Simple Method of Scalping any pair on 5 min chart , specially GBP/JPY - by Imran Sait | Page 160 | Forex Factory

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

  • #3,181
  • Oct 24, 2007 9:08am Oct 24, 2007 9:08am
news spike hit the price, guess we'll never know red lag wasn't that far off , it was at the exact top
  • #3,182
  • Oct 24, 2007 9:10am Oct 24, 2007 9:10am
Quoting dr_who
"In my opinion, that chart on EUR/USD is not a sell signal."

"Looks good shocker, i'd let the histogram turn a hair more. its just a quick scalp trade"


See, there ya go.

Two differing opinions about the same chart and indicators. Surely a system should be a system and not require interpretation.......That leaves the flood gates open.
Hi Dr

given a simple system to 2 people, one will win and other will loose, and thats what happens here coz each person has some concepts embedded in his subconsious which makes him to make a decision, and thats more the reason to argue and comment on the charts here so each person can express his views, and final outcome will be based on each persons reaction to the situation
  • #3,183
  • Oct 24, 2007 9:27am Oct 24, 2007 9:27am
Yes, you're right. But personally I think I need a system that takes things away from the subconscious processes cos I think my subconscious isn't too good when it comes to trading. Anyway, I'll see how PipBoxer goes because that is purely mechanical and over time seems to do quite well. Now that I'm trying it, it'll probably go into a steep decline !!
He was looking for the card so high and wild hed never need to deal another
  • #3,184
  • Oct 24, 2007 9:29am Oct 24, 2007 9:29am
Bye dr
  • #3,185
  • Oct 24, 2007 9:30am Oct 24, 2007 9:30am
Quoting dr_who
Thanks for the reassurances. Here is one of my losing trades on the GPBUSD at about 11:30 this morning. I sold on the Lageurre falling below 0.85 at which point it rebounded and stopped me out. Any comments if I was doing something incorrectly ?

[IMG]file:///C:/Documents%20and%20Settings/KLEINSTESBERS/Desktop/1130.jpg[/IMG][IMG]file:///C:/Documents%20and%20Settings/KLEINSTESBERS/Desktop/1130.jpg[/IMG]http://www.arbscan.com/1130.jpg
Clearly not a sell at that stage because;1) lag 2 was pointing upwards2) looking at your 200 and 60 emas, their values were close and price was to close to their values and bpbing arround so showing indecisiveness
  • #3,186
  • Oct 24, 2007 9:38am Oct 24, 2007 9:38am
rocwell, help me out here...the red lag looks to be flat across the top. the only problem i see is the moving averages are just below the sell point and the price did bounce back up off of them.
  • #3,187
  • Oct 24, 2007 9:39am Oct 24, 2007 9:39am
Quoting Shocker2
EURUSD, Would this be considered a sell signal>? should I also make sure that 1min chart both lags are in agree with the 5min?
quite an interesting chart.At first blush i would be looking at a short but looking at the fact that the bolinger bands are pointing up and the price has touched the middle band and not fallen below i would be hesitant. Upon looking at the Lag 2 again and bearing in mind it's technically pointing upwards and its possible to reach the extreme barrier and stay up there, i would not have much confidence in this as a short position. i would stay out.
  • #3,188
  • Oct 24, 2007 9:41am Oct 24, 2007 9:41am
roc, yes I see that now. However, when you read the rule on the first page for Short Entry it doesn't make it that clear that the position of Lag 2 is of such importance.
And as we've seen, there are clearly ways to interpret things using this system.
It's probably not for me at this stage but best of luck to you all.
He was looking for the card so high and wild hed never need to deal another
  • #3,189
  • Oct 24, 2007 9:44am Oct 24, 2007 9:44am
Quoting FXNorm
rocwell, help me out here...the red lag looks to be flat across the top. the only problem i see is the moving averages are just below the sell point and the price did bounce back up off of them.
Hi FXNormunless i'm much mistaken the original post indicated that the position was taken at 11.30.Looking at the position at 11.30 as indicated at the bottom of the chart, working from that time the Lag 2 which i pressume is the bottom one was pointing up. as far as the MAs are concerned, i aviod trading anything when they start to go flat and narrow
  • #3,190
  • Oct 24, 2007 9:47am Oct 24, 2007 9:47am
Quoting dr_who
roc, yes I see that now. However, when you read the rule on the first page for Short Entry it doesn't make it that clear that the position of Lag 2 is of such importance.
And as we've seen, there are clearly ways to interpret things using this system.
It's probably not for me at this stage but best of luck to you all.
Hey dr who!Give it some time.....trust me it does work if you can master how to look at the indicators. a good way is to stick a 1min chart with the indicators on and just watch the way the price behaves. you'll see patterns and you'll be very surprised!!!!.......trust me ;-)
  • #3,191
  • Oct 24, 2007 9:48am Oct 24, 2007 9:48am
us existing home sales.

DONT TRADE DURING NEWS.

this is for observation ONLY.
Attached Image (click to enlarge)
Click to Enlarge Name: eu 001 home sales.jpg Size: 319 KB
  • #3,192
  • Oct 24, 2007 9:49am Oct 24, 2007 9:49am
I was looking at the 12:30 or so lag point. the first set of lags, the red lag is way off. in the 1230 set, they look ok to me. shorting into a moving avg doesn't look like a good idea.
  • #3,193
  • Oct 24, 2007 9:54am Oct 24, 2007 9:54am
Wow...DOW is really taking a beating, down -133 as I write this
  • #3,194
  • Oct 24, 2007 9:54am Oct 24, 2007 9:54am
2 Trades I took recently...

The first red line I shorted at 234.22 with exit at 233.93 for 25 pips...wasn't sure what it was going to do before opening of New York so got out. Red Lag at time was above 45 line but FLAT so I took a quick scalp.

Second trade shorted at 233.45 Red Lag #2 went below 45 line still in trade...
Attached Image (click to enlarge)
Click to Enlarge Name: good short.gif Size: 21 KB
  • #3,195
  • Oct 24, 2007 9:57am Oct 24, 2007 9:57am
Quoting Ann
2 Trades I took recently...

The first red line I shorted at 234.22 with exit at 233.93 for 25 pips...wasn't sure what it was going to do before opening of New York so got out. Red Lag at time was above 45 line but FLAT so I took a quick scalp.

Second trade shorted at 233.45 Red Lag #2 went below 45 line still in trade...
if price breaks thru 233.30 convincingly, we will see 232.80 is super quick time
  • #3,196
  • Oct 24, 2007 9:59am Oct 24, 2007 9:59am
FXNorm....Sorry i dont have access to good charts at the moment bot from what i can make out, gbpusd did drift down from about 2.0485 to about 2.0463 after 12.30 gmt. I suppose the first thing to check is what timezone the chart is in. Any ideas?
  • #3,197
  • Edited 10:43am Oct 24, 2007 10:00am | Edited 10:43am
Ann, my understanding is to never take a "short" trade unless the red lag is traveling flat across the top.
  • #3,198
  • Oct 24, 2007 10:02am Oct 24, 2007 10:02am
Well, I started the week with a few good trades. Then yesterday and early today I hit a bad patch where I lost 9 of 13 trades. Then, thanks to this beauty(eur/jpy chart below)...I made up for all my losses plus some! For those new traders out there I have some advice with this system...I only have a 50% win/loss ratio right now, but by following Imransait's tight stoploss rules and letting your winning trades run...I am positive pips for the week!!! You Must Be Disciplined and Patient! Now if I can get my success rate up to 80-90%, maybe I can retire from my fulltime job in a couple years! hahaha

Happy Trading everyone!
Attached Image (click to enlarge)
Click to Enlarge Name: eurjpy5min.gif Size: 34 KB
  • #3,199
  • Oct 24, 2007 10:02am Oct 24, 2007 10:02am
Roc, I was refering to the good dr's chart
  • #3,200
  • Oct 24, 2007 10:02am Oct 24, 2007 10:02am
Quoting imransait
if price breaks thru 233.30 convincingly, we will see 232.80 is super quick time
So far Dow is -124.70 so hopefully it continues to drop after it's done with small retracement...
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