Scalping FX with Cyrox Rainbow

[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]

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]

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]

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]

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]

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]

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]

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]

-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]

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....