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

Quoting PipCop

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This is an added feature that I included on my stoch histogram. I basically overlayed ( drop and drag )the regular stoch indicator over the top of the histogram to determine the correct levels. Stoch uses 80,20, the histogram used is 30,-30 and matches up nicely. Using ob/os can help you get into trades a candle or two early.
In reference to your chart Imran I am experimenting with using the .70 (red)
and the .55 (blue) When the red lag is pinned against the top you can use the blue lag to scalp when the price retraces on an up or down trend in conjunction using the ob/os histogram.
In reference to my chart you can see that the trend is up red lag pinned at top and blue lag retraces down to the 50 and exit when it crosses back over.

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Quoting poulis1

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Hey Imran, are you still keeping the trade over the weekend? Another question. Do you keep mental SL or you put one one the computer?
Thanks,
Evan

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Quoting imransait

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The Skype Live Call and Analysis Room can be accessed at
http://ui.skype.com/ui/0/3.1.0.152/e...Rz8i8Mk382np2S

This room is only for Live Calls and Analysis by the myself and Moderators whom i have selected .

The room will be operational from 30th Oct 2007

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Quoting dbeach777

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Hi Nick,

I don't really think I have any new info to add, as Imran and others have said it all before, but I'll add a few things that I personally like. I like trading off ema200, especially the M5 and H1, I also like pivots, S&R levels, double tops/bottoms, and candle formations as taught on the James16 thread. This often helps me keep stoplosses small, and even if it retraces only 10 pips, thats money in the bank if I pocket it. I like to buy 3 lots, depending on how confident I feel about that trade, and TP at key levels where I think it might pause, and/or reverse. I often move my SL up to BE when I TP on the 1st lot or as soon as I feel I have room to do so. If I get stopped out at BE, well that's no loss to me. I use strict MM and risk no more then 5% per trade ever, most usually about 3%, and if I feel unsure, or that I may not be in the zone, I either don't trade, or risk less the 1% per trade. I personally am a morning person, and make better trading decisions in the morning when I'm rested. This incidently happens to be during the often, active trading period when both London and NY sessions are open. When I start getting my goals met, I trade less, and more conservative... I don't want to turn around and lose half of it right away, I want to enjoy it for awhile. :-) There's a lot to be said about Trading in the zone, or having your subconscious mind in the right place. I think we've all traded at some point where we could've sworn the market is reading our mind. For as soon as you pull the trigger, the market goes the oposite direction. Thats because your subconscious is in control. So very important, IMO, is that one work on truly getting a winning attitude going, and think abundance... tricky stuff I know. :-) The hardest thing for me has been trading with discipline and proper MM. The easiest, has been to learn my system. I have been looking at charts for 7 years and have lost several accounts, but the last round, going on over a year now, has seen a shift in my subconscious, and I know I have to keep the razors edge at all times, but I can really see a new way of life now.

Peace and Prosperity!

Dan

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Quoting IvoHR

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My question would be, if you "Forex Gurus"
could make a summary of this Forum somewhere with all modifications.
Or is everything edited on your first post Imran?
If they allready are in your first post, than everything is ok.

I started reading this thread today and now i'm on page 40 omg. A lot of work to do over weekend .

If there is no new summary of the best modifications and the best setup till know, it would be realy appriciated.

Thx to all.

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Quoting scottymoll

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Hey guys, I'm hanging out in the Skype room if anyone wants to discuss this method.

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Quoting Ohka

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so am I, but I got a notice that I will be added to the room the next time the moderator is online.... Also, Imran wrote a remark that there will be limitations to who can post. I don't know whether the rest of us will be able to join in and just read/hear what is transpiring...

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Quoting PipCop

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This is an added feature that I included on my stoch histogram. I basically overlayed ( drop and drag )the regular stoch indicator over the top of the histogram to determine the correct levels. Stoch uses 80,20, the histogram used is 30,-30 and matches up nicely. Using ob/os can help you get into trades a candle or two early.
In reference to your chart Imran I am experimenting with using the .70 (red)
and the .55 (blue) When the red lag is pinned against the top you can use the blue lag to scalp when the price retraces on an up or down trend in conjunction using the ob/os histogram.
In reference to my chart you can see that the trend is up red lag pinned at top and blue lag retraces down to the 50 and exit when it crosses back over.

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Quoting Tw0eleven

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Hi PipCop, nice addition you have here. I was wondering though, in an effort to keep things simple...what do you think about just having the 30 and -30 levels on the Stoch Histogram and NOT having the actual Stoch indicator on the charts? That would give you the same information basically right? Example, if the Stoch Histogram is below the -30 level, then you know you're in the oversold area(you don't even need to look at the Regular Stochs indicator). I'm just pondering this because it may keep the charts a little less cluttered for me and some of the newbies out there.

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Quoting 4xMike

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Can you or PipCop attach a screenshot of this setup in action on a trade? This would help me understand what your doing with the histogram in relation to my current setup... Thank you
4xMike.

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