Simple Method of Scalping any pair on 5 min chart , specially GBP/JPY - by Imran Sait
I dont mean to be rude either Me4x, but 89EMA is just a moving average just like anyother ma. These are some of the most basic tools in the forex tool belt and incase you are not familiar with even the most basic tools, one good thing to do would be to go through all of a website such as www.babypips.com. This is a very powerful and knowledgible site which should be read before engaging in Forex. It provides all information for newbies like myself and any others who might have trouble understand some simple concepts on the forums he at FF. ANyway I hope I didnt offend. its just that adding simple things like EMA's is not changing or complicating a system, it just provides simple clarification as to where the price has been and where (According to an average) where it could go. ANyway good luck on your adventure through forex friend and anyone else who this post may have helped.
My main purpose is to understand what I'm doing .... and stay positive at the end of the week ... if possible over 100 pips. May be it's not a lot for some, but for me it's the first step and already better that what I was doing before. The next step I will try myself on some less obvious trades that the one I posted and add one or two pairs.
. I would be happy 
(and no offence to anybody, but I bet not that many people are doing that)
Hi Aaragorn,
If it can help you look at my post and chart 5112, pg 341. I took this trade yesterday with what I think are pretty good setting of the indicators and I try to explain my tought process why and how I did it.
I'm still learning too and make some mistake too but overall stay positive. For now I'm using mainly GBP/JPY and sometime EUR/JPY and only 5' charts. I know some people are using longer time frames or have a look on a longer TF before taking a trade on the 5'. I'm pretty sure it can help but I don't just because it has a tendency to confuse me. I not using the 1' TF either because it's just too fast for me, So i stick with 5' charts, BB, Lag 1 & 2 MACD and stock I'm also using Chandra's alerts, not to take a trade but just to alert me something is happening or as a confirmation. It's well enough to get a lot of good trades.
Do I miss some. Certainly YES, but I don't even try to shoot at everything which is moving
I'm not very familiar with EAs and absolutly not in any way a programer and I appreciate (and have a lot of respect for) what you are trying to do.
IMHO an EA should be simple to understand and use. If you do something with the 2 lags (btw somebody already put the two in one Lag ACS on the tread) the MACD, the stoch, the slope of EMA 60 and 200 and if possible the BB it would already be a lot (TP, SL, and BE + something fonction would also be greatly useful)
Now If you try to integrate every aspect possible it will be a huge amont of work and may be a full page of differents possible setting like I saw on some EAs on some other boards where it look like only the creator is able to find his way in (and may be one or two other people spending their time testing some "mysterious combinations" known from themselves only.)
If it's relatively simple and just follow the basics rules, everybody will understand it and it will work. May be it will not catch every move, but if it catch the safest ones let say not even every day but three time a week with a 50 pips profit each time, that make 150 pips per week on one pair ........... put the EA on 5 pairs and you have 3000 pips per month
That's just my opinion, but enough spoken for today, I have to look at my chart if ever something is happening.
AL
but they have taught me a few things about technical analysis I guess. As far as complexity goes I hear your point loud and clear. I have also made EA's which don't execute trades but just provide alerts when complex systems have all the planets aligned so to speak. Maybe that's what the LIPSA does? I dunno. Anyway, I like to use automation to compliment my trading to whatever extent proves profitable. And with that in mind I just like to see how far I can push the automation to be of benefit.
Good morning all,
I've been away from posting for a few days, but be sure I'm still learning and training myself with this wonderfull method. I want to share with you a successfull trade I did yesterday and explain my thoughts about it.
I came to my comp to late to catch the beginning of the move on GBP/JPY it was already up around 250 pips and I was not expecting much more (I was wrong) and couldn't find an entry safe enough (for me) to catch something and was a little pissed on myself not been able to catch "something" on a 400 + pips mouvement!
Then I read a few posts on this board in between Imran and Billser about a possible retracement at swap time (5 pm for me Eastern time) Many time I've seen some valuables moves around this time and the reason given here made sense to me ... so I decided to whatch and IF the indics on my chart looks good ... let's go for a trade.
Look what happen.
Red lag was at the top since a looooooooong time and a few minutes before 5pm, blue lag (green on my chart)) began to cross down 0.85 , MACD cross down too and Stoch show some sign going down BUT BB was still slightly up and price hasn't cross yet mid BB ... so not yet a go. Then at 5 pm I had everything becoming good. BB widening, mid BB pointing down price going through, red lag crossing down 0.85 line and green lag 0.45 line down, MACD cross widening and stoch right on the spot becoming neg ... so I push the sell button at 5.01 pm (first red circle) @ 228.99 and move my SL to BE +1 as soon as the trade went around 30-35 pips and also put my TP @ 228.30 (just did it visually at support level you can see on the left side of the chart) and decide to let the trade run until the red lag reach the bottom or hit my TP (remember I was on the safe side with in the worse case senario +1 pip protected). One hour and 20 minutes later my TP was hit with a nice 69 pips profit. Not a bad day after all
Hope this "little story" will help some newbies. Read the PDF ... and the 300 + page on this thread (yes I know it's long) but you have a true GOLD mine here and I can tell you: before I did that I had NO clue how to use properly the lags, MACD, Stoch and Bollinger Band. Now I don't consider myself an expert BUT I'm confident enough to find some good trades and BTW it's my 4th week in a row I'm positive (in between 150 and 220 pips per week)
Thanks Imran and all
AL
You are welcome Aaragorn, sorry to see .ex4 files are not working on your platform, really no clue here. Do you use an MT4 platform ?
Chandra indics like LISPA and now LISPA2 are indics which alert us (visual with the arrows you can see on my and some others charts) and sound when good conditions are set for a trade.
BTW Thanks Chandra for LISPA 2 I will install and test it.
AL
I really don't know Aaragorn, I never had any problems like that using ODL, NF, Alpari, Aleccofx, Fxdd (a little) or IBFX.
