Simple Method of Scalping any pair on 5 min chart , specially GBP/JPY - by Imran Sait | Page 170 | Forex Factory

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Indicators and Rules for Simple Method of Scalping GBP/Jpy on 5 min chart 18 replies

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

  • #3,381
  • Oct 25, 2007 7:39am Oct 25, 2007 7:39am
Quoting Ann
Appears the 14, 3, 3 Stoch might work well on the 1-minute timeframe--seems very responsive...
i have used rsi and stoch for scalping on the 1 min before but after getting lags, nothing beats them...so stick with them...keep a watch in 1min and 5min..if both timefram lag is agreeing..then take a entry on the 1min as it gives u 10-15 pips early entry then 5min
  • #3,382
  • Oct 25, 2007 7:41am Oct 25, 2007 7:41am
Hey imran, what format do you anticipate the skype forum will take? irrespective i'd love to participate!Rocwell
  • #3,383
  • Oct 25, 2007 7:41am Oct 25, 2007 7:41am
Quoting Ann
Appears the 14, 3, 3 Stoch might work well on the 1-minute timeframe--seems very responsive...
I checked the histogram on different TF using the 30,-30 levels before I posted. Traders preference on using regular stochs, or histogram
  • #3,384
  • Oct 25, 2007 7:42am Oct 25, 2007 7:42am
Quoting Ann
Good job, Burt625!
Thanks Ann!

And here's something to ponder, how would I know that the right short trade is better than the left one? In both cases the Red Lag was flat on the top, Blue Lag has dropped down and Stoch went to -ve but only one of them is a good short trade.

Btw imransait, is your pdf on this method ready to be circulated? I would like a copy of it to revise over the weekend. Much appreciated.
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  • #3,385
  • Oct 25, 2007 7:44am Oct 25, 2007 7:44am
Also, what pairs do you propose?...other than gbpjpy of course!
  • #3,386
  • Oct 25, 2007 7:50am Oct 25, 2007 7:50am
Hi Folks !

I made some nice pips during the partial melt down
Now what is important here ?
Watch closely the 1h, 15min and 5min chart.
What can you see ?
Only on the 5 min we had a nice setup !!
On the hourly and 15min the stochs are in the green.
Now when you trade the 5min chart alone how do you know how far
its going up or down ??
The answer : Only by watching the three charts simultaneously you can see,
that the downride couldn't last long !!
At the moment a countertrend is in play !!
As Imran mentions grab your pips fast especially if such a constellation
occurs.

You can see that you don't always need a perfect setup if you know
before your target !!

Unfortunately the 50% retracement was not reached so I bailed out
immediately !

Hope this helps

Greetings

Bernhard
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  • #3,387
  • Oct 25, 2007 7:59am Oct 25, 2007 7:59am
Quoting burt625
Thanks Ann!

And here's something to ponder, how would I know that the right short trade is better than the left one? In both cases the Red Lag was flat on the top, Blue Lag has dropped down and Stoch went to -ve but only one of them is a good short trade.

Btw imransait, is your pdf on this method ready to be circulated? I would like a copy of it to revise over the weekend. Much appreciated.
The left side is clearly a retracement to the daily pivot point candle on top of the DP and bouces off, red lag still on top, the right side is a sell ,good distance from the pivot point and red lag follows.
  • #3,388
  • Oct 25, 2007 8:00am Oct 25, 2007 8:00am
Quoting burt625
Thanks Ann!

And here's something to ponder, how would I know that the right short trade is better than the left one? In both cases the Red Lag was flat on the top, Blue Lag has dropped down and Stoch went to -ve but only one of them is a good short trade.

Btw imransait, is your pdf on this method ready to be circulated? I would like a copy of it to revise over the weekend. Much appreciated.
Hello Burt - i am think that the 1st trade is sit just above daily pivot and also he is close too news no trade period
  • #3,389
  • Oct 25, 2007 8:10am Oct 25, 2007 8:10am
Hi Imran - congratulations on such a successful thread and system.

I just thought I´d post a chart of my KISS approach to using the 5 min chart.

When price moves above the 34 EMA and the EMA is turning flat / up.....Buy and vice versa for a Sell. There´s plenty of pips in both signals shown

The arrows are a simple audio and visual alert to remind me if I´m not concentrating - it happens!

The 34 then acts to keep me in the trade - like your slow Laguerre - and the outer 200 EMA band is often where price will stall after a strong move.

Naturally, there are a few nuances, but it does keep me away from a plethora of indicators and I´ve tried hundereds!!

Regards

Islander
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Trading Levels with WRBs
  • #3,390
  • Oct 25, 2007 8:18am Oct 25, 2007 8:18am
something u might want to experiment with -
put up a 377 EMA and take a look at your setup with it.
u can use it like a dynamic pivot.
also-will give clues as to whether mkt will bounce or break the 200 EMA.
Let me know if you observe something useful w/this.

Quoting Islander
Hi Imran - congratulations on such a successful thread and system.

I just thought I´d post a chart of my KISS approach to using the 5 min chart.

When price moves above the 34 EMA and the EMA is turning flat / up.....Buy and vice versa for a Sell. There´s plenty of pips in both signals shown

The arrows are a simple audio and visual alert to remind me if I´m not concentrating - it happens!

The 34 then acts to keep me in the trade - like your slow Laguerre - and the outer 200 EMA band is often where price will stall after a strong move.

Naturally, there are a few nuances, but it does keep me away from a plethora of indicators and I´ve tried hundereds!!

Regards

Islander
  • #3,391
  • Oct 25, 2007 8:18am Oct 25, 2007 8:18am
Quoting imransait
Hi Guys
From Nov 1st, i will open a skype chat room where there will be 24hr live trading by some experienced traders and myself, i would like those who are in Asian Zone, London Zone and US Zone to pm me

I will post the chat link here if its ok by the Admin or send by email to all
very good news. tks. [email protected]
  • #3,392
  • Oct 25, 2007 8:21am Oct 25, 2007 8:21am
Hey guys...

My old System was only trading harami, engulfing, tweezers, spinning tops, eStars and mStars... everytime i get in trouble because the laguerre comes a little bit late then i thinked and missed some opportunities... so have played around with the lag for a while also have moved the stocs histo into 8.3.3... so enough text had added a 5 min chart with circles around signals, i knew there are a lot of false signals on 5 min chart, so better if agressive enter above or below the signal candle and then wait for confirmation from the blue lag then wait for the red and u r in a long trend which gives u much much much much much much pips =D maybe we should talk about this...

further in the text, if if the red lag is on bottom shorts are better, if red is at top longs are better, also watch out that the blue follow the green after a few minutes, otherwise could happen that price stay in range
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  • #3,393
  • Oct 25, 2007 8:29am Oct 25, 2007 8:29am
Quoting PipCop
The left side is clearly a retracement to the daily pivot point candle on top of the DP and bouces off, red lag still on top, the right side is a sell ,good distance from the pivot point and red lag follows.
Point noted. And I have started to use your 30/-30 OB/OS Stoch method and it's looking great. Thanks for the great tip!


Quoting driftwood
Hello Burt - i am think that the 1st trade is sit just above daily pivot and also he is close too news no trade period
I will be sure to take note of news time, I always seem to forget about that! Thanks!

I just realized that there are so many different methods on entry that I get confused and made the wrong trade. I just have to stick to the same rule again and again.
  • #3,394
  • Oct 25, 2007 8:31am Oct 25, 2007 8:31am
Quoting Bdstory
Thanks, any particular broker anyone can recommend that has small spreads no commisions and I can use metatrader 4 with?

Thanks,
Bill

The best I've found until now are. ODL securties 6 pips, Alpari UK and North Finance 7 pips. may be someone else has a better one.

Al
AL
  • #3,395
  • Oct 25, 2007 8:35am Oct 25, 2007 8:35am
Quoting burt625
Thanks Ann!

And here's something to ponder, how would I know that the right short trade is better than the left one? In both cases the Red Lag was flat on the top, Blue Lag has dropped down and Stoch went to -ve but only one of them is a good short trade.

Btw imransait, is your pdf on this method ready to be circulated? I would like a copy of it to revise over the weekend. Much appreciated.
Hi Burt,
Just saw your question--had to go get out and get a cup of coffee...
I personally, wait for it to clear Pivots, Support/Resistance, or EMAs if they're CLOSE (like, less than 20-25 pips or so) and I want a candle to CLOSE above/below said S/R...yeah, I miss a few pips, but for right now that's what I'm doing...

EDIT: just saw the good calls from PipCop & Driftwood!
  • #3,396
  • Oct 25, 2007 8:37am Oct 25, 2007 8:37am
Burt,

Another point to remember is that not every trade is going to be a winning one. As others have stated, money management is very important to keep your losses small and to allow the profits to run. However, there will inevitably be many losing trades. Its the long run that counts, something that I've often forgotten in the past.
He was looking for the card so high and wild hed never need to deal another
  • #3,397
  • Oct 25, 2007 8:45am Oct 25, 2007 8:45am
Quoting fx_ninja
something u might want to experiment with -
put up a 377 EMA and take a look at your setup with it.
u can use it like a dynamic pivot.
also-will give clues as to whether mkt will bounce or break the 200 EMA.
Let me know if you observe something useful w/this.
Amongst my "nuances" are the daily pivots, MPs etc and I do track the 50EMA on the 30 min as an approximation of the current hourly pivot, but thanks, I´ll take a look at the 377.
Trading Levels with WRBs
  • #3,398
  • Oct 25, 2007 9:03am Oct 25, 2007 9:03am
Quoting Ann
Hi Burt,
Just saw your question--had to go get out and get a cup of coffee...
I personally, wait for it to clear Pivots, Support/Resistance, or EMAs if they're CLOSE (like, less than 20-25 pips or so) and I want a candle to CLOSE above/below said S/R...yeah, I miss a few pips, but for right now that's what I'm doing...

EDIT: just saw the good calls from PipCop & Driftwood!
Thanks for your insight as well, I am taking down notes as I go. There have been too many tips in this thread that I get lost every now and then but they all have proven to be profitable! Maybe I should invest in coffee as well...

I will need more time to digest the facts about B. Bands and EMAs, somehow I can't seem to get them right.

I managed to scalp a small 10 pips using PipCop's OB/OS method about 20 minutes ago.


Quoting dr_who
Another point to remember is that not every trade is going to be a winning one. As others have stated, money management is very important to keep your losses small and to allow the profits to run. However, there will inevitably be many losing trades. Its the long run that counts, something that I've often forgotten in the past.
I agree with you on this! Thanks!
  • #3,399
  • Oct 25, 2007 9:12am Oct 25, 2007 9:12am
Took this trade off the 30M chart last nite. A little late when I caught it, entered at 233.88 and set TP 235.00 just below the weekly pivot, though it is in my demo account, it was nice to wake up to more than +100 pips!
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  • #3,400
  • Oct 25, 2007 9:19am Oct 25, 2007 9:19am
Hi Islander,

nice and simple set up

Would u be kind to post your template and alert indicators?
I tried to make the same set up, but no luck so far..

Thank's a million (pips)..

PC


Quoting Islander
Hi Imran - congratulations on such a successful thread and system.

I just thought I´d post a chart of my KISS approach to using the 5 min chart.

When price moves above the 34 EMA and the EMA is turning flat / up.....Buy and vice versa for a Sell. There´s plenty of pips in both signals shown

The arrows are a simple audio and visual alert to remind me if I´m not concentrating - it happens!

The 34 then acts to keep me in the trade - like your slow Laguerre - and the outer 200 EMA band is often where price will stall after a strong move.

Naturally, there are a few nuances, but it does keep me away from a plethora of indicators and I´ve tried hundereds!!

Regards

Islander
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