Simple Method of Scalping any pair on 5 min chart , specially GBP/JPY - by Imran Sait | Page 2 | Forex Factory

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Indicators and Rules for Simple Method of Scalping GBP/Jpy on 5 min chart 18 replies

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Simple Method of Scalping any pair on 5 min chart , specially GBP/JPY - by Imran Sait

  • #21
  • Sep 27, 2007 9:18am Sep 27, 2007 9:18am
Quoting Rialto
Thanks, Imransait, it looks great. The new Laguerre settings seems spot on.
I'm going to try this on the 5M chart. Very generous of you.
No probs mate, do let us know ur result, it looks really promising,
  • #22
  • Sep 27, 2007 9:18am Sep 27, 2007 9:18am
Some tips that might make this better:

-Only trade with the medium term trend and ignore counter trend signals.
-Only trade during certain times of the day (avoid market open and close and news time)
-Use pivot points and S/R levels for your exits (or at least be aware of them). For example, dont take a trade directly into a support level, it needs "room to move"

All in all this looks good, but, I will need to change brokers because my spread is too high.
  • #23
  • Sep 27, 2007 9:19am Sep 27, 2007 9:19am
Quoting mcmep11
where exactly did you enter?
entered when the stoch and laguerre was at top and pointing down
  • #24
  • Sep 27, 2007 9:20am Sep 27, 2007 9:20am
Quoting FrankTheTank
Some tips that might make this better:

-Only trade with the medium term trend and ignore counter trend signals.
-Only trade during certain times of the day (avoid market open and close and news time)
-Use pivot points and S/R levels for your exits (or at least be aware of them). For example, dont take a trade directly into a support level, it needs "room to move"

All in all this looks good, but, I will need to change brokers because my spread is too high.
Thanks for the tips, highly appreciated, you can use the 5m chart to trade if ur spreads are high
  • #25
  • Sep 27, 2007 9:27am Sep 27, 2007 9:27am
The European Central Bank’s emergency lending fund, which attracts a penal interest rate, was tapped on Wednesday for €3.9bn – the largest sum since October 2004, the Frankfurt-institution has revealed.
Courtesy of 'Lorraine'
http://www.ft.com/cms/s/0/100cb3e4-6...0779fd2ac.html
  • #26
  • Sep 27, 2007 10:18am Sep 27, 2007 10:18am
Quoting imransait
Thanks bro, i would love to have ur setup also and see how it works, can you send me the indicators and ur template,.
My setup is actually for trading off the 5min chart where I use price itself against the 8, 34 and 200 EMAs. I use +/- bands on the 34 ema rather than BBs as I prefer to set a couple fixed bands as a guide for an extended price that may lead to a pull back to the 34 eama.

I´ve now settled on the Snake in the Borders Force Indicator as my only indicator. I like the fact that it is not a bounded indicator, i.e.limited like the normal oscillator and the variation in bar thickness is very useful.

The EMA angle is just a histogram to clarify the slope changes in the 34 ema (or any other ema)

I use the same settings - except for the actual 34 ema bands for my 1 min chart, which I use when I need clarification - especially around Pivot Levels, Fibbos and the 00 numbers.
Trading Levels with WRBs
  • #27
  • Sep 27, 2007 10:22am Sep 27, 2007 10:22am
Quoting Islander
My setup is actually for trading off the 5min chart where I use price itself against the 8, 34 and 200 EMAs. I use +/- bands on the 34 ema rather than BBs as I prefer to set a couple fixed bands as a guide for an extended price that may lead to a pull back to the 34 eama.

I´ve now settled on the Snake in the Borders Force Indicator as my only indicator. I like the fact that it is not a bounded indicator, i.e.limited like the normal oscillator and the variation in bar thickness is very useful.

The EMA angle is just a histogram to clarify the slope changes in the 34 ema (or any other ema)

I use the same settings - except for the actual 34 ema bands for my 1 min chart, which I use when I need clarification - especially around Pivot Levels, Fibbos and the 00 numbers.
ok..sounds good..can u pm me the snake indicator,and i will setup and check it out
  • #28
  • Sep 27, 2007 10:33am Sep 27, 2007 10:33am
Heres my 1m chart with the Laguerre and Stochastic added.´

The arrows are typical entries as the 1m 34ema rolled over and price broke above / below. Also, you can see how the Snake shows early divergence, leading to a reversal.
Attached Image (click to enlarge)
Click to Enlarge Name: sep 27 1m 1500.gif Size: 20 KB
Trading Levels with WRBs
  • #29
  • Sep 27, 2007 10:38am Sep 27, 2007 10:38am
Quoting imransait
ok..sounds good..can u pm me the snake indicator,and i will setup and check it out

NP......but I´ve never yet managed to copy an indicator from my desktop or MT4 and paste it here, so please PM your email and I´ll do it that way.
Trading Levels with WRBs
  • #30
  • Sep 27, 2007 10:39am Sep 27, 2007 10:39am
Quoting Islander
Heres my 1m chart with the Laguerre and Stochastic added.´

The arrows are typical entries as the 1m 34ema rolled over and price broke above / below. Also, you can see how the Snake shows early divergence, leading to a reversal.
The laguerre is a really good indicator and with correct settings could work good as a single standalone indicator for entry and exit, stochs could be just to make sure and to get a second indication. The Snake indicator is also looking good..
I want to keep the system simple , so anyone can understand and use it
  • #31
  • Sep 27, 2007 10:47am Sep 27, 2007 10:47am
The snake indicator repaints.

Quoting imransait
The laguerre is a really good indicator and with correct settings could work good as a single standalone indicator for entry and exit, stochs could be just to make sure and to get a second indication. The Snake indicator is also looking good..
I want to keep the system simple , so anyone can understand and use it
  • #32
  • Sep 27, 2007 11:18am Sep 27, 2007 11:18am
Quoting guess121
The snake indicator repaints.
I´ve seen these comments elsewhere and whilst I have seen some repainting of the last 2 or 3 bars, mainly when both colours are being shown, I still find the snake very useful, especially as its not a bounded indicator.
Trading Levels with WRBs
  • #33
  • Sep 27, 2007 11:28am Sep 27, 2007 11:28am
I mean I have seen situations where more bars are repainted and give a wrong indication... though some people use other tools with them as well, like yourself, but for me I don't like things that repaint




Quoting Islander
I´ve seen these comments elsewhere and whilst I have seen some repainting of the last 2 or 3 bars, mainly when both colours are being shown, I still find the snake very useful, especially as its not a bounded indicator.
  • #34
  • Sep 27, 2007 12:13pm Sep 27, 2007 12:13pm
Guys, i know this is wrong place to show this, but want to take senior guys opinions on this setup, attached is the chart setup on 1m g/jpy , my short and long trades SL is always 15 pips,
indicators used : Stochs - 14,3,3 , Lagueree - Gamma 0.7, bars to read 950 and Bollinger bands - 20, 0 and close ( default)

Long : when Stochs and Laguerre are at bottom
Short : when Stochs and Laguerre are at Top

All the guys who PM me, i will soon start a thread once i have my Live testing account open for using this strategy to trade the 500$ to 600K in one year account : wish me luck and pray for it to succeed. I will be giving 25% of whatever earnings i get from this strategy towards charity
Attached Thumbnailshttp://www.forexfactory.com/attachme...1&d=1190889137

thanks for revealing your strategy.But i have observed that stoch sometiems reverses b/4 laguerre;in dat case which do you follow? Also in the chat above laguerre and stoch was on top;stoch made an attempt to give a sell signal more than twice so allso laguerre,but price was still trending,how did you know the perfect reversal point b/4 you place your sell order!
  • #35
  • Sep 27, 2007 12:57pm Sep 27, 2007 12:57pm
Quoting answerpips
Guys, i know this is wrong place to show this, but want to take senior guys opinions on this setup, attached is the chart setup on 1m g/jpy , my short and long trades SL is always 15 pips,
indicators used : Stochs - 14,3,3 , Lagueree - Gamma 0.7, bars to read 950 and Bollinger bands - 20, 0 and close ( default)

Long : when Stochs and Laguerre are at bottom
Short : when Stochs and Laguerre are at Top

All the guys who PM me, i will soon start a thread once i have my Live testing account open for using this strategy to trade the 500$ to 600K in one year account : wish me luck and pray for it to succeed. I will be giving 25% of whatever earnings i get from this strategy towards charity
Attached Thumbnailshttp://www.forexfactory.com/attachme...1&d=1190889137

thanks for revealing your strategy.But i have observed that stoch sometiems reverses b/4 laguerre;in dat case which do you follow? Also in the chat above laguerre and stoch was on top;stoch made an attempt to give a sell signal more than twice so allso laguerre,but price was still trending,how did you know the perfect reversal point b/4 you place your sell order!
I usually follow laguerre as i feel it more better then stoch, and i would like to keep only laguerre , unless i find something more better to take the trade.
In the chart, i missed out adding 60 EMA , if you add it, it acts as support , so we can see if the price is trending or not, i tend to take profit as i get, sometimes its 3-4 pips sometimes its more then 30+ , u need to be quick to get in and get out, but most of the time, u should trade more often in the direction of the bigger trend to avoid any whipsaws
we need more feedback like urs to fine tune this system to make it atleast 90% successful
  • #36
  • Sep 27, 2007 1:59pm Sep 27, 2007 1:59pm
Guys, i will be updating some rules for entry and exit which will make this method very simple, my aim is to remove the clutter of indicators and to make it look easy on the eye . Keep checking post #1, and pls do give ur feedback so i can make this a good and easy system to use.
  • #37
  • Sep 27, 2007 3:12pm Sep 27, 2007 3:12pm
Thank you for sharing your method.

It seems Laguerre is not a bad indicator ( although it has some limits in itself)

However, on all your chart examples those entry points drawn are picked up on the chart after the chart was 'drawn' , in other words, there arent live signals.

The lines are going in the 'right ;direction to form a signal only after the candle is completed, sometimes even on the second candle. You cannot take a trade LIVE in those points because there isnt a signal on the candle opening

One another 'minor' thing for pips calculation dont forget to substract 8+8 = 16 pips from the move in GBP/JPY ( from the open spread and close spread) don't mention the fact that for a corresponding move in EUR/USD you took your real pips in GBP/JPY and divide them by 4 ( because gbp.jpy is formed by gbp.usd and usd/jpy in inverse correlation with one another.

and for example you get 50 pips in gbp.jpy on the chart , the drawdown is :

50 - (8+8) = 36 / 2 = 18 /2 = 9pips These are clean pips left.

regards,
The risk is what gives value to an investment.
  • #38
  • Sep 27, 2007 3:40pm Sep 27, 2007 3:40pm
Quoting 3cent
Thank you for sharing your method.

It seems Laguerre is not a bad indicator ( although it has some limits in itself)

However, on all your chart examples those entry points drawn are picked up on the chart after the chart was 'drawn' , in other words, there arent live signals.

The lines are going in the 'right ;direction to form a signal only after the candle is completed, sometimes even on the second candle. You cannot take a trade LIVE in those points because there isnt a signal on the candle opening

One another 'minor' thing for pips calculation dont forget to substract 8+8 = 16 pips from the move in GBP/JPY ( from the open spread and close spread) don't mention the fact that for a corresponding move in EUR/USD you took your real pips in GBP/JPY and divide them by 4 ( because gbp.jpy is formed by gbp.usd and usd/jpy in inverse correlation with one another.

and for example you get 50 pips in gbp.jpy on the chart , the drawdown is :

50 - (8+8) = 36 / 2 = 18 /2 = 9pips These are clean pips left.

regards,
Hi

Thanks for ur feedback. This is never a live call trade, i just pointed the places where i took the trade so people can understand and study the method.

Also this 1 min methods works best when the spread is 1-3 pips which i currently get on MBT/EFX , so my entries and exits i dont loose more then 3-4 pips including commission of 1/2 pip for entry and 1/2 pip for exit.

For people who have high spreads, then 5 min chart will be ideal and u can target 15-20 pips moves , specially in G/jpy.

I am working on adding one more indicator so as to confirm the trade entry and exit along with Laguerre.
  • #39
  • Sep 27, 2007 3:56pm Sep 27, 2007 3:56pm
Quoting 3cent
Thank you for sharing your method.

It seems Laguerre is not a bad indicator ( although it has some limits in itself)

However, on all your chart examples those entry points drawn are picked up on the chart after the chart was 'drawn' , in other words, there arent live signals.

The lines are going in the 'right ;direction to form a signal only after the candle is completed, sometimes even on the second candle. You cannot take a trade LIVE in those points because there isnt a signal on the candle opening

One another 'minor' thing for pips calculation dont forget to substract 8+8 = 16 pips from the move in GBP/JPY ( from the open spread and close spread) don't mention the fact that for a corresponding move in EUR/USD you took your real pips in GBP/JPY and divide them by 4 ( because gbp.jpy is formed by gbp.usd and usd/jpy in inverse correlation with one another.

and for example you get 50 pips in gbp.jpy on the chart , the drawdown is :

50 - (8+8) = 36 / 2 = 18 /2 = 9pips These are clean pips left.

regards,
i AGREE WITH U, BUT LETS FIND A WAY TO MAKE THIS WORK[AFTER ALL ITS ALL ABOUT THE PIPS]
  • #40
  • Sep 27, 2007 4:04pm Sep 27, 2007 4:04pm
Quoting answerpips
i AGREE WITH U, BUT LETS FIND A WAY TO MAKE THIS WORK[AFTER ALL ITS ALL ABOUT THE PIPS]
I have updated the chart on post #1 , do a forward test based on those settings and let us know the result, as i feel that no matter what settings we give or show , each trader will take and exit a trade based on his emotion at the time of trade
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