Simple Method of Scalping any pair on 5 min chart , specially GBP/JPY - by Imran Sait | Page 67 | Forex Factory

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

  • #1,321
  • Oct 10, 2007 5:06am Oct 10, 2007 5:06am
Quoting imransait
Price may retrace after reaching close to Daily R2 @ 240.46
imran,what time frame do u use in slow days like today? do u prefer the 1min or 5mins style of trading?:
  • #1,322
  • Oct 10, 2007 5:08am Oct 10, 2007 5:08am
My second Gbp/Jpy trade closed by trailing stop for +17 pips. @ 240.12.

Like Imran just said look for a reversal at the R2 level of 240.45 or Weekly R1 level of 240.58

Tonite we also passed the 61.8% fib retracement from the July high of 251.09 and the August low of 219.29 That fib number is 238.87 so that should hold for support.
  • #1,323
  • Oct 10, 2007 5:09am Oct 10, 2007 5:09am
Quoting thunderwolf
Hello FXKing,

I'm just using Imrans indicators and draw fib points to work with the pivots for a better picture of whats going on. I work on the 5M chart but keep checking the higher time frames up to 1Hr to check out where price is in regards to the EMA's and for overall trend. Tonite as Imran said before, the Bias for direction is what side price is of the Daily Pivot point. So tonite bias is long so far. Just following Imrans rules basically......T-Wolf
thanks for your explanation thunderwolf! do u draw fib lines on 4hrs chart and then scale down to 5mins chart to trade or?? do u take short entries if its available above daily pivot? thanks
  • #1,324
  • Oct 10, 2007 5:11am Oct 10, 2007 5:11am
Quoting thunderwolf
My second Gbp/Jpy trade closed by trailing stop for +17 pips. @ 240.12.

Like Imran just said look for a reversal at the R2 level of 240.45 or Weekly R1 level of 240.58

Tonite we also passed the 61.8% fib retracement from the July high of 251.09 and the August low of 219.29 That fib number is 238.87 so that should hold for support.
good analysis and good work, it is indeed reversing closer to R2, so now it should find support near R1 , if goes below R1 then pivot will come into play
  • #1,325
  • Oct 10, 2007 5:15am Oct 10, 2007 5:15am
Quoting fxking
imran,what time frame do u use in slow days like today? do u prefer the 1min or 5mins style of trading?:
i should have stuck to 5 min, 1 min messed up my trades today..so am off trading today... bad days happen to me also
  • #1,326
  • Oct 10, 2007 5:23am Oct 10, 2007 5:23am
Quoting imransait
i should have stuck to 5 min, 1 min messed up my trades today..so am off trading today... bad days happen to me also
thanks for your advise imran.so,u recommend us to trade gbp/jpy with 5mins chart,instead of 1min??
  • #1,327
  • Oct 10, 2007 5:26am Oct 10, 2007 5:26am
Quoting fxking
thanks for your explanation thunderwolf! do u draw fib lines on 4hrs chart and then scale down to 5mins chart to trade or?? do u take short entries if its available above daily pivot? thanks
I draw fibs on different time frames but on 5M charts I start drawing them from low or high point of the new day and keep moving my fib point up or down until price starts to seriously retrace, otherwise yes I trade with Pivot Point bias as Imran suggests. The retracement tells me which direction I'm looking to trade.....T-Wolf
  • #1,328
  • Oct 10, 2007 5:28am Oct 10, 2007 5:28am
Quoting fxking
thanks for your advise imran.so,u recommend us to trade gbp/jpy with 5mins chart,instead of 1min??
I had already told guys here that all trades from last week end will be only on 5 min, 1 min is only when spreads are low. U can always check on the 1 min, but use the 5 min for entering and exiting trades
  • #1,329
  • Oct 10, 2007 5:29am Oct 10, 2007 5:29am
Hi, Is this a valid entry? Please confirm.
Attached Image (click to enlarge)
Click to Enlarge Name: valid enttry.gif Size: 12 KB
member
  • #1,330
  • Oct 10, 2007 5:31am Oct 10, 2007 5:31am
Quoting thunderwolf
I draw fibs on different time frames but on 5M charts I start drawing them from low or high point of the new day and keep moving my fib point up or down until price starts to seriously retrace, otherwise yes I trade with Pivot Point bias as Imran suggests. The retracement tells me which direction I'm looking to trade.....T-Wolf
sorry for asking but what exactly do u mean by drawing fr low to high and on different time frames?? i am v.confused ,pls explain with charts if u dont mind,thanks alot!
  • #1,331
  • Oct 10, 2007 5:36am Oct 10, 2007 5:36am
Quoting imransait
I had already told guys here that all trades from last week end will be only on 5 min, 1 min is only when spreads are low. U can always check on the 1 min, but use the 5 min for entering and exiting trades
thanks imran!
  • #1,332
  • Oct 10, 2007 5:40am Oct 10, 2007 5:40am
Quoting bigmanin
Hi, Is this a valid entry? Please confirm.
entry is valid, but keep a watch for bounce of 60 and 200 ema
  • #1,333
  • Oct 10, 2007 5:49am Oct 10, 2007 5:49am
Short @ 240.10 Target is Daily R1 @239.70 which is also 38.2% fib retracement of todays low to high so far.
  • #1,334
  • Oct 10, 2007 5:51am Oct 10, 2007 5:51am
Quoting thunderwolf
Short @ 240.10 Target is Daily R1 @239.70 which is also 38.2% fib retracement of todays low to high so far.
keep moving ur target as price may go to 239.20, 200 EMA on 5 min
Lock in pips as u go down, maybe it may try to reach 238.70 also
  • #1,335
  • Oct 10, 2007 6:16am Oct 10, 2007 6:16am
Imra or anyone else,

Why is the market slow today?

Quoting imransait
keep moving ur target as price may go to 239.20, 200 EMA on 5 min
Lock in pips as u go down, maybe it may try to reach 238.70 also
  • #1,336
  • Oct 10, 2007 6:18am Oct 10, 2007 6:18am
Quoting fxking
sorry for asking but what exactly do u mean by drawing fr low to high and on different time frames?? i am v.confused ,pls explain with charts if u dont mind,thanks alot!
Hi fxKing,

Here is a 5M chart showing a fib from today's low to today's high so far. From the high it looks like it's starting to retrace so I check to see where the 38.2% fib is and set that as my target which also happens to be todays Daily R1 pivot level so thats a good retracement level to have as a Target. Hope that helps you.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpjpy.gif Size: 24 KB
  • #1,337
  • Oct 10, 2007 6:25am Oct 10, 2007 6:25am
Quoting thunderwolf
Hi fxKing,

Here is a 5M chart showing a fib from today's low to today's high so far. From the high it looks like it's starting to retrace so I check to see where the 38.2% fib is and set that as my target which also happens to be todays Daily R1 pivot level so thats a good retracement level to have as a Target. Hope that helps you.
If you notice the red lag in 5 min has not budged from the top and once it starts to move, then expect atleast 70-80 pip movement by the time it comes down
so keep a watch at the lag in 1 min and 15 min time frames also
  • #1,338
  • Oct 10, 2007 6:26am Oct 10, 2007 6:26am
Thanks HerbertH,

But how do you get them to work without the speech part
  • #1,339
  • Oct 10, 2007 6:34am Oct 10, 2007 6:34am
Quoting guess121
Imra or anyone else,

Why is the market slow today?
no news today and its purely positioning happening and technicals at play, pivot levels, resistance and supports
  • #1,340
  • Oct 10, 2007 6:40am Oct 10, 2007 6:40am
Quoting imransait
no news today and its purely positioning happening and technicals at play, pivot levels, resistance and supports
Is break of the middle bollinger band serving as the first indication of a possible reversal or the rejection at R2?
Fx Diva
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