Simple Method of Scalping any pair on 5 min chart , specially GBP/JPY - by Imran Sait | Page 59 | Forex Factory

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

  • #1,161
  • Oct 9, 2007 10:26am Oct 9, 2007 10:26am
guys, watch out GBP/USD, it seems going down on lag1 now
  • #1,162
  • Oct 9, 2007 10:28am Oct 9, 2007 10:28am
Possible it may retrace lower from S1 , but still keep a close watch
  • #1,163
  • Oct 9, 2007 10:30am Oct 9, 2007 10:30am
waiting for it to break Daily S1, then short entry will be enter
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  • #1,164
  • Oct 9, 2007 10:31am Oct 9, 2007 10:31am
I got alert to sell GBP/USD already, waiting for it to break S1 to make the decision
  • #1,165
  • Oct 9, 2007 10:38am Oct 9, 2007 10:38am
I took a short entry already on GBP/USD
  • #1,166
  • Oct 9, 2007 10:40am Oct 9, 2007 10:40am
imransait, how could you define a break of Support or Resistance ? current price break or wait until a bar is formed which is break the S/R ?
  • #1,167
  • Oct 9, 2007 10:47am Oct 9, 2007 10:47am
This is the point on the chart (I'm looking at g/j now) where I get confused.
Lag 2 is coming up whilel Lag1 is decending. Price did reject the 200ma, looks like a reversal . . .

How do I trade that? I am short right now. Should I have waited for Lag2 to reach it's extreme first?
Fx Diva
  • #1,168
  • Oct 9, 2007 10:53am Oct 9, 2007 10:53am
generally speaking, when the 2 lags are in opp. directions, the move will not be as ez.
Quoting fxdiva
This is the point on the chart (I'm looking at g/j now) where I get confused.
Lag 2 is coming up whilel Lag1 is decending. Price did reject the 200ma, looks like a reversal . . .

How do I trade that? I am short right now. Should I have waited for Lag2 to reach it's extreme first?
  • #1,169
  • Oct 9, 2007 10:56am Oct 9, 2007 10:56am
Quoting fx_ninja
generally speaking, when the 2 lags are in opp. directions, the move will not be as ez.
Okay, thanks.
Fx Diva
  • #1,170
  • Oct 9, 2007 10:58am Oct 9, 2007 10:58am
u have some supports also that would have to be broken for more downside.
cuz any shorting here is like shorting B to C of the upmove - used as short side scalping to protect profits from your long.

Quoting fxdiva
Okay, thanks.
  • #1,171
  • Oct 9, 2007 11:00am Oct 9, 2007 11:00am
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..
Haha...thanks Imrain . I wasn't THAT mad, but it's just funny because I have no problem reading the charts, seeing potential trades, etc. If I just had some dicipline I could be 80%+ with this system, but I keep making stupid mistakes. As soon as the mistakes stop happening, I'll start trading a lot more lots.

Thanks so much for all of your help btw.
  • #1,172
  • Oct 9, 2007 11:02am Oct 9, 2007 11:02am
Quoting fxdiva
This is the point on the chart (I'm looking at g/j now) where I get confused.
Lag 2 is coming up whilel Lag1 is decending. Price did reject the 200ma, looks like a reversal . . .

How do I trade that? I am short right now. Should I have waited for Lag2 to reach it's extreme first?
yes, if u had plans to go short, let lag come to the top and then the blue lag also at top, then it stands a much better chance
  • #1,173
  • Oct 9, 2007 11:06am Oct 9, 2007 11:06am
Imrain,

What do you think about this for a short entry? Is it a no-go because the EMA's don't agree and Daily Pivot is only 8 pips away? If it breaks the daily pivot would you jump in then?
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  • #1,174
  • Oct 9, 2007 11:07am Oct 9, 2007 11:07am
Quoting imransait
yes, if u had plans to go short, let lag come to the top and then the blue lag also at top, then it stands a much better chance
Okay, so, until that time should I still be in my long?

Thank you,
Fx Diva
  • #1,175
  • Oct 9, 2007 11:07am Oct 9, 2007 11:07am
Hey Diva good to see you posting here and glad you are doing well.

On the chart I am posting the first line would probably be a bad trade?

The second was a great opportunity as the top lag was flat for a while?

Just trying to get a handle on this guys and the great thing about this thread is everyones willingness to be helpful.
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  • #1,176
  • Oct 9, 2007 11:10am Oct 9, 2007 11:10am
stop loss hit, -20pips closed long GBP/USD, crap!
  • #1,177
  • Oct 9, 2007 11:12am Oct 9, 2007 11:12am
Quoting fss side
Hey Diva good to see you posting here and glad you are doing well.

On the chart I am posting the first line would probably be a bad trade?

The second was a great opportunity as the top lag was flat for a while?

Just trying to get a handle on this guys and the great thing about this thread is everyones willingness to be helpful.
Those both looked like good trades to me. On the right line, I would have waited for it to break through the green support (new resistance).
  • #1,178
  • Oct 9, 2007 11:16am Oct 9, 2007 11:16am
Sorry for the charts just want to get it right. The same chart and the second line was an entry that hit stop. Is this correct?
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  • #1,179
  • Oct 9, 2007 11:19am Oct 9, 2007 11:19am
guys, isn't that is 38.2% retracement?
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  • #1,180
  • Oct 9, 2007 11:19am Oct 9, 2007 11:19am
Quoting BFried
Those both looked like good trades to me. On the right line, I would have waited for it to break through the green support (new resistance).
Thanks for the advice I forget about the bollis
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