Simple Method of Scalping any pair on 5 min chart , specially GBP/JPY - by Imran Sait | Page 265 | Forex Factory

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Indicators and Rules for Simple Method of Scalping GBP/Jpy on 5 min chart 18 replies

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

  • #5,281
  • Nov 30, 2007 8:30pm Nov 30, 2007 8:30pm
i made two trades on this system and collected a little over 350 pips between last night and today. btw thank you Imran. I can't wait for the EA to be produced and see the backtest.
  • #5,282
  • Edited 9:50pm Nov 30, 2007 9:14pm | Edited 9:50pm
Quoting bmwboyee
i made two trades on this system and collected a little over 350 pips between last night and today. btw thank you Imran. I can't wait for the EA to be produced and see the backtest.
It may take a while at this rate.

I keep asking for system rules and I keep getting system guidelines.
What I need is specific and I only am given generals.

for example here is one set of guidelines...
1. DP
2. lags pinned at top/bottom
3. stoch crossover
4. MACD crossover

for example this would be a set of rules...
On the 5 minute chart relative to bar closes...
1. Two bars previous the price closed below the daily pivot, previous bar closed above the daily pivot.
2. Two bars previous both lags close at 0, previous bar red lag(80) closed at 0 and the blue lag (60) closed above 0.15.
3. Two bars previous the stoch histogram closed below zero, previous bar the stoch histogram closed above zero.
4. Two bars previous the macd histogram closed below zero, previous bar the macd histogram closed above zero.

Execute order entry long when current bar opens and the bars previous satisfy those conditions.

That is a set of rules because there is no room for variance with interpretation. It is action specific based on event specific conditions being met thru the technicals. It says what to do and what conditions define when to do it. See the difference?

I'm not saying that is the system rules for this system, I'm ASKING for the system rules, not the system guidelines and no one seems like they can give me THE system rules.

So what we have here is a set of indicators which are being used as general guidelines subject to the interpretation of everyone who'se using them just a little differently.

Differing results in this case are the result not just of different discipline but actually different execution of trades based on different interpretations of the guidelines. That's because there are no specific rules that I can find or that I've been told. Correct me if I'm mistaken please, has anyone put out rules which can not be mis-interpreted?

Until that happens an EA is unlikely.

I guess I could invent my own interpretation of the guidelines (but I haven't been trading this successfully for an extended period, basically I just got here still) and program that for rules, it would be my rules based on these guidelines as I understand them.

I would much rather have a set of working rules from someone who is trading successfully here.

Unless I get some actual rules here that's going to be my only choice if I want to pursue this ea.
  • #5,283
  • Edited 10:51pm Nov 30, 2007 10:34pm | Edited 10:51pm
Quoting steven
HI Imran

great job you doing all the way,i think its better if i send you my email since it pointed out that new stuff will confuse new traders,i have to agree with it.a quick market view whoever watching eu/usd the pair is in 1.4720-80 range and today the 3. time the pair is not weak enough to break 1.4720 (lot of stop underneath that area) if london session cant break it new york wont either keep in mind this is the last day of the month big corporations closing their books so unexpected move can happen.price breaks the upside (1.4780)it will possibly go to 1.4840 ,also dailys thicking south so today is not for new traders dont forget, staying in aside is a position also!
Whoaaa Steven,

This position trader knows the value of the 89. One must know the long term to have a hope at scalps over the long haul. Some do it with the 60/200 on the 5; others like the hourly. I've always thought the 4 controlled the market for the retail trader. That goes back to 1999-2000 when the Euro was everone's dog and each EC meeting was an excuse tro sell. How times change. Keep posting rather than emailing.
  • #5,284
  • Nov 30, 2007 10:39pm Nov 30, 2007 10:39pm
Imran,

when you get a minute could you give me rules clarification...

you said..

I look at all the aspects of price action and the angle of ema .

To go Long , i look at the below sequence on 5 min chart

1. I look if price is below or above 60 ema.

ok, what do you do if it's below? what do you do if it's above?


2. I look at the blue Lag if its crossed 0.15 and same time notice where the blue lag is on the 1 min and 15 min red lag location - prefered if its either flat for extended period or is moving up , i would prefer to go long if the 1 min blue lag is at the same lower position as 5 min.

ok, think thru this and tell me in terms of one entry rule what is the rule for the blue and red lags on these three time frames? what is 'and extended period of time?' is there a minimum period of time before qualifies? I need specifics if I'm going to code this.

3. If MACD has made a crossover

ok, how recently and how far?

4. Angle of the middle bollinger band

ok, what about it? how much angle do you require and in how recent a time?

5. Stoch histo has changed to positive

ok, so by that you mean it's crossed the zero line? is there any minimum amount ? or is any amount of cross over ok?

and last but not the least, what has been the price action prior to this move , like how many pips was the last move down.

so what are you saying in terms of a rule?


I look at the position of the pivots where the current price , for e.g, is the price below a resistance or support.

again can you put this in terms of a rule?

thanks for clarifying,
Aaragorn
  • #5,285
  • Dec 1, 2007 3:08am Dec 1, 2007 3:08am
Aragorn

I wish you the best of luck with the development of the EA.

It has been my experience, however, that this is a very discretionary system. Trading on shorter tf's is difficult and requires judgments that may be a challenge to program. I have made money on buying when the price was below the DP and lost money when selling below the DP. In no way do I mean to disparage the system...it works well but it is hard to imagine a scenario where it would be consistently profitable without human interaction.

IMO, trading longer tf's are a more realistic starting point. Someone recently made a post espousing trading 15m-1H that made sense to me (sorry not to acknowledge that person, it is 2 AM and I am tired). My preliminary results, using QQE and a 34 ema using these proved to be very profitable during the past week.

Your efforts are certainly appreciated by many here and I hope you continue. Maybe we can all meet for a party on your yacht in a year or so
  • #5,286
  • Dec 1, 2007 4:36am Dec 1, 2007 4:36am
Hi - I've just come across this thread. The system with LaGuerre etc appears to be for Metastock users. This may have been requested before but is there any way I can adapt it into my Updata charting service? Updata has a scripting facility and given a breakdown of the functions I may be able to code it. If so I would post the Updata code for other users. Or am I breaking some rule!!
  • #5,287
  • Dec 1, 2007 6:51am Dec 1, 2007 6:51am
Hi My answers below your questions

Quoting Aaragorn
Imran,

when you get a minute could you give me rules clarification...

you said..

I look at all the aspects of price action and the angle of ema .

To go Long , i look at the below sequence on 5 min chart

1. I look if price is below or above 60 ema.

ok, what do you do if it's below? what do you do if it's above?

if price is below 60 ema, i wait for it to approach 60 ema and short it based on candle formation, laguerre-1 at 0.85 and going down

if price is above 60 ema, i wait for it to approach 60 ema and long it based on candle formation , laguerre-2 at 0.15 and going above.


2. I look at the blue Lag if its crossed 0.15 and same time notice where the blue lag is on the 1 min and 15 min red lag location - prefered if its either flat for extended period or is moving up , i would prefer to go long if the 1 min blue lag is at the same lower position as 5 min.

ok, think thru this and tell me in terms of one entry rule what is the rule for the blue and red lags on these three time frames? what is 'and extended period of time?' is there a minimum period of time before qualifies? I need specifics if I'm going to code this.

For 1 /5/15 min Entries for Long - I take my first position once Blue lag moves above 0.15 and second position once red lag moves above .15 . if you want one entry, make sure Blue lag is above 0.15, Macd has made a crossover from negative to positive, and stoch histo has become positive

Vice versa for short

Extended period of time varies and sometimes its like 15 candles on the 1min to 10 candle on the 5 min etc. You need to do look back at chart history and make a avg . This can be avoided if you take a trade on alignement of all 3 elements i.e Blue lag, Macd and Stoch Histo and the position of price if below or above 60 ema





3. If MACD has made a crossover

ok, how recently and how far?

In some cases Macd makes a crossover, after 2-3 bars of Lag-1 making a move above 0.15 , in some cases its before 2-3 bars

4. Angle of the middle bollinger band

ok, what about it? how much angle do you require and in how recent a time?
I have not looked at the exact angle, visually it should be trending upwards for a long and candle close above it. and vice versa for short

5. Stoch histo has changed to positive

ok, so by that you mean it's crossed the zero line? is there any minimum amount ? or is any amount of cross over ok?

Yes, once its crossed zero line and been there for the next candle formation.

and last but not the least, what has been the price action prior to this move , like how many pips was the last move down.

so what are you saying in terms of a rule?

Suppose, the previous move was above Daily Pivot to R1, then there could be a reversal from R1 back to Daily Pivot, so if the distance between Daily Pivot and R1 is more then 150 pips, we could see a halt or atleast partial retracement. Again for GBP/JPY this does not always happen as it blasts thru R1, hangs in sometimes there and then goes to R2 without looking back.


I look at the position of the pivots where the current price , for e.g, is the price below a resistance or support.

again can you put this in terms of a rule?

If candle has closed above 60 or 200 ema, then i would look to long it and vice versa for short.




thanks for clarifying,
Aaragorn
  • #5,288
  • Dec 1, 2007 6:53am Dec 1, 2007 6:53am
Quoting Aaragorn
It may take a while at this rate.

I keep asking for system rules and I keep getting system guidelines.
What I need is specific and I only am given generals.

for example here is one set of guidelines...
1. DP
2. lags pinned at top/bottom
3. stoch crossover
4. MACD crossover

for example this would be a set of rules...
On the 5 minute chart relative to bar closes...
1. Two bars previous the price closed below the daily pivot, previous bar closed above the daily pivot.
2. Two bars previous both lags close at 0, previous bar red lag(80) closed at 0 and the blue lag (60) closed above 0.15.
3. Two bars previous the stoch histogram closed below zero, previous bar the stoch histogram closed above zero.
4. Two bars previous the macd histogram closed below zero, previous bar the macd histogram closed above zero.

Execute order entry long when current bar opens and the bars previous satisfy those conditions.

That is a set of rules because there is no room for variance with interpretation. It is action specific based on event specific conditions being met thru the technicals. It says what to do and what conditions define when to do it. See the difference?

I'm not saying that is the system rules for this system, I'm ASKING for the system rules, not the system guidelines and no one seems like they can give me THE system rules.

So what we have here is a set of indicators which are being used as general guidelines subject to the interpretation of everyone who'se using them just a little differently.

Differing results in this case are the result not just of different discipline but actually different execution of trades based on different interpretations of the guidelines. That's because there are no specific rules that I can find or that I've been told. Correct me if I'm mistaken please, has anyone put out rules which can not be mis-interpreted?

Until that happens an EA is unlikely.

I guess I could invent my own interpretation of the guidelines (but I haven't been trading this successfully for an extended period, basically I just got here still) and program that for rules, it would be my rules based on these guidelines as I understand them.

I would much rather have a set of working rules from someone who is trading successfully here.

Unless I get some actual rules here that's going to be my only choice if I want to pursue this ea.
The best way to do that would be to trade it oncself as each trader interprets and views it in a different angle.
  • #5,289
  • Dec 1, 2007 6:56am Dec 1, 2007 6:56am
Quoting bmwboyee
i made two trades on this system and collected a little over 350 pips between last night and today. btw thank you Imran. I can't wait for the EA to be produced and see the backtest.
This system and method has lots of discretion to be used and its going to be very difficult to reproduce the results we are doing manually, so i personally will never be using any EA and recommend all who want to really make a difference in their trading to study this well, go thru tons of charts and see how and where the oppurtunity comes
  • #5,290
  • Dec 1, 2007 6:57am Dec 1, 2007 6:57am
Quoting mazdaz
You traded the USD/JPY pair only once and that was the only trade you lost out of the 31 trades. To be honest, I haven't had much success with that pair neither. So I will just stick to the cable and G/J.
actually i was bored with the price action in USD/JPy at that time and if i had left it, it would have also closed in profit
  • #5,291
  • Dec 1, 2007 7:07am Dec 1, 2007 7:07am
Quoting daledane
Yes Imran TP at the reg lag (blu already there) pinned at the bottom.
Greatest Success ***Dale***

Quote from babypips:

"Don't Lose Your Money" Declaration

Place your hand on your heart and say...
"I will demo trade for at least 2 months before I trade with real money."
Now touch your head with your index finger and say...
"I am a smart and patient Forex trader!"
Good work mate, have patience and take these setups, u will not have to worry about anything. Patience is the key and taking these trades takes lots of chart watching and going thru chart history and removing the fear of loosing
  • #5,292
  • Dec 1, 2007 7:10am Dec 1, 2007 7:10am
Quoting Naijafx
Steve,

I have been using the big figure ema figure(100, 200) on a at least 4h time frame most especially on eur pairs and amaizingly works successful. no indicator except for fibo for take profit, price will normally bounce on the ema and it will go that direction a long time and sure of many pips but trades opportunities are seldom using this method but ever reliable simple method.

Thanks steve for your contribution but may i ask you on what time frame do you plot your ema?

Thanks bro
just trade the 60/200 ema crossovers in 1 min timeframe, you will be amazed at the success u will get only with this, no need for any other indicator. This is true for any other pair, its left to you to take profits or let it crossover in reverse to exit a trade and renter in opposite direction.

I am going to have a new thread based only on these crossovers soon

imran
  • #5,293
  • Dec 1, 2007 7:12am Dec 1, 2007 7:12am
Quoting steven
watch where price stopped at over 2 days.red is 89ema ,amaizing is'nt?
i agree , on bigger timeframes the 60/89/100/200 emas work like hell, if price is below it, it bounces and if price is above it, it holds, unless a breakout and once a breakout happens on 1hr and above timeframes, then look for a huge run up or down
  • #5,294
  • Dec 1, 2007 7:23am Dec 1, 2007 7:23am
Quoting Sailingalbob
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 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'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 . I would be happy (and no offence to anybody, but I bet not that many people are doing that)
That's just my opinion, but enough spoken for today, I have to look at my chart if ever something is happening.

AL
Al, nothing to offend you, but 50 pips a day is like undermining this system Just kidding.

There is scope to make atleast 100 pips on this pair i.e GBY/JPY on any session you trade i.e Asian / European/ American so potential to make 300 pips if u trade like a junkie on all 3 sessions per day

imran
  • #5,295
  • Dec 1, 2007 7:55am Dec 1, 2007 7:55am
hello

a little edge whoever trading jpy pairs, watch and learn volatility index its leading indicator! in case you dont know how to use it just google it or pm me and i give you some rundown,hope it helps.
http://finance.yahoo.com/charts#char...urce=undefined
  • #5,296
  • Dec 1, 2007 8:24am Dec 1, 2007 8:24am
Quoting steven
hello

a little edge whoever trading jpy pairs, watch and learn volatility index its leading indicator! in case you dont know how to use it just google it or pm me and i give you some rundown,hope it helps.
http://finance.yahoo.com/charts#char...urce=undefined
Steven

Can you prepare a word or pdf about this and post it here, am sure it will benefit me and all others
  • #5,297
  • Dec 1, 2007 9:07am Dec 1, 2007 9:07am
Quoting imransait
Steven

Can you prepare a word or pdf about this and post it here, am sure it will benefit me and all others
i second that imran!
  • #5,298
  • Dec 1, 2007 9:52am Dec 1, 2007 9:52am
EMA as dynamic supports and resistances

Another way to use EMA, not only as a signal or trigger, is use large ones (50, 60,200), as dynamic supports and resistance for the intraday trading. Of course, as day go by, numbers change, because as I say this is a dynamic indicator. The way to use them, is to check them in a 4 hours chart; with observation you will find out, that generally, prices rebound or stop near that point. You can use them as target prices too.

But take notice, when this EMA are broke, that probably means a change of status: if it was a support, then turns in to resistance, and vice versa. and also indicates a short term trend reversal

The Exponential Moving Average (EMA) is the best of the moving average techniques, and it is increasingly preferred by technical analysts over other moving average methods. Behaviorally, in its responsiveness to new data being generated by the markets, the EMA represents an excellent compromise between the overly sensitive weighted moving average and the overly sluggish simple moving averages. Compared to other averaging techniques, the EMA follows the trend of the current data smoothly and seamlessly, minimizing jumps, wiggles, and lags.
  • #5,299
  • Dec 1, 2007 10:32am Dec 1, 2007 10:32am
Hi imran, You gave away my secret on the 1min charts...lol..just kidding ya bro...I have been trading the 1m with the 60/200 ema with the red laq and have been tearing up the pips. I have been trading the E/J and U/C with it and follow the financials at the sametime...i've had two huge weeks trading this way. 300 to 500 pips a day trading 10 hrs a day. I know we all want to make things 100 percent to system is but if you learn price action and keep things simple you will astounded with your pips. Also follow the volatility of the other markets and you will know if the trading day is going to choppy or trending. Just my two cents!

Cheers,
Chris
Push yourself to your fullest potential!!
  • #5,300
  • Dec 1, 2007 10:44am Dec 1, 2007 10:44am
Quoting bmwboyee
i made two trades on this system and collected a little over 350 pips between last night and today. btw thank you Imran. I can't wait for the EA to be produced and see the backtest.
How can an EA be made for this? Imran says this is a discretionary system.

A contradiction here folks.
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