Simple Method of Scalping any pair on 5 min chart , specially GBP/JPY - by Imran Sait | Page 57 | Forex Factory

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

  • #1,121
  • Oct 9, 2007 9:04am Oct 9, 2007 9:04am
Guys I took a long trade at the red line. It failed. On the candle where I opened the trade the top lag was above the .10 line but then fell back below it. The only other thing I can see is I took it around the daily S1 line. Can someone help on what else i may have done wrong on this trade?
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  • #1,122
  • Oct 9, 2007 9:08am Oct 9, 2007 9:08am
hi bill,

thank-you very much for posting that gmt pivot point indicator. i am always wondering if my all important pivot points are set correctly and do not really trust Pivot indicators that will not allow the gmt adjustment.

got badly stopped out with the G/J. went through the old daily pivot as well as the weekly pivot i was previously using. continued past support 3, a murrey math -1/8, and a double fib convergence on the 1-hour. got killed as usual.

i am in eastern std time, so have set the pivot offset to 5 and also set the "daystarthour" to 8, for 8 am. do not know what to do with the "pivotset", probably leave it at "1".

do these sound right?

kind regards, buddhi
realize the universe is one thing, and attach it to your body
  • #1,123
  • Oct 9, 2007 9:13am Oct 9, 2007 9:13am
fss side, first mistake is that you are trade against the main trend which is down trend in your chart:
1. consider the trend (up or down?)
next,
2. check the lag indicator and wait for signal (short signal for down trend. long signal for up trend)

before you understand (and I don't as well) how to trade against trend with this indicator, better stay away to trade against it then.
  • #1,124
  • Oct 9, 2007 9:14am Oct 9, 2007 9:14am
Quoting fss side
Guys I took a long trade at the red line. It failed. On the candle where I opened the trade the top lag was above the .10 line but then fell back below it. The only other thing I can see is I took it around the daily S1 line. Can someone help on what else i may have done wrong on this trade?
I thought you should be using .15 and .85, not .1 and .9. I always wait for it to break 0.15 and go a little further before entering.
  • #1,125
  • Oct 9, 2007 9:22am Oct 9, 2007 9:22am
Are you using the ema's to determine the trend???

Also I switched to the .10 and .90 cause I thought that Imran was doing this but I think I will go back to the original settings.
  • #1,126
  • Oct 9, 2007 9:24am Oct 9, 2007 9:24am
Quoting buddhi
hi bill,

thank-you very much for posting that gmt pivot point indicator. i am always wondering if my all important pivot points are set correctly and do not really trust Pivot indicators that will not allow the gmt adjustment.

got badly stopped out with the G/J. went through the old daily pivot as well as the weekly pivot i was previously using. continued past support 3, a murrey math -1/8, and a double fib convergence on the 1-hour. got killed as usual.

i am in eastern std time, so have set the pivot offset to 5 and also set the "daystarthour" to 8, for 8 am. do not know what to do with the "pivotset", probably leave it at "1".

do these sound right?

kind regards, buddhi
Hi Buddhi, first experiment with it, some on this thread say it does not suit this system. just be careful mate. goodluck.
  • #1,127
  • Oct 9, 2007 9:24am Oct 9, 2007 9:24am
Imrain,

I'd like to confirm my logic with you on this chart. There was a very clear BUY signal from the lags, but I didn't take this trade.

If you look at the end of the chart, this is a classic buy scenario if you only use lags. However, the price is bouncing off the daily S3. I'm assuming that in order to go long in this situation I would WAIT until it breaks through S3 by 10 pips, then set my TP 5 pips below S2. Does the weekly pivot come in to play at all?

Anyway, on the other hand, I was thinking I could wait for it to bounce off S3 again, get a sell indication from lag 1, and hop back in with the downward trend. It looks like it's doing its usual 3 steps forward, 1 step back, routine, which means it should drop even further soon unless I'm mistaken.

Thoughts?
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  • #1,128
  • Oct 9, 2007 9:27am Oct 9, 2007 9:27am
fss side, you have red EMA on top of green EMA, which means it is on down trend.

guys, I catchup the wave again, take a look before and after chart, +31pips so far now on short USD/CHF
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  • #1,129
  • Oct 9, 2007 9:28am Oct 9, 2007 9:28am
this is a signal ?
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  • #1,130
  • Oct 9, 2007 9:32am Oct 9, 2007 9:32am
Quoting felipeds
this is a signal ?
I'd say that's about as clear a signal as they come in terms of the lags (but I'm not an expert...yet )

However, keep an eye on the green support line. It very well might bounce off that and go back in the downward direction. It's only a few pips way, so I'd wait to see if it breaks through.
  • #1,131
  • Oct 9, 2007 9:36am Oct 9, 2007 9:36am
imransait, I got a question, do you think the price will goto daily pivot to settle down ?!
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  • #1,132
  • Edited 9:40am Oct 9, 2007 9:38am | Edited 9:40am
deleted
  • #1,133
  • Oct 9, 2007 9:38am Oct 9, 2007 9:38am
Are most all of you guys trading on the 5 min charts? I thought Imran was on 1 min.
  • #1,134
  • Oct 9, 2007 9:39am Oct 9, 2007 9:39am
Here's a new chart that follows the last one I posted.

You can see how strong the Lag 1 is, but it's just not enough to break S3. It's gone all the way to 1.0 and the price is still bouncing off S3. It may get enough momentum to break it, but I doubt it.

I think it's much more likely for it to give up and head back down with the trend soon.
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  • #1,135
  • Oct 9, 2007 9:41am Oct 9, 2007 9:41am
it is , just use caution w/this one cuz general mkt movement is Down. might be just a bounce as opposed to a reversal. play it close.
mkt often has a minor reversal around this 950 eastern time

http://forexfactory.com/images/misc/progress.gif

Quoting BFried
I'd say that's about as clear a signal as they come in terms of the lags (but I'm not an expert...yet )

However, keep an eye on the green support line. It very well might bounce off that and go back in the downward direction. It's only a few pips way, so I'd wait to see if it breaks through.
  • #1,136
  • Oct 9, 2007 9:44am Oct 9, 2007 9:44am
BFried, I would wait for short entry again
  • #1,137
  • Oct 9, 2007 9:45am Oct 9, 2007 9:45am
Quoting fss side
Are most all of you guys trading on the 5 min charts? I thought Imran was on 1 min.
Imran uses both, but has said the 5 min is safer.
  • #1,138
  • Oct 9, 2007 9:45am Oct 9, 2007 9:45am
Quoting lkthomas
BFried, I would wait for short entry again
That's what I'm doing, but if it breaks through S3 by 10 pips and continues through the weekly pivot I will consider it a reversal and not a bounce. I'd also assume that once that happens lag 2 would start going up as well. Thus far it's broken it by 6 pips several times but it quickly goes back below S3.
  • #1,139
  • Oct 9, 2007 9:46am Oct 9, 2007 9:46am
hmm this one was tricky...missed it.
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  • #1,140
  • Oct 9, 2007 9:51am Oct 9, 2007 9:51am
Just went long, it broke S3 and weekly pivot. Looking to TP around 237.91 (5 pips below S2).

As I suspected, lag 2 is now starting to point up.
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