Scalping FX with Cyrox Rainbow

[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]

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]

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]

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]

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]

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]

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]

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!