Dislikedit just dropped, but G/J seems not very stable in this week, not sure why.Ignored
Simple Method of Scalping any pair on 5 min chart , specially GBP/JPY - by Imran Sait
- #2,182
- Oct 18, 2007 6:27am Oct 18, 2007 6:27am
well, as long as it plays by the Lags, nothing to worry, stable or not
- #2,186
- Oct 18, 2007 6:31am Oct 18, 2007 6:31am
I am kind of combining trendline, pivot and Lag into one system.
so here is the detail:
1. check Lag1/Lag2 spacing, which means how much time did it stay flat at the bottom/top? and then, check the history of Lag1 and Lag2 weight of flat line, after that, you could very rough to approximate when is the dropping going to happen. I am still testing with this step, if this step works, you might be able to get into trade a lot early than Lag tells you to do so.
2. after check the weight, check the pivot point, if current price is on S/R line, and IF Lag indicator match that, you could take an entry
3. the longest Lag indicator been flatten, the higher chance for a movement (Hey, chances only)
4. Of course, trend line needs to be in-place for you to see the price trend and movement.
- #2,188
- Oct 18, 2007 6:35am Oct 18, 2007 6:35am
- | Commercial User | Joined May 2007 | 1,464 Posts
imran,i have this problem,how should i overcome it? although i am in the trend,i take profits too early-i just too afraid if the trend reverse on me and all my profits will be voided(i know u gonna ask to use trailing stop) but where exactly should i take profits?? maybe S1-3/R1-3 level,thanks
Once ur in the trend, and it has moved 25 pips, then lock in atleast +15 pips and have a trailing stop, it really helps ) .
If you are using big lots, stop and try to use the least lot ur broker gives and follow this system and rules for a week, u will see the difference
First TP is S1 if price is going down - Close 50% of ur positions here, Second Tp S2 - close the balance 50% , Third Tp does not get hit daily, unless the trend is very strong.
Set yourself a goal of how many pips u target a day, once its achieved, stop ur live trades and just do demo or paper trade
- #2,190
- Oct 18, 2007 6:43am Oct 18, 2007 6:43am
well, you will not believe me, i used to have the same problem till i got hold of the pivot indicator and then my trades jumped 10 fold, and with the Lag2 indicator, i cant tell what a difference it has made in my trades.
Once ur in the trend, and it has moved 25 pips, then lock in atleast +15 pips and have a trailing stop, it really helps ) .
If you are using big lots, stop and try to use the least lot ur broker gives and follow this system and rules for a week, u will see the difference
First TP is S1 if price is going down - Close 50% of ur positions here, Second Tp S2 - close the balance 50% , Third Tp does not get hit daily, unless the trend is very strong.
Set yourself a goal of how many pips u target a day, once its achieved, stop ur live trades and just do demo or paper trade
- #2,193
- Oct 18, 2007 6:59am Oct 18, 2007 6:59am
- | Commercial User | Joined May 2007 | 1,464 Posts
thanks for your advice imran.i personally prefer to trade small lots than demo cos it helps me to establish my psychology part(to overcome my fear).when u mentioned daily trend will hit either S1-2/R1-2 and not likely S3/R3,what do u mean by strong trend and how do u sense and see it??
Strong trend can be gauged from 5m to 30min charts , see where the position of Lag-2 is , if S2 gets hit when Lag2 in 5min is still halfway, then expect S3 to get hit by the time it comes down and reverses
- #2,194
- Oct 18, 2007 7:05am Oct 18, 2007 7:05am
My pivots are set for Sunday data - true and i use the same indicator which i have posted in post 1
Strong trend can be gauged from 5m to 30min charts , see where the position of Lag-2 is , if S2 gets hit when Lag2 in 5min is still halfway, then expect S3 to get hit by the time it comes down and reverses
- #2,195
- Oct 18, 2007 7:12am Oct 18, 2007 7:12am
- | Commercial User | Joined May 2007 | 1,464 Posts
thats the answer i am looking for,u r the man imran!
if u notice the lags from 1 min to 15 min..all look exhausted and this beast needs a break..after a retracement , once US Stocks open...see the fun...lots of banks have announced bad profit levels...so expect DOW to go down , so wil G/j
