Simple Method of Scalping any pair on 5 min chart , specially GBP/JPY - by Imran Sait | Page 99 | Forex Factory

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

  • #1,961
  • Oct 16, 2007 4:00am Oct 16, 2007 4:00am
Quoting lkthomas
GBP/USD seems going to be heavy down trend until it reach daily S2, but 4hours later USA got some critical news which might make GBP/USD reversal. Experience tells me that it might stall and doing sideway movement until USA news coming up, I wouldn't enter market like that.
  • #1,962
  • Oct 16, 2007 4:00am Oct 16, 2007 4:00am
Quoting imransait
lol...i dont use trendlines but its seems a good way. i trust the laguerre and the pivots more

I think trendline tell you something pivot didn't tells you at all, so I am kind of mix them and use all of it together to generate signal
  • #1,963
  • Oct 16, 2007 4:05am Oct 16, 2007 4:05am
Quoting lkthomas
I think trendline tell you something pivot didn't tells you at all, so I am kind of mix them and use all of it together to generate signal
do u draw trendlines on 4hrs chart or?? thanks:
  • #1,964
  • Oct 16, 2007 4:06am Oct 16, 2007 4:06am
Quoting graeme_ie
Question..

Is this a possible trade scenario?

Lag 2 - Flat below 0.1..

Lag 1 - Was flat and has now retraced above .45 and below .90 and is pointing south again..

Is this a common retracement pattern? And a viable trade entry?

I guess the attached chart of th gbpjpy is as close as I am trying to illustrate right now? With confirmed red arrow, maybe I have answered my own questions, just would like your opinion?
There is not enough juice left in the trade now, let it retrace to 238.70 to 239 area before shorting it again.

As lag 2 is at bottom for quite sometime now, i would rather wait for it to signal a long entry and take the trade for 50-60 pips rather then short at this time.

check the 1 min and 15min lags also for confirmation
  • #1,965
  • Oct 16, 2007 4:09am Oct 16, 2007 4:09am
Quoting fxking
do u draw trendlines on 4hrs chart or?? thanks:
never draw trendline on 4H time frame with GBP/JPY, you just put yourself into nowhere because you can't stand for 200pips movement and 4H timeframe should be use for people who could last at least -300pips movement and target 1-2Kpips profit.

I would draw trendline on three timeframe, 5M, 15M and 30M, it should be enought for you to play with.
  • #1,966
  • Oct 16, 2007 4:19am Oct 16, 2007 4:19am
notice how the price reversed exactly from S3 on the chart, this is why it wil be helpful in determining exit and entry points .
Attached Image (click to enlarge)
Click to Enlarge Name: chart.gif Size: 24 KB
  • #1,967
  • Oct 16, 2007 4:21am Oct 16, 2007 4:21am
Quoting imransait
notice how the price reversed exactly from S3 on the chart, this is why it wil be helpful in determining exit and entry points .

triangular wedge have been form, it seems that another big movement will be appear on US session because of the news.
  • #1,968
  • Oct 16, 2007 4:22am Oct 16, 2007 4:22am
Quoting lkthomas
triangular wedge have been form, it seems that another big movement will be appear on US session because of the news.
am expecting price to retrace to S1 before we see any action
  • #1,969
  • Oct 16, 2007 4:26am Oct 16, 2007 4:26am
Quoting imransait
am expecting price to retrace to S1 before we see any action
I wouldn't say anything until I see the breakout of the wedge
  • #1,970
  • Oct 16, 2007 4:41am Oct 16, 2007 4:41am
hi imran, thanks for sharing your system. i would like to suggest opening a chat room on paltalk so that we can all converse in real time during trade times. what do think about that?
  • #1,971
  • Oct 16, 2007 4:48am Oct 16, 2007 4:48am
Quoting canfx
hi imran, thanks for sharing your system. i would like to suggest opening a chat room on paltalk so that we can all converse in real time during trade times. what do think about that?
working on it, need some platform where we can share charts etc
  • #1,972
  • Oct 16, 2007 4:51am Oct 16, 2007 4:51am
Quoting canfx
hi imran, thanks for sharing your system. i would like to suggest opening a chat room on paltalk so that we can all converse in real time during trade times. what do think about that?
I Think the same!!! Would be fantastic if we can follow in real time the process. We can use Skype, Msn or any.
  • #1,973
  • Oct 16, 2007 4:58am Oct 16, 2007 4:58am
hi imran , check out tradingrooms.com . we can share charts , has audio , and text chat. they have free rooms and paid private rooms.
  • #1,974
  • Oct 16, 2007 5:02am Oct 16, 2007 5:02am
guys, I have a feeling that U/J will go up when USA news announce, we will see
  • #1,975
  • Oct 16, 2007 5:12am Oct 16, 2007 5:12am
Hi all!

Gosh this fells like i'm introducing myself at an Alcoholics anonymous meeting!
Any way i am a long time Lurker first time Poster and would like to state how much this forum has helped me in gaining some sort of grounding in this business.

A big thankyou to Imran for sharing this strategy. i have used it since last wedneday and my account has increased by some 280 pips.

i have just one question though. when the Lag indicators are reading flat lines at the top or bottom of the indicator window, should that be taken as
an indication that the trend is possibly about to end or that the current trend direction is strong?
  • #1,976
  • Oct 16, 2007 5:17am Oct 16, 2007 5:17am
Quoting rocwell
Hi all!

Gosh this fells like i'm introducing myself at an Alcoholics anonymous meeting!
Any way i am a long time Lurker first time Poster and would like to state how much this forum has helped me in gaining some sort of grounding in this business.

A big thankyou to Imran for sharing this strategy. i have used it since last wedneday and my account has increased by some 280 pips.

i have just one question though. when the Lag indicators are reading flat lines at the top or bottom of the indicator window, should that be taken as
an indication that the trend is possibl
y about to end or that the current trend direction is strong?
Hi Rockwell..welcome and good to see you posting and good to know ur doing good...pls do post charts of ur trades so all of us can learn from it

When the lag indicators are at top or bottom for quite somtime , then its indication that the strength of the trend is weakened considerably and only when the red lags move up or down, should we take the trade
  • #1,977
  • Oct 16, 2007 5:22am Oct 16, 2007 5:22am
imransait, we all understand what is a daily pivot means, what about weekly pivot?
  • #1,978
  • Oct 16, 2007 5:23am Oct 16, 2007 5:23am
Possible entry on gbp jpy..

My thoughts..

Need to wait for Red Lag to confirm move..

T/P at S2 or 60 MA

Stop 30 pips back / or just behind S3.

Thoughts on trade setup imran?
Attached Image (click to enlarge)
Click to Enlarge Name: gbp jpy possible entry.gif Size: 17 KB
  • #1,979
  • Oct 16, 2007 5:25am Oct 16, 2007 5:25am
Hi imran and thanks for the clarification.

Would love to post a chart but dont know how to i'm afraid.

I'm currently looking at a 5min chat on gbpjpy and as i type both lags are flat at the bottom with lag 1 pointing upwards. my fear comes from the fact that lag 2 remains flat and i wonder if it means that the reversal from S3 is simply a very shortterm retracement as opposed to a possible change in direction to an uptrend.
  • #1,980
  • Oct 16, 2007 5:25am Oct 16, 2007 5:25am
graeme_ie, you have to study the behavior of a pair, it is very rare for G/J move big after 250pips movement. 2-3hours later USA got critical and the whole market is waiting for it, it will be stall by now with sideway movement, entry for now just plainly stupid because you will never know what will happen with the impact of news.
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