Simple Method of Scalping any pair on 5 min chart , specially GBP/JPY - by Imran Sait | Page 158 | Forex Factory

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

  • #3,141
  • Oct 24, 2007 6:55am Oct 24, 2007 6:55am
Quoting FXNorm
Hometrader, did you check out the link that Imran provided?
Yes but I also checked my actual portfolio and fxcm's figures. thats why I asked the question.
  • #3,142
  • Oct 24, 2007 7:00am Oct 24, 2007 7:00am
Imran,
This is the part that confuses me. I thought both lags had to be in agreement with each other in order to take a trade. Your chart is showing taking this trade before the blue lag has bottomed out. The trend is bearish, a countertrade like this is high risk
Are there conditions where as the blue lag has not crossed the 45 line, take the trade.
Are there any set rules for using only the red lag
Thank You
Attached Image (click to enlarge)
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  • #3,143
  • Oct 24, 2007 7:01am Oct 24, 2007 7:01am
The information I gave on the millionair is what Zulu has posted. I'm assuming its correct.
  • #3,144
  • Oct 24, 2007 7:16am Oct 24, 2007 7:16am
Hometrader, it seems those numbers that I posted are Hypothetical, that figures. Sounded to good.
  • #3,145
  • Oct 24, 2007 7:16am Oct 24, 2007 7:16am
Quoting bullseye
Imran,
This is the part that confuses me. I thought both lags had to be in agreement with each other in order to take a trade. Your chart is showing taking this trade before the blue lag has bottomed out. The trend is bearish, a countertrade like this is high risk
Are there conditions where as the blue lag has not crossed the 45 line, take the trade.
Are there any set rules for using only the red lag
Thank You
Hi Imran am I correct in assuming that when Laguerre flat lines above 0.85 or below 0.15 it is an indication that the trend is still intact. Therefore looking at bulls eye's chart the buy was a great set up
  • #3,146
  • Oct 24, 2007 7:17am Oct 24, 2007 7:17am
Quoting FXNorm
Hometrader, it seems those numbers that I posted are Hypothetical, that figures. Sounded to good.
Thanks Norm
  • #3,147
  • Oct 24, 2007 7:22am Oct 24, 2007 7:22am
Quoting bullseye
Imran,
This is the part that confuses me. I thought both lags had to be in agreement with each other in order to take a trade. Your chart is showing taking this trade before the blue lag has bottomed out. The trend is bearish, a countertrade like this is high risk
Are there conditions where as the blue lag has not crossed the 45 line, take the trade.
Are there any set rules for using only the red lag
Thank You
The red lag takes precedence over the blue if its in the opposite direction and if u notice the price was at the bottom bollinger band .
risk can be contained if ur SL is tight, i dont recommend these trades to anyone,, just pointing out the possibility of quick scalps
  • #3,148
  • Oct 24, 2007 7:22am Oct 24, 2007 7:22am
Bullseye, the chart you're looking at has perfect triggers for a "scalp trade"

Red lag flat at the top. Blue lag flat at the top just crossing 0.85 line on the way down. histogram going negative.
  • #3,149
  • Oct 24, 2007 7:29am Oct 24, 2007 7:29am
Quoting FXNorm
Bullseye, the chart you're looking at has perfect triggers for a "scalp trade"

Red lag flat at the top. Blue lag flat at the top just crossing 0.85 line on the way down. histogram going negative.
hello FXNorm - i thinking he speak about green circles
  • #3,150
  • Oct 24, 2007 7:31am Oct 24, 2007 7:31am
.
Attached Image (click to enlarge)
Click to Enlarge Name: gbp_jpy_3.gif Size: 23 KB
  • #3,151
  • Oct 24, 2007 7:31am Oct 24, 2007 7:31am
Quoting imransait
Here's what I have found: the 50EMA on the 30M chart will give you the updated Daily pivot at any point in time throughout the day for any currency. - Contributed by My2buoys - a FF Member

Stranger then fiction guys...but its true..i checked it myself
Only apply this tip for the 30 min chart using the 50 EMA
  • #3,152
  • Oct 24, 2007 7:35am Oct 24, 2007 7:35am
I've been away from trading for a few years doing other things. About 5 years ago I probably read every tech analysis book around and tested every bit of software I could. I did my best to find a mechanical system that would work but after a couple of years gave up trying. I came to the conclusion that TA just did not work. Everything looks fantastic with hindsight but to walk a system forward with longterm profits was nigh on impossible, particularly systems that are publicly available.
I'm back now picking up on my previous interest but my first try at something new, like this current thread system, foundered immediately. There were about 10-12 trades on GPBUSD and EURGPB and all bar 1 were stopped out at a loss. Now I know 12 trades is only a small sample but my initial reaction was 'here we go again'.
Is it me ? Am I in a Sims game with my trading settings shot to hell ? Perhaps.
So, my question is this - is there anybody out there who is really making a reasonable living wage trading using tech analysis and mechanical systems ? Not a system where their own experience or intuition are involved.
Personally I don't think so but I'd be happy to hear from genuine folk who know otherwise.

PS. I'm trying out PipBoxer but my first 2 trades this morning are both down substantial amounts. Hey ho.
He was looking for the card so high and wild hed never need to deal another
  • #3,153
  • Oct 24, 2007 7:37am Oct 24, 2007 7:37am
Thnx Drift, I just figured that out after i posted I haven't got a clue about the long trade, little too advanced for me.
  • #3,154
  • Oct 24, 2007 7:45am Oct 24, 2007 7:45am
Quoting imransait
The red lag takes precedence over the blue if its in the opposite direction and if u notice the price was at the bottom bollinger band .
risk can be contained if ur SL is tight, i dont recommend these trades to anyone,, just pointing out the possibility of quick scalps
Thanks Imran, Anytime I see a trade with that type of a setup the red lag takes precedence providing price is either at the low or high of the bands, and a fair amount of distance from the emas, stochs agree and exit when the lags have turned down or up from the .85-.15, this would apply also to the 5min. on up
  • #3,155
  • Oct 24, 2007 7:49am Oct 24, 2007 7:49am
Hello Dr Who, here is my take on it...YES, You definitely need some "intuition" in Forex, I firmly believe in trading (2) pairs as I study their overall behavior and try to react accordingly. As for this particular system, for me it definitely works as my trading style is more geared towards scalps or let's say a trade lasting less than 1 hour. That being said, it is mechanical however some knowledge of the pair You choose to trade is needed just like their are psychological points in the market price always seems to stop and turn for no fundamental reason whatsoever. I personally think this system works best on the Yen crosses, GBP/USD can sometimes move a bit slow for this system in my opinion. And Yes, I do make my living trading, I live modestly though albeit comfortably. Hope this helped.
  • #3,156
  • Oct 24, 2007 7:49am Oct 24, 2007 7:49am
Hi there Dr whoAre you sure that youve followed the rules of this system accurately? I only ask because in my experince of following and using this system it has proven to be far more effective than anything else ive used. plus it combines some elements of other trading systems and basic TAIn one of the posts i placed last week i indicated i was up 280 pips using this system and this week has so far been overwelmingly positive also.i have only used it on gbpjpy which incidently iwould normally never trade because of it wide daily range and volatility, but those are the two points that make it such a viable pair to trade if you know how.I wouldnt say i was making a living from trading as I have my day job to do that and for me trading has always ben about supplementing it rather than replacing it but i would say that i make more than my salaried income especially now.Of course that could all change!! Finally I dont thing eurgbp would be very good to trade as it is such a slow pair with a narrow range.
  • #3,157
  • Oct 24, 2007 7:54am Oct 24, 2007 7:54am
Quoting bullseye
Only apply this tip for the 30 min chart using the 50 EMA
Hi imran, im probably being a bit dense but how would you use this to your benefit. Sorry i am not in fornt of my charts till later so can't see what it would look.
  • #3,158
  • Oct 24, 2007 7:55am Oct 24, 2007 7:55am
Dr who, for mechanical systems, check out Zulutrade let us know if you find anything.
Imran's system works great if you use the best trigger points. I haven't seen anyone that can find fault with it. If you had losses, please post your charts if possible.
  • #3,159
  • Oct 24, 2007 8:07am Oct 24, 2007 8:07am
Dr_Who,

the last couple of week I battled with similar problems, although I have no ambition to trade this system on autopilot, like you seem to intend.

For AUD/JPY (on 15m TF) I've since increased my SL-distance to 45 pips and consequently reduced my position size to end up with a similar risk. After this change things work out o.k.
At the moment I'm also trying out EUR/JPY on a demo account, incidentely, this cross seems to want to go north rather fiercly right now...

best wishes,

Ohka
  • #3,160
  • Oct 24, 2007 8:08am Oct 24, 2007 8:08am
DR. WHO
I have been trading for some time with a lot of ups and downs. Staying away and then coming back and repeating from where you left off can be frustrating. I came across this thread and learning this method that Imran has shared. God bless Imran, my trades have been positive since following his rules. There is no holy grail, Imran's method is simple and realistic.
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