Simple Method of Scalping any pair on 5 min chart , specially GBP/JPY - by Imran Sait | Page 92 | Forex Factory

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

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

  • #1,821
  • Oct 12, 2007 8:42am Oct 12, 2007 8:42am
Quoting fxdiva
Wow,
Looks like I missed over 100pips on my way to work . . . oh well, they'll probably be more later on today, if not, then Monday.



Happy pipping,
well, nothing to worry, you still have the day to end today..will see lots of movement to capture your target
  • #1,822
  • Oct 12, 2007 8:45am Oct 12, 2007 8:45am
Quoting imransait
well, nothing to worry, you still have the day to end today..will see lots of movement to capture your target
Okay, thanks,
Fx Diva
  • #1,823
  • Oct 12, 2007 8:48am Oct 12, 2007 8:48am
Quoting PipCop
US Bearish news would drive the gbp up, but strong gbp bearish, price is ranging above the high of the day near the daily pivot now, maybe the monthly pivot could have played a role, price has been hanging around this area for some time (1hr chart) This would be a factor to consider next news trade. This has been a learning experience and we will overcome this new method.
yes, its a good learning experience , pivots play a major role in news time, lets monitor major news like this and record the scenario
  • #1,824
  • Oct 12, 2007 9:00am Oct 12, 2007 9:00am
Hi all. I wanted to share this indicator with the group. It's a forex calender that let's you know what news is coming out. Very helpful when trading this market. It's the chart in the left corner.
Attached File(s)
File Type: mq4 FFCal-14.mq4   46 KB | 724 downloads
File Type: ex4 FFCal-14.ex4   32 KB | 614 downloads
  • #1,825
  • Oct 12, 2007 9:00am Oct 12, 2007 9:00am
Quoting fx_ninja
news was mixed. first spike was down (initially reaction- usd positive)then mkt rebounded. this behaviour due to conflcting data.
look at yest. gbp/usd hi and todays lo. mkt is now around the 50% retacement area.

*good call on the move and reverse to s1 - chart attached

Good observation, this is our first demo news trade and once we have all the bugs ironed out, we can plan to enter before the news, providing it meets all the requirements. Using the 1hr chart as our base. I did notice yesterdays low now that you mentioned it, I was focused on todays info and did not look back, (the big picture) we will have to put that in the formula. There will be many more trial and errors before it wiil be accepted
  • #1,826
  • Oct 12, 2007 9:02am Oct 12, 2007 9:02am
Oops I forgot the chart. Sorry!
Attached Image (click to enlarge)
Click to Enlarge Name: forex calender.gif Size: 82 KB
  • #1,827
  • Oct 12, 2007 9:04am Oct 12, 2007 9:04am
It's in the upper right corner.

Quoting mrpip05
Oops I forgot the chart. Sorry!
  • #1,828
  • Oct 12, 2007 9:14am Oct 12, 2007 9:14am
Posting this in case it may help someone, and I appreciate any feedback on my trade analysis.
5 min GY chart below, NY session, US eastern times.
Trading Micro mini-lots.

First green line: I was tempted to enter at close of 11:50 (7:50 am) bar; held off for news. Lag 2 up to .85, Lag 1 up at about .45, not a perfect setup but with no news I probably would have taken trade.

Second green line: 1 min and 15 min all strongly bullish, and 5 min GU strongly bullish. Lag 1 top/flat, Lag 2 pointing up and above .85, with strong momentum (very important consideration).
Entered at open of bar 12:40 (8:40 am) bar -- I always wait at least 10 min after news to look for an entry. Got in at 238.67, set 31 pip stop, aimed for WEEKLY Resistance 239.20 (it is on my 1 min chart), got out at 239.18. Moved fast and I wasn't able to move my stop to BE before trade was over.

The Fib extension lines (based on recent uncompleted swing) confirmed 239.20 as a high probability max target. If move stalled I would have looked at 176.4 level.

Kevin
Attached Image (click to enlarge)
Click to Enlarge Name: gy5minnews.gif Size: 23 KB
  • #1,829
  • Oct 12, 2007 9:15am Oct 12, 2007 9:15am
yes this is very good work and will take some time to fine tune but i believe it will holds lots of promise. thank u for yor efforts! if u need anything w/this let me know.
some things to keep in mind ( i'm sure u have thought of many of these already, but just in case...) :

1. multiple reports and their typical pip ranges
2. strenght of #s and strength of revisions (if any)
3. overall mkt trend.
4. prior day hi/lo vs present mkt price and fib level / pivots
5. correlating pairs
6. smoothness of initial move for the first 5 min and retrace to the 13 ema; topping (dbl tops / bull trap patterns macd div. )or trend continuation after the first 20 - 30 min of the release.

it would be great if we could develop something that works w/consistency to get in before the release OR something tradeable shortly thereafter.

Quoting PipCop
Good observation, this is our first demo news trade and once we have all the bugs ironed out, we can plan to enter before the news, providing it meets all the requirements. Using the 1hr chart as our base. I did notice yesterdays low now that you mentioned it, I was focused on todays info and did not look back, (the big picture) we will have to put that in the formula. There will be many more trial and errors before it wiil be accepted
  • #1,830
  • Oct 12, 2007 9:29am Oct 12, 2007 9:29am
Quoting fx_ninja
yes this is very good work and will take some time to fine tune but i believe it will holds lots of promise. thank u for yor efforts! if u need anything w/this let me know.
some things to keep in mind ( i'm sure u have thought of many of these already, but just in case...) :

1. multiple reports and their typical pip ranges
2. strenght of #s and strength of revisions (if any)
3. overall mkt trend.
4. prior day hi/lo vs present mkt price and fib level / pivots
5. correlating pairs
6. smoothness of initial move for the first 5 min and retrace to the 13 ema; topping (dbl tops / bull trap patterns macd div. )or trend continuation after the first 20 - 30 min of the release.

it would be great if we could develop something that works w/consistency to get in before the release OR something tradeable shortly thereafter.
sent you a private message
  • #1,831
  • Oct 12, 2007 9:37am Oct 12, 2007 9:37am
mixed news = overall trend should resume

take a look at this eur/usd chart for example

prior swing hi @ 40 yest. area was 78.6 retracement of up move = good r vs r.
i shorted that yest. for ~50 pips but did not hold it overnite. guess i should have held at leas some...

anyway todays news was mixed and under the assumpition that eur/usd is pulling back we see the initial down spike in the eur/usd then a bounce to a fib level
Attached Image (click to enlarge)
Click to Enlarge Name: eur usd 01.jpg Size: 242 KB
  • #1,832
  • Oct 12, 2007 9:53am Oct 12, 2007 9:53am
Quoting fx_ninja
mixed news = overall trend should resume

take a look at this eur/usd chart for example

prior swing hi @ 40 yest. area was 78.6 retracement of up move = good r vs r.
i shorted that yest. for ~50 pips but did not hold it overnite. guess i should have held at leas some...

anyway todays news was mixed and under the assumpition that eur/usd is pulling back we see the initial down spike in the eur/usd then a bounce to a fib level
I love your charts, they're very easy to understand.

Thank you,
Fx Diva
  • #1,833
  • Oct 12, 2007 9:55am Oct 12, 2007 9:55am
no problem. we'll keep minting pips w/Imran's help as well as everyone else.
  • #1,834
  • Oct 12, 2007 10:19am Oct 12, 2007 10:19am
att.

R @ 63 PP for trend continuation (TC)
Attached Image (click to enlarge)
Click to Enlarge Name: e i countertrend scalp.jpg Size: 176 KB
  • #1,835
  • Oct 12, 2007 10:22am Oct 12, 2007 10:22am
What an amazing post--been following it since Day 1...Great input from all of you! Question for FX King: What is the indicator you use to give you your information on the LHS? (could you also comment what M0-M5 mean?) And would it be possible to post this indicator, please?

Observation: has anyone else noticed how respected the 100 SMA & 200 SMA on the Daily chart are for G/J? Such strong Support & Resistance. I've heard from a guy who used to trade for BoE that these numbers are highly respected by the institutions...
  • #1,836
  • Oct 12, 2007 10:38am Oct 12, 2007 10:38am
Quoting Ann
What an amazing post--been following it since Day 1...Great input from all of you! Question for FX King: What is the indicator you use to give you your information on the LHS? (could you also comment what M0-M5 mean?) And would it be possible to post this indicator, please?

Observation: has anyone else noticed how respected the 100 SMA & 200 SMA on the Daily chart are for G/J? Such strong Support & Resistance. I've heard from a guy who used to trade for BoE that these numbers are highly respected by the institutions...
Ann,
I personally use the 55,100, 200emas on all my charts, yes they are a great asset for R/S. Imran uses the 60 and 200emas, don't forget the daily pivots.
  • #1,837
  • Oct 12, 2007 10:41am Oct 12, 2007 10:41am
FX_ninja
Got it, I will send the information sometime over the weekend
Thanks
  • #1,838
  • Oct 12, 2007 10:50am Oct 12, 2007 10:50am
Thanks, PipCop, yes I do have the Pivots on there as well...

Actually, I confused FX King and FX Ninja by mistake--sorry FX King! I meant for my question to go to FX Ninja--FX Ninja: could you see my question from my previous post about information on LHS -- where may I find that indicator?

Thanks!
  • #1,839
  • Oct 12, 2007 10:53am Oct 12, 2007 10:53am
Quoting Ann
Thanks, PipCop, yes I do have the Pivots on there as well...

Actually, I confused FX King and FX Ninja by mistake--sorry FX King! I meant for my question to go to FX Ninja--FX Ninja: could you see my question from my previous post about information on LHS -- where may I find that indicator?

Thanks!
  • #1,840
  • Oct 12, 2007 11:03am Oct 12, 2007 11:03am
mo-m5 - they are just mid-level pivot points.
LHS - where is that? i dont think i even know. lol
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