Simple Method of Scalping any pair on 5 min chart , specially GBP/JPY - by Imran Sait | Page 212 | Forex Factory

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

  • #4,221
  • Nov 9, 2007 1:56am Nov 9, 2007 1:56am
Quoting Pip Hunter
i sent your a pm, when you get time can you take a look at it and get back to me when you can?

Thanks.
Done
Trading Levels with WRBs
  • #4,222
  • Nov 9, 2007 7:36am Nov 9, 2007 7:36am
Quoting blondy101
it's called SHI silver trend
Thanks Blondie, found it.

there seems to be a refresh problem with this indicator. I need to switch back and forth between TF's, otherwise I don't get new points displayed. Did I find an early development version, or is your version behaving similarly?

Ohka
  • #4,223
  • Nov 9, 2007 11:09am Nov 9, 2007 11:09am
Could someone explain to me how the 'Auto Daily Pivot' indicator works? Does it re-adjust itself for every new day at 0:00GMT? The you can see whether days open is above or below it? and what do the S and R values represent?

Thank you
24 hours in a day – 24 bottles of beer in a case – Coincidence? I think not
  • #4,224
  • Nov 9, 2007 11:18am Nov 9, 2007 11:18am
This is going worse and worse, since a few days there was somtime several hours of lag in between messages in the skype chat room.
Since yesterday I've been able to see and or post messages may be only a few minutes per day, then during hours the chat stay frozen just showing the last chats, then suddenly there is a bunch of old messages comming, sometime not even in sequence and a few minutes later it freeze again for several hours.
I'm wondering if it's my computer (but I still can communicate with my other skype contacts without any problems) or something concerning this particuliar chat room. What I don't understand is that during the frozen time on my comp some people are still able to communicate as I can see their messages several hours later! (So it looks it's not frozen at the same time everywhere)
I'm a little bit dispointed because this is a valuable tool I am (and may be others) not able to use.
Does anybody have the same problem and or know how to fix it. Loging out and in again doesn't solve anything!
I also have send a PM to Imran to make him aware of that if he is not already.
Thanks for your answer and have a good week end.
PS. 3rd week positive with this system.

AL
AL
  • #4,225
  • Nov 9, 2007 11:20am Nov 9, 2007 11:20am
Quoting Ohka
Thanks Blondie, found it.

there seems to be a refresh problem with this indicator. I need to switch back and forth between TF's, otherwise I don't get new points displayed. Did I find an early development version, or is your version behaving similarly?

Ohka
yeah... i have same version with the "refresh problem"
  • #4,226
  • Nov 9, 2007 11:29am Nov 9, 2007 11:29am
Do you always trade in only the direction of the daily pivot indicator? (ie. when the price is above the daily pivot only trade long, when below only trade short).

Thanks in advance.
  • #4,227
  • Nov 9, 2007 11:46am Nov 9, 2007 11:46am
If you'd followed the system strictly today you'd have shorted just below the pivot and been taking profit right about now for about 500 pips. Very nice.

One thing I would add is that the 30 minute rule works fine for most economic releases but for the really big releases, especially the interest rate decisions, it's better to follow a 2 hour rule before the release. Maybe even don't trade at all on the day until at least half an hour after the decision. That would have kept me out of a bad trade on Thursday.
  • #4,228
  • Nov 9, 2007 11:47am Nov 9, 2007 11:47am
Quoting Nostrathomas
Do you always trade in only the direction of the daily pivot indicator? (ie. when the price is above the daily pivot only trade long, when below only trade short).

Thanks in advance.
I think that is a good indication of the move but what do the S and R values tell me? Does the Auto Daily pivot indicator adjust itself daily at 00:00 GMT?
24 hours in a day – 24 bottles of beer in a case – Coincidence? I think not
  • #4,229
  • Nov 9, 2007 11:58am Nov 9, 2007 11:58am
Quoting notouch
If you'd followed the system strictly today you'd have shorted just below the pivot and been taking profit right about now for about 500 pips. Very nice.

One thing I would add is that the 30 minute rule works fine for most economic releases but for the really big releases, especially the interest rate decisions, it's better to follow a 2 hour rule before the release. Maybe even don't trade at all on the day until at least half an hour after the decision. That would have kept me out of a bad trade on Thursday.
Thanks notouch! unfortunately I missed out on the big trade today. I am in the eastern time zone which is tough for wannabe traders.

I placed my first trade using this system today on a mini - went long at about 17:20 gmt and got stopped out.

After going back and reading the instructions again, I noticed it mentioned trading above the daily pivot for longs but not for shorts, so when setting up my trade I didn't see the daily pivot comment...Oh well, "my bad" I'll chalk that loss up to another fx learning experience!
  • #4,230
  • Nov 9, 2007 11:58am Nov 9, 2007 11:58am
Quoting blondy101
yeah... i have same version with the "refresh problem"
ok, thanks.

Ohka
  • #4,231
  • Nov 9, 2007 11:59am Nov 9, 2007 11:59am
Quoting matrixebiz
I think that is a good indication of the move but what do the S and R values tell me? Does the Auto Daily pivot indicator adjust itself daily at 00:00 GMT?


Good question matrixebiz, I'll check the indicator code and see if I can find an answer.
  • #4,232
  • Nov 9, 2007 12:09pm Nov 9, 2007 12:09pm
Quoting matrixebiz
I think that is a good indication of the move but what do the S and R values tell me? Does the Auto Daily pivot indicator adjust itself daily at 00:00 GMT?
Looks like the pivot re-sets daily at 00:00 GMT, here's the code, if that is the time on your broker uses on the metatrader software:

if (Use_Sunday_Data == false)
{
while (DayOfWeek() == 1)
{


YesterdayHigh = Day_Price[2][3];
YesterdayLow = Day_Price[2][2];
YesterdayClose = Day_Price[2][4];

Pivot = ((YesterdayHigh + YesterdayLow + YesterdayClose)/3);

R1 = (2*Pivot)-YesterdayLow;
S1 = (2*Pivot)-YesterdayHigh;

R2 = Pivot+(R1-S1);
S2 = Pivot-(R1-S1);

R3 = (YesterdayHigh + (2*(Pivot-YesterdayLow)));
S3 = (YesterdayLow - (2*(YesterdayHigh-Pivot)));
break;
}
  • #4,233
  • Nov 9, 2007 12:19pm Nov 9, 2007 12:19pm
Quoting Nostrathomas
Looks like the pivot re-sets daily at 00:00 GMT, here's the code, if that is the time on your broker uses on the metatrader software:

if (Use_Sunday_Data == false)
{
while (DayOfWeek() == 1)
{


YesterdayHigh = Day_Price[2][3];
YesterdayLow = Day_Price[2][2];
YesterdayClose = Day_Price[2][4];

Pivot = ((YesterdayHigh + YesterdayLow + YesterdayClose)/3);

R1 = (2*Pivot)-YesterdayLow;
S1 = (2*Pivot)-YesterdayHigh;

R2 = Pivot+(R1-S1);
S2 = Pivot-(R1-S1);

R3 = (YesterdayHigh + (2*(Pivot-YesterdayLow)));
S3 = (YesterdayLow - (2*(YesterdayHigh-Pivot)));
break;
}
Ok, great, thank you. What do the S and R lines tell me?
24 hours in a day – 24 bottles of beer in a case – Coincidence? I think not
  • #4,234
  • Nov 9, 2007 12:31pm Nov 9, 2007 12:31pm
Quoting matrixebiz
Ok, great, thank you. What do the S and R lines tell me?

Those are support and resistance lines. If you look right now at the gbp/jpy 15 min chart, you'll notice that the price has been bouncing off the support of 231.77. A break down below that level means that the price should fall further - Theoretically to the next S and R line (which is not plotted).

But if you look at the daily chart you can plot the next support level at around 230.16

Hope this helps.
  • #4,235
  • Nov 9, 2007 12:39pm Nov 9, 2007 12:39pm
Quoting Nostrathomas
Those are support and resistance lines. If you look right now at the gbp/jpy 15 min chart, you'll notice that the price has been bouncing off the support of 231.77. A break down below that level means that the price should fall further - Theoretically to the next S and R line (which is not plotted).

But if you look at the daily chart you can plot the next support level at around 230.16

Hope this helps.
Does my chart look correct with the pivots? how many S lines are there supposed to be?
Attached Image (click to enlarge)
Click to Enlarge Name: DP.JPG Size: 152 KB
24 hours in a day – 24 bottles of beer in a case – Coincidence? I think not
  • #4,236
  • Nov 9, 2007 12:49pm Nov 9, 2007 12:49pm
Quoting matrixebiz
Does my chart look correct with the pivots? how many S lines are there supposed to be?
Here's what my chart looks like. Have you loaded all of the indicators and the template?

Attached Image (click to enlarge)
Click to Enlarge Name: gj 15.gif Size: 33 KB
  • #4,237
  • Nov 9, 2007 12:58pm Nov 9, 2007 12:58pm
Quoting Nostrathomas
Here's what my chart looks like. Have you loaded all of the indicators and the template?

Attachment
No, I was just looking at the pivot lines. What version of ### Auto Pivot do you have loaded? I'm using the one from the first post. I don't know why my S3 is up higher than yours
24 hours in a day – 24 bottles of beer in a case – Coincidence? I think not
  • #4,238
  • Nov 9, 2007 1:07pm Nov 9, 2007 1:07pm
Hi Ann,
Hope all is well have not seen you in the chat room, I will send you a pm
  • #4,239
  • Nov 9, 2007 1:09pm Nov 9, 2007 1:09pm
Quoting matrixebiz
No, I was just looking at the pivot lines. What version of ### Auto Pivot do you have loaded? I'm using the one from the first post. I don't know why my S3 is up higher than yours

version 4.02
  • #4,240
  • Nov 9, 2007 1:10pm Nov 9, 2007 1:10pm
Imran, Thank you and hamdAlla for the best system in Forex Factory!
For someone starting with a small account, with 1/100 leverage, there's no way to try to capture trends with the balance swinging up and down. This must be what bank traders use! If I can manage to live indoors long enough to do it this will be the thing that finally made a difference.

All the Best,

Bruce Hain
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