Simple Method of Scalping any pair on 5 min chart , specially GBP/JPY - by Imran Sait | Page 185 | Forex Factory

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

  • #3,681
  • Oct 28, 2007 8:17am Oct 28, 2007 8:17am
Quoting imransait
ur already been added, neils
You can ignore my PM, looks like I'm already added automatically or maybe you already got my Skype request when I added you as a contact. Thanks
24 hours in a day – 24 bottles of beer in a case – Coincidence? I think not
  • #3,682
  • Oct 28, 2007 8:23am Oct 28, 2007 8:23am
Hello Imran,

I am having difficulties as some of the others entering the skype room. I cannot PM as I am relatively new. My email address is [email protected]

Thanks for your help and thanks for starting this thread.

Best Regards,

Mark
  • #3,683
  • Oct 28, 2007 8:39am Oct 28, 2007 8:39am
Quoting jamalima
Hello Imran,

I am having difficulties as some of the others entering the skype room. I cannot PM as I am relatively new. My email address is [email protected]

Thanks for your help and thanks for starting this thread.

Best Regards,

Mark
Just incase your not aware, Skype is a program like MSN or Yahoo messenger. You don't view the chat right on the website, you need to download the program and install it on your computer and sign up then add Imran as a contact. Then once your signed up, you click on the chat room link posted earlier then Skpe external application should open for you to sign into then your in the chat.
24 hours in a day – 24 bottles of beer in a case – Coincidence? I think not
  • #3,684
  • Oct 28, 2007 8:40am Oct 28, 2007 8:40am
Hi Matrix, I was wanted to give my opinion on your chart example that may keep you out of bad trades in the future. Your first example of divergence I would not consider as divergence. If you notice where you started to draw your red line on Price and where you started to draw your red line on the Stoch indicator...they do not start at the same place. For me to have divergence, I need to start both lines in the same place. If you start to draw your red line on the Stoch indicator at the same place you did Price action...you would have to start at the bottom of the "red" Stoch area and continue that line up to the top of the green area...therefor, you would have BOTH lines going up and that would NOT be divergence. Also, in the first example...notice how Lag 2 is heading up after being on the bottom for a while? I probably wouldn't have entered that trade because you typically want Lag1 and Lag2 heading in the same direction.

However, your second example of divergence is GREAT! Not only is Price action going down while the Stoch is slowing going up. You also have both Lag1&Lag2 pinned at the bottom just waiting to break up. And when Lag1 does break up over the 0.15 line, you have Stoch crossing up over the zero line and if you had Trendlines drawn, you'd see price broke to up upside of the trendline. That's a much much more high probability trades!!!

Hope that helps and I didn't confuse you any more.

Quoting matrixebiz
Ok, thanks. I've plotted a Sell and Buy below according the the rules above and the lag rules in the first post. Look correct? The price movement tells me that they are right ?
  • #3,685
  • Oct 28, 2007 8:41am Oct 28, 2007 8:41am
Just a Great post Imransait! Nice job.

Quoting imransait
Basic yet important things every trader should know.

If you hear from anyone that making money in Forex is easy, do not believe it. It is a myth. The truth is – being profitable in Forex requires a lot of work, dedication, practice, more than a good discipline, sharp knowledge of money management and understanding of the psychology of the currency market. Not so little and therefore not so easy…
Trading Forex was never about gambling

Trading is not a gambling by guessing where the price will move, although there are many traders (mostly beginners) that are exactly gambling… Trading currencies on the Forex market requires logical and analytical calculations based either on fundamental or technical analysis of price moves.
Making money in Forex requires a set of rules

Making money starts with a plan to make money. Such plan is of enormous importance when it comes to trading foreign currencies. But, besides creating a plan, a trader needs constantly follow it. How often trader brake his rules will affect how much money he will make trading Forex. Sounds simple: create and follow… However, there is a real challenge when trader follows the rules but rules fail to make money… it happens inevitably for every trading system known. If system had proven to be successful, sticking to the trading plan and firmly following the rules even when losing money will eventually yield profitable outcome. Having strong trading discipline and taking losses when necessary is a sign of serious trading approach.
Succeeding in Forex by using money management

To profit in Forex sticking to a set of rules is not enough. Good money management is also needed. Knowledge of how much to trade per each open position and where and when to stop – is what separates successful trader from bankrupt trader. Many beginner traders over-leverage themselves being attracted by big and promising leverages offered by Forex brokers. The truth is that a big leverage is not only about a big win, but also when it comes to be so – a big loss. Leverage higher than 1:20 will not attract serious investors.
Know your losses, before counting profits

Opening a new trading position must be first of all about how much money may be lost and then what would be the profits. Good money management implies that trader is expecting to win at least twice as much as he could lose on each trade. This way being right only 50% of the time will still make trading profitable.
Using good money management in Forex trading is hundred times more important than having any great trading system itself.
Forex traders’ mind

And last but not least is trader’s psychology. Going in profit or losing money always create psychological challenge for trader to act responsively. Not being greedy and also cutting losses short is the key to this game.
Trading Forex you need to accept losses. They are inevitable and occur in any money involving operations. Therefore, instead of battling losses trader needs to accurately analyze unfavorable situations and take lessons from losing trades.
Every experienced trader would also suggest – there must be no attempts for revenge when losing money. Trying to return your money at any cost will put a trader in deeper troubles. Instead, the trader should return to trading rules and honestly analyze own mistakes, accept that the market was not in his favor and try to improve the trading plan for future success.
Successful traders are learners, what about you?

And finally, even successful traders are constant learners. Up-to-date knowledge about Forex market opportunities is what also makes them continuously profitable in their trading career.
Happy learning and trading!
  • #3,686
  • Oct 28, 2007 8:49am Oct 28, 2007 8:49am
Quote:
Originally Posted by jamalima http://www.forexfactory.com/images/buttons/viewpost.gif
Hello Imran,

I am having difficulties as some of the others entering the skype room. I cannot PM as I am relatively new. My email address is [email protected]

Thanks for your help and thanks for starting this thread.

Best Regards,

Mark

Just incase your not aware, Skype is a program like MSN or Yahoo messenger. You don't view the chat right on the website, you need to download the program and install it on your computer and sign up then add Imran as a contact. Then once your signed up, you click on the chat room link posted earlier then Skpe external application should open for you to sign into then your in the chat.


Thanks Matrixebiz. I will do what you recommend.

Regards
  • #3,687
  • Oct 28, 2007 8:56am Oct 28, 2007 8:56am
Quoting matrixebiz
This is good Does it work the same for Shorts also? Can you explain how to read Convergence and Divergence?
Thanks
Try this word document, explains everything you will need to know
Attached File(s)
File Type: doc Hidden%20Divergence%20Explanation[1].doc   105 KB | 856 downloads
  • #3,688
  • Oct 28, 2007 9:01am Oct 28, 2007 9:01am
Quoting matrixebiz
Ok, thanks. I've plotted a Sell and Buy below according the the rules above and the lag rules in the first post. Look correct? The price movement tells me that they are right ?
Looking at your chart I noticed your red lag is set at .85, try .7
  • #3,689
  • Oct 28, 2007 9:10am Oct 28, 2007 9:10am
Hai Imran

I already used your system and for me that's is very nice to catch the pips.Thanks Dear Imran. Btw can u put me in Skype if available. My email [email protected]


keiga
  • #3,690
  • Oct 28, 2007 9:14am Oct 28, 2007 9:14am
Quoting Sailingalbob
Hi Pipcop,

Very nice chart and example, I got it for the stock now. Can you please explain what are these brown and black line on you main chart. It looks when they cross each other we have a confirmatiom too.

Thanks

AL
Brown line is the Laguerre filter .4, blue lag set at .55, red lag set at .7 the black line is the Gann Hi/Low Activator
  • #3,691
  • Oct 28, 2007 9:15am Oct 28, 2007 9:15am
Quoting PipCop
Looking at your chart I noticed your red lag is set at .85, try .7
@Tw0eleven - Thanks for the info.

@PipCop - Ok I'll try it, 0.85 was just taken from the first post.
24 hours in a day – 24 bottles of beer in a case – Coincidence? I think not
  • #3,692
  • Oct 28, 2007 9:25am Oct 28, 2007 9:25am
Hai Imran

I new learner and already used your system and for me that's is very nice to catch the pips.Thanks Dear Imran. Btw can u put me in Skype if available. My email [email protected]

Regards
keiga
  • #3,693
  • Oct 28, 2007 9:51am Oct 28, 2007 9:51am
Quoting imransait
Hi guys
i tried to add many of u by the email id u gave to add for skype but its not acceping many, so PM me ur skype id only so i can add it
Hi Imran

Please add my skypename "sweethome00''

I can not sent PM because of my post.

Thank you
  • #3,694
  • Oct 28, 2007 9:53am Oct 28, 2007 9:53am
Salam.

Mr Imran,

Can you add me to the family in your skype chatroom. Looking forward to the learning process.

skype name lurahemas

thanks a million. Allah blessed u InsyaAllah. Wasallam




ps. what is your skype name so that i can add yours in my list.
  • #3,695
  • Oct 28, 2007 10:20am Oct 28, 2007 10:20am
Hi, could somebody add hosser231 to the skype list? Much appreciated. Hoss.
Life is too short to have anything but delusional notions about yourself.
  • #3,696
  • Edited 11:01am Oct 28, 2007 10:33am | Edited 11:01am
HI Guys
Updated Post #1 with new pdf which contains the new rules of entry, exit and a new indicator.

Update : Small deletions made, download the file again
  • #3,697
  • Oct 28, 2007 10:56am Oct 28, 2007 10:56am
Quoting imransait
HI Guys
Updated Post #1 with new pdf which contains the new rules of entry, exit and a new indicator.
very well done
  • #3,698
  • Oct 28, 2007 11:07am Oct 28, 2007 11:07am
Quoting imransait
HI Guys
Updated Post #1 with new pdf which contains the new rules of entry, exit and a new indicator.

Update : Small deletions made, download the file again
Great, thank you
24 hours in a day – 24 bottles of beer in a case – Coincidence? I think not
  • #3,699
  • Oct 28, 2007 11:20am Oct 28, 2007 11:20am
Quoting imransait
HI Guys
Updated Post #1 with new pdf which contains the new rules of entry, exit and a new indicator.

Update : Small deletions made, download the file again
Thank you Imran

hana3
  • #3,700
  • Oct 28, 2007 12:18pm Oct 28, 2007 12:18pm
Quoting PipCop
Try this word document, explains everything you will need to know
Great document, PipCop! Much appreciated...
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