Simple Method of Scalping any pair on 5 min chart , specially GBP/JPY - by Imran Sait | Page 109 | Forex Factory

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

  • #2,161
  • Oct 18, 2007 2:06am Oct 18, 2007 2:06am
I am waiting for breakeven point but it seems never get there, grrr...
  • #2,162
  • Oct 18, 2007 2:06am Oct 18, 2007 2:06am
1st thank you Imran for all the contributions you have made. It takes a lot of dedication and a strong will to keep up with such active thread. You deserve congradulations along with all the rest of the people that contribute their experieces and valuable input.

It has taken me some time to read the whole thread and it is very interesting. Surely, it has a lot of potential.

Speaking of the trend, I have learned to get the trend from the 4h time frame. Apparently, this may be too long of a trend period for trading on the 5min. How do you recomend getting the trend? 15m? How far back?

Again thanks for all your hard work.
Evan
  • #2,163
  • Oct 18, 2007 2:11am Oct 18, 2007 2:11am
Quoting poulis1
1st thank you Imran for all the contributions you have made. It takes a lot of dedication and a strong will to keep up with such active thread. You deserve congradulations along with all the rest of the people that contribute their experieces and valuable input.

It has taken me some time to read the whole thread and it is very interesting. Surely, it has a lot of potential.

Speaking of the trend, I have learned to get the trend from the 4h time frame. Apparently, this may be too long of a trend period for trading on the 5min. How do you recomend getting the trend? 15m? How far back?

Again thanks for all your hard work.
Evan
thanks evan for your comments, its a group work that is keeping this thread active and all are contributing to make it good for all of us

the trend starts from 1min and goes higher, if u notice 5 of 1 min candles make one 5m candle and 3 of 5 min candles make one 15m candle, so if u are taking a trade of 5min,,u need to watch only the 1min and 15 min, and if u just look at the red lag thats enough for you to know where the current trend is going, if 1min, 5 min and 15 min reg lag are moving in same direction, u can be rest assured that the trend is strong
  • #2,164
  • Oct 18, 2007 2:17am Oct 18, 2007 2:17am
Thank you for your prompt reply.
Evan
  • #2,165
  • Oct 18, 2007 2:31am Oct 18, 2007 2:31am
-1pips closed, thanks god! lost 0.28bucks.
  • #2,166
  • Oct 18, 2007 2:34am Oct 18, 2007 2:34am
Quoting lkthomas
-1pips closed, thanks god! lost 0.28bucks.
there is news coming out in 1 hr..so take trades with caution
  • #2,167
  • Oct 18, 2007 2:37am Oct 18, 2007 2:37am
G/J is dropping, interesting
  • #2,168
  • Oct 18, 2007 2:42am Oct 18, 2007 2:42am
Quoting lkthomas
G/J is dropping, interesting
the 5 min lag confirmed the drop once it fell below 0.85
  • #2,169
  • Oct 18, 2007 2:43am Oct 18, 2007 2:43am
imransait, daily pivot just breaks, actually, does it means anything to G/J when news announce ?
  • #2,170
  • Oct 18, 2007 2:54am Oct 18, 2007 2:54am
Imran, can you please let me know which time frame emas you look for support and resistanse when you trade. For example, if I trade the 5min. I will look at the 5 min emas and pivots. Also, I look at the 15min. Most times, the 5min will show that for example the price above the 60 or 200 ema and the 15min shows that it is below. Do we then just go by the lags ignoring the conflicting signal?

Thanks again
  • #2,171
  • Edited 3:59am Oct 18, 2007 2:56am | Edited 3:59am
Quoting imransait
the 5 min lag confirmed the drop once it fell below 0.85
Hi Imran:

ASSUMING WE WEREN'T IN FRONT OF A NEWS ANNOUNCEMENT...

Question, if you notice on the attached chart, Lag 2 is on top. Lag 1 never went all the way to the top, just up to 0.85, then came down: WAS THIS A SIGNAL to SHORT????? Because I missed it, I was waiting for Lag 1 (blue) to reach 1.0 at the top, then come down. Seems like this was about a 45 pip move/scalp?

So if I interpret my chart correctly, if it's not necessary to have BOTH on top, waiting to come down, I could have entered on the green vertical line and out on the red line for a quick scalp? Please explain, i'm a little confused.

I mean is it a signal of the Red is in top and the Blue reaches up and touches the 0.85 and comes down???

Thank you

EDIT: Nevermind Imran, I figured this one out...I see that this was a Channel Breakout setup, and lags confirmed it a bit later...Sometimes I am looking at the Lags so intensely that I forget what the price action on the chart is telling me! (I had just woken up--not firing on all cylinders yet!).
Attached Image (click to enlarge)
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  • #2,172
  • Oct 18, 2007 3:36am Oct 18, 2007 3:36am
Hi all,

I attach this chart as an example of why its better to concentrate on Lag 2 for exits.

I was short at a price 237.67 and had been for a while. Anyway looking at the 5 min charts i was happy to note the down trend resumed but noticed that lag 1 had started to point up ( see the white line) In true trader fashion the battle between fear and greed kicked in and i decided to givin to fear and closed the position for a modest 5 pip profit. If only i had ofllowed the rules rather than my 'feelings' and looked at the lag 2, prior to news release there would have been a tidy profit

Always follow the rules people! its for our own good!
Attached Image (click to enlarge)
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  • #2,173
  • Oct 18, 2007 3:43am Oct 18, 2007 3:43am
Hi all,

I'd be interested to know what pc systems/ platforms / brokers we all use? To set the ball rolling i use metatrader for charting but place my trades with CMC as i have found there execution to be ecellent. Their charts are ok to but i'm used to metatrader and its functionality.

As far as PCs go i run the above on an Imac 20' running xp on a partitioned hard drive. Its much more stable and gives the best of both worlds really
  • #2,174
  • Oct 18, 2007 4:02am Oct 18, 2007 4:02am
Quoting rocwell
Hi all,

I'd be interested to know what pc systems/ platforms / brokers we all use? To set the ball rolling i use metatrader for charting but place my trades with CMC as i have found there execution to be ecellent. Their charts are ok to but i'm used to metatrader and its functionality.

As far as PCs go i run the above on an Imac 20' running xp on a partitioned hard drive. Its much more stable and gives the best of both worlds really
Me I'm using MBtrading, Oanda charts, because spread is tighter there u can identify candleformations better then on MT4, and MT4 for the indicator setups... to clarify i have added screenshots... i use a charting workstation with 2x17" and one laptop for execution on MBT platform
Attached Image(s) (click to enlarge)
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  • #2,175
  • Oct 18, 2007 4:11am Oct 18, 2007 4:11am
Hi Iqtrading, how tight is the spread with oanda?

when you say you use a chart station do you mean one of those desk dedigned to hold multiple monitors? if so do you find it makes chart watching less stressful?
  • #2,176
  • Oct 18, 2007 4:20am Oct 18, 2007 4:20am
Quoting rocwell
Hi Iqtrading, how tight is the spread with oanda?

when you say you use a chart station do you mean one of those desk dedigned to hold multiple monitors? if so do you find it makes chart watching less stressful?
Oanda offers for GBP/JPY 5 points spread, fon oanda the candles look nearly better, every candle close is open from the next no room between... that was the problem first days i had... its only for my eyes, because first two days i was confusing...

no its a desktop pc with multimonitor gfx card, have placed 2 monitors on it...

i didn't think it makes less stressful, but thats my style to trade, i want to have the whole picture in 1 or 2 seconds, not in clicking around charts and watch there and there and then move started... maybe it plays no role on a big move to catch it 3 or 4 pips later, but its good money so i want to see all in less time to plan my entry...

greetz
  • #2,177
  • Oct 18, 2007 4:24am Oct 18, 2007 4:24am
Hers a chart showing the wedge formation thats been developing GBPJPY over the last few days. Im thinking that there will not be much more than consolidation for the rest of today given the rebound we've had today so far. Any other thoughts out there???
  • #2,178
  • Oct 18, 2007 4:26am Oct 18, 2007 4:26am
ooops!?!

forgot the chart!
Attached Image (click to enlarge)
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  • #2,179
  • Oct 18, 2007 4:58am Oct 18, 2007 4:58am
Quoting rocwell
ooops!?!

forgot the chart!
if you notice how beautifully 200 EMA has provided resistance, so this needs to be kept a close watch , the lags are showing bearish tendency, so my bias is for the short side to break, but still need to watch the price action , tomm maybe the breakout day
  • #2,180
  • Oct 18, 2007 6:07am Oct 18, 2007 6:07am
Quoting imransait
if you notice how beautifully 200 EMA has provided resistance, so this needs to be kept a close watch , the lags are showing bearish tendency, so my bias is for the short side to break, but still need to watch the price action , tomm maybe the breakout day

it just dropped, but G/J seems not very stable in this week, not sure why.
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