If the stripes are only on the nose you can save time and avoid extra taping by painting the nose completely with yellow first. Let it dry really well. Several days would be best. Tape over the yellow, scuff lightly with a red or gray scotchbrite sanding pad and then paint red.
Be sure the tape adhesive is not too strong or it will pull your fresh yellow paint right off. I had trouble with this in the past. It should be only just tacky enough to seal at the edges, but no stronger.
I also recommend taping off the nose cone shoulder. Paint build up can make a plastic nose fit too tightly.