Simple Method of Scalping any pair on 5 min chart , specially GBP/JPY - by Imran Sait | Page 100 | Forex Factory

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

  • #1,981
  • Oct 16, 2007 5:26am Oct 16, 2007 5:26am
Quoting graeme_ie
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?
yes, i am already in from 237.15 , my exit would be S2 , SL is 237.00 , will be moving my SL as it goes 25 pips high
  • #1,982
  • Oct 16, 2007 5:28am Oct 16, 2007 5:28am
Quoting imransait
yes, i am already in from 237.15 , my exit would be S2 , SL is 237.00 , will be moving my SL as it goes 25 pips high
How could you know it wouldn't break S3 by long it just above S3? it is a very brave entry!
  • #1,983
  • Oct 16, 2007 5:28am Oct 16, 2007 5:28am
Quoting rocwell
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.
if you are new and are not sure,wait for red lag to move above 0.15 and then take the trade

to post a chart, right click on the chart and save picture option is there,save it and post it here by attaching it using manage attachment option just below this text window u type
  • #1,984
  • Oct 16, 2007 5:29am Oct 16, 2007 5:29am
Quoting lkthomas
How could you know it wouldn't break S3 by long it just above S3? it is a very brave entry!
check the red lag on 1 min to 15 min...it does not have power to go down more..we may see it go to ateast S2 , OR 60 EMA on 5 min chart
  • #1,985
  • Oct 16, 2007 5:33am Oct 16, 2007 5:33am
Quoting imransait
check the red lag on 1 min to 15 min...it does not have power to go down more..we may see it go to ateast S2 , OR 60 EMA on 5 min chart

I will test this method on next big move, thanks
  • #1,986
  • Oct 16, 2007 5:34am Oct 16, 2007 5:34am
Quoting lkthomas
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.
  • #1,987
  • Oct 16, 2007 5:42am Oct 16, 2007 5:42am
anybody know if a close all positions macro exists for MT4?
  • #1,988
  • Oct 16, 2007 6:31am Oct 16, 2007 6:31am
long side tuff now...had to cut the loss and re-enter. lets see...
  • #1,989
  • Oct 16, 2007 6:39am Oct 16, 2007 6:39am
att
exited all at 45 area
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  • #1,990
  • Oct 16, 2007 6:41am Oct 16, 2007 6:41am
Imran,

Would this be a good indicator to go long on G/Chf?

I understand the Bias is short due to price being under the Daily, Weekly Pivots and price is still below the Basis line (middle) of Bollinger Bands....
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  • #1,991
  • Oct 16, 2007 6:43am Oct 16, 2007 6:43am
Quoting Ann
Imran,

Would this be a good indicator to go long on G/Chf?
yes, it would be good to go long..keep SL 25-30 pips below entry and keep banking pips as u go long
watch for the lags in 1min and 15min time frame
  • #1,992
  • Oct 16, 2007 6:56am Oct 16, 2007 6:56am
Quoting imransait
yes, it would be good to go long..keep SL 25-30 pips below entry and keep banking pips as u go long
watch for the lags in 1min and 15min time frame
TY, Imran
  • #1,993
  • Oct 16, 2007 7:10am Oct 16, 2007 7:10am
Quoting Ann
Imran,

Would this be a good indicator to go long on G/Chf?

I understand the Bias is short due to price being under the Daily, Weekly Pivots and price is still below the Basis line (middle) of Bollinger Bands....
Hi Imran. Why would you go long here? The EMA are showing bearish. Or would this be a short scalp trade?
  • #1,994
  • Oct 16, 2007 7:14am Oct 16, 2007 7:14am
please can smebody help in how to convert the ex4 indicators to mt4
am finding it difficul to load
thanks
  • #1,995
  • Oct 16, 2007 7:21am Oct 16, 2007 7:21am
if lag2 to cross up 0.15 is possible buy?

regards,
felipe
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  • #1,996
  • Oct 16, 2007 7:24am Oct 16, 2007 7:24am
Quoting mrpip05
Hi Imran. Why would you go long here? The EMA are showing bearish. Or would this be a short scalp trade?
it will be only a short trade and quick in and out , as long as trend is bearish..i would be careful to enter with tight SL in case of a reverse
  • #1,997
  • Oct 16, 2007 7:27am Oct 16, 2007 7:27am
Quoting felipeds
if lag2 to cross up 0.15 is possible buy?

regards,
felipe
yes, but be careful to lock in pips as u go high. as the overall trend is bearish and if the DOW goes down again today. it may be nasty
  • #1,998
  • Oct 16, 2007 7:29am Oct 16, 2007 7:29am
Quoting mrpip05
Hi Imran. Why would you go long here? The EMA are showing bearish. Or would this be a short scalp trade?
It was a short scalp trade, I was watching it carefully and it tried to rise above the 60 Blue EMA 2x before and respected that as Resistance. I also was aware that the "50-mark" might be a difficult point as well. So it probably is better to trade with the trend in this case when we have such a strong downward bias. It was basically a break even trade for me. But I wouldn't do anything now on it as it is consolidating--hopefully that means a big move will be coming.
  • #1,999
  • Oct 16, 2007 7:30am Oct 16, 2007 7:30am
Quoting tayata2005
please can smebody help in how to convert the ex4 indicators to mt4
am finding it difficul to load
thanks
You don't have to convert anything! only upload the .ex4 in the "indicators" folder and re-start the metatrader. Then add the indi in your chart.

Hope this help.

  • #2,000
  • Oct 16, 2007 7:32am Oct 16, 2007 7:32am
Quoting imransait
it will be only a short trade and quick in and out , as long as trend is bearish..i would be careful to enter with tight SL in case of a reverse
Just wanted to make sure. That would be a trade I wouldn't take. I would wait till lag 1 rise higher and when it begins to fall take a short as long as lag 2 is flat on the bottom. Seems to be happening as we speak.
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