Simple Method of Scalping any pair on 5 min chart , specially GBP/JPY - by Imran Sait | Page 282 | Forex Factory

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

  • #5,621
  • Dec 17, 2007 8:13am Dec 17, 2007 8:13am
Quoting toptrader
I will i need to chat to Imran and get him to pass it on as i do not know how to do pdf ect as i am no net guru....just a trade guru LOL
sure! u can start posting your charts and the key features of your modified system
  • #5,622
  • Dec 17, 2007 8:36am Dec 17, 2007 8:36am
Quoting toptrader
I will i need to chat to Imran and get him to pass it on as i do not know how to do pdf ect as i am no net guru....just a trade guru LOL
Hi

Nice to know the results, i have sent you a PM, do check and we can take on from there
  • #5,623
  • Dec 17, 2007 11:17am Dec 17, 2007 11:17am
Quoting toptrader
Hi Imran sorry i thought i best show you my demo trades..
I found that listing hard to read so I converted it to a pdf document, attached.

You can create pdf documents with Open Office (www.openoffice.org). It's free open source software.

Bill
Attached File(s)
File Type: pdf topTrader.pdf   36 KB | 1,186 downloads
  • #5,624
  • Dec 17, 2007 11:44am Dec 17, 2007 11:44am
Quoting toptrader
Hello Imran

I have been using this system for some time now i have watched your thread from the start but never posted as i am a trader full time and have never been one for forums well posting that is

I have been able to do around 150-200 pips each day trading 2-3 pairs in London some days less others more, i have changed the system you set out to best suit my trading style and it has helped me move from 4hr charts down to the 1m and 5m.

If you would like to discuss what i am doing and the changes i have made to your system to best find entry and exit let me know so far on the system i have been testing in demo of course i have turned $50,000 in to $153,965 in 4 weeks but the best part is i did not take any loss all trades were closed in profit, the trades were taken on the 1m for best entry and targets were set using 5m.

Anyhow keep up the good work ......
Please post your changes when you can...would love to see what is working for you so well
  • #5,625
  • Dec 17, 2007 12:22pm Dec 17, 2007 12:22pm
I am relatively new to the forex market. I wish ti impliment the system that was kindly shared here. I do not know much about MT4 and so can seem to use the attachment found on page 1. I have downloadd and saved them to my desktop but do not know how to find, open or use them in MT4 can someone help me so I can use these indicators and this system?

Thanks in advance
Ross- Baltimore Md USA
  • #5,626
  • Edited 1:02pm Dec 17, 2007 12:35pm | Edited 1:02pm
Hello Imran

I got your private message but could not reply for some reason?

I have signed up for Skype so you can get me there the user is toptraderfx

Would be nice to talk more on this system as i feel we could both help each other i am a long term 4 hr+ trader, but the last 3 months i have been using 1m and 5m and getting 100-150% return every 3 weeks.

What i think works for me is the fact i look at the longer term charts say 1h to get directions then only take trades in that direction taken on the 1m were as i see you are using just low charts and in this case you can miss many trades or take trades expecting them to be top or bottom but when in fact they will simply carry on?

Do you have an EA?

Anyhow talk soon i hope, all others please also get in contact i may not always be online as i trade 9-5pm london and party hard LOL but i will always try and get back to you all.
Talent does what it can; genius does what it must.
  • #5,627
  • Dec 17, 2007 1:24pm Dec 17, 2007 1:24pm
Quoting notouch
Anyone can "hindsight trade" their system if they don't follow their own rules but in live trading you're just going to lose money.
If you want to be a successful trader, you have to learn to read the market in real time.

The single most valuable trading tool you have is your own brain.

Let me go through each of Imran's 3 trades telling you what I see (before trade entry) that confirm taking those trades.

Attached is a chart that shows more data to the left so you can see what prices have been doing. I intensionally removed all the indicators so you can focus on prices.

The 1st long entry comes right after a double bottom, there is divergence at the bottom on an appropriate momentum oscillator, there are 5 Elliott waves down (also called 3 drives to a bottom),the 5th EW only makes a marginal new low, prices are at the lower Bollinger Band. All of these things together tell that the market is running out of steam on the down side and is likely to reverse for at least a while.

The short entry occurs after a top that is up against previous resistance, there is divergence at the top, there are 5 Elliott waves up (also called 3 drives to a top), the 5th EW only makes a marginal new high, prices are at the upper Bollinger Band, and there is a head and shoulders pattern forming (the neckline is drawn in red).

The 2nd long entry occurs after 5 Elliott waves down, there is divergence at the low, the market has been in a trading range all day and while the low in question is not at the bottom of the range it is pretty close (90% of the way from the top).

The most important part of trading is not trade entry but trade management. Trading is not a "set it and forget it" type of activity. Nobody knows for sure what prices will do. Once you enter a trade, you need to monitor the market for clues the trade is not working out so you can exit with the smallest possible loss, don't wait for it to hit your stop. Once you take your 1st profit and move your stop to break even, you can be more relaxed about the trade because most of the risk is gone.

Bill
Attached Image (click to enlarge)
Click to Enlarge Name: GBPJPY.png Size: 11 KB
  • #5,628
  • Dec 17, 2007 10:10pm Dec 17, 2007 10:10pm
Words to live (survive) by.

Toptrader feel free to PM me; we're from the same background it seems with the 4 hour plus, now employing the 1/5 min. The longer term view does seem to bear on this fine-tuned entry system.
  • #5,629
  • Dec 18, 2007 2:21am Dec 18, 2007 2:21am
BHReach, I agree with you totally. My point was that the impression being given in this thread and and the PDF is that you just have to follow the rules in the PDF and you'll have 90% profitable trades using a 25 pip stop. There's no way you could achieve that just by following the rules in the PDF. I agree that price action is the best way to trade, just using indicators to confirm the trade and time entry and exit. I'm afraid that if any newbie thinks he can just read the PDF, load the indicators and template and achieve a 90% success rate then he's in for a bitter disappointment.
  • #5,630
  • Dec 18, 2007 4:55am Dec 18, 2007 4:55am
Hello forumites.

I quite agree with the last writer that if newbie shd read the PDF instructional manual in the 1st thread and presume he has found the holy grail, will have his finger burnt but then taking the safe setup will guarantee anybody good profit gain with the 25pips sl.

I will advice to avoid trading against the thread unless you are an expert in the game
  • #5,631
  • Dec 18, 2007 5:27am Dec 18, 2007 5:27am
below is a chat for a good set-up trade,, base on bol,lag1,lag2 and pivot. it's still on and it has moved about 6opips though i missed it bcos i wasn't on seat, took something that looks like this early in gmt time
Attached Image (click to enlarge)
Click to Enlarge Name: gbpjpy2.gif Size: 43 KB
  • #5,632
  • Dec 18, 2007 6:29am Dec 18, 2007 6:29am
Quoting Naijafx
below is a chat for a good set-up trade,, base on bol,lag1,lag2 and pivot. it's still on and it has moved about 6opips though i missed it bcos i wasn't on seat, took something that looks like this early in gmt time
Thats why need an EA for this ... WHERE IS THE EA !!!!?????!!!!!!
- Syd [dust is my bed...]
  • #5,633
  • Dec 18, 2007 7:09am Dec 18, 2007 7:09am
Imran hi. Got another question for you if you wouldn't mind.
I entered on a demo account at solid vertical line. STOC Lag1 and MACD were in favour.
What spooked me was when Lag1 went to the top, went down and then came back up again whilst Lag 2 was making a steady climb.
In your experience, do you just ride out the move of the Lag1 and exit only when Lag 2 begins to come down or is there another method using Lag 1 that I am missing?

regards, D.
Attached Image (click to enlarge)
Click to Enlarge Name: gbp usd 2.gif Size: 23 KB
where thought goes energy flows
  • #5,634
  • Dec 18, 2007 9:19am Dec 18, 2007 9:19am
Testing posting.
  • #5,635
  • Dec 18, 2007 12:02pm Dec 18, 2007 12:02pm
I believe I saw a post somewhere with an indicator for putting different t/f lag1 onto a chart ie 15M onto a 5M, could someone please point me in the right direction for it, or attach it to another post thanks , Francis
  • #5,636
  • Dec 18, 2007 12:59pm Dec 18, 2007 12:59pm
Quoting francis2
I believe I saw a post somewhere with an indicator for putting different t/f lag1 onto a chart ie 15M onto a 5M, could someone please point me in the right direction for it, or attach it to another post thanks , Francis
I think this is what you are looking for.

G-Man
Attached File(s)
File Type: ex4 Laguerre2-ACS1.ex4   7 KB | 476 downloads
  • #5,637
  • Dec 18, 2007 1:42pm Dec 18, 2007 1:42pm
Thanks G MAN
  • #5,638
  • Dec 18, 2007 2:15pm Dec 18, 2007 2:15pm
Quoting francis2
I believe I saw a post somewhere with an indicator for putting different t/f lag1 onto a chart ie 15M onto a 5M, could someone please point me in the right direction for it, or attach it to another post thanks , Francis
Hi Francis,

You can see more versions of Laguerre and Alert systems in my thread.
http://www.forexfactory.com/showthread.php?t=53189

chandra
  • #5,639
  • Dec 18, 2007 3:31pm Dec 18, 2007 3:31pm
Hello programmer,
great work you are doing in the thread. i have an observation in the use of the lispa. it lag with about two to three bars behind real signal.

Lispa shouldn't be an alert for entry itself but shoud prompt trader to analyse the market before placing order.

I think if you can make your lispa to prompt trader like a bar before the actual signals so that traders can analyse the market and actual see the need for going with the alert.

thanks
  • #5,640
  • Dec 18, 2007 3:38pm Dec 18, 2007 3:38pm
following this thread from the begining till now and i've kinda seen mixed reactions from traders.... i was intially discouraged after series of losses with this method until i took it upon myself to go through the thread over again and get some gimmicks that wasn't mentioned in the PDF... but in all,

I will advice anybody that want to use this system to always look for the best setup to get safe and good profit at all times and the good news about this methos ids that you are sure of this kinda set-up like two - three times daily no matter how choppy the market is on guppy

happy trading
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