INGOT'S RAINBOW ... A Position Trading Strategy

[Moss]

Originally Posted by In2Blues

As for MetaTrader templates, copy them into your MetaTrader folder under "templates". So, if your MetaTrader is located in "C:\Program File\MetaTrader 4", then you'd put your templates in "C:\Program File\MetaTrader 4\templates".

Thanks for that In2Blue. I've got them working now.

Easy when you know how eh?

[pip1108]

I have been following this posting for a while now. Similar with Moss' posting. my face lighted up when entered ingot's rainbow to mt4 system. i am not a day trader, just an average working joe trying to make extra bucks to keep up with the system. it seems lately in the past decade of my life i realized that my boss and those executives are getting higher and huger compensation while i myself and a bunch of my fellow middle classer are getting no where. so picked up trading ten years ago, however during the tenures it is not easy to have a full time job, kids and trading... so far i have not found the right system yet.

i hope your rainbow may hold some of answer to make any average joe a have a life and still keep the middle class status or maybe move up a notch.. . Again Ingot and everyone in this post. thank you and keep up the good work.

[Cdawg]

As i seem to be finding my self to impatient to trade the longer time frames, I've been using the Rainbow on the shorter TF jumping from the 30min up to the 4 hr (and in between).

What I've noticed is that this gives excellent short term trades against the trend. Is it just me??

I netted 488 (9 trades) pips last week using the rainbow and spuds techniques but to trade against the trend. I'm a bit shocked still at how easy it appeared for newb like me to do it. Beginners luck??

Now having said that, i'm still waiting to see a great entry point to go on with the trend. Though I'm reluctant to go with too many pairs at the moment, and i think with this strat you need to observe alot of them.

[cosgrove]

Spud's original method was meant to be used on the 1h time frame, and it used our threads and ropes, so I'm not that surprised that it is working for you. Trading against the trend is tricky though, and for sure there's a reason that they say "The trend is your friend."

Best of luck on shorter timeframes, but I hope the discussion in this thread will remain focused on longer ones. Signals have been sparse lately, hope you all have been practicing your fishing!

[blackdog]

Hi cosgrove
Signals have been sparse lately, hope you all have been practicing your fishing!

I have done so much fishing lately the family is starting to complain hehehe. Still trying to find an indicator to back up the rope for entry/exit.

[cgjedi]

Originally Posted by blackdog

Hi cosgrove
Still trying to find an indicator to back up the rope for entry/exit.

I guess you missed my suggestion a few posts back. I use Hull's Moving Average for this. The 21 period seems to hug the trends and give some good indications of where they change.

[blackdog]

Hi cgjedi
Yep got it now will take a look
thanks

[Grob]

Hi cgjedi - how is the summary sheet coming along - anything to share with your fellow rainbow disciples!

Long EUR/USD still running and i've used cosgroves partial profit taking approach for the short USD/CHF position i was in - am interested to see how it works out. Only other possibility i can see forming is a long EUR/CAD trade - the daily is starting to form a peak in oversold while the trend seems to be uppish (less clear on the weekly and monthly but monthly stochs are certainly roping upwards and weekly rainbow trend seems reasonable.

PS - i'm working on my golf rather than fishing. Pelican is going down

[bizbad]

I am currently riding eur/chf up 100 pips and usd/cad up 53 pips. Not to shabby for 10 minutes a day.

[fxsterling]

I followed the rules back testing the GBP/JPY on the daily time frame and only going with the weekly trend-in that direction I would trade. Results were +3510 pips for year 2007. I went through each candle by hitting f12 on the keyboard. I had 9 wins and 6 losses. I did another thorough back test with the weekly time frame but instead going from 1 direction to the other. Results were +2942 pips for 2007. Now I'll back test the year 2005 where it was a tough year for trend following systems. Where 2007 most trend following systems faired well. It's looking good! Thank you, Ron