Scalping FX with Cyrox Rainbow

[prawn_86]

market's making me work today.

Looks like you still came out positive at least

 

[prawn_86]

1st: Happy with that.

2nd: Slipped a little on entry, but was only after quick pips

3rd: Risky, but using resistance.

4th: Absolute ****e. Either should have waited to enter where i exited after it had confired Resistance as support, or should have held longer and only exited on break of previous resistance.

 

[prawn_86]

Got slipped massively on both entry and exit.

First arrow of each is where i pressed the order. What should have been a > 10 pip trade eded up being 4. Still a profit though

Thats me done for the day/night

 

[Euler]

Have been the homework and putting in the required screen time and identifying the HP setups.
Last night's EURUSD saw some amazing setups, but kept to my plan to get the screen time in. The moves were fast, so quick recognition and execution of the trades were required.
In the slower market of this a.m. took the following demo trades.
It does take a concerted effort to get out of the traditonal longer term trading mentality and into the fast recogniton & reacting mode.
Anyway, am doing the apprenticeship phase ..... as the Master tells us ..... Charge On!!

 

[prawn_86]

Just stuffing around, in order to avoid my uni work.

I havnt included these in my results as its not a time i will trade when im live, i just did it for a bit of fun and practice

 

[prawn_86]

Had to trade a bit earlier today as i will be at the airport during my normal time. Liquidity just starting to come in leading up to FF open.

1st: All factors lined up. Break of resistance, yellows pointing up and expanding. I had no idea it would run for so long though. Should have held longer. +2.9

2nd: Just looking for a couple quick pips on the retrace. Am happy with how long i held that, because on retraces of big moves you never quiet know how far it will go. +2.4

Total: +5.3

Summary - still need to practice holding certain trades longer. Any advice??

 

[barney]

Had to trade a bit earlier today as i will be at the airport during my normal time. Liquidity just starting to come in leading up to FF open.

1st: All factors lined up. Break of resistance, yellows pointing up and expanding. I had no idea it would run for so long though. Should have held longer. +2.9

2nd: Just looking for a couple quick pips on the retrace. Am happy with how long i held that, because on retraces of big moves you never quiet know how far it will go. +2.4

Total: +5.3

Summary - still need to practice holding certain trades longer. Any advice??

Gidday Prawn, I don't use the Cyrex, but you could try moving your stop to break even once in profit .... then let the "bugger" run until the red hits the purple/ maybe green (ie. momentum is failing) ..... (adjust your stop as it moves up to lock in profit)

A scratch trade is still a good trade if it turns back on you ....... All still a work in progress for me as well, so good luck with it.

 

[Euler]

....... 1st: All factors lined up. Break of resistance, yellows pointing up and expanding. I had no idea it would run for so long though. Should have held longer. +2.9

2nd: Just looking for a couple quick pips on the retrace. Am happy with how long i held that, because on retraces of big moves you never quiet know how far it will go. +2.4

Total: +5.3

Summary - still need to practice holding certain trades longer. Any advice??

Appears you are exiting at the earliest opportunity to bank a profit.

1st: the exit made is on a break of price to the upside. Maybe you are focusing very hard on the flame action. Keep an eye on the yellows as well and as long as they are expanding, stay in. Also, as the flame moves in your direction make a mental trailing stop and keep moving it up as you move more in the money. Act on it to exit if price turns. Based on this the exit point could have ben 8 pip further up. Remember, it's always much easier to make these decisions with hindsight and without the pressure of real trading dynamics at play.

2nd: The exit made is probably the logical get out level, even if one had waited for the next opportunity presenting . Only someone very aggessive could have made an exit lower and made the extra ~2 pip.

 

[prawn_86]

Appears you are exiting at the earliest opportunity to bank a profit.

1st: the exit made is on a break of price to the upside. Maybe you are focusing very hard on the flame action. Keep an eye on the yellows as well and as long as they are expanding, stay in. Also, as the flame moves in your direction make a mental trailing stop and keep moving it up as you move more in the money. Act on it to exit if price turns. Based on this the exit point could have ben 8 pip further up. Remember, it's always much easier to make these decisions with hindsight and without the pressure of real trading dynamics at play.

2nd: The exit made is probably the logical get out level, even if one had waited for the next opportunity presenting . Only someone very aggessive could have made an exit lower and made the extra ~2 pip.

Someone else also suggested that a good exit strategy is when a breakdown occurs from the 'teeth' that form. On my previous chart this occured where i exited, or the next one was at .4792 so that would have netted me some more pips. I guess its just practice really. Combined with your 'blue' rule should help me hold longer

I have no problems with the 2nd trade. As i said, you never know how far its going to retrace, so quick pips are the best on a setup like that imo.

 

[prawn_86]

This chart was playing around before FF open in a slow market. Def need to hold longer in a slow market.

Emotions over-ran instinct on the 2nd trade.

 

[prawn_86]

This was on London open. 2 from 2, im starting to get my hit rate up

1st: Looking for standard reversal that usually happens when the market opens.

2nd: Continuation trade for the pip bank.

Im posting my weekly trade details in my blog here:
https://www.aussiestockforums.com/forums/blog.php?u=8739

Basically, 22 trades for 35 pips, with a win rate of 76%

 

[andy87]

could someone send me the link for Trollman's e-book? For the people who have read it, was it very useful? I feel that i need some more grounding in the scalping world before i can take it on seriously.

 

[prawn_86]

Bit of morning scalping before Japan open.

Trade 1: took as soon as my charts were open, probably a bit late in the move realistically. Adjusted my mental stop loss to b/e and stuck to it luckily.

Trade 2: As it should be

 

[prawn_86]

And another couple trades. Should have exited the 1st one earlier, but it moved quickly.

 

[Euler]

could someone send me the link for Trollman's e-book? For the people who have read it, was it very useful? I feel that i need some more grounding in the scalping world before i can take it on seriously.

Check the link ....

http://www.cyrox.com/method.html

 

[tayser]

really need to learn how to hold on longer... (last trade)

 

[tayser]

7.5 pips so far (3 + 4.5)

 

[tayser]

 

[prawn_86]

Massively annoyed with myself for exiting the first trade, or for not taking another on that wave, but it was getting close to the half hr (open) time.

Happy with second trade, standard pullback after a big run

 

[tayser]

Yellow spine and price = easy to enter, hard to hold on eh prawnage?