INGOT'S RAINBOW ... A Position Trading Strategy

[blowfish100]

BDFX Trender. I am using this in my trading

_________________________________________________

[blowfish100]

Oops ...

_________________________________________________

[Cdawg]

blowfish, I can't really see how that relates to Ignots rainbow technique, though hope it works for you.

here is what my chart looks like. I tend to trade off the 15min TF, and will buy or sell almost anytime the stochs rope together, the "roping" is significant, and it doesnt matter if what level it takes place at. Ideally its above 76.4 or below 23.6 but I will take it at the 50 level or anywhere in between.

On my chart I have the 50 EMA, 5SMA, Gann and daily pivots and thats it. I mostly just use the 50 EMA by itself or the stochs by themselves.. I let PA tell me what to do.

[Cdawg]

Now if you've read the whole thread by ignot, you can see I trade completely different. But it was this thread that inspired me to trade, though I just didnt have the patience to wait, it didnt suit my personality. So I altered it by trying this or that over the years.

Ignots system can work very very well, you just need the patience to wait for the right set-up which may only come along a few times a month. I prefer to trade one currency pair only instead of all of them, and I use a tight SL (40 pips). Part of the success of this technique is the large SL, which in turns mean you are trading a smaller position.

Read the thread, enjoy the stories.. and practise practise..

cheers

[Blaiserboy]

Thanks for the differing views.
Its great to see different viewpoints.......... there is a lot of value in working through each method...... allows people to pick up nuances......

Thanks for the sharing.


dave

[tradertan]

Thanks to Ingot and everyone else who has contributed to this thread. This method has a lot of potential.

I am a forex noob, about 3 months into this venture, blew about $2000 trading randomly (with this or that system) before I realized I didnt have a set plan.

I am taking a step back and evaluating as the story goes with Bill and the friend.

I have decided to backtest this method for about 100 trades and then start a demo account to trade it for a few months before I go live again.