Scalping system #6-a (Trend Trades)

can i put this templet into the platform metatrader? actually, i had download the templet, but i try many time i only have the grey colour, dont have any rainbow. what happen is it? please help me....
Astley

Hi Ed

Works a treat.....Thanks

Barry

Hi Barry,

On your platform, when you go to: Menu Charts -> Template -> Load Template.. -> FantailVMA3.tpl
Can you see the template file there?

If yes, what do you get when you apply the template to your chats? Can you describe or attach a screenshot?

Regards,
Edward

Hi Guys

I have downloaded and applied all templates but i cannot seem to get the rainbow...any suggestions?

Barry

Hello,
I try to put this strategy in an EA. But it is very hard. In the early stages of programming I thought, that the crossing of the black and the magenta line would be enough to create a profitable EA. But I was wrong. Therefore I started to expand it.
Because it is very complicated to explain it here, so I would prefer, that others who can and want to create this EA with me in sharework, contact me under my E-mail address: vostro1501[at]gmx.de

Thanks for this great strategy

Joerg

Greetings Vince!

My pleasure. Just tried to download the file, it worked well. If you still have troubles getting it, please feel free to drop a quick line using our contact form below, me or Edward will send you a copy.

Alex

Greetings Alex

I am working with the rainbows - fascinating system really - will definitely do some testing.

One little problem I can't get the 2nd pdf to download, it keeps getting stopped at beginning of download - would be really helpful to have it.

Thanks for your efforts with this Vince

Thank you, Grant

your light touches to the system are great.
I see now that there is a difference in proposed ADX setting, but I don't know which one should be used..

One more thing: first candle closed inside the black line could be the one where you take half of your position out and move SL to breakeven.

Happy trading!

Edward

I forgot the crossing magenta bit too.

I don't like entering when it's in the middle of the rainbow, so if you enter when price crosses the magenta line, it can be quite nice. On the big move, you would have got a false break, but the 2nd try is a genuine Icon, and a great one at that.

Keep up the good work folks.

Grant

I have spent a lot of time looking at this system and have made some small changes for a variety of reasons. I changed the first yellow MA to red to see easier and also killed half the MA’s because of the memory used and to be able to see the other more important lines. That is why it looks different. I do have one question on setup however. The template came stock with 2/ 2.0 ADX length and weighing and on the charts I see 8 bar ADX.

As far as entries go, I have some suggestions.
• Take trade out of rainbow
• If not out of rainbow, then have rainbow contracting.
• Cross at a good angle, not just barely. If just barely, then watch for a big jump and go then. This can mean a non cross too. A non-cross would be more like a pullback.
• It doesn’t really matter if there is a cross or not, if its flat, when the black goes, follow it!!!
• When taking trades, going out of the rainbow, especially a contracted one represents a growing momentum and a better chance for a big move.

And exits, well, I see two or three things.
• Can exit on the cross of the black with red.
• Candles
• 20 pts or so target for half and BE stop and let it run for the other half.

Notes
• On the charts it says MA with 8 bar ADX. But the fantail is 2 bar ADX.
• This is scalping. Don’t try to shoot for the moon. Book ‘em danno!!!
• Be aware of news!!!
• Remember, this is 5m trend. Don’t “think” where the price is going to going. Use the indicators for that.
• If the lines (black and dark green) are almost touching, drop to 1m or just wait for the lines to disperse.
• DON’T WORRY ABOUT LEAVING TOO MUCH ON THE TABLE IF YOUR BELLY IS FULL!!!!

Hi Walter and all,

I've been using this strategy on a few currency pairs, and purely focussing on the "icon" setup, and can I say for everyone's benefit, it has produced some really good results for me. The "icon" setup seems to be the safest one to trade, it produces very high probablity and almost "surefooted" success trades. So, thanks Walter for your great contribution.

Walter - Have you been able to do more research on this and come up with other "surefooted" setups like the "icon" setup? Would be higely interested to know more about this, please let us know and post on here if that is the case!

For planning exits, I'm doing a couyple of things that may help. I'm using th indicator "Pivot Points Multiframe" on this, this indicator is available in Strategy # 3 in the "trading systems with MT4 custom indicators" section.... basically it plots a number of daily, weekly and monthly S/R lines on the charts and this helps planning exits once one is in a "icon" setup trade...... in addition, I got hold of an MT4 indicator that plots Camarilla Equaltion levels from a site on the internet, and this also potentially helps to look at possible revesal points...... especially if you see the price facing support or resistance at thse key levels, it may be an option to get out of the trade and take your profits, or at l;east take part profits + move stop losses very close to the price to lock in the profits.

Bharat

Just looking at this system a little more. I show EUJPY as of end of New York wednesday june 3rd.

The first arrow shows a good 30 pts and the 2nd 55 pts before retracing.

This is scalping pure and simple. Get in, get out. You should have at least 20 pts on the first run and 35 pts on the second before it retraced. I dunno if that is an 'ICON' or not, but it looks good.

Grant

Hi Sylvain,

London + NY trading hours are certainly the winners.
Trading pairs: EURUSD, USDJPY, GBPUSD; GBPJPY - only if you know the risks and can cope with volatility and cover the spread. Other pairs can be traded too. It is a matter of preference and experience with any trading pair.

I would assume that for 1M entries and exits the profit target, say for EURUSD will normally be around 12-18 pips in one average move. If to take trades on 5M TF, then you'll expect 18 to 38 pips on average, depending of course also where do you enter, or better to day how soon you spot the opportunity and react to it.

The strategy allows traders to take whatever market gives and exit as soon as the opportunity ends, that's why there is no suggestions about fixed profit targets.

Stops - I saw no significant info on stops in presentation. Fixed stops may not work, for a simple solution I'd turn to Parabolic SAR indicator (trail stops with each PSAR dot).

Cheers,
Alex

STILL WORKING ON THE PDF'S . . . . IT'S KINDA LIKE LISTENING TO BERNAKE OR GREENSPAN AND HAVING TO READ BETWEEN THE LINES. I DON'T UNDERSTAND WALTER'S PROFIT TARGETS BUT STILL LOOKS GOOD.

I THOUGHT OF RAINBOWS AS GOOF BUT NOW I UNDERSTAND WHY IT'S USED.

THANKS WALTER.

GRANT

Hi,

This looks great in theory and am eager to try it out. I have managed to upload the template as well as the indicator but I cannot find how to set-up the rainbow itself. Would anyone be able to help me out here?

Many thanks,

Sylvain