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Scalping FX with Cyrox Rainbow

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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.
 
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
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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
 
roland said:
I started playing with this last night - and slowly but surely, I am finding it a little boring.
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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.
 
roland said:
The visualisation of the FX market is intruiging, the accessability is attractive, the profit takers are there and ready - caution to all
Click to expand...

Yet more is lost daily "investing" in stocks. From punters doing something they THINK they are experts at.
 
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:


Is the data feed coming through the free version of Ninja live?
 
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
 
Something's wrong with their demo servers (again) - it's not just you.
 
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.
 
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.
 

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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
 
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.
 
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.
 
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.
 
So disarray, to go live, we just send $$'s to EFX, we don't need to subscribe to a feed anywhere do we?
 
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
 
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?
 
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).
 

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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.
 

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