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

imransait, I did a long on AUD/JPY @ 102.71, after gain 20pips and it drop back to breakeven point, very sad that it does happen, grrr...

I have been looking at this thread for a few days now and would just like to thank you all but especially imransait for your hard work.

There certainly is alot of information here, it's going to take an age for me to read through and digest. Judging from most peoples responses it will be well worth it.

Hi everyone, Here is a trade I took earlier today. Nice set-up with Price hitting upper bolinger band and bollinger bands tight and price near ema's with both laq2 near the top. Exited trade on Liptsa buy signal for 100 pips. Anybody else take this trade.

Cheers!

Chris

LKThomas,

as I wrote a few pages back I reccommend to trade the Aussie/Yen cross at 15 min or above.
Aussie/Yen is not really a major cross and consequently liquidity is much lower.
Any movements in the more liquid Yen crosses (€Y & $Y) create much larger movements in Aussie/Yen.
This is the reason why I like to trade this cross, but it's also the reason that trading it on the smaller time frames carries inherently more risk.
Either be content with some 10-15 pips fixed profit target, or consider moving over to 15 minutes (and above). Please look at the attached image (which is a carbon copy of attachment in a prior message) to learn why I made these recommendation.

Just my 0.02€ of experience after having traded this cross for almost a year now....

good trading
Ohka

Ohka , what you think? possible BUY soon?

I would not trade against the trend unless the laq2 crosses the signal line. Just my 2 cents though.

Cheers

Chris

there's only a couple of hours left and the market will be closed. Volume is thinning already and AUS/JPY is a small cross to start with.
What else do we have?
- an almost completed W-formation, where the current price might bump off a possible EMA(60) resistance (as it did during the last swing up...)
- two Laguerre indicators that are not pointing in the same direction
- Lag.-1 has already crossed 0.45 to the upside, so it has covered considerable ground already...
- EMA(200) & EMA(60) both tell us the trend is down.

Personally, I would not take a long position now. And since there's precious little time left this week, I'd postpone a possible short (which might well turn up in a couple of bars if EMA(60) resistance holds) till Monday...

There might be 10-15 pips in it if you were to go long, but the risks are too high for my taste...

Just my 0.02€....

Good trading!
Ohka

There is some tedency to alot of price movement after the Dow closes..but you have to get in fast and get out fast..just my thoughts though. Anybody else have thoughts on it.

Cheers!
Chris

You're right about that Chris, but I wouldn't want to take this play on a Friday with a market winding down for the weekend...
We've seen the potential of Imran's system by now. There's no longer any point in taking risks like this as there'll be plenty left on the table come next week....

Have a nice weekend,
Ohka

good words of wisdom!!

Guys, just sit back and close any trades which are positive and keep a tight Sl incase its not, coz the close of DOW and end of week brings in its own votality, so not worth the effort. there is always next week which will bring in more oppurtunities, so cool off

Well said imrain! Advice taken!

SORRY! imran made a typo on your name.

no probs, mate...chill pill
i am off now..see u guys after dinner

Its so sad...all indicators scream Short me. I am going to have to close for only 25 pips.
Well said. There is always next week.
Have a great weekend.
Evan

how has the trading week been for everyone trading this system. I've made almost 900 pips this week trading this system on a part time basis. I wonder what I'd do if did this full time. always fun to dream though!

Have a great weekend everyone,

Chris

Great to hear your good piping this week. Which pairs did you trade it?
Evan

EUR/JPY and GBP/USD because of the lower spread with my broker. What pairs are you trading or would like to trade? imran has made a brilliant system here and as time goes on trading this gets easier and easier. All the thanks goes to imran but good discussion and shooting ideas off eachother is great here!

Hi thunderwolf, how was the trading week for ya? Where abouts in minnesota do ya live?

Cheers!

Chris

I traded only G/Y but it is hard due to the time. I am in EST and also at work. I managed to make about 200pips. I have not been posting much because I had to read this immense thread and start using the system. It is great working all together.
Best of luck to all.