Simple Method of Scalping any pair on 5 min chart , specially GBP/JPY - by Imran Sait | Page 157 | Forex Factory

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

  • #3,121
  • Oct 24, 2007 4:05am Oct 24, 2007 4:05am
Quoting felipeds
What they think? red lag already it crossed !
if u check..the red lag is in different positions in 1min, 5min and 15 min..so price is consolidating before making a move..so if ur trading..stick to one chart and follow that , either long or short and lock in pips as u gain
  • #3,122
  • Oct 24, 2007 4:06am Oct 24, 2007 4:06am
Thanks for the info Imran!

Quoting imransait
reasons
1. Bollinger bands were narrow, waiting for breakout
2. both the lags and the stoch were not in agreement
3. i was not on my pc, but still would not have taken the trade
  • #3,123
  • Oct 24, 2007 4:08am Oct 24, 2007 4:08am
1. Existing Home Sales for USA 14:00 - moderate to ihgh volatility (USD majors)
2. Crude Oil Inventories for USa 14:30 - low volatility (EUR/USD)
3. RBNZ Interest Rate Decision for New Zealand 20:00 - high volatility (NZD/USD)
  • #3,124
  • Oct 24, 2007 4:38am Oct 24, 2007 4:38am
Hi imranA few questions for you 1) You pointed out that price on gbpjpy wopuld fall back after reaching 234.50-60. I saw resistance around that because of multiple resistance due to the 200 ema and 20 period ma in the bolinger band in the 15min chart around that time, After your post i noticed that the 200ema in the 5 min chart was at 234.59. Was it the 200 ema in the 5min chart you base your calculation/prediction on or something else? 2) yesterday we had a bit of an upward move in the eve (gmt) taking the pair upto 235.70 mark. In a post i said that it looked like the breakout we were expecting had come to the upside but you poited out it was a false breakout and it would fall back after the close of the US markets, which it did. What led you to this conclusion 3) whilst GBPUSD is not as volatile as GBPJPY, in your experience does price behave in a similar fashion or is there a distinction in how Yen crosses behave?Thanks in advance
  • #3,125
  • Oct 24, 2007 4:48am Oct 24, 2007 4:48am
Quoting rocwell
Hi imranA few questions for you 1) You pointed out that price on gbpjpy wopuld fall back after reaching 234.50-60. I saw resistance around that because of multiple resistance due to the 200 ema and 20 period ma in the bolinger band in the 15min chart around that time, After your post i noticed that the 200ema in the 5 min chart was at 234.59. Was it the 200 ema in the 5min chart you base your calculation/prediction on or something else? 2) yesterday we had a bit of an upward move in the eve (gmt) taking the pair upto 235.70 mark. In a post i said that it looked like the breakout we were expecting had come to the upside but you poited out it was a false breakout and it would fall back after the close of the US markets, which it did. What led you to this conclusion 3) whilst GBPUSD is not as volatile as GBPJPY, in your experience does price behave in a similar fashion or is there a distinction in how Yen crosses behave?Thanks in advance
1. yes, 200 EMA on 5min was my call for shorts as it was holding a good support earlier and once price comes below it, it acts as strong resistance and the sentiment was bearish too

2. That move upwards was not supported by the higher lags in 5min and 15min, so it was only a spike up , maybe brokers hunting for Stop Losses

3. GBP/USD does get influenced by the yen crosses, specially gbp/jpy and even if fundamentally strong, if gbp/jpy falls, gbp /usd also follows maybe little late
  • #3,126
  • Oct 24, 2007 5:20am Oct 24, 2007 5:20am
I it concludes that in M15 he is safer to operate, following lag1 and alignment of the indicators, thus has little signals, but more correct signals ! what they think?
  • #3,127
  • Oct 24, 2007 5:26am Oct 24, 2007 5:26am
Quoting imransait
SL and TP are different for each , it is as below, this is what i use, u can experiment and see which suits u

GBP/USD - SL - 20 Pips TP 60 Pips or S1/R1 and S2/R2
GBP/JPY - SL - 25 Pips TP 100 Pips or S1/R1 and S2/R2
USD/JPY - SL - 20 Pips TP 50 Pips or S1/R1 and S2/R2
Imran,

You use only SL 20-25 in these pairs, but, i have a question: in M15 would not be dangerous?

tks for help.
  • #3,128
  • Oct 24, 2007 5:28am Oct 24, 2007 5:28am
Quoting felipeds
Imran,

You use only SL 20-25 in these pairs, but, i have a question: in M15 would not be dangerous?

tks for help.
from the entry i take i found these to be good..if u feel not safe..u can increase it and see..
  • #3,129
  • Oct 24, 2007 5:36am Oct 24, 2007 5:36am
Good Day Everyone

just for interest:

FX-Millionair
1000 trades in 9 weeks
18,000 pips
18 pips per trade
97% win ratio
241 paid accounts following
  • #3,130
  • Oct 24, 2007 5:42am Oct 24, 2007 5:42am
Quoting FXNorm
Good Day Everyone

just for interest:

FX-Millionair
1000 trades in 9 weeks
18,000 pips
18 pips per trade
97% win ratio
241 paid accounts following
what is this info, any more details or website ?

got the info here
http://criticalmassfx.zulutrade.com/...ookieSupport=1

looks good...need to check it out
  • #3,131
  • Oct 24, 2007 6:20am Oct 24, 2007 6:20am
Imran, maybe its a good idea to hit 20 trades a day for 20 pips each and not worry about all the resistance points. Is it possible?

20 x 18 trades = 360 pips
  • #3,132
  • Oct 24, 2007 6:25am Oct 24, 2007 6:25am
Quoting FXNorm
Imran, maybe its a good idea to hit 20 trades a day for 20 pips each and not worry about all the resistance points. Is it possible?

20 x 18 trades = 360 pips
it is technically possible, but highly taxing . I am already testing a short term trade stategy using the Lags with low settings to scalp 10-15 pips , will inform you once its working well. With this u can make 50 trades a day targetting 10 pips + spread
  • #3,133
  • Oct 24, 2007 6:27am Oct 24, 2007 6:27am
Thnx!

50 trades a day, whew! lol I bet that woke a few guys/gals up.
  • #3,134
  • Oct 24, 2007 6:32am Oct 24, 2007 6:32am
What just caused that spike?...Woke me up
  • #3,135
  • Oct 24, 2007 6:34am Oct 24, 2007 6:34am
Quoting FXNorm
Good Day Everyone

just for interest:

FX-Millionair
1000 trades in 9 weeks
18,000 pips
18 pips per trade
97% win ratio
241 paid accounts following
Hi FX Norm I have just checked on my fxcm Auto trader portfolios and it does not seem to support the figures you mention on either fx millionair or critical mass am in number of trades or performance. Am I missing something?
  • #3,136
  • Oct 24, 2007 6:35am Oct 24, 2007 6:35am
Dear Imran

I ha PM you please check

Nasir
  • #3,137
  • Oct 24, 2007 6:45am Oct 24, 2007 6:45am
Hometrader, did you check out the link that Imran provided?
  • #3,138
  • Oct 24, 2007 6:48am Oct 24, 2007 6:48am
Guys, market is very volatile, volumes are very thin..
with US Home news to come and DOW no idea where it will open..better to stand out and watch then get whipsawed..this could move 100 pip up and down in seconds
  • #3,139
  • Oct 24, 2007 6:54am Oct 24, 2007 6:54am
http://fx-millionaire.blogspot.com/
  • #3,140
  • Oct 24, 2007 6:54am Oct 24, 2007 6:54am
I would think anything that has to do with US homes has to be negative. Is it possible that the lags can read the inside shorting by the BIG BOYS just before the release? Would be interesting to see
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