Simple Method of Scalping any pair on 5 min chart , specially GBP/JPY - by Imran Sait | Page 195 | Forex Factory

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

  • #3,881
  • Oct 30, 2007 5:34pm Oct 30, 2007 5:34pm
took 25% more off on the stall at bottom BB
  • #3,882
  • Oct 30, 2007 5:37pm Oct 30, 2007 5:37pm
re-shorted 25% of original at 58. holding now for BE or nxt profit target betwen 48-41 bid price
  • #3,883
  • Edited 5:51pm Oct 30, 2007 5:40pm | Edited 5:51pm
stalled at 50 again...took off the 25% re-short
  • #3,884
  • Edited 5:42pm Oct 30, 2007 5:41pm | Edited 5:42pm
moved SL to BE + 1 on remaining position. might bounce. its just hanging here @ 50...
  • #3,885
  • Oct 30, 2007 5:59pm Oct 30, 2007 5:59pm
i passed on this re-short. was looking for 65/66...
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  • #3,886
  • Oct 30, 2007 6:04pm Oct 30, 2007 6:04pm
remainder exited at BE
  • #3,887
  • Oct 30, 2007 6:06pm Oct 30, 2007 6:06pm
mkt retraced a bit from 78.6
  • #3,888
  • Oct 30, 2007 6:24pm Oct 30, 2007 6:24pm
78.6
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  • #3,889
  • Oct 30, 2007 6:28pm Oct 30, 2007 6:28pm
Nice trades Ninja! And good postings for all to read! Happy Trading!
  • #3,890
  • Oct 30, 2007 6:31pm Oct 30, 2007 6:31pm
Quoting kjp678
Hi All
What might be nice is if Imran gave his live trades so we could all follow to try and grasp the finer points of the methodology.

Just a thought anyway.

regards
I agree 100% ! The few times I have been around when Imran posted his trades have helped me a lot in understanding the nuances of this system.
  • #3,891
  • Oct 30, 2007 6:31pm Oct 30, 2007 6:31pm
thx. hindsight is 20/20. 78.6 was good for one more trip. its ok tho... u cant catch em all.

still worked out well and 50 hasnt been broken yet.
  • #3,892
  • Edited 7:00pm Oct 30, 2007 6:48pm | Edited 7:00pm
saw the dbl botm @ 50 and divergence but didnt like the lag setup. after an error = time to take a break.


chart error: point C should be right above the retracement test of 165.71 at the 78.6% level
Attached Image (click to enlarge)
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  • #3,893
  • Oct 30, 2007 6:49pm Oct 30, 2007 6:49pm
Here's a trade I took this morning. At the time, I thought the market would just be "rangy" because it was after the london close.

Quoting fx_ninja
thx. hindsight is 20/20. 78.6 was good for one more trip. its ok tho... u cant catch em all.

still worked out well and 50 hasnt been broken yet.
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  • #3,894
  • Oct 30, 2007 6:53pm Oct 30, 2007 6:53pm
hmm. red lag was at the top, so a lower risk entry would have been at the botm BB for long side.
and stoch, moving down.
also- there was news release that cuased that spike up/down shortly after ur entry.
today /tomorrow/maybe thurs = funny due to mkt awaiting FOMC
  • #3,895
  • Oct 30, 2007 7:03pm Oct 30, 2007 7:03pm
I might have gotten in earlier, just don't remember exactly and didn't have any more room on the chart! Trust me, I had good reasons to enter this trade...it was on a support line that it never broke, overall uptrend, higher timeframe charts said long(which I think have more value than the 5min), etc...

By the way, that double bottom you mentioned just a couple posts ago...I saw the same thing and went long. Took 12pips off one lot and other lot is running with s/l at breakeven.

Quoting fx_ninja
hmm. red lag was at the top, so a lower risk entry would have been at the botm BB for long side.
and stoch, moving down.
also- there was news release that cuased that spike up/down shortly after ur entry.
today /tomorrow/maybe thurs = funny due to mkt awaiting FOMC
  • #3,896
  • Oct 30, 2007 7:04pm Oct 30, 2007 7:04pm
good job!
  • #3,897
  • Oct 30, 2007 7:12pm Oct 30, 2007 7:12pm
range 50-71. dbl botm to dbl top

guys - ranging mkt = for SCALPERS, scalp some profit at the middle and at the other extreme end.
DONT ENTER IN THE MIDDLE

often better to wait for breakout; wait for good signal/thrust/retrace/retest, etc...
  • #3,898
  • Oct 30, 2007 7:21pm Oct 30, 2007 7:21pm
Quoting vsektodobre
I have been following this system live since the start of this week on the gbp/jpy 5 minute chart. Honestly, my win rate is under 50%, although I am in profit, as the trades that are taken in the direction of the hourly trend have given much bigger wins than the small, losing, counter-trend trades.

The advice given in the PDF is to only go long when the price is above the daily pivot, and short when under, but in the skype room, it is clear that Imran doesn't particularly adhere to this rule; in fact, he has a rather short bias on the gbp/jpy, even when the price is trending higher as it has been this week.

I fail to see how you can achieve a 90% accuracy trading like this. If you just take signals with the trend, and perhaps add to winning positions, then it is a really good system, but that doesn't seem to be the way it is applied.

Perhaps I am a little bit stupid, but the system rules seem to be rather ambiguous, sometimes contradictory, and they change every few days, which makes me suspect that this system hasn't been forward tested for very long.

I don't think the system as it stands now can be described as 'simple'....how many indicators does it have now? Five or six? I really am not sure. The question is, do we really need such a complex system to tell us to buy dips in an uptrend and sell rallies in a downtrend?

This post sounds overly critical, and I am sorry about that, because the truth is, if you just use the standard entry signals of the first lag, and trade in the direction of the larger trend, then I really believe this can be turned into a very profitable system, and I would like to thank Imran for opening my eyes to Laguerre as an indicator, and to this potentially great system.
I agree. I jsut read through this whole thread today and could not understand why the rules changed so much and why alot of the example trades were going against the rules that were being said.

Now people are making money from this so thats all that matters. But stating this as simple method is not really the right statement to say.
AH
"Your big opportunity may be right where you are now." Napoleon Hill
  • #3,899
  • Oct 30, 2007 7:25pm Oct 30, 2007 7:25pm
try to start by sticking with ONLY the best setups.
Exercise patience and wait for those trades to come to you.

ONLY after much experience w/a particular pair in conjunction with price action, THEN u can exercise some additional judgment.
  • #3,900
  • Oct 30, 2007 7:30pm Oct 30, 2007 7:30pm
KISS

if u get blue lag, red lag and stoch lined up properly (3of 3), that is usually the best of setups.

these 2 of 3

if you get blu and red, that is also a good setup.
if you get blue and stoch cross, that is also a good setup.

trade your DEMO at key times of the day

Know the general market bias

long, short, sideways, choppy, consolidating retracing and turning, etc...
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