Simple Method of Scalping any pair on 5 min chart , specially GBP/JPY - by Imran Sait | Page 114 | Forex Factory

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

  • #2,261
  • Oct 18, 2007 1:42pm Oct 18, 2007 1:42pm
So my thinking and trading plan was right? It was just "one of those trades" that doesn't work? Or did I miss something in my plan and perhaps I shouldn't have taken that trade to begin with?

Quoting Hakuna
There's no system that has 100% strike rate.
  • #2,262
  • Oct 18, 2007 1:57pm Oct 18, 2007 1:57pm
Quoting Tw0eleven
Well, I really just don't know what happened to this trade. I thought it was a beauty!
Reasons for shorting: 1) Lag 1 gave short signal & both Lags were at the top
2) Price was staying below Pivot level and 200ema
3) 60ema was below 200ema for downtrend/short setup


Any ideas???
my interpretation; take another look at it--the RED lak #2 never went down from previous uptrend...must wait to end trade when lak #2 RED trades below 0.85 line...you still would be in a lonf

BTW, my keyboard doesn't work on some letters...;D you were a little early in takin' the trade...
  • #2,263
  • Oct 18, 2007 2:22pm Oct 18, 2007 2:22pm
I see what you mean Ann. Thank you for pointing that out. Another thing for me to look for on the charts! Happy Trading!

Quoting Ann
my interpretation; take another look at it--the RED lak #2 never went down from previous uptrend...must wait to end trade when lak #2 RED trades below 0.85 line...you still would be in a lonf

BTW, my keyboard doesn't work on some letters...;D you were a little early in takin' the trade...
  • #2,264
  • Oct 18, 2007 2:24pm Oct 18, 2007 2:24pm
Quoting Tw0eleven
Well, I really just don't know what happened to this trade. I thought it was a beauty!
Reasons for shorting: 1) Lag 1 gave short signal & both Lags were at the top
2) Price was staying below Pivot level and 200ema
3) 60ema was below 200ema for downtrend/short setup
Any ideas???
If u enter with a very tight SL, canīt hurt.

Another thing... if i see this chart i will wait the price cross the Bollinger 20. It touch, but donīt break it in the new candle, and Ann is right to.. the RED LAG is on TOP and still in long trend. Need to wait it smoth the bullish force. And other thing, 60EMA is to close. if u wait the breakeven of 60ema, it wil be fine.
  • #2,265
  • Oct 18, 2007 2:35pm Oct 18, 2007 2:35pm
Quoting Tw0eleven
So my thinking and trading plan was right? It was just "one of those trades" that doesn't work? Or did I miss something in my plan and perhaps I shouldn't have taken that trade to begin with?
Hi TwOeleven,

Looking at your chart, it sure seemed like a good trade on the 5M chart.

What I see is price had dropped down from todays open and hit close to daily S1 [ a support target level] it couldn't break that and started to retrace back towards the daily pivot to retest that area. If you look at the 15M chart at the time the 5M said to go short you would have seen that red lag 2 had crossed up above .15 pointing upward so it might have been a good idea to wait on the trade to see what happens at the daily pivot level. I like to confirm trades on 15M because higher time frames can give you a clearer picture of price action and trend direction.....T-Wolf
  • #2,266
  • Oct 18, 2007 2:39pm Oct 18, 2007 2:39pm
Thanks for the input on the n/j trade. I see that I did jump the gun a bit by entering too early. It's hard for me to have a tight s/l on this pair because my broker has a 9pip spread on it...so that plus the recommended 25pip s/l on the 5min chart equals a total 35pips s/l. I may just stick with pairs with smaller spreads(e/u, a/u, e/j, u/j) so I can keep my s/l around 20-25pips!

Lesson learned! Cheers!
  • #2,267
  • Oct 18, 2007 3:31pm Oct 18, 2007 3:31pm
Quoting Tw0eleven
Well, I really just don't know what happened to this trade. I thought it was a beauty!
Reasons for shorting: 1) Lag 1 gave short signal & both Lags were at the top
2) Price was staying below Pivot level and 200ema
3) 60ema was below 200ema for downtrend/short setup


Any ideas???
Hi
recieved ur PM , thanks for the comments
one thing you should notice here, the 60 EMA ( Blue) was curving up , this means trend is going up, so u should avoid to short it unless red lag comes below 0.85 , which was not the case when u shorted it. Tne beauty of the Red lag is , it can remain on the top and yet the uptrend never ends, only when the red lag starts to come down, and goes below 0.85, thens the signal to short it
  • #2,268
  • Oct 18, 2007 3:34pm Oct 18, 2007 3:34pm
Quoting Hakuna
There's no system that has 100% strike rate.
This system if you follow the rules of entry , there is a chance of 100% strike rate, i have done 22 conscutive wins on this without a single loss, only time loss occured was when i broke the rule or just wanted to enter a trade
something to think , huh
  • #2,269
  • Oct 18, 2007 3:39pm Oct 18, 2007 3:39pm
Quoting Tw0eleven
Well, I really just don't know what happened to this trade. I thought it was a beauty!
Reasons for shorting: 1) Lag 1 gave short signal & both Lags were at the top
2) Price was staying below Pivot level and 200ema
3) 60ema was below 200ema for downtrend/short setup


Any ideas???
attached is the place where the trade should have taken place
just for information and for education of others, nothing to make u feel bad
Attached Image (click to enlarge)
Click to Enlarge Name: nzdjpy5min.gif Size: 31 KB
  • #2,270
  • Oct 18, 2007 3:50pm Oct 18, 2007 3:50pm
Quoting imransait
attached is the place where the trade should have taken place
just for information and for education of others, nothing to make u feel bad
hi Imran, may be that there is something that I am missing because I understood that the blue Lag (Lag 01) is using for entering the trade and the red Lag (Lag 02) is using to confirmor for exit. In this graph I considered that the red one lagging is enough to enter the trade and if we wait until the red one turns down the blue is not below the 0.85 and the enter is not valid. Please let me know your comments and tks again for all you are doing here
  • #2,271
  • Oct 18, 2007 3:57pm Oct 18, 2007 3:57pm
Thanks imransait! I actually did take that second trade, as you mentioned. But as I'm learning this method...only the US market is open and things are pretty slow. So I will probably close it hear soon, hopefully with a small profit!

Quoting imransait
attached is the place where the trade should have taken place
just for information and for education of others, nothing to make u feel bad
  • #2,272
  • Oct 18, 2007 3:59pm Oct 18, 2007 3:59pm
Quoting argentrad
hi Imran, may be that there is something that I am missing because I understood that the blue Lag (Lag 01) is using for entering the trade and the red Lag (Lag 02) is using to confirmor for exit. In this graph I considered that the red one lagging is enough to enter the trade and if we wait until the red one turns down the blue is not below the 0.85 and the enter is not valid. Please let me know your comments and tks again for all you are doing here
yes, thats correct but when u see the trend is a uptrend and ur going to take a counter trend trade, that is not always going to work , sometimes it works, sometimes it backfires, and if the red lag is turning down before the blue lag, u can take that trade as red lag is more powerful then the blue lag
these are just some exceptions based on the situation. if i wanted , i would only take trades with one lag and that will be the Red Lag , entry and exit, makes the system 100% fail proof ( almost )
  • #2,273
  • Oct 18, 2007 4:08pm Oct 18, 2007 4:08pm
I want to thank you for your answer about retracements and reversals. Your explanation cleared things up a lot. I also would like to thank Imran for this method of trading it is simple and effective. I have reached my goal for the week which is 10 to 15 percent. And as I grow with this method and gain greater understanding of pivot points, support and resistance, and Fibs; I feel that I will be more effective. Thanks to all the leaders of this thread, and please be patience with my questions.

Just an observation; I know this is a scalping thread, but is there any significance that the Lag1 has just broken down on the daily chart?? Just looking back I think this could mean something big down the road. Just a beginner making an observation.

Thank you again.
  • #2,274
  • Oct 18, 2007 4:15pm Oct 18, 2007 4:15pm
Quoting spin703
I want to thank you for your answer about retracements and reversals. Your explanation cleared things up a lot. I also would like to thank Imran for this method of trading it is simple and effective. I have reached my goal for the week which is 10 to 15 percent. And as I grow with this method and gain greater understanding of pivot points, support and resistance, and Fibs; I feel that I will be more effective. Thanks to all the leaders of this thread, and please be patience with my questions.

Just an observation; I know this is a scalping thread, but is there any significance that the Lag1 has just broken down on the daily chart?? Just looking back I think this could mean something big down the road. Just a beginner making an observation.

Thank you again.
Lag 1 has broken, but Lag 2 is still climbing up, so the break we all are expecting is still maybe 1-2 weeks away, till then it will be making higher lows and lower highs
  • #2,275
  • Oct 18, 2007 5:33pm Oct 18, 2007 5:33pm
Quoting imransait
yes, thats correct but when u see the trend is a uptrend and ur going to take a counter trend trade, that is not always going to work , sometimes it works, sometimes it backfires, and if the red lag is turning down before the blue lag, u can take that trade as red lag is more powerful then the blue lag
these are just some exceptions based on the situation. if i wanted , i would only take trades with one lag and that will be the Red Lag , entry and exit, makes the system 100% fail proof ( almost )
tks for all Imran, after listening your comments everything seems easier. very good explanations.
  • #2,276
  • Oct 18, 2007 5:45pm Oct 18, 2007 5:45pm
Pull Back and trend Continuation

Quoting fxdiva
Hi Ninja,

Yet another great chart, but What does PB and TC mean?


Happy pipping,
  • #2,277
  • Oct 18, 2007 5:48pm Oct 18, 2007 5:48pm
tite trailing stop = prey for stop hunters.

I use mental stops...hand on the trigger.
don't wanna feed the "Stop Monster"

Quoting lkthomas
if I don't remember wrong, you suggest to use 15pips trailing stop, correct?
(Actually, I always feel trailing stop is not a good choice, because my friend and I do lost a lot of profit by using T.S)
  • #2,278
  • Oct 18, 2007 5:50pm Oct 18, 2007 5:50pm
UPTREND

Quoting Tw0eleven
Well, I really just don't know what happened to this trade. I thought it was a beauty!
Reasons for shorting: 1) Lag 1 gave short signal & both Lags were at the top
2) Price was staying below Pivot level and 200ema
3) 60ema was below 200ema for downtrend/short setup


Any ideas???
  • #2,279
  • Oct 18, 2007 5:50pm Oct 18, 2007 5:50pm
Quoting fx_ninja
Pull Back and trend Continuation
Thank you. . .

Happy pipping,
Fx Diva
  • #2,280
  • Oct 18, 2007 6:02pm Oct 18, 2007 6:02pm
im curious on the above card nzd/jpy. you say to wait until the red lag has begun to drop. but looking further back. when the red lag hits the top it continues on the roof until a small dip, which was preceded by a drop in the blue lag. this condition seems the same as the one you indicated to take but would be a loss? Am i not seeing something that would have keep outta the trade. its between 1450-1530.

still learning

jms
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