Simple Method of Scalping any pair on 5 min chart , specially GBP/JPY - by Imran Sait | Page 76 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

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

RE-Imran Sait Method 6 replies

EA - "Simple Method of Scalping on 5 min chart , especially GBP/JPY - by Imran Sait" 36 replies

Making an EA: "Simple Method of Scalping any pair by Imran Sait" 82 replies

How to make my own "Imran Sait" Indicators? What do they mean? 4 replies

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

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

  • #1,501
  • Oct 10, 2007 12:46pm Oct 10, 2007 12:46pm
Quoting BFried
I see, well I got in at 238.98 and am hurting right now...should be OK soon though (I hope).
i still feel price may bounce back from the daily pivot at 238.34, so hang on..but it goes above 239.50 then its trouble
  • #1,502
  • Oct 10, 2007 12:46pm Oct 10, 2007 12:46pm
this bounce...should be rretracement and not reversal
  • #1,503
  • Oct 10, 2007 12:47pm Oct 10, 2007 12:47pm
Quoting imransait
lag-2 if u zoom closely is pointing down and its a situation where my SL is same as my earlier trades..so its a good entry..with good risk/reward ratio
I wish you had said something earlier, I was waiting and waiting to enter, now I'm -23 pips. Talk about a bad entry. I'm very close to my SL.
  • #1,504
  • Oct 10, 2007 12:48pm Oct 10, 2007 12:48pm
m15 and m30 red lag is pointing down..so relax and dont worry..it is falling
  • #1,505
  • Oct 10, 2007 12:49pm Oct 10, 2007 12:49pm
Quoting BFried
I wish you had said something earlier, I was waiting and waiting to enter, now I'm -23 pips. Talk about a bad entry. I'm very close to my SL.
if possible increase ur SL to 239.50 , 15 and 30 min TF are bearish
  • #1,506
  • Oct 10, 2007 12:49pm Oct 10, 2007 12:49pm
Quoting imransait
m15 and m30 red lag is pointing down..so relax and dont worry..it is falling
Should I change my SL to 35 pips to be safe? It's a general rule that i NEVER change my SL, but I don't want to get stopped out if this continues much further.

EDIT: Just saw your post. 239.50 would be 50 pips SL. Isn't that a bit high?

Anyway, stop is now 239.50, but both lags just started pointing up...
  • #1,507
  • Oct 10, 2007 12:51pm Oct 10, 2007 12:51pm
we may retrace to 239.45 area before reversing again...
  • #1,508
  • Oct 10, 2007 12:52pm Oct 10, 2007 12:52pm
Quoting imransait
we may retrace to 239.45 area before reversing again...
Heh, makes me wish I never got in. Live and learn.

I would have been perfectly happy to get in where you did and exit at 239.00. lol
  • #1,509
  • Oct 10, 2007 12:54pm Oct 10, 2007 12:54pm
if u r worried, reduce some of your exposure now and decide what u want to do if it retraces.

Quoting BFried
Heh, makes me wish I never got in. Live and learn.
  • #1,510
  • Oct 10, 2007 12:54pm Oct 10, 2007 12:54pm
always speculate using risk money...never quit your day job either...this is a rich man's game,and we want a part of it!! reality slaps you hard in the face,been there done that LONG time ago. I am glad I went to school and became a pharmacist(our pay in the USA is very good) so I don't have to rely on this"game". IMHO as always. Cheers.
  • #1,511
  • Oct 10, 2007 12:57pm Oct 10, 2007 12:57pm
well said,. neil
risk only what u can afford to loose..coz market can turn 100 pip before we blink a eye
  • #1,512
  • Oct 10, 2007 12:59pm Oct 10, 2007 12:59pm
Quoting BFried
Heh, makes me wish I never got in. Live and learn.

I would have been perfectly happy to get in where you did and exit at 239.00. lol
well..we all learn, this will make it easier for u not to make again this error , so its ok...if u want to close the trade do so and re-enter when the indicators indicate u to enter
  • #1,513
  • Oct 10, 2007 1:01pm Oct 10, 2007 1:01pm
Quoting imransait
well..we all learn, this will make it easier for u not to make again this error , so its ok...if u want to close the trade do so and re-enter when the indicators indicate u to enter
Do you think that would be better than waiting for it to turn around? It would just cost me what, the spread and comission? Not such a big deal...

And I would never risk money I couldn't afford to lose. In fact, as soon as I put the money in this account I forgot about it. I just pretended the money was already lost, so if I make a profit great, but if the whole account gets drained, well...I already forgot about the money.

Even then, I never risk more than 2-3% of the account in one trade. However, by upping my SL to 50 pips as Imrain suggested, I broke 2 of my rules.

First, I changed my SL, which I never do. I'd think that's a fundamental rule everyone should have. If you want to mov eyour SL to protect profit, obviously that's fine, but you shouldn't increase your SL when you're in a losing position to avoid getting stopped out. If you do that, why even have a SL?

Second, I'm now potentially risking 5% of my account due to the bigger SL.
  • #1,514
  • Oct 10, 2007 1:04pm Oct 10, 2007 1:04pm
where did u enter?

generally that first thrust of A to B - for me, its a good idea to take some profit when the mkt stalls cuz i am expecting a B to C bounce.

i shorted again at the bounce to point C.


Quoting BFried
Heh, makes me wish I never got in. Live and learn.

I would have been perfectly happy to get in where you did and exit at 239.00. lol
  • #1,515
  • Oct 10, 2007 1:06pm Oct 10, 2007 1:06pm
att
Attached Image
  • #1,516
  • Oct 10, 2007 1:07pm Oct 10, 2007 1:07pm
watch for taking out of prior swing lo OR stalling
  • #1,517
  • Oct 10, 2007 1:07pm Oct 10, 2007 1:07pm
Quoting BFried
Do you think that would be better than waiting for it to turn around? It would just cost me what, the spread and comission? Not such a big deal...

And I would never risk money I couldn't afford to lose. In fact, as soon as I put the money in this account I forgot about it. I just pretended the money was already lost, so if I make a profit great, but if the whole account gets drained, well...I already forgot about the money.

Even then, I never risk more than 2-3% of the account in one trade. However, by upping my SL to 50 pips as Imrain suggested, I broke 2 of my rules.

First, I changed my SL, which I never do. I'd think that's a fundamental rule everyone should have. If you want to mov eyour SL to protect profit, obviously that's fine, but you shouldn't increase your SL when you're in a losing position to avoid getting stopped out. If you do that, why even have a SL?

Second, I'm now potentially risking 5% of my account due to the bigger SL.
close the trade once its BE or some pips in profit and reenter with ur settings , its much better, not good to change rules
  • #1,518
  • Oct 10, 2007 1:08pm Oct 10, 2007 1:08pm
Quoting fx_ninja
where did u enter?

generally that first thrust of A to B - for me, its a good idea to take some profit when the mkt stalls cuz i am expecting a B to C bounce.

i shorted again at the bounce to point C.
I waited for both the lags to agree, and STUPIDLY, got in at 238.98. It's finally coming back down now so I'm only at -13 pips.

If I just went based off Lag 1 I'd be in 30 pips profit right now, but because I waited for lag 2, I entered on a retracement. It wasn't an ideal entry, but I did it because I saw all you guys were already in and I felt like I needed to get in too (big mistake).
  • #1,519
  • Oct 10, 2007 1:10pm Oct 10, 2007 1:10pm
Salamualaikum Imran,

what else can I say? "Shukran" for your amazing system and your generosity to share it with the world!

Ohka
  • #1,520
  • Oct 10, 2007 1:10pm Oct 10, 2007 1:10pm
it is ok... do not chastise yourself. it is part of trading. do not amplify those feelings. Only amplify those feelings of Joy when u win.

mkt looks like it might chop.
5 traders viewing now