Simple Method of Scalping any pair on 5 min chart , specially GBP/JPY - by Imran Sait | Page 58 | Forex Factory

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

  • #1,141
  • Oct 9, 2007 9:54am Oct 9, 2007 9:54am
Quoting BFried
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?
guys, this is a clear buy signal and also once price reaches S3 , its a reversal sign to go the opposite diretion, do not think too much, red lag was at bottom and blue was going up, so its a trade, take it , i took a long when it reached S3, no more juice to go down, its only way to go is up before it gathers enough momentum to continue down
  • #1,142
  • Oct 9, 2007 9:56am Oct 9, 2007 9:56am
Quoting felipeds
this is a signal ?
felipeds, thats a strong signal to go long but bank ur pips as u go as trend is still overall bearish
  • #1,143
  • Oct 9, 2007 9:57am Oct 9, 2007 9:57am
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.
yes, friend, its a clear signal...we need to take it without too much contempation, this cant be more cleat then that signal
  • #1,144
  • Oct 9, 2007 9:59am Oct 9, 2007 9:59am
Quoting imransait
guys, this is a clear buy signal and also once price reaches S3 , its a reversal sign to go the opposite diretion, do not think too much, red lag was at bottom and blue was going up, so its a trade, take it , i took a long when it reached S3, no more juice to go down, its only way to go is up before it gathers enough momentum to continue down
I waited to buy after it broke S3 and weekly pivot. The end result? I gave up 30 pips before getting in. Better safe than sorry, but I did spot this trade a long time ago.
  • #1,145
  • Oct 9, 2007 10:00am Oct 9, 2007 10:00am
BFried, LOL, I was too scary to take the long trade, it is too crazy!
I am expecting it will goes down again, hmm
  • #1,146
  • Oct 9, 2007 10:01am Oct 9, 2007 10:01am
Quoting BFried
Imran uses both, but has said the 5 min is safer.
get used to the 5min, same logic holds good for 1 min..but only after u have about 50 consecutive winning trades on 5min can u try to go to 1 min

P.s : just kidding about 50 consecutive winning trades
  • #1,147
  • Oct 9, 2007 10:01am Oct 9, 2007 10:01am
imransait, your system brings me overall 140pips just only one day, THANKS!

100pips on G/J, 40pips on U/CHF

great day
  • #1,148
  • Oct 9, 2007 10:02am Oct 9, 2007 10:02am
Quoting BFried
I waited to buy after it broke S3 and weekly pivot. The end result? I gave up 30 pips before getting in. Better safe than sorry, but I did spot this trade a long time ago.
yes, thats a good decision mate,
  • #1,149
  • Oct 9, 2007 10:03am Oct 9, 2007 10:03am
Fxninja I thought I had read in the past where you said that you liked to see the bottom lag ride the bottom or top for a while before you took the trade is this correct? I am attaching a chart that shows a good long trade that was against the trend on the 1 min chart. As you can see previous to this the bottom lag was bouncin up and down off of the bottom so those would have been false signals. Am I interpreting this correctly? Any input is appreciated.

Also looks like a short could be coming?
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  • #1,150
  • Oct 9, 2007 10:03am Oct 9, 2007 10:03am
Damnit, I just made a really stupid mistake. I didn't follow my rules, and as a result, I gave up 10 pips.

Basically, as I said before, once it broke S2 I would trade, I set TP 10 pips below S3. Well, it hit that point, I took my 35 pips, and for whatever reason, I put in another buy order (wtf was I thinking?). I put in the other buy order because the red lag didn't say to exit, but I had already decided in my mind that 10 pips below S2 was the proper exit, so I don't know why I even looked at the red lag.

Anyway, as quickly as I made 35 pips, I lost 10 of them by breaking my own rules. Very stupid mistake and lesson learned...

Either way, net pips was 20+ after comission and spread, so the end result was positive, just not AS positive. Oh well, that's what you get for emotional trading.

P.S. As I was writing this, it went back up again, and my trade that I exited at -10 pips would have been +5 now. Really kicking myself now...so stupid.
  • #1,151
  • Oct 9, 2007 10:05am Oct 9, 2007 10:05am
Quoting lkthomas
imransait, your system brings me overall 140pips just only one day, THANKS!

100pips on G/J, 40pips on U/CHF

great day
good, if ur monitor 3-4 pairs, 200 pips is common
  • #1,152
  • Oct 9, 2007 10:09am Oct 9, 2007 10:09am
Quoting BFried
Damnit, I just made a really stupid mistake. I didn't follow my rules, and as a result, I gave up 10 pips.

Basically, as I said before, once it broke S2 I would trade, I set TP 10 pips below S3. Well, it hit that point, I took my 35 pips, and for whatever reason, I put in another buy order (wtf was I thinking?). I put in the other buy order because the red lag didn't say to exit, but I had already decided in my mind that 10 pips below S2 was the proper exit, so I don't know why I even looked at the red lag.

Anyway, as quickly as I made 35 pips, I lost 10 of them by breaking my own rules. Very stupid mistake and lesson learned...

Either way, net pips was 20+ after comission and spread, so the end result was positive, just not AS positive. Oh well, that's what you get for emotional trading.

P.S. As I was writing this, it went back up again, and my trade that I exited at -10 pips would have been +5 now. Really kicking myself now...so stupid.
mate, +1 is better then -1, right so its ok..market is not going to close tommorrow, we will have more days to come, just stick to rules, sometimes even me make this mistakes and go away from rules, but we all learn by our mistakes, so its ok..relax and chill out..
  • #1,153
  • Oct 9, 2007 10:10am Oct 9, 2007 10:10am
Quoting fss side
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.
Hang in there fss side, you'll be there before you know it! I just started with the system Sunday and already I've gotten some really amazing results.

Good seeing you again.
Fx Diva
  • #1,154
  • Oct 9, 2007 10:11am Oct 9, 2007 10:11am
guys, from what I see now, avoid trade on zip zap type of lag, followed by the chart.
if a continue flat extreme line, which means the strong possible the trade will be success, the chart shows a pending short trend building up.

P.S: actually, I am waiting for short entry for GBP/USD
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  • #1,155
  • Oct 9, 2007 10:15am Oct 9, 2007 10:15am
Quoting fxdiva
Hang in there fss side, you'll be there before you know it! I just started with the system Sunday and already I've gotten some really amazing results.

Good seeing you again.
hi
i tell that u can make 400+ pips daily only from these 4 pairs
gbp/jpy
gbp/usd
usd/jpy
gbp/chf
  • #1,156
  • Oct 9, 2007 10:18am Oct 9, 2007 10:18am
below is a chart of 15min, see how price came and touched 60 ema and then bounces back, so when ur in a trade and its going ur way, keep a watch in other time frames , to see if any ema is there as price gets attracted to these and bounces off or breaks it
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  • #1,157
  • Oct 9, 2007 10:21am Oct 9, 2007 10:21am
Quoting imransait
mate, +1 is better then -1, right so its ok..market is not going to close tommorrow, we will have more days to come, just stick to rules, sometimes even me make this mistakes and go away from rules, but we all learn by our mistakes, so its ok..relax and chill out..
Right now I'm in the g/j long for 60+ and I'm wondering which pivot level is price most likely to stop at or should I just observe price action at each point?

Thank you for this amazing system!!!
Fx Diva
  • #1,158
  • Oct 9, 2007 10:22am Oct 9, 2007 10:22am
Quoting imransait
below is a chart of 15min, see how price came and touched 60 ema and then bounces back, so when ur in a trade and its going ur way, keep a watch in other time frames , to see if any ema is there as price gets attracted to these and bounces off or breaks it
So, it's actually reversing here or do we need to just watch it?
Fx Diva
  • #1,159
  • Oct 9, 2007 10:24am Oct 9, 2007 10:24am
yes that is what i like to see to feel more comfortable but i watch the 5 min chart.
Quoting fss side
Fxninja I thought I had read in the past where you said that you liked to see the bottom lag ride the bottom or top for a while before you took the trade is this correct? I am attaching a chart that shows a good long trade that was against the trend on the 1 min chart. As you can see previous to this the bottom lag was bouncin up and down off of the bottom so those would have been false signals. Am I interpreting this correctly? Any input is appreciated.

Also looks like a short could be coming?
  • #1,160
  • Oct 9, 2007 10:24am Oct 9, 2007 10:24am
I am waiting for perfect down trend for GBP/USD now, seems going that way soon.
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