Simple Method of Scalping any pair on 5 min chart , specially GBP/JPY - by Imran Sait | Page 139 | Forex Factory

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

  • #2,761
  • Oct 22, 2007 2:07pm Oct 22, 2007 2:07pm
How do you use this indicator?
Push yourself to your fullest potential!!
  • #2,762
  • Oct 22, 2007 2:13pm Oct 22, 2007 2:13pm
Quoting viking1975
How do you use this indicator?
You can use the levels as sup and res.
  • #2,763
  • Oct 22, 2007 2:16pm Oct 22, 2007 2:16pm
Good signals here, I'm at +50 pips now
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  • #2,764
  • Oct 22, 2007 2:18pm Oct 22, 2007 2:18pm
Quoting magicforex
Good signals here, I'm at +50 pips now
did you close your position or are you still in? TP? SL?
  • #2,765
  • Oct 22, 2007 2:25pm Oct 22, 2007 2:25pm
Quoting magicforex
Good signals here, I'm at +50 pips now
anybody like this set up for s short in 15"?
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  • #2,766
  • Oct 22, 2007 2:38pm Oct 22, 2007 2:38pm
Quoting argentrad
did you close your position or are you still in? TP? SL?
I closed mine at +35 when i saw UP trend arrow. I set my SL at 25-30 pips.
  • #2,767
  • Oct 22, 2007 2:41pm Oct 22, 2007 2:41pm
Quoting magicforex
I closed mine at +35 when i saw UP trend arrow. I set my SL at 25-30 pips.
tks I closed mine with minimun lost. congratulations
  • #2,768
  • Oct 22, 2007 2:52pm Oct 22, 2007 2:52pm
I closed my trade once i saw the blue UP trend arrow and it looks like another signal for long as shown on the screenshot... another good +30 pipss. The 60 MA might give some resistence seen in the 15 min TF.
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  • #2,769
  • Oct 22, 2007 2:58pm Oct 22, 2007 2:58pm
I did a back test on this method on the hourly chart with the blue lag set at gamma .60 and the results were great. I took into consideration of the 8 pip spread on all trades. The results were from Sept. 12th to now was 20 wins and 15 losses but the take profit for each trade was 100 pips and the stop loss was 50 pips. +1250 pips profit for that time period from Sept 12 th to Oct. 19th. Perhaps someone can build a simple EA with those parameters and it should be good for a very realistic +500 pips to +1000 pips per month on the GBP/JPY. What do you think? Paris
  • #2,770
  • Oct 22, 2007 3:15pm Oct 22, 2007 3:15pm
Quoting imransait
below chart shows the entry of the trade , perfect setup for atleast +200pips ( BTW this trade is still open not yet closed and while time of writing it has crossed 200 pips )
In taking the trades similar to this chart. I normally wait until the price shows it's not going to bounce off the centerline of the bollinger bands (20ma). Do you normally wait until the price clears that area if it's as close as the trade your sharing?

I would truely appreciate anyone else's opinion about this aswell. So far positive trades have been coming regularly but i normally trade #$ & eurjpy during the US session. Many thanks again Imran for your generousity and for more knowledgeable contributors in the thread!
PipHunter
  • #2,771
  • Oct 22, 2007 3:37pm Oct 22, 2007 3:37pm
Imran and everyone, the LAG-2 still really confuses me. I have actually gone through the forum and discovered all the 3 indicator should be positive to go long and negative to go short. The LAG-2 is going down now and the STOCH is up, the LAG-1 is up and the market is going up. So far about about 60 pips movement has been made.

What SL and TP should I use for 5M time frame on 7 pip spread?

What do you also use the MT4 Level Stop and Reversal for? Which effect does it have on trade decision?

I also saw someone that posted the exact trade I was talking about above and saw that it was a positive trade but there was no confirmation from LAG-2 to enter the trade. Does it mean only STOCH, LAG-1, and maybe Level Stop and Reversal is ok?

Let me know as soon as possible.
Trading Just Got Easier...
  • #2,772
  • Oct 22, 2007 3:37pm Oct 22, 2007 3:37pm
The chart I had the question about is in post 2320

Thanks!
PipHunter
  • #2,773
  • Oct 22, 2007 3:48pm Oct 22, 2007 3:48pm
I too was confused at first, but if you look at the longer TF's, it gives a better picture... See the screenshot below. In 5 min TF, the LAG-2 was going down, but in 15 min TF the LAG-1, 2, and stoch all was pointing up which gave me a LONG signal.. already @ +90 pips =D.

Quoting walesoje1
Imran and everyone, the LAG-2 still really confuses me. I have actually gone through the forum and discovered all the 3 indicator should be positive to go long and negative to go short. The LAG-2 is going down now and the STOCH is up, the LAG-1 is up and the market is going up. So far about about 60 pips movement has been made.

What SL and TP should I use for 5M time frame on 7 pip spread?

What do you also use the MT4 Level Stop and Reversal for? Which effect does it have on trade decision?

I also saw someone that posted the exact trade I was talking about above and saw that it was a positive trade but there was no confirmation from LAG-2 to enter the trade. Does it mean only STOCH, LAG-1, and maybe Level Stop and Reversal is ok?

Let me know as soon as possible.
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  • #2,774
  • Oct 22, 2007 4:00pm Oct 22, 2007 4:00pm
Hello,

Just want to share a small win. I've spend close to 8 h reading a good part of this thread and my eyes are red !!! You are all awsome guys.
I try my first trade on GBP/JPY following te rules .... and got my first win so I'm happy.

Thanks again Imran and btw I'm also in for the skype group

AL
AL
  • #2,775
  • Oct 22, 2007 4:24pm Oct 22, 2007 4:24pm
Long trade went up to +120 Pips, i closed at 85 pips when i saw the DOWN trend arrow. LAG 1 crossed 0.85 downwards, and Stoch points down giving another signal?


EDIT: BAD Short SIGNAL this was.. -25 pips. What did i do wrong here?
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  • #2,776
  • Oct 22, 2007 4:33pm Oct 22, 2007 4:33pm
If the red lag is confusing, don't use it for a while till you figure it out. The blue lag is the most important one. Someone correct me if i'm wrong please.
I just made a demo buy at 232.60 in the last hour when the blue lag came off the bottom. I was looking for a test of the top of the wedge on gbp/jpy 5 min and it blew right thru it for a first contract profit at 233.00 of 40 pips
but the blue lag was pined at the top and the red lag was turning up seems to show strength, anyways the price kept on going to 234.00 so i closed my 2nd position for 140 pips (demo) total with 2 contracts was 180 pips. INCREDIBLE system so far. Now for the real thing lol
  • #2,777
  • Oct 22, 2007 4:42pm Oct 22, 2007 4:42pm
From what I understand of this system and how I use the laq2 is that it's a confirmation tool and a exit tool. After you get used to trading this system you'll know how they work together and when apply the bollinger bands and ema's together along with pivot points you can narrow down more high percentage trades. My two cents though.
Push yourself to your fullest potential!!
  • #2,778
  • Oct 22, 2007 4:48pm Oct 22, 2007 4:48pm
Quoting fx_ninja
you must be able to discern the bias of the mkt.
in a Downtrend,Long signals are COUNTER TREND and far riskier than trading with the trend.
be sure to look back at the last RED LAG signal and compare with price action and slope of the 2 MA (red and blue) to see what the predominant trend is for the TF of the chart u r viewing.
good idea for a FIRST Trade is to wait till both lags are at the same extreme level (up or down) for several bars then take the signal from the blue lag.
at least u will have a better chance of starting with a profitable trade. those dont happen as often but they do happen so be patient.


fx_ninja, thanks for your advise. I understand what you were saying by counter trend i.e. long signals during the sell session. What is the risk because you said it is far riskier.

What do I actually check on the RED LAG?

I actually check the MA's before entering trades.

What do I really have to check on the higher TF before trading because Imran advises that higher TF should be checked.
Trading Just Got Easier...
  • #2,779
  • Oct 22, 2007 4:56pm Oct 22, 2007 4:56pm
I think the higher TF is just so your not going against the trend in a way that would risk your position quickly. I use the higher TF to give the direction and place on the 5m in the motion of the 15m Tf. Any thoughts are appreciated from everyone else.
Push yourself to your fullest potential!!
  • #2,780
  • Oct 22, 2007 4:59pm Oct 22, 2007 4:59pm
If any traders here have yahoo messenger and want to talk online as we place trades just look me up at viking_1975 as we could dicuss live trades together..seems like two minds are better than one.
Push yourself to your fullest potential!!
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