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Simple Method of Scalping any pair on 5 min chart , specially GBP/JPY - by Imran Sait
- #1,683
- Oct 11, 2007 3:55pm Oct 11, 2007 3:55pm
- | Joined Nov 2006 | Status: Trader | 1,143 Posts
Hi Diva,
Congrats on doing great and catching the todays big down move. May be you can compile your own list of what you check before entry (Do's and Don'ts) and post like BFried did (Thanks BFried).
May be we can compile all into one and make a CheckList (simple CheatSheet?) to check when a signal comes. I think the following needs to be checked: Trend, Price S/R levels, Pivot levels, Fib Levels, Price patterns (double top/bottom, candles...)... Avoiding news as well.
I am working with Imran on an Alert system which is most likely to be released on coming Monday. We all will test and improve as needed. It already has:
1. Arrows (for the past signals also)
2. Bold-Text comment of last signal with signal time, on the chart
3. Sound Alert (any .WAV file of user choice can be used, time limits can be set)
4. Email option too.
5. Pop-up Alert
chandra
PS: I am not competing with HerbertH !!! I had this system earlier and just trying to fit it with Laguerre Indicator and Imran's settings.
Good luck on getting the Alert ready. BTW - I use IBFX, are they good for low spreads?
24 hours in a day – 24 bottles of beer in a case – Coincidence? I think not
- #1,685
- Oct 11, 2007 3:59pm Oct 11, 2007 3:59pm
- | Joined Nov 2006 | Status: Trader | 1,143 Posts
Yep, that was me. I had never even heard of Meta Trader, much less used it, a week ago, so it was all new to me. It took me about an hour to understand how meta trader worked, how to install filters, etc, and then another 2 hours of messing around to get Imrains system to work for me. Call it beginers luck, but after 3 hours I had made 70 pips.
My next day wasn't quite so lucky (made 30 pips, lost 25), and I couldn't figure out why. After that, every single time I would enter a trade based on the lags and it didn't go how I thought it would, I would post here or PM Imrain. In less than a week I mae almost 100 posts and sent Imrain over 25 PM's.
As a result, I was able to identify why and when some trades don't go how you'd expect based on the lag indicators. Afer really getting a feel for the GBP/JPY and making plenty of mistakes, I was able to set some rules for myself. Once I saw that my rules really worked, I decided to share them with all of you.
Thanks
24 hours in a day – 24 bottles of beer in a case – Coincidence? I think not
- #1,686
- Edited 4:37pm Oct 11, 2007 4:01pm | Edited 4:37pm
Awesome
http://www.forexfactory.com/showpost...postcount=1680
http://www.forexfactory.com/showthread.php?p=1615054
Jest1081 posted:
Try checking out Interactive Brokers. You pay 0.8pip comm per trade though.
- #1,689
- Oct 11, 2007 4:56pm Oct 11, 2007 4:56pm
Will your rules (now posted on the first post) apply to all the currencies? or which ones to use it with?
Thanks
It's also a good idea to stick with one pair for a little while as each one is different. Once you learn the behaviors of a pair and get a feel for its "pulse" you tend to have a better idea of what to set your SL to, when to exit / where to take profit, etc. Once you get it down for one pair, you can start looking at a new one.
- #1,694
- Oct 11, 2007 7:47pm Oct 11, 2007 7:47pm
if we all join hands and compliment each other, all of us can make 600 pips a day minimum from 6 currencies i.e gbp/jpy, gbp/chf, gbp/usd, usd/jpy , eur/usd, eur/jpy
so getting to your first million is so easy
This can work with a online chat group. Or with a website with php program.
