Ingot, you are officially my hero. Your level of dedication is out of this worldā¦ my gratitude.
Iād like to contribute by posting this indicator here. Itās from Spudās thread and obviously belongs on this thread, also. Unless I missed it in a previous post. At any rate, here it is.
P.S.
If weāve got any MQL coders in the bunch (which Iām sure we do;) ), please be a saint and code in an email alert and sound alert for our good pal Mr. Ingot. This way he can spend that much more time with his family, while waiting on pertinent text messages. See pic for details:
Hi Ignot and everybody
Im new to babypips.com(today is the first day and this topic is the first one)
I searched google for rainbow sterategy and I found this topic.
anyway
Dear Ignot ,Is there any PDF or document which explain your strategy ?
I though rainbow is for scalping but as I read some pages it seems that you use it as a longterm strategy!!!
Iām new please help me Ignot or anybody else pls.
thanks alot
Iļæ½m, too, new in this subject, and want to thank Ingot, and others, the information and teaching.
Babakhoo, rainbow is a position trading strategy, i recomend you to read this thread from its first page, in order to get the whole idea of this fantastic way of trading.
I apologize for my poor english, i wish i would improve it reading you, it is WORTH for me .
Than you and have good trade!!
Un abrazo desde Espaļæ½a.
Currently I am in an isolated area of New South Wales - away from charts and depending on the services of the local Library to access the Internet.
Broadband Internet is under control of a monopoly corporation and they have no interest in servicing people in remote areas of Australia. We have little more than dial-up speed unless willing to pay a ransom for wireless.
Consequently my laptop is useless to me.
I will be back home after 26th May and will round-out the topic then - hopefully we can get the entire strategy into a .pdf and make use of the templates some of you have so generously provided.
Hi (L)Ingo54,
I like this line: [I][B]Never believe that a few caring people canāt change the world. For, indeed, thatās all who ever have[/B][/I]. Plse read through my personal summary and if you feel ātouchedā, I would be very pleased to exchange information via my address: <[email protected]>.
Letās make a āgenerosityā thread and give back a minimum 10% of our forex earnings to support humanity and the worldā¦ Best from Bern
By expansion, I mean instead of waiting for the daily to cross 23/74, we adopt Spudļæ½s tactic of looking for the peak as the signal (i.e. instead of crossing the 23 line weļæ½d enter long when the daily stochs peaked in the oversold zone and the LT timeframes still suggested an uptrend).
I have been looking at this as well, i note when there is a clear peak, which then goes on to cross the 23 or 76, there are substantial more pips to be had.
The trick is how do you know if it a real signal or not, hence the waiting to cross.
Waiting for the trade to develop is, without question, the most difficult thing we, as traders must learn! I tend to be impatient, and this trait has cost me DEARLY!!
This thread caught my eye, and after reading all 200 odd posts! I was just looking for some info.
The question is: Has anyone had consistent success with this method as anyone who used it to trade from the posts inception would have almost 12 months experience with it now. I like the idea of not being at the computer for most of the day, but I donāt see any hard and fast results on this thread.
So would anyone be willing to either post their previous results or alternatively post current and ongoing signals
Welcome to the thread! Itās been a bit unravelled since Ingot took a brief leave. Hopefully heāll be back soon to offer some more guidance.
As youāve figured out by now, this is yet to become a āmethodā. It is more a different way to look at the market through multiple averages and stochastics. Think of it as being able to see a bunch of different timeframes by looking at a single chart.
Nevertheless, the MARKET has its own mind and we still do not know how to predict, so we must content ourselves with knowing what the market is DOING in a multiplicity of time frames. This approach makes it a bit easier.
Iām looking forward to Ingotās return to learn a bit more of what WE should be doing, now that we can see on a single chart, what the MARKET is doing.
Thanks for the welcome, yeah the basic methodology seems straightforward i.e.trading with the trend.
I was hoping, however, if anyone had any particular experience, in terms of for example do you scale in or out of trades, or go all in/out. Also if particular pairs had a better chance of succeeding with this, and good profit targets for those individual pairs.
Iām currently backtesting it with a variety of parameters and will post results if anyone is interested, but obviously nothing substitutes live trading
I prefer multiple contract entries, because the market will ALWAYS (almost) go in your direction a small amount that can result in a free trade when you bring your stop to BE on the first exit. I trail the second (and third?) parts of the position by a couple of ATRās with a larger target (that I think is attainable) for the second part. The third part, if there is one, is let to run without a target and with a big stop, in case this one is a āhomerā. FWIW
Hi everyone,
Been a lurker for quite a while in the forum and this thread in particular. Thank you all, esp. ingot, for your insights!
Quick question for everyoneāwhich broker/charting software do you think would work best for this LT Rainbow system?
Iām thinking of using Oanda but use a demo account from another broker that uses metatrader 4 for charts. Of course, if I could find an honest broker with tight spreads that uses metatrader, that would be ideal.
Iāve been reading this thread and Spudfyreās with great interest. Thanks to everybody here especially Ingot. I donāt really understand why this thread seems to have stopped getting posts? It seems to good a concept to let it wither away. Anybody who has been using the Rainbow system, weād be grateful to get an idea of how well they are getting on with it?
I have been reading through this thread with great interest. I fully undersatand the use of the MTF Stochs, is there some one who can tell me how the EMA rainbow is suppose to be used? I must have missed the posts where that was covered.
Thanks to your post, I found this thread & checked out the rainbow and mtf stochs charts. I was familiar with the rainbow from trading equities a few years back but the mtf stochs was a new concept ā¦ that is, I had seen it, but not like this.
In my thread, GPB/JPY Winning Strategies under Cross Currencies, I am introducing these charts to use with the guppy since so far I am finding a pretty good correlation which, properly understood, could even be predictive.
For sirlawrence, the best way to learn them is to set up the charts and just check out how the patterns behave with the various currencies. Some seem to have a higher correlation than others. Backtesting & familiarizing yourself with the patterns in realtime is the best learning tool.
I added a 1ma in a tan color to the rainbow chart ā¦ this helps pinpoint where price is right now.
Check out my thread, above for information & templates on how I am using this on the 4 hour chart.
I appreciate the templates. I have added the template to my charts and will start using them on my demo account on Monday. This looks really interesting. I have been trading live on a 15 minute chart on Cable for about a month with varying success. Just doing a little back gazzing, it looks as though this would work on any time frame. I am interested in a shorter time frame because I am still new to Forex and canāt afford large draw downs on my small account. I will let you know how it does. I will post my results a few times a week for any one who is interested.
Thanks again for every one who has done so much work on this.
4xstar, sirlarencek, Thanks for posts. Nice to know someone is here :o Look forward to updates. I am looking at this strategy to see how I get on with it. It seems the key is having the patience to waiting for ropes to begin forming and not jumping ahead of the gun.
Your level of dedication is out of this worldā¦ my gratitude.
It seems to good a concept to let it wither away. Anybody who has been using the Rainbow system, weād be grateful to get an idea of how well they are getting on with it?