Scalping FX with Cyrox Rainbow

[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]

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]

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]

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]

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!