Simple Method of Scalping any pair on 5 min chart , specially GBP/JPY - by Imran Sait | Page 178 | Forex Factory

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

  • #3,541
  • Oct 26, 2007 11:13am Oct 26, 2007 11:13am
Quoting imransait
use the indicator on post #1, it will do it automatically, just keep " sunday data " as false in the options
Ok, Use_Sunday_Data was True.
Can you explain how to read the pivot so I don't get fooled again or update the first post on how to read pivot to confirm a good trade or not.

Thanks
24 hours in a day – 24 bottles of beer in a case – Coincidence? I think not
  • #3,542
  • Oct 26, 2007 11:14am Oct 26, 2007 11:14am
Quoting rocwell
Ann, I think its just down to a gremlin in my pc!

  • #3,543
  • Oct 26, 2007 11:17am Oct 26, 2007 11:17am
http://www.investopedia.com/articles...5/FXpivots.asp


Matrixebiz

have a look at the article in the link above. hope it helps
  • #3,544
  • Oct 26, 2007 11:25am Oct 26, 2007 11:25am
Thanks for you comments the other day and yes you understood the question correctly. That was a looooong nap I took! Actually over slept and had huge going on at work. I work for Bank of America and some things are changing a bit!

Thanks again!
PipHunter
  • #3,545
  • Oct 26, 2007 11:31am Oct 26, 2007 11:31am
Quoting rocwell
http://www.investopedia.com/articles...5/FXpivots.asp


Matrixebiz

have a look at the article in the link above. hope it helps
Thanks, I'll check it out
24 hours in a day – 24 bottles of beer in a case – Coincidence? I think not
  • #3,546
  • Oct 26, 2007 11:33am Oct 26, 2007 11:33am
What is your take about retracement above the daily pivot? Is it a good time to go short if it does? Everything looks that it will be going further down. The S1 line is giving it some trouble though.
  • #3,547
  • Oct 26, 2007 11:40am Oct 26, 2007 11:40am
Imran,
Have you checked the higher TF. Day, Wk. ( indicators ) Interesting, we will see what happens
  • #3,548
  • Oct 26, 2007 11:44am Oct 26, 2007 11:44am
Hi,
here is my chart and my bips i got today in 3 hours.
I'm a newb in this here so please tell me if i made some mistakes or if i was lucky.
And here we go:
Everything happend on GBPJPY on 5min Chart.


On Entry1:
2 positions LONG at 234.4
1 postion closed at 234.8 (TP)

because of lag2 not closing pos2
but putting on pos2 stop los on (-25pips) 234.55
Stop los active at 234.55
till now: pos1: +40 pos2: +15 = +55 pips

On Entry2: (am i lucky or was this correct?)
MT4LevelStopReverse Jumps over the EMA60 and 200. (EMA becomes a resistor)

- expacted change from LONG to SHORT

So i went SHORT:
again 2 positions at 234.40
TP @ 234.00 and it went good again: 2x40pips = 80pips


So i made in 3 hours 135 pips. Am i lucky or was everything well done?

Sry for bad Screenshot, but when converting bmp to jpg it became such a bad quality.

Realy nice to see, that a beginner like i'm one, can use this system too. I will keep posting. Maybe it was beginners luck.

Greetings from austria
Ivo

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  • #3,549
  • Oct 26, 2007 12:00pm Oct 26, 2007 12:00pm
Quoting poulis1
What is your take about retracement above the daily pivot? Is it a good time to go short if it does? Everything looks that it will be going further down. The S1 line is giving it some trouble though.
What indicator do you use to show the S1, R1, etc points?
24 hours in a day – 24 bottles of beer in a case – Coincidence? I think not
  • #3,550
  • Oct 26, 2007 12:06pm Oct 26, 2007 12:06pm
Quoting matrixebiz
What indicator do you use to show the S1, R1, etc points?
The automatic one in the 1st post.
Daily pivot: 234.06
S1: 233.79

Thanks, Evan
  • #3,551
  • Oct 26, 2007 12:08pm Oct 26, 2007 12:08pm
Quoting PipCop
Imran,
Have you checked the higher TF. Day, Wk. ( indicators ) Interesting, we will see what happens
yes, i am in constant look...looks next week is going to be bear week....
but depends on FED , till then it will range
  • #3,552
  • Oct 26, 2007 12:15pm Oct 26, 2007 12:15pm
Currently it is hitting both the 5min 60 ema and the 15min 200 ema. I think this should provide good resistance. Also the trend is down. I hope I am reading this correctly. Please correct me if I am wrong.
Thanks,
Evan
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  • #3,553
  • Oct 26, 2007 12:19pm Oct 26, 2007 12:19pm
Quoting poulis1
Currently it is hitting both the 5min 60 ema and the 15min 200 ema. I think this should provide good resistance. Also the trend is down. I hope I am reading this correctly. Please correct me if I am wrong.
Thanks,
Evan
you are right on the button, buddy...thats right..its a hard resistance..was earlier support
  • #3,554
  • Oct 26, 2007 12:21pm Oct 26, 2007 12:21pm
is it possible to turn into support again, because the MT4LevelStopReverse is on the bottom?
  • #3,555
  • Oct 26, 2007 12:21pm Oct 26, 2007 12:21pm
Quoting imransait
you are right on the button, buddy...thats right..its a hard resistance..was earlier support
Imran, shouldn't it be a good opportunity to short it when the 1min or 5min blue turns down?
  • #3,556
  • Oct 26, 2007 12:36pm Oct 26, 2007 12:36pm
Quoting poulis1
Imran, shouldn't it be a good opportunity to short it when the 1min or 5min blue turns down?
yes, but the red lag wants to go up so a battle is on
  • #3,557
  • Oct 26, 2007 12:46pm Oct 26, 2007 12:46pm
Quoting imransait
yes, but the red lag wants to go up so a battle is on
there is a channel visible in both 15min and 5 min. If it stays in it, it doesn't have much more to go up.

Also now it is in reverse. The price is hitting the 200ema in the 5min and the 60 ema in the 15. Also the 30min 60 and 200 emas. Can it survive such walls ????
Evan
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  • #3,558
  • Oct 26, 2007 12:53pm Oct 26, 2007 12:53pm
Quoting poulis1
there is a channel visible in both 15min and 5 min. If it stays in it, it doesn't have much more to go up.

Also now it is in reverse. The price is hitting the 200ema in the 5min and the 60 ema in the 15. Can it survive such walls ????
Evan
its friday and low illiquidity..no london...so its not safe
  • #3,559
  • Oct 26, 2007 12:54pm Oct 26, 2007 12:54pm
It seems that once we get a good entry signal we have a little concern about where your obstacles are like your MA's etc but for the most part they seem to be just areas where price ping pongs back and forth then moves on. My question is, when given a really good signal to enter, in most cases can we assume that price will move through them. Realizing that the 60ma & 200ma might be tougher. Because many times your have used R1, S1 etc as TP targets and I don't think I've ever read where us have use say the 200ma. I was just hoping you would share more of your thoughts on this subject please.

Thanks!
PipHunter
  • #3,560
  • Oct 26, 2007 12:54pm Oct 26, 2007 12:54pm
watching my chart
u see the MT4LevelRevers pointing up, so ema60 and 200 should become a support as i think.
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