Indicators and Rules for Simple Method of Scalping GBP/Jpy on 5 min chart

Guys

Attached is the PDF with the entry and exit rules and the indicators for my method. Do not post any queries here, pls do visit the main thread and share there.

This PDF is now into ver 1.2 , updated on 17th Nov 2007 with changes to Lags and entry/exit rules

some chart examples of entry

Attached are various alert indicators made for my method, try these and see which ones suit you

Laguerre Imran Setup Profit Alert (LISPA) Indicator

Hello Imran Setup Users and New Arrivals,

Here is the Indicator version-1 to generate several ways of Alerts for Buy/Sell signals. This Indicator is only to simplify the work, not to eliminate the work! This Indicator needs Laguerre.ex4 to be present in the Indicators folder (no need to attach it, but if you have attached to a chart that is not a problem). If you do not have the Laguerre.ex4, I am attaching a version here.

My ADDITION: One thing I have found is that, it is better to wait for the signal bar (the bar before the arrow) range to be broken by a couple of pips in our direction. This I consider as additional confirmation (in addition to others pointed out in Main thread). Also, I use it as a time to start analysis, not as a time to enter immediately. When the sound/alert comes, I analyze the chart and until then I don't even look.

Please leave your questions, suggestions and feedback about the program here. The method related questions will be answered better in the Main thread (the link shown below).

This Indicator uses a slightly different settings that has been optimized by Imran specifically for this Alert system. Even though the signals are slightly delayed, it removes many false signals.

The details of the method and further ways of improvements/filtering can be seen in the following thread and the link below. PLEASE read the first post there carefully and practice/demo trade first until you get the feel for the system before entering real trades.

Simple Method of Scalping GBP/Jpy on 5 min chart-by Imran Sait
http://www.forexfactory.com/showthread.php?t=48926

Best of Pips,
chandra

=================================== ==========
The LISPA1 Indicator Settings:
-----------------------------
Default settings are fine and actually no change is needed. However,

MaximumBars = 1000; increase it for visual backtesting (do not reduce).

ArrowDistance = 10; 10-pips from prior bar range; increase it if too much overlap is seen or decrease it if the arrow signals are too far. If too far, the signals will go out of screen also.

UseLaguerre2Filter = false; it is very basic filter and not as good as humans. So, currently not recommended (but you can test and if you like, use it).

SendEmail = false; When a signal arrow comes in the chart, an email will be sent (see the details below about how to setup Email sending). Very useful for longer timeframe users (even 15M or above 60M, though generally we use 1M or 5M charts)

PopUpAlert = false; it will bring a popup-alert window when a new signal comes.

TextSignal = true; This will show last signal direction as text, with new bar start time.

TextPosition = 700; in pixels, you can move the text horizontally to a clear area, if needed.

SoundAlert = true; The selected sound file will be played when a new signal comes. This way we can know there is a signal in one of the charts and no need to stare the charts all the time and do something else while waiting. Great for monitoring multiple charts without tiring the eyes.

SoundFile = alert; By default, uses the alert.wav file placed in the MT4/sounds folder (this file comes with MT4). You can place any .wav file in this folder and change the name here and use it. Use only the first part of the name, the extension should not be given (and it is assumed to be .wav).

SoundTime1 = 800; SoundTime2 = 1600; These two are the time range when the Sound will work (we don't want to hear it while sleeping!). It is in local time, NOT broker time.
========================
How to Change Indicator Settings:
----------------------------------
I hope you know how to change the settings. If you don't know, you can do it by two ways (for any Indicator).
1. Delete the Indicator and Attach again. While attaching, the pop-up window will allow you to change settings.
2. Right-Click on the Line or Arrow of the Indicator and you can select a 'Indicator' Properties menu. That will be the same as the one you will see while attaching the Indicator fresh (as in point 1). You can change the settings shown.

Some data need number input. Some need you to select between "true" or "false". The filter needs to be selected between true/false. If you choose "false", you have to analyze the Lag2. If you choose "true", the program will analyze Lag2, but it is not as good as what humans can do (after all still it is version 1 and programs are too strict about the rules)!
================================
Setting up Email:
-----------------
1. Go to Tools --> Options.
2. Select the Email Tab.
3. Click on the Enable box and fill all the information.
4. Test it and you are ready to go.
(5. Long timeframe users can even send it through email2sms services to their mobil phones, this was one of the ideas of having this option, but may not be needed for now).
========================

for those of you trading using the Alerts - which are you using? I am confused about which to use. Which follows the rules as close as possible?
sometimes i see arrows that mathc the rules and at other times they dont match exactly.

thanks.

Consider relocating this to the forex system section of the site.

Imran, thanks for sharing your trading strategy and starting your own thread

I'll have a read first thing in the morning, when I'm nice and fresh and will probably have a ton of questions.

c u tomorrow.

Deleted comment....

yes, all posts should go there...

Ask one of our moderators to move it for you.

Hi, I have been reading for hours now and I need a little help.. I am brand new to this and that is probably my problem.

I saved in meta trader 4 the following:http://www.forexfactory.com/images/attach/mq4.gifLaguerre.mq4 http://www.forexfactory.com/images/attach/mq4.gif###Auto Pivot.mq4 http://www.forexfactory.com/images/attach/mq4.gifStochHistogram.mq4 http://www.forexfactory.com/images/attach/mq4.gifASCTrend1sig-imran.mq4 http://www.forexfactory.com/images/attach/tpl.gifimran_setup.tpl, then I open the templaate Imran setup.tpl but my chart does not look like the ones in the pdf file. I have two stock h at the bottom and no laguere and can not see the pivot point. I am embarassed to post this becuase I know it must be something really simple. But if you can point out how to fix this without laughing too loud I would appreciate it.

I'm confused with the Lispa1.ex4

how to make the SoundTIme1 and SoundTIme2 disable??

I mean, it's okay for me to hear the alert everytime...

thx
WisBiz

@gonadoit

Re-load your MT4??

hi WizBiz, I finally discovered that I needed to reload. I knew it would be something really silly like that.

update on the strag..... After I got everything loaded, I sat infront of the pc with all the information printed off that was provided generiously by imransait. Looking and looking and looking I finally saw the entry point for a sell. On my demo account, I placed a short order. within 2 minutes guessed what happened? Yep, I went neg about 250.00 bucks. Only play money. So I decided to ride it out to test the system and discover if in fact this has a chance to work or not. (I agree with money management but this is a test). So guess what happened...I existed the position with a 1294.00 PROFIT on the position. WOW! it does seem to be a really good system. But this did teach me one very important fact. You must be well funded and be able to take a few hits incase things roll a little against you.
One last thing. I intend to follow in imransait foot steps and offer as much back as I get. At this point I have nothing to offer but silly mistakes that people might smile at if they hear about them.

With that in mind.....imransait, who do you use for a broker? I have opened an account with MB Trading but they do not use Meta Trader.

Thanks

Hi,

Please post discussions/questions in the main thread at the link below. Here only the updated files are kept for downloading.

http://www.forexfactory.com/showthread.php?t=48926

chandra

hi.....

can any help me to find the ema indicator....

thanks

Hi, I can't get the auto pivots to work. I'm using MT4 from MBtrading. However, the Lags work fine when I drag and drop in the chart, however, when I drag and drop the auto pivots indi it just doesn't do anything, any help is appreciated.

Thanks in advance,

Mehran

Greetings,
I would like to know if there are simple indicators which may not require any change and are reliable to an extent
My biggest problem is Loss is more than profit
even though I am able to make some pips, the amount of loss is bigger than profit

Any help is sincerely appreciated
Thanks in advance

Hi @amoreconspirito How are you sir? I have seen above image you havent add macd and stoch histogram? Also what are the basic places where i should enter/exit?
imran is offline since 2008, but your post is new, you are still using it. so kindly reply me , i have read pdf of imran, but i want to learn from you more to avoid false entries,
Thanks,