Scalping FX with Cyrox Rainbow

[tayser]

well done Prawnage.

 

[tayser]

done for the day.

I'm upping my lots as of tomorrow (10% -> 20%).

 

[prawn_86]

Man did i just learn a HUUUGE lesson Luckily it wasnt costly

1st: Standard trade. Entered on the break of 152 and that was my mental stop at first.

2nd: Entered when spine turned down along with yellows slowly expanding. Exit is where the mistake happened. I had a take profit of 25 pips set, i didnt realise it had executed.... I pressed 'buy' to close out what i thought was a short, but it opened a new long.

3rd: Exit got stopped out straight away at - 10 pips.

Lesson = Know what your take profits are set at!!!!

Still a nice 34 pips for the day, but should have been 44.

 

[tayser]

 

[tayser]

done.

 

[prawn_86]

First live losing session. Kept entering too late so that the spread didnt get covered quick enough. Oanda is also about 3pips out from Gain this morning.

1: Good Entry, bad exit. Dont really know what i was thinking

2: Had to hold a long time just for a couple pips

3: Quick pips. Followed my rules

4: Got greedy and then faked out. Very bad trade.

5: Got slipped a little, but it still didnt move as much as i was hoping. Should have prob closed for a small profit.

6: Another late entry.


Now i'll regroup and wait for FF open.

 

[prawn_86]

Bit of a mixed bag. Made some, gave it back, then made some more...

Should have quit after my first trade for the session. I had more than my target. Lesson learnt...

1: Perfect entry. Spine just crossed over etc. very happy with.

2: Was looking for break up. In hindsight it had probably already moved too quick. need to identify this earlier and exit for small loss.

3: A couple pips profit turned into a big loss. Once again need to identify exit earlier.

4: Better exit. I was wary of the 150 level. (in fact its still hovering around that)

5: Looking for break of 150. Exited as soon as it stalled.


I seem to be able to exit my profitable trades well, on stalling or breakdown of teeth, but struggle with exits for my losses at this stage.
Any ideas?

EDIT - The spread on the EJ is about 2.5 pips so the losses include them.

 

[prawn_86]

That me done for the week. Returned over 7% of initial acc for my first week live.

Full stats can be found at my blog:
https://www.aussiestockforums.com/forums/blog.php?u=8739

Any help/advice/opinions appreciated

 

[tayser]

Well done Prawny mah boy! soon you'll be able to buy the indicators

_____________

Silly 1st & 2nd trade, (the second was completely against all the rules - yellow spine going in opposite direction) - happens when you first load up your charts and you see the market's bearing its breasts...

 

[Largesse]

Hey tayser, is there a template for that set up you are using for ninja trader?
i actually prefer it to the one that Prawn is using (its just easier on the eyes, no offence : )

also are you able to give a quick run down on those indicators you are using at the bottom of the screen, or provide a link?


and yes, nice return this week prawner. i'm pretty impressed

 

[tayser]

I'm using the official setup - you need to pay for a license ($600USD) to use it. www.cyrox.com

You dont actually need the indicators (as Prawn is illustrating in this very thread!) - CyroxOsc is just telling you up/down (green/red), CyrinusTrend is just another representation of the rainbow (it's more about the transition between colours rather than the colours themselves) and CamillaTrend has the same colours/transitions as CyrinusTrend but it looks at longer timeframes.

Prawn's using the setup that I put together based on the WMAs Trollmann uses.

 

[Largesse]

I'm using the official setup - you need to pay for a license ($600USD) to use it. www.cyrox.com

You dont actually need the indicators (as Prawn is illustrating in this very thread!) - CyroxOsc is just telling you up/down (green/red), CyrinusTrend is just another representation of the rainbow (it's more about the transition between colours rather than the colours themselves) and CamillaTrend has the same colours/transitions as CyrinusTrend but it looks at longer timeframes.

Prawn's using the setup that I put together based on the WMAs Trollmann uses.

ahh right, thanks

is there anywhere that i can read up on the entry and exit rules so i can follow what you guys are acting on?

 

[tayser]

this thread and the Cyrox forum.

 

[tayser]

very very aggressive entry on first trade - exited at previous resistance line, should have held!!!

 

[prawn_86]

This trade only executed with 50 units instead of the usual 5000, so i only made 4c. Woohoo.

Im in the process of disputing it with Oanda, as i swear/know i didnt change the lot size.

Anyone had this problem with Oanda before?

 

[prawn_86]

Definitely overtraded this morning.

Finished up 7 pips down unfortunately.

Once again need to cut back on stupid trades. Hold winners longer, cut losers short.

Easy to say, harder to do...

 

[prawn_86]

final few trades from morning session

 

[prawn_86]

Why are my first couple trades usually stupid ones???

Finished the FF session positive though (8.6 up)

 

[prawn_86]

I really need to cut my losers quicker.

Any ideas how to do this in such a fast market?

 

[Trembling Hand]

I really need to cut my losers quicker.

Any ideas how to do this in such a fast market?

A big problem with trading often (scalping) is getting over the spread.

That's why I hate hitting the market for an entry. If you do the sums you see why it hurts so much. Lets say 10 trades a day X 200 days per year X 2 point spread = 4000 pips!!

That's why your loses are hurting. They are 2 pips bigger than they should be IMHO. And your winners at least 2 pips, I would say 4, less than they should be.