Hi
Anybody got any thoughts on Aud/USD daily chart
Long trend weekly/monthly up
But close of stochs below 76.4 on daily forming.
big bear candle on daily
maybe 100pt drop to fib 61.8 and red support line
SL 0.9020
hey Blackdog,
Thats a nice tight rope formation and could be a nice ride. Though according to the simple rules, you would be trading against the LT trend which appears to be still going up.
Though i seem to recall one of Ignots post that when you have such a nice tight formation, your in for a “mother of a trade”.
Good Luck Mate
I’m in your timezone, too, in Niagara Falls, Canada. We’re at GMT -5.
I’m in North Carolina (east coast of US). School is making it rough on checking trades =P
Big euro candle down hit my trailed stop unfortunately. I wanted to leave one lot in there to ride it out.
Follow-up to blackdawg’s post: Saw a bounce off of some previously drawn support after that big bear aussie candle (which wasn’t too far off from your original 61.8 guess I don’t suppose). Weekly is fishnetting sideways, I would stay out for now.
So I finally setup MT4 and based on the indicators these are the trades I entered…
G/U @ 1.9744 -46 pips
E/G @ 0.7430 +1 pip
G/C @ 2.1723 -36 pips
A/U @ 0.8844 +104
Net pips for the day +23
Just wondering since this is my first day with this system can anyone comment on the deals I entered? Good… Bad… Why…
Cheers
Micrapip
Did you enter long or short on your trades? I just went long on GU, I don’t know about how good of a trade it will be though. Weekly stochs are oversold and flat, strong downtrend on the daily with price, but we had a long signal. Probably should have stayed out.
G/U @ 1.9744 -135 pips long
E/G @ 0.7430 -68 pip short
G/C @ 2.1723 -151pips long
A/U @ 0.8844 +45
I guess we will wait and see… also I have to get out of the short term mind set… which is why I guess for the wide stops
Hey everyone,
What strategy are you guys using to exit the trades? I mean if you set a 250 pip SL, are you entering a TP at +500 (R:R 2:1) or do you monitor the trades as they are going to tell you when to get out?
I’m basically trading off the daily charts and looking at the weekly and monthly for the LTs. And so far i have not been setting a TP, just watching it every so often.
Thoughs ideas??
micrapip,
G/U, see above post.
I wouldn’t short the E/G anytime soon with that MASSIVE price uptrend staring us in the face on the daily.
I didn’t have a G/C long signal on my charts, missed it by 0.5 today, but I wouldn’t take it even if it does signal, as the previous signal was a valid short, and this “long” signal would be the first exit sign of that short if you don’t count the ST stochs pulling away from the rope.
I wouldn’t have done anything with the aussie since the weekly stochs are fishnetting (screenshot in post 164).
Cdawg,
here’s what I posted back in #111:
As far as money management goes, I’m going to be trying to take profit every 100-200 pips after the initial exit signal, if that helps any.
For example: I shorted USDCHF back at the end of December, and the first exit signal came today, but I wasn’t at the computer to close the trade before the close, so barring any gap on Sunday, I will close out one of my lots at +416p profit. The other two will still sit there, and the stoploss is now 160p away, because of how I moved it a few days ago when I was sitting on even more profit on the trade. Hopefully the pair will continue downward and I will collect ~600p from closing the second lot. The last lot I will trail until it gets stopped out.
Feel free to ask questions and/or critique my method, as I just came up with it and haven’t tested it yet.
How’s everyone doing?
Had a few signals today on the aussie and euro but I didn’t take them because the aussie’s weekly stochs were fishnetting and the euro’s weekly stochs are pointing down.
Will be interesting to see what happens tomorrow.
That G/U trade a few days ago turned into a disaster =P It’ll have to break out of this downtrend on the daily for me to go long anytime soon.
Hey all,
For the past week or so I’ve been coding another indicator. This one is an overview of all the pairs so that I can get a quick reading of what they all are doing. I can scan the chart and see if there are any that are giving signals and then I can open a chart for that pair for further analysis.
I’ve been using another indicator as a confirmation of the Rainbow MMA. I’ve been using a 21 period HMA (Hull’s Moving Average). I find it is really good at interpreting the current trend.
The first 4 columns of the chart give the trend direction based on the HMA. Within the brackets I list how many time periods it has been in that trend direction. Obviously the higher the number, the more the trend has been established in that direction. So I can quickly scan monthly, weekly, daily and 4 hours.
The next 3 columns deal with the stochastic threads. This has 3 parts to it. The first is the actual value of the 14 period stochastic between 0-100 (the thick yellow line in the chart). The next value is whether it is in an up or downtrend and how many periods it has been in that trend. The final part is the thread tightness value. The number after the ‘T’ gives an indication of how tight the threads are. If it’s a small number it means that all the threads have very little space between them and is what I’m looking for. I’m finding values of less that 15 are good signs of a tight thread.
It’s a work in progress and I plan on adding color and massaging the layout a bit yet. But it’s already been very useful for me.
This system requires alot of patience as i’m finding out. I haven’t seen any clear signals over the last week or so.
Still looking;)
Hello,
I am new to this forum.
Could anyone advise where can I discuss GBP/USD?
Thanks
Nayantara
cgjedi
That looks like a really powerful summary that you have coded up - thanks for sharing all your hard work. My suggestion would be (if it is possible!) to colour code the MA parts so that eg up is green and down is red. Therefore we can have rules such as only enter on 3/4 colours lining up and a good signal is when the 4hr switches in line with the longer time frame colours.
This is very similar to the smoothed HAS method which Topchess started as a thread a while back. His method is basically identical to ours - find the LT trend and jump on when the ST trend reverts back to the LT. The extra info we have is the stochs.
A colleague of mine has been testing and refining the HAS method for a while and has been getting similar good results as we have with the Rainbow method.
As an aside, I have been testing the Rainbow method using the 4hr as the base chart as this allows us more entries to a long trend which doesn’t pull back much on the dailys (eg the downtrending cable and uptrending CAD). So far has worked fairly well. What I need to work on is the profit taking - I think Cosgroves approach is a sensible one.
cgjedi, looks like a great summation of info. Can’t wait for the release.
Nayantara, there isn’t a specific thread concerning the pair, but feel free to start one if you wish.
Wow, this looks fantastic. I can see how it would be very useful for our strategy. Once you’ve refined it to your satisfaction, will you be making it available for your fellow Rainbow traders? 
Hey,
I’m using FX Trading Station by FXCM, and they say I cann’t import a tpl file… It has to be cht. Is it possible to get it in this format?
A .tpl file is for MetaTrader, that’s why you can’t use it. It would need to be rewritten in the FX Trading Station language.
Hi folks, I�ve been reading these posts for sometime and I think it�s about time I declared myself. But before I do I would like to say a special hi and a big thanks to Ingot for his wisdom and willingness to share his knowledge; wherever he is.
Ingot, I had to smile when I first read about trader Joe and trader Bill, because I know one of those people very well. Trader Bill gives a damn good impression of my brother-in-law. In a roundabout way he got me interested in trading currencies - sorry I mean in the idea of trading currencies, I haven�t done it yet - after hearing his �I�m making an absolute fortune Day Trading� speeches. However, the information my wife was getting from her sister was telling a different story.
I�m not now and never have been a gambler, but the more I looked at this thing he was doing I thought: �there is something to this�. I searched for information on day trading and eventually began paper trading, but, and as Ingot has mentioned, this day trading means being glued to the screen all the time and I didn�t like that. So I kept looking for information and that�s when I came upon BabyPips and this thread.
I am still reading and, sometimes, rereading Spud�s posts, as I am not the quickest of learners and I am finding some aspects a little difficult to understand at times. Being very much the novice and, in the shadow of obviously experienced traders, I don�t feel I have anything meaningful to add to any of the posts as yet. Hopefully that will change as I grow in understanding and experience and I am able to put something back into the pot. For the meanwhile, however, I am still on the search for knowledge.
:o I have held off asking a question for fear of feeling stupid, as everybody else appears to know how to do something that I do not. But I read in these posts somewhere, something along the lines of: �if you don�t know ask, we all have to learn and there will be others who are thinking the same thing�. So here goes:
Firstly, thanking Droesparky and Andy for all of their hard work, how do you put the (Rainbow MAs) and (Colour Stochastic) templates into Metatrader? Thank you.
Welcome to Forex, Babypips, and this thread, Moss. 
It’s a good thread and a good strategy that Ingot has given to us.
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 emplates”.