Scalping FX with Cyrox Rainbow

[Trembling Hand]

Prawn I find it useful to look at last low ticks as adjustment levels for my exit when long and last high ticks when short.

You can still be very aggressive with the exits but don't look at the current price rather at the last lows(for long trades). I find this very helpful because when you are going for small targets it is all to easy to bail out to soon. So in my mind when a trade goes my way by say 4 ticks then I am thinking this is a break even trade. then as it moves 9 ticks I move the stop again to just under the last tick low and in my mind I know I now have say 5 ticks locked away as profit. I keep on doing this readjustment. It makes you much less jumpy. Its actually easier to show you on a bar chart but have a look at this.

 

[tayser]

 

[prawn_86]

Thanks for your input TH. Any comments from ASFs resident gun scalper are appreciated

The reason i closed the first one when i did, was because one more pip fall and i would have been slightly negative (due to the initial spread). So it was virtually a scratch trade for me.

What i should have done however was enter again when the flame was expanding and the price broke resistance.

 

[tayser]

 

[tayser]

last two were silly trades... not paying attention to my own entry criteria!

 

[tayser]

Good Morning! 30pips, that's your lot, thank you very much - off to work.

 

[tayser]

enough's enough for me today (total 37)...

 

[Largesse]

are you live yet tayser? or still paper trading?

 

[tayser]

been live for months. Just got a small account and using only 10% of it as equity atm.

 

[Largesse]

if this isn't too private, what has total % return on your account been since you went live?

 

[tayser]

from the time I opened my Oanda account (Nov) to before the workshop: roughly -30%

Since the workshop: roughly 10%

I post the majority of my trades on here, but don't underestimate the serious volume of pure screentime that's required to start firing trades left right and centre.

Put it this way, I have an account with under 200 dollars in it and I'm only trading pips worth $0.05 - (10% of the available equity). If I have an overall positive week and hit my targets, I up the lot size by 10% and that's when my ROI will start accelerating.

 

[tayser]

can't help myself lol

 

[tayser]

huge gap this morning

took a 13 pip loss just before this...

two entry/exit markets to show the spread on Oanda (10 pips).

All in all, a nice run

 

[prawn_86]

Took my first ever live trades today. Used the EJ, which isnt my usual pair, but is more active than the EU during Tokyo open. I think i might just demo with the EJ for a while on Tokyo open while i get a feel for it and then come back live again. i will stick to the EU on FF and London opens at this stage.

Still finished in a profit though so im happy, probably overtraded a little though.

All numbers are pips and i will update $ stats on my blog.

1: +10 pips. Should have called it quits after this.

2: -7.4. Stupid trade, spine was still pointing up. Moved quickly against me, plus bigger spread on EJ cause big loss.

3: +1.5. used a tight stop on this luckily

4: +3.9. Entered on break of 'teeth' exited on the same. happy with it.

 

[Trembling Hand]

Prawn what broker? And what type off orders are your entries?

 

[prawn_86]

Prawn what broker? And what type off orders are your entries?

Trading with Oanda, just to get used to risking real cash.

Market entries, with default stop loss and take profits set in case of power/broker failure, but use mental stops for exits.

 

[prawn_86]

I can see why so many ppl like the Ej on Tokyo open...

Another live trade all trades from now on will be live unless stated otherwise.

 

[prawn_86]

Ok so this is my normal trading time, got my target in 2 trades so thats it. making sure i dont overtrade by closing the charts.

Missed a couple of pips on both entries as i wasnt fast enough, but overall im happy with these 2 trades.

First Day Live:
7 Trades, 6 wins & 1 loss
Return on initial deposit = 3%
Now if i can do that every day i'll be a happy happy man.

 

[professor_frink]

Ok so this is my normal trading time, got my target in 2 trades so thats it. making sure i dont overtrade by closing the charts.

Missed a couple of pips on both entries as i wasnt fast enough, but overall im happy with these 2 trades.

First Day Live:
7 Trades, 6 wins & 1 loss
Return on initial deposit = 3%
Now if i can do that every day i'll be a happy happy man.

Nice work Prawn. Hope it's the first of many profitable days to come

 

[prawn_86]

Also had a quick go at the EJ on London open.

First 2 trades were stupid, need to stick to ones like the 3rd, where London had actually opened, not just before it.

Takes my return for the day to 4.4% with very small pip size.