Scalping FX with Cyrox Rainbow

[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]

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<]

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]

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