these 2 trades.

*First Day Live:*
7 Trades, 6 wins & 1 loss
Return on initial deposit = 3% 
Now if i can do that every day i'll be a happy happy man.


----------



## professor_frink

prawn_86 said:


> Ok so this is my normal trading time, got my target in 2 trades so thats it. making sure i dont overtrade by closing the charts.
> 
> Missed a couple of pips on both entries as i wasnt fast enough, but overall im happy with these 2 trades.
> 
> *First Day Live:*
> 7 Trades, 6 wins & 1 loss
> Return on initial deposit = 3%
> Now if i can do that every day i'll be a happy happy man.




Nice work Prawn. Hope it's the first of many profitable days to come


----------



## prawn_86

Also had a quick go at the EJ on London open. 

First 2 trades were stupid, need to stick to ones like the 3rd, where London had actually opened, not just before it.

Takes my return for the day to 4.4% with very small pip size.


----------



## tayser

well done Prawnage.


----------



## tayser

done for the day.

I'm upping my lots as of tomorrow (10% -> 20%).


----------



## prawn_86

Man did i just learn a HUUUGE lesson  Luckily it wasnt costly 

1st: Standard trade. Entered on the break of 152 and that was my mental stop at first.

2nd: Entered when spine turned down along with yellows slowly expanding. Exit is where the mistake happened. I had a take profit of 25 pips set, i didnt realise it had executed.... I pressed 'buy' to close out what i thought was a short, but it opened a new long.

3rd: Exit got stopped out straight away at - 10 pips.

Lesson = Know what your take profits are set at!!!!  

Still a nice 34 pips for the day, but should have been 44.


----------



## tayser




----------



## tayser

done.


----------



## prawn_86

First live losing session. Kept entering too late so that the spread didnt get covered quick enough. Oanda is also about 3pips out from Gain this morning.

1: Good Entry, bad exit. Dont really know what i was thinking

2: Had to hold a long time just for a couple pips

3: Quick pips. Followed my rules

4: Got greedy and then faked out. Very bad trade.

5: Got slipped a little, but it still didnt move as much as i was hoping. Should have prob closed for a small profit.

6: Another late entry.


Now i'll regroup and wait for FF open.


----------



## prawn_86

Bit of a mixed bag. Made some, gave it back, then made some more...

Should have quit after my first trade for the session. I had more than my target. Lesson learnt...

1: Perfect entry. Spine just crossed over etc. very happy with.

2: Was looking for break up. In hindsight it had probably already moved too quick. need to identify this earlier and exit for small loss.

3: A couple pips profit turned into a big loss. Once again need to identify exit earlier.

4: Better exit. I was wary of the 150 level. (in fact its still hovering around that)

5: Looking for break of 150. Exited as soon as it stalled.


I seem to be able to exit my profitable trades well, on stalling or breakdown of teeth, but struggle with exits for my losses at this stage.
Any ideas?

EDIT - The spread on the EJ is about 2.5 pips so the losses include them.


----------



## prawn_86

That me done for the week. Returned over 7% of initial acc for my first week live.

Full stats can be found at my blog:
https://www.aussiestockforums.com/forums/blog.php?u=8739

Any help/advice/opinions appreciated


----------



## tayser

Well done Prawny mah boy!  soon you'll be able to buy the indicators 

_____________

Silly 1st & 2nd trade, (the second was completely against all the rules - yellow spine going in opposite direction) - happens when you first load up your charts and you see the market's bearing its breasts...


----------



## Largesse

Hey tayser, is there a template for that set up you are using for ninja trader?
i actually prefer it to the one that Prawn is using (its just easier on the eyes, no offence : )

also are you able to give a quick run down on those indicators you are using at the bottom of the screen, or provide a link?


and yes, nice return this week prawner. i'm pretty impressed


----------



## tayser

I'm using the official setup - you need to pay for a license ($600USD) to use it.  www.cyrox.com

You dont actually need the indicators (as Prawn is illustrating in this very thread!) - CyroxOsc is just telling you up/down (green/red), CyrinusTrend is just another representation of the rainbow (it's more about the transition between colours rather than the colours themselves) and CamillaTrend has the same colours/transitions as CyrinusTrend but it looks at longer timeframes.

Prawn's using the setup that I put together based on the WMAs Trollmann uses.


----------



## Largesse

tayser said:


> I'm using the official setup - you need to pay for a license ($600USD) to use it.  www.cyrox.com
> 
> You dont actually need the indicators (as Prawn is illustrating in this very thread!) - CyroxOsc is just telling you up/down (green/red), CyrinusTrend is just another representation of the rainbow (it's more about the transition between colours rather than the colours themselves) and CamillaTrend has the same colours/transitions as CyrinusTrend but it looks at longer timeframes.
> 
> Prawn's using the setup that I put together based on the WMAs Trollmann uses.





ahh right, thanks 

is there anywhere that i can read up on the entry and exit rules so i can follow what you guys are acting on?


----------



## tayser

this thread and the Cyrox forum.


----------



## tayser

very very aggressive entry on first trade - exited at previous resistance line, should have held!!!


----------



## prawn_86

This trade only executed with 50 units instead of the usual 5000, so i only made 4c. Woohoo.

Im in the process of disputing it with Oanda, as i swear/know i didnt change the lot size.

Anyone had this problem with Oanda before?


----------



## prawn_86

Definitely overtraded this morning.

Finished up 7 pips down unfortunately.

Once again need to cut back on stupid trades. Hold winners longer, cut losers short. 

Easy to say, harder to do...


----------



## prawn_86

final few trades from morning session


----------



## prawn_86

Why are my first couple trades usually stupid ones???  

Finished the FF session positive though (8.6 up)


----------



## prawn_86

I really need to cut my losers quicker.

Any ideas how to do this in such a fast market?


----------



## Trembling Hand

prawn_86 said:


> I really need to cut my losers quicker.
> 
> Any ideas how to do this in such a fast market?




A big problem with trading often (scalping) is getting over the spread.

That's why I hate hitting the market for an entry. If you do the sums you see why it hurts so much. Lets say 10 trades a day X 200 days per year X 2 point spread = 4000 pips!!

That's why your loses are hurting. They are 2 pips bigger than they should be IMHO. And your winners at least 2 pips, I would say 4, less than they should be.


----------



## prawn_86

Trembling Hand said:


> A big problem with trading often (scalping) is getting over the spread.
> 
> That's why I hate hitting the market for an entry. If you do the sums you see why it hurts so much. Lets say 10 trades a day X 200 days per year X 2 point spread = 4000 pips!!
> 
> That's why your loses are hurting. They are 2 pips bigger than they should be IMHO. And your winners at least 2 pips, I would say 4, less than they should be.




I can see exactly what your saying TH, but how can you throw a limit order in the middle of the spread?

By the time i type it out the market has moved...


----------



## prawn_86

These are the trades i need more of. The real 'HP' ones. One or two trades, get my target then stop trading for the session.

New aim is to make as few trades as possible, and get my target as quick as possible for each session, then close my charts once i have done that.


----------



## tayser

bump your zoom up (go further in) and make the width of the yellow WMAs 2px (everything is 1px atm) - you'll see the HP / normal setups a lot quicker.


----------



## Trembling Hand

prawn_86 said:


> I can see exactly what your saying TH, but how can you throw a limit order in the middle of the spread?
> 
> By the time i type it out the market has moved...





I don't know what broker you are using but you probably can't?

You need one click trading in the DOM to get entries that aren't "@ market"


----------



## prawn_86

Trembling Hand said:


> I don't know what broker you are using but you probably can't?
> 
> You need one click trading in the DOM to get entries that aren't "@ market"




Nah i cant do that.

And i dont have your level of cash to throw around to get a decent broker :


----------



## prawn_86

tayser said:


> bump your zoom up (go further in) and make the width of the yellow WMAs 2px (everything is 1px atm) - you'll see the HP / normal setups a lot quicker.




Yeh i was thinking of zooming in more. But what benefit does thicker yellows have?


----------



## prawn_86

Dunno what went wrong then, but i just totally capitulated. Couldnt get anything right and ended up losing 34 pips in a very short time frame.

Didnt stick to my rule of stopping the session if i lose circa 2% of initial account balance either.

Time to take a couple days off and re-focus, and try and work out what was so different between the first and second weeks.

Have posted detailed results in my blog:
https://www.aussiestockforums.com/forums/blog.php?u=8739


*Return after 2 weeks: 1.3% *


----------



## tayser

prawn_86 said:


> Yeh i was thinking of zooming in more. But what benefit does thicker yellows have?




It's your primary entry indicator.  Remember what I said, when the yellow spine (faster yellow will bunch with the two other slower yellows and project in a new direction - see chart below) and price start moving in the same direction (whether it be after a big move (contrarian) or a strong continuation (screentime helps you spot these)) you enter.  Your exit is either your target or when you see croc teeth on the chart - with more screentime and experience you learn to hold the trade longer to grab more pips.

re-post of above chart to show both kinds for the yellow spine entry style:







Trade #1 & 2 - pretty much ignore them, the first was just a rush as I'd just opened my charts, the 2nd goes against the aforementioned rules (I was trying too hard to anticipate a move back up without the conditions being met - slap on the wrist!).
Trade #3 = continuation, people have taken profit from the same move we're latching on to, by moving the pair in that small retrace I stupidly took and it starts moving back again - the trigger for me is when the price breaks the previous S/R (I just took ages to get out and then jumped back in short straight away). 
Trade #4 = contrarian, yellow spine has bunched and is moving in the same direction as the price - enter.  Exited on croc teeth.
Trade #5 = contrarian, entered earlier than the previous, confirmed I should hold the trade by the yellow spine again bunching up and moving in the same direction as the price once again.
Trade #6 = contrarian once again, entered on the yellow spine bunch, exited on croc teeth.  One thing I've learn since this is to use the yellow spine as your exit too - once you're in, dont get out (if it feels like a big move) until the price goes through the slowest of the yellow WMAs (which would have been around 149.41-149.43 on the last trade).

recommend practising in a demo for the next couple of weeks.


----------



## tayser

Key is to wait for the pair to become active again - you'll get hundreds upon on hundreds of these yellow spine entry signals throughout your session and definitely throughout the day, you just need to learn when you take the right ones (SCREENTIME!!  It hasn't stopped for me!)






So yes, Zoom in (you're too far out to see these things clearly) and give your Yellows a bit of a face lift.  Changing the background to black might help too.

HTH.


----------



## tayser




----------



## tayser




----------



## tayser




----------



## tayser




----------



## MS+Tradesim

Hi guys,

I've been busy with other stuff all year and only recently have gotten back to working on a currency trading idea.

I've got about 60 trades so far, and a lot of them are irrelevant because they involved playing with trailing stop losses etc and allowing it to go against me to test the stop and so on.

But today I've started genuinely tracking the system. I have no charts yet as I was busy watching the trades but I intend to start capturing the charts and indicate the moves and when I can I hope to outline my idea. It's quite discretionary and based around simple trending using the rainbow, support/resistance and using the spread in Oanda to my advantage but executing the trades on the demo platform of Hotspot.

This is today's trades for an idea:

AUDJPY	79.213	Buy	
AUDJPY	79.258	Sell	+0.045
AUDJPY	79.208	Sell	
AUDJPY	79.183	Buy	+0.025
AUDJPY	79.24	Sell	
AUDJPY	79.198	Buy	+0.042
AUDJPY	79.135	Sell	
AUDJPY	79.123	Buy	+0.012
AUDJPY	79.13	Sell	
AUDJPY	79	Buy	+0.13
AUDJPY	78.35	Sell	
AUDJPY	78.28	Buy	+0.07
AUDJPY	78.33	Buy	
AUDJPY	78.473	Sell	+0.143
AUDJPY	76.688	Sell	
AUDJPY	76.633	Buy	+0.055
AUDJPY	76.693	Buy	
AUDJPY	76.933	Sell	+0.24
AUDJPY	76.958	Buy	
AUDJPY	76.99	Sell	+0.032
AUDJPY	77.258	Buy	
AUDJPY	77.238	Sell	-0.02

			0.774 (77.4 pips)

Net of commission would be around 70 pips.

The last trade which was a small loss was also a mistake. I had come back to the PC from a break, saw a move and jumped it without first assesssing all factors. Now I'm not naive, so I am not pumping this idea as wildly successful. It is just coincidence, I think, that I had a good run on the day I first started to record properly. One thing that is worrying me is whether the spreads on the Hotspot demo are truly indicative of what their live platform will be like. I'm waiting for further feedback from them.

I have a second play account with Hotspot. This idea seems to work longer term too so I'm going to start running trades based on daily data in the second account and see how that pans out.

I wonder about some things. Do any of you guys have an equity stop...as an example if you lose x% you stop trading for the day, or if you have 4 losses in a row you stop trading to assess and regroup?

Anyways, I think this thread is fantastic and I've learnt tons reading it (again!) and I'm hoping I can contribute myself and give back.


----------



## MS+Tradesim

Some more from this arvo/tonite:

AUDJPY	77.638	Sell	
AUDJPY	77.553	Buy	+0.085
AUDJPY	77.468	Sell	
AUDJPY	77.398	Buy	+0.07
AUDJPY	77.223	Buy	
AUDJPY	77.218	Sell	-0.005
AUDJPY	77.168	Sell	
AUDJPY	77.115	Buy	+0.053
AUDJPY	77.02	Sell	
AUDJPY	77.023	Buy	-0.003
AUDJPY	77.145	Buy	
AUDJPY	77.093	Sell	-0.052
AUDJPY	77.045	Sell	
AUDJPY	77.038	Buy	+0.007
AUDJPY	76.955	Sell	
AUDJPY	76.91	Buy	+0.045
AUDJPY	76.803	Sell	
AUDJPY	76.69	Buy	+0.113
AUDJPY	76.823	Buy	
AUDJPY	76.848	Sell	+0.025

			+0.338

Getting tired and sloppy so I'm done for the night. Total of 111 pips for the day, less comm. would be about 100 net. I'm pretty happy with that for day one of serious demo trading of my strategy. At real risk of over-trading so I need to just turn off and walk away when I'm not fresh.


----------



## Trembling Hand

MS+Tradesim said:


> I wonder about some things. Do any of you guys have an equity stop...as an example if you lose x% you stop trading for the day, or if you have 4 losses in a row you stop trading to assess and regroup?




This is a HUGE part of my system. In fact its Number 1 of only three rules.

I don't ever want to have to get back more than 1% of my capital tomorrow. So that's my daily stop.

Its is a rule that enables me to make some huge gains some times without blowing my account. As I build profit I get more aggressive. i start small and some times get stopped out. But when I'm on song I really leverage up (relatively to the days start)


----------



## tayser

What's your spread like on Hotspot TradeSim?


----------



## MS+Tradesim

TH,

Thanks for that. I was thinking similarly. I would implement an equity stop. 

-----

tayser,

First, thanks heaps for all your great info on this thread. I've learnt a lot from you and others. I hope to give back when I can satisfy myself that what I'm doing actually works.

The spread seems to be consistently around 0.5 pip which doesn't seem realistic to me. Though I've seen anywhere from 1-5 pips across the majors. I've asked them for feedback as I don't want to waste time on an idea that may not be realistic.

I did find a copy of their live spread statistics somewhere on their site and if I find it again I'll post it.


----------



## MS+Tradesim

Found it, although annoyingly, it doesn't have AUDJPY which is the only one I've been focusing on so far.

http://www.hotspotfx.com/pdf_forms/spreadstats-aug2008.pdf

Based on this, I'm not confident the live platform would consistently offer 0.5 pip spreads on the AUDJPY.


----------



## MS+Tradesim

Tayser, that reminds me. Are you still with EFX? How did your find their demo compared to their live?


----------



## tayser

Still got the account yeah, no difference between demo and live (the live platform just runs on more reliable hardware).

I'm more interested in ADM Derivatives at the moment (only got a demo account with them) - it's Currenex Lite, requires $2500AUD to open and can be denominated in AUD.  Heaps of info on it on the cyrox.com forum.


----------



## MS+Tradesim

Thanks.

I discovered hotspot use a platform made by CTN Systems. I downloaded their demo and the feed they use is from all the client brokers. Their spread seems quite realistic. I'm seeing more like 3-4 pips on AUDJPY with as low as 1. They're not actually brokers but they supply the platform so if I go with hotspot this seems a more realistic way to demo.

And the other pair which interests me, EURUSD, seems to consistently have spreads between 0.1-2 pips, which seems very tight to my limited experience.

So I've been playing the same strat on the CTN demo and it's still working. Just have to pick the trades more carefully due to the bigger spread. Have still made about 70 odd pips this morning. I've got charts so I'll put them up later.

Yeh, I saw that ADM thread on Cyrox. Might have a look at them, though I have heard a lot of negative stuff about currenex. On the flip side if Linuxtroll (???) is using them, I would hope they're on the up and up.

My hassle with opening an account with a US broker is they all seem to want a valid passport and mine is expired.


----------



## MS+Tradesim

These are this morning's trades between about 8:50-9:25am. On the 5m chart there is a downtrend which I'm keeping in mind and with the probability of RBA cut this arvo the bias to me seems down. 



Trades 1 and 2 were simple trend continuations. I probably could have held 2 longer but at the time the spread was widening downwards so I jumped out.



The setup here was a move away from the longer term trend line. Trade 3 was an aggressive entry looking for the fall that I caught in trade 4. In 3 I jumped out quickly and waited for another chance which came together in 4.


EDIT: linked pics aren't showing for some reason. I'll trim them down so I can attach them here.


----------



## MS+Tradesim

Pics...green arrow is a buy, orange is a sell.


----------



## MS+Tradesim

Lol. I learnt some hard lessons trying to trade the rate announcement on AUDJPY.

Lesson #1 (Which I should have kept true to knowing it from shares) Prediction will blow out my account. Don't try to be right. Follow the trend, don't try to pre-empt it.


----------



## nomore4s

MS+Tradesim said:


> Lol. I learnt some hard lessons trying to trade the rate announcement on AUDJPY.




1st day live forex trading today, but only trading minis on IG atm.

Got caught on the spike down of the AUD/USD (lost 75 pips), but managed to trade it back up for a +148 pip trade to be up 73 pips overall, pretty lucky.

Up a fair bit today now, might call it quits.

PS - Great thread have learnt heaps, thanks guys


----------



## MS+Tradesim

All told I finished up +222 pips over 24 trades (less comm.) for the day. I had a disastrous moment just after the rate ann. where I went short AUDJPY and it rose rapidly and I lost 121 points. I only had a mental stop and paniced and accidentally shorted a second lot. I then bought back both instantly. I was so surprised by the upwards move - had been expecting the spike down to continue after a 1% cut. I refocused, concentrated on ignoring what I thought "it should do" and just traded what was in front of me for the next hour or so and gained 266 pips.

I was trading on the CTN demo which has real spreads and was consistently hit with 5pips on AUDJPY.

*Stats for today:*

AW	0.289214286
PW	0.636363636
AL	-0.2289375
PL	0.363636364
R:R	0.100794545 (10:1) includes my -121pip loss.

If I ignore the single large loss, they become:

AW	0.289214286
PW	0.666666667
AL	-0.088071429
PL	0.333333333
R:R	0.163452857 (16.3:1)


*Stats for yesterday:*

AW	0.070117647
PW	0.80952381
AL	-0.02
PL	0.19047619
R:R	0.052952381 (5.3:1)


Overall so far for 43 round trips including the -121 pip trade (I realise the stats don't really become significant until there is a very large sample size but I'm forward testing here so this is as I go):

AW	0.179665966
PW	0.722943723
AL	-0.12446875
PL	0.277056277
R:R	0.095403534 (9.5:1)

I'm now going to consistently use an initial + trailing disaster stop. I had been doing that but stopped using it over the rate ann. as I thought stops might be hunted out. In retrospect a hunted stop would probably have been less damaging.


----------



## MS+Tradesim

Results in chart form. Cumulative pips x100. Pips per trade x100. -121 pip trade included in all its ugly truth.


----------



## tayser




----------



## MS+Tradesim

Got 4hrs sleep last no night so no trading today...would be mistake city.


----------



## MS+Tradesim

I've been thinking about a comment I made above because I didn't really believe it at the time and now I'm going to say that I don't believe it and it makes no sense...."hunting stops". If the big guys are wanting the market to move a particular direction or expecting it to, why would they bother flushing out stops? That would mean they are intentionally pushing the market against their intended trade in order to achieve what....? 

Either your stop is intentionally placed correctly according to your rules or it was not. If it was, then you have been validly stopped out. If it wasn't, then place it correctly next time.

If a market is manipulated then that is already recorded in the past moves and your current method should already have accounted for that as a matter of fact. The data should already have informed your method construction even if you didn't know that it was "manipulation" - assuming it occurs.

And if for some reason, stops are hunted....so what? If the market moves against you, stops you out, then turns and heads back you jump back in when you get a new entry signal. But wait, now you have a new entry and a new stop and what if someone decides to hunt that new stop?

Blaah...it makes no sense. To repeat myself, either *my* stop is placed correctly or it is not. Both outcomes are *my* responsibility. Once that trade is closed, assess the correctness of the stop, adjust or not as needed for next time, then move on to the next trade.

*My* -121 pip loss is *my* result based on *my* decision to not use *my* stop.

I'm not sure if I'm saying all this very clearly, but I've had crap-all sleep. It makes sense to me anyway and this is just thinking out loud.


----------



## tayser

Last night/yesterday:
















I wish I had a larger account


----------



## roland

hey tayser, with live trading how do you get your feed from NinjaTrader since you would only have 1 x live account?

I have an account with MBT now (waiting to be funded) so still in demo mode with running 2 x demo accounts, 1 for the Ninja chart and 1 for the MBT Navigator.

When going live would I still need to use 1 of the demos for Ninja with the live account for MBT?


----------



## tayser

Use the Gain feed in Ninja - dont use the MBT feed, I've found that the Gain feed is a heck of a lot smoother.


----------



## MS+Tradesim

AUDJPY was giving really bizarre spreads today (probably error on demo server) so focused on EURJPY with spreads of 1-2 pips. Netted about 66.9 pips before eyes started crossing. One lesson learnt today: saw a position go strongly against me and tried to close it but didn't realise stop loss had already been hit, resulting in new position being opened. Have to watch that.

*Stats for today:*

AW	0.12
PW	0.727272727
AL	0.075
PL	0.272727273
R:R	0.066818182 (6.7:1)

*Running stats for 60 trades thus far:*

AW	0.159777311
PW	0.724386725
AL	0.107979167
PL	0.275613275
R:R	0.085980071 (8.6:1)


----------



## andy87

hi all, 
this message keeps popping up when im truying to connect to the Gain feed.  Can someone suggest what it means and how to fix it


----------



## tayser

looks like the error you get when your ISP is down lol 

Try removing the connection from Account Connections and re-add it.

anyhow, pre-London:






PS. I love daylight savings


----------



## MS+Tradesim

Netted about 125 pips this morning.

*Stats for today:*

AW	0.092117647
PW	0.85
AL	0.06267
PL	0.15
R:R	0.0688995 (6.9:1)


*Running stats for total 74 trades:*

AW	0.142862395
PW	0.755790043
AL	0.096651875
PL	0.244209957
R:R	0.084370625 (8.4:1)


----------



## tayser

Sorry, n00b question: What's all the AW, AL, PW etc mean?

ta.


----------



## tayser

*headslap* just figured it out


----------



## Trembling Hand

MS+Tradesim said:


> Netted about 125 pips this morning.
> 
> *Stats for today:*




Nice!! I like you graph.


----------



## MS+Tradesim

Tayser,

Good call though....others unfamiliar with the maths might not know what it means, so for readers who don't know....

AW = average winning trade size (calculated here in pips ie. 0.01 = 1 pip)
PW = probability of win ( 0.755 = 76%)
AL = average losing trade
PL =  probability of a loss

And an important calculation from that is Risk:Reward where formula = (AW*PW) - (AL*PL)....My running R:R so far is 8.4:1

What this means is every time I risk 1 pip on a trade, I will on average win 8.4 pips. A positive R:R is essential for long-term survival. A negative R:R means you will go broke trading the system.

Another factor is opportunity. A high R:R system with low opportunity (say 10 signals a year) may not have as good a return as a low R:R system with many, many opportunities (say 30 a day). Then if you can get a high R:R with many opportunities...excellent!

-----------------

TH,

Thanks. I like it a lot too!   I can discount some stuff now as luck but with a few hundred trades notched up I'll have a very good idea of how it will be.


----------



## tayser

So tradeSim are you using the Oanda setup or the Ninja one?


----------



## MS+Tradesim

Oanda - but the rainbow is more of a confirmation for me than anything. I'm using the direction, volatility and speed of the spread to generate entries and looking for stalls or retracements to jump out. If the trend is slow moving I won't jump out of a retracement instantly. I give it more room and time. Kind of hard to describe, easier to see. I give more weight to the rainbow in very slow moving trends. I discount it heavily in the fast moves, because by the time it reacts much of the move has already gone....that's just what I'm finding. I have two 5sec charts opened. One zoomed in close to watch the spread, the other out as far as possible, to keep s/r of trend lines, channels and ranges in view.


----------



## MS+Tradesim

For readers who are interested in why it is purely a numbers game (with some provisos)...

As a follow-up to my discussion above about R:R and positive expectancy I decided to do an experiment. This does not count towards my system results, it's entirely separate. I went very aggressive and took entries I wouldn't normally touch but exited the same as normal.

I made 38 trades for a net finish of 64 pips. Here are the stats:

AW	8.6
PW	50%
AL	4.0
PL	50%
R:R	2.3:1

There were 19 wins and 19 losses. In other words the chance of winning or losing was the same as a coin flip. But the average win was over twice the size of the average loss, showing that (should these results be consistent over a larger sample size) a completely unspectacular method can make you money if you are consistent with your stops and let your winners run longer.

(*The danger of this kind of system is one catastrophe could wipe out more than is gained, and that needs to be considered of course.  Hence, while it is positively expectant I wouldn't trade it for real.)

But this is off-topic so apologies to tayser.


----------



## tayser

no need to apologise, go for your life!


----------



## MS+Tradesim

Had another learning experience this morning. Took me awhile to clue in that the AUDJPY was range trading. I missed the early move from 4am-8am QLD time. Got caught in ranging around 9ish. Sat aside for awhile then caught some of the downswing in and out several times from 10-11:20ish then switched to EURJPY and got some more. So that ranging cost me stats.

Netted about 159 pips today.

*Stats for today:*

AW	0.0987
PW	0.612244898
AL	0.056473684
PL	0.387755102
R:R	0.038530612 (3.9:1)


*Running stats for 123 trades:*

AW	0.134029916
PW	0.727081014
AL	0.088616237
PL	0.272918986
R:R	0.073265554 (7.3:1)


This seems to be working and beyond the scope of sheer luck now. I'll give it till this weekend then I'll give a rough rundown on what I'm doing. I'm just focused on actual trading for the moment...can't be bothered taking screenies.


----------



## tayser

...keeping it coming.


----------



## tayser

some quick pips before bed...


----------



## tayser




----------



## Andy_aus

Hey looks like u are back on the horse Tayser

.. havent been here for ages good to see this thread is still going strong

Oh and Prawn... TH looks like he is using IB booktrader.  10k deposit gets u in.


----------



## Rastan

speaking of brokers - whats the current recommendation for us <25K traders? I could pony up 10K if needed. I installed the Viking Demo (with an ADM demo account) as that was what the recommendation was a while back but i wonder if that was more for the Pro'ers not the lite... 

MS+Tradesim - u in brissi?


----------



## MS+Tradesim

Rastan said:


> MS+Tradesim - u in brissi?




Sunshine Coast.


----------



## tayser

Rastan said:


> speaking of brokers - whats the current recommendation for us <25K traders? I could pony up 10K if needed. I installed the Viking Demo (with an ADM demo account) as that was what the recommendation was a while back but i wonder if that was more for the Pro'ers not the lite...
> 
> MS+Tradesim - u in brissi?




have a look at the Currenex Margin demo: http://www.cyrox.com/forum/index.php?topic=445.0

same deal as Viking (although better IMO) but web-based.

Only need $2.5k for an account too.


----------



## MS+Tradesim

Well, end of my first week live with IB. Learnt a lot more live than on play trading. On demo I was only really trading EURJPY. When I went live the spreads were quite wide so I switched to EURUSD for tighter spread. But I discovered the hard way that it just doesn't move the same. Lost 10.5% on EURUSD before I gave it up. Back onto EURJPY and made 21.5% to finish the week positive for 8.5%.

I've given up the Oanda charts and I'm just using the IB live chart which is all I need for scalping. All I use is basic support/resistance and clip pips off the moves when they break from a range.


----------



## >Apocalypto<

Tayser where are u?

what's happening Rainbow scalpers I love reading this thread


----------



## prawn_86

>Apocalypto< said:


> Tayser where are u?
> 
> what's happening Rainbow scalpers I love reading this thread




Between exams, travel, study and other commitments i had to put my scalping on the backburner


----------



## >Apocalypto<

prawn_86 said:


> Between exams, travel, study and other commitments i had to put my scalping on the backburner




looking forward to when you're all back.............


----------



## tayser

watched the whole thing unfold and thought I got to get me some of that... entry when price started plowing down toward previous support.


----------



## tayser




----------



## tayser




----------



## julz

I`m new to Ninja trader .
There seem to be many ways to place orders but I can`t find the best way to setup 2 presets :

buy : stop loss -3 , limit : 8
sell : stop loss -3 , limit : 8

as simple as that .. Where would I look to do this ?

cheers,


----------



## tayser

Not sure about Ninja - I only use Ninja for charting.

see your private messages.

cheers.


----------



## Andy_aus

Going well Tayser 

Alot more aggressive nowdays too, follow that flame


----------



## tayser

yeah, it's more about quite literally jumping in as soon as you identify the trend change.

havent had any trades the past week as I've been in Honkers for the 9-5 job.

Can't wait to get back into it.


----------



## DB008

Hey Tayser,
Been reading all your posts. GREAT WORK. Looks like l'll be jumping on the band wagon too. Living in Perth (time zone wise) and having 1 month of holidays, now is a perfect time to learn FX. Going to kick shares and just focus on FX.

Having problems trying to download EFX though. There site seems to a bit buggy at the moment, will try tomorrow.
I also got half way though downloading EFX before and Kaspersky said it was a virus, but, l'll get there in the end. 
Quick question, is EFX the best ECN platform to use you have found? I was going to go OANDA, but read alot of people not happy with it. So it's EFX for the time being.

So, have you started trading for real yet Tayser?


----------



## tayser

yes, I'm live and there are two currenex brokers who reference the Cyrox forum which allow you to open accounts with them for min opening balance of $2500.  Half the commission of MBT and spreads are invariably narrower.


----------



## DB008

Sounds good, l'll give it a crack.

Keep up the good work too. Very interersting Thread too.


----------



## DB008

I'm just giving OANDA a go now. The spread seems pretty wide to be honest. But the time you think that u either have a long/short signal, your so far out of the trade that it's not really worth chasing.


Quick question tayser. when you were using Oanda, AUD/JPY, how many units where you using?


----------



## tayser

not much.  best to stick to EUR/JPY or EUR/USD.


----------



## DB008

Slowly getting the hang of it.

Thanks for all your tips tayser, l've learnt so much in the last 2 days. Lot still to learn, but getting there.


----------



## tayser

Steady as she goes.






on a side note, EUR/JPY is ****ting its pants once again.


----------



## tayser




----------



## MRC & Co

Tayser, if your as consistent as these pictures suggest, why not trade for a living?


----------



## tayser

That's the aim.


----------



## MRC & Co

tayser said:


> That's the aim.




Yes, but why not now?


----------



## tayser

Because I haven't build up enough equity yet?


----------



## >Apocalypto<

tayser said:


> Because I haven't build up enough equity yet?




I rarley ever see you have a loss Tayser if this is the case what's stopping you from going full time?

Just compound on your daily take you will have a decent account in no time.

and a boat, Island, House, bling, Merc.............


----------



## tayser

I've changed what sort of entries I'm going for - this is the first week of live trading since changing and while we're on the topic, I'm surprised that no-one's asking questions on the technique anymore - the last few screenshots show a different kind of entry to what I've been using previously.

http://www.youtube.com/watch?v=tUTidDO2nas

http://www.youtube.com/watch?v=Ffr1NUMBn3c

http://www.youtube.com/watch?v=NGzg0Asoz1k

All done by Trollmann - watch them in high quality mode.  In short I'm moving toward going 100% aggressive such as in those youtube videos, the key is to detect - at the earliest opportunity - the change in trend by looking for support and resistance in real time (lower highs, higher highs, lower lows, higher lows etc) and jump on for a ride.

Videos originally posted in this Cyrox thread: http://www.cyrox.com/forum/index.php?topic=289.0


----------



## julz

Getting confused again , are you still on MB trading / ninja trader ?
Where did you find those exotic indicators that you`re using at the bottom of your graph  ?


----------



## tayser

It's the original CyroxMMA setup (says it in the top right hand corner) which works with NinjaTrader - TRollmann has made some updates to it since, I just haven't paid for the upgrade as yet.

I've been using NinjaTrader with the GAIN feed for well over 6 months now - nothing has changed.


----------



## julz

Cool, don`t change the system if it works 

So I assume you`re paying a 6.7 $ commission per direction on a 10 000$ trade on EUR/USD ?


----------



## tayser

julz said:


> Cool, don`t change the system if it works
> 
> So I assume you`re paying a 6.7 $ commission per direction on a 10 000$ trade on EUR/USD ?




I'm not using MBT - with FXCM micro at the moment, a market maker which allows scalping.


----------



## julz

FXCM micro ? can we open Micro accounts with them in Australia now ? 
Last time I tried I couldn`t because of some ASIC regulation ..


----------



## MRC & Co

tayser said:


> Because I haven't build up enough equity yet?




Talk to a prop firm, if you can proove consistent returns and it's only equity holding you back, then you won't have a problem with the 9-5 anymore?


----------



## Cartman

MRC & Co said:


> Talk to a prop firm, if you can proove consistent returns and it's only equity holding you back, then you won't have a problem with the 9-5 anymore?




hey mirc -- im still doing 80% with my last 100 sim trades on FX --- will they give me a gig u reckon  lol  

seriously though ---- if they started u with say 50 grand --- how much would they expect u to turn that into in say 1 month ??

and what would the balance have to be at the end of the month for them to show u the door??


----------



## tayser

julz said:


> FXCM micro ? can we open Micro accounts with them in Australia now ?
> Last time I tried I couldn`t because of some ASIC regulation ..




I had no issues opening an account.


----------



## tayser

note to self: trust the rainbow, trust the rainbow!







I'm getting more and more confident with the aggressive entries but just dont hold long enough!

GAH.


----------



## Andy_aus

Cartman said:


> hey mirc -- im still doing 80% with my last 100 sim trades on FX --- will they give me a gig u reckon  lol




I think you have to be consistently live first before they consider you....

Also if you dont make money you dont get paid, are you ready for that?


----------



## tayser




----------



## tayser

Nothing like a bit of Newstrading in the morning....

Wait for the initial mayhem to run its course and then ATTACK!


----------



## >Apocalypto<

bump.

what's happening rainbow scalpers??


----------



## Bin57again

Hi all
I looked at this thread a while ago but didn't pursue - what are the rules? Is it similar to trading Guppy's MMAs?
Do people use mechanical entry/exit - e.g. based on one of the MAs turning/crossing or is it discretionary i.e. you just get a feel...?
Thanks Bin


----------



## Stormin_Norman

Bin57again said:


> Hi all
> I looked at this thread a while ago but didn't pursue - what are the rules? Is it similar to trading Guppy's MMAs?
> Do people use mechanical entry/exit - e.g. based on one of the MAs turning/crossing or is it discretionary i.e. you just get a feel...?
> Thanks Bin




im testing a EA atm based on guppy's MMA rules. what is the difference between this version of MMA and guppy's?


----------



## tayser

>Apocalypto< said:


> bump.
> 
> what's happening rainbow scalpers??




everyone of them is here: http://www.cyrox.com/forum or on the skype chat


----------



## lindsayf

MRC & Co said:


> Talk to a prop firm, if you can proove consistent returns and it's only equity holding you back, then you won't have a problem with the 9-5 anymore?





just curious..why would someone want to trade for a firm if they are profitable anyway?  Surely more $ in your pocket if you stay solo??  Or is it that you trade much higher value (their money) and your % of the wins actually ends up more that what you could bring with your own equity.....doh..just answered my question didnt I!!


----------



## Trembling Hand

lindsayf said:


> just curious..why would someone want to trade for a firm if they are profitable anyway?  Surely more $ in your pocket if you stay solo??  Or is it that you trade much higher value (their money) and your % of the wins actually ends up more that what you could bring with your own equity.....doh..just answered my question didnt I!!




More to it than that.


----------



## lindsayf

ok..elaboration??


----------



## Trembling Hand

lindsayf said:


> ok..elaboration??




Ear ya go

https://www.aussiestockforums.com/forums/showthread.php?p=401340#post401340


----------



## lindsayf

yup..fair enough...depends on yr level of ambition..and need for social stimulation perhaps. Thks TH


----------



## Page

Cyrox Simple Scalping is a trading method used to enter in the Forex market with high prospect and taking profits on small price changes, usually soon after a trade has been traded and became beneficial. It requires a scalper to have a strict entry/exit strategy with regulation because one large loss could get rid of the many small gains that the scalper has worked to obtain. Having the right tools such as 01 sec Cyrox Simple Scalping Setup, a live real-time feed, a direct-access ECN broker and the motivation to recognize and place high prospect trades are requisite for this strategy to be successful...


----------



## >Apocalypto<

Hey Rainbowers.

the attached pic is the rainbow I am messing around with at the moment.

I am using it on the 5 min time frame with Heiken Ashi still a work in progress. Finished up for the week though.

Helps satisfy the need to trade while I wait for 1 hour setups...... 

To be honest I am not good enough to trade the 1sec :bricks1:


----------



## tayser

I've been playing around with grand-pappy GBP/JPY for the past few weeks.

same entry in both cases: resumption of the down trend (lower low and also the purple to red indicator confirms it).


----------



## Stormin_Norman

do u cop many losses?


----------



## tayser




----------



## >Apocalypto<

Good going Tayser. 

That's a beast I stay well away from....

What's the spread you face on FXCM to trade it?

Below today's trades.

+11.4 off the rate decision (forgot it was on!)
+7
-10
+9.9


----------



## tayser

EUR/JPY: 1.1-2.1
GBP/JPY: 2.3-4.3

they're very good spreads for a bucketshop.


----------



## derty

Tayser,  in the early parts of the thread that I have read you were concentrating on the AUD/JPY, have you gone away from this now and if so why?

Just starting to demo with the rainbow, with very mixed success. Trying to analyse my multitude of errors at the moment and are quickly learning some very important do's and don'ts. I might put up some of my analysis for comment later. 

I still have a LOT of screen time ahead of me yet I think.


----------



## tayser

doesn't move enough and many brokers offer a poor spread to beginners.  

Recommend EUR/USD or EUR/JPY - just pick one and get to know it before having a look at another.


----------



## >Apocalypto<

tayser said:


> EUR/JPY: 1.1-2.1
> GBP/JPY: 2.3-4.3
> 
> they're very good spreads for a bucketshop.




they're excelent spreads!

what's the execution like?


----------



## >Apocalypto<

two trades tonight.

first, raced into profit but moved stop to BE price came back stopped me out.

second, a little more risky long bar entry, price moved down came back knocked me out - 7

-7 on the night only been on three hours spine is sideways now time to sit out till a trend develops.

Good trading


----------



## SlideLow

So Apocalypto, tayser you guys still playing with the Rainbow? how it going?


----------



## >Apocalypto<

SlideLow said:


> So Apocalypto, tayser you guys still playing with the Rainbow? how it going?




hi sidelow,

I love the look of the rainbow and i do enjoy trading it from time to time. I am not using now as I have my 15min method back up to full strength.

if you can learn to read the spine and have the discipline to wait for the right set ups the rainbow is very powerful tool on any time frame!

see the cyrox website for more info.

http://www.cyrox.com/

enjoy


----------



## SlideLow

Will do, thankyou.


----------



## tayser

What the new setup looks like:


----------



## daveM

are people still using the method.........??


----------



## Hacka

Has any one set this up on there phone? Can anyone help with settings  for it using mt4 on the phone this is my screen below thanks whatsapp: me here +18763417551


----------

