Simple Method of Scalping any pair on 5 min chart , specially GBP/JPY - by Imran Sait | Page 292 | Forex Factory

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

  • #5,821
  • Jan 1, 2008 6:29pm Jan 1, 2008 6:29pm
Quoting Shocker2
http://www.forexfactory.com/attachme...1&d=1199198959



I will keep it simple and point out a few of the mistakes.

1) 60ema was above the 200ema, which means the "UPTREND" was still on. This means you where taking a trade counter Trend which is a nono, unless you are in profit for the day, always stick to the best setups.

2) The BB where still pointing up at that time.



From looks of it we had a pull back and the candle closed under R line, then the lags, BB and other indicators then gave a indication that the price was moving down.


Keep it simple, take the perfect setups, & read the textbook over over again.

Good luck and Hope you and everyone else has a great upcoming trading year!
hi shocker2,in my opinion,your first explanation may valid but viewing of BB is a discretionary method and to certain extend is lagging too,it does not really give us any idea of the direction
  • #5,822
  • Jan 1, 2008 7:04pm Jan 1, 2008 7:04pm
Quoting fxking
hi shocker2,in my opinion,your first explanation may valid but viewing of BB is a discretionary method and to certain extend is lagging too,it does not really give us any idea of the direction

The price action was happening on top of the Middle BB which usually means a "uptrend" still in play from my understandings.

Also we are not taking trades just off of looking at 1 or 2 things, but all of them have to come into play & agree, price action, indciators etc.
Life is a game, play it well, their is no restart!
  • #5,823
  • Jan 1, 2008 7:55pm Jan 1, 2008 7:55pm
Quoting Shocker2
The price action was happening on top of the Middle BB which usually means a "uptrend" still in play from my understandings.

Also we are not taking trades just off of looking at 1 or 2 things, but all of them have to come into play & agree, price action, indciators etc.
Since lot of analysis is going on this chart, I will add my opinion.

Both are counter trend trades and both could have gone bad (the second one was a breakout and corrected to the support level, very bad place to enter based on the vertical line or blue-lag).

But the second trade could have been entered after the red-lag turned down below 0.85, after staying at extreme for many bars. In addition, at that point it would have been clear that the breakout failed. That would be the best/conservative entry for an early and safe counter trend trade.

chandra
  • #5,824
  • Jan 1, 2008 9:00pm Jan 1, 2008 9:00pm
Quoting Shocker2
The price action was happening on top of the Middle BB which usually means a "uptrend" still in play from my understandings.

Also we are not taking trades just off of looking at 1 or 2 things, but all of them have to come into play & agree, price action, indciators etc.
thanks for your explanation shocker2,as we r all learning we will definately be having problem time after time,right? in my opinion,both looks the same to me,price action above 60ema,200ema,both is about to break thru the middle of the BB,i dont see any significant 'signal' to short or maybe its just me?
  • #5,825
  • Jan 1, 2008 9:03pm Jan 1, 2008 9:03pm
Quoting achandrasekaran99
Since lot of analysis is going on this chart, I will add my opinion.

Both are counter trend trades and both could have gone bad (the second one was a breakout and corrected to the support level, very bad place to enter based on the vertical line or blue-lag).

But the second trade could have been entered after the red-lag turned down below 0.85, after staying at extreme for many bars. In addition, at that point it would have been clear that the breakout failed. That would be the best/conservative entry for an early and safe counter trend trade.

chandra
i tend to agree with your analysis chandra,but again like what u had said,it could turn out to be another bad trade too,is there perhaps a better way of filtering false signals?
  • #5,826
  • Jan 1, 2008 9:46pm Jan 1, 2008 9:46pm
Quoting fxking
i tend to agree with your analysis chandra,but again like what u had said,it could turn out to be another bad trade too,is there perhaps a better way of filtering false signals?

In 1st post I was replying in reguards to this trade and kept things simple, dont take counter trend trades. If u do wanna take them, only take them if u are in profit for the day.

Also if u study the MACD Trad, u will see that it gives u the first inidcation of a signal as well, maybe you should add this to your trading strat if u already havent.


Good luck and good trading
Life is a game, play it well, their is no restart!
  • #5,827
  • Edited Jan 2, 2008 7:57am Jan 1, 2008 11:19pm | Edited Jan 2, 2008 7:57am
Quoting fxking
i tend to agree with your analysis chandra,but again like what u had said,it could turn out to be another bad trade too,is there perhaps a better way of filtering false signals?
I just thought about simplifying the whole analysis. There are four major ways to enter a trade. CB, CR, TC, SR.
1) Consolidation-Breakout,
2) Curved Reversal (somewhat smooth),
3) Trend Continuation and
4) Sharp Reversal.
CB can be either continuation or reversal (it can have false breakouts also).

SR is very difficult and needs lot of other considerations. Better not to bother about those and just pass those opportunities. We should not attempt to catch such moves using most Indicators (the delay in the indicators will make it highly risky).

TC is somewhat difficult to enter in our method, unless it is the first pull-back (otherwise red-lag will be in one extreme and too late to enter). As BHReach pointed, there was a TC opportunity, but that could have ended as a choppy market.

CB and CR are generally easier to follow if we wait until red-lag reaches one extreme and starts to move back. So, just knowing what type of setup is forming and taking only our favored setups is the best filter (cannot be programmed, I think).

We should not feel bad for missing moves based on other type of setups.

I hope this gives some idea of what we should look for in price patterns.

Regards,
chandra
  • #5,828
  • Jan 2, 2008 2:36am Jan 2, 2008 2:36am
http://www.fxpalace.com/ contains great guides for beginners, forex books, indicators explained, forex videos. Recommended for any beginner.
  • #5,829
  • Jan 2, 2008 2:40am Jan 2, 2008 2:40am
What's wrong with my pivot indicator. It was good yesterday and today when i opened charts NorthFinance it looked not good.
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  • #5,830
  • Jan 2, 2008 3:57am Jan 2, 2008 3:57am
Quoting Delta
Few minutes later was exactly the same situation and the price was also in the middle od BB, but this time the price went in good direction.
Any opinions about this 2 differences?
sure, but its ok to miss a trade then lossing your money - its just me. you'll always get another bus to get on .........
- Syd [dust is my bed...]
  • #5,831
  • Edited 4:48am Jan 2, 2008 4:23am | Edited 4:48am
Quoting syedks
sure, but its ok to miss a trade then lossing your money - its just me. you'll always get another bus to get on .........
So in your opinion both trades were risky and one shouldn't take it?

Did you have any good trade today? I stated to trade this method after reading the whole thread and knowing the rules. I will be grateful if you could post trades that were good.

Thanks.
  • #5,832
  • Jan 2, 2008 5:27am Jan 2, 2008 5:27am
Quoting Delta
What's wrong with my pivot indicator. It was good yesterday and today when i opened charts NorthFinance it looked not good.
It counts the stats of yesterday, 1st January. There was just one hour of trading, so the pivots are so close together today.
Donīt live for working, but work for living.
  • #5,833
  • Jan 2, 2008 9:37am Jan 2, 2008 9:37am
Quoting Delta
So in your opinion both trades were risky and one shouldn't take it?

Did you have any good trade today? I stated to trade this method after reading the whole thread and knowing the rules. I will be grateful if you could post trades that were good.

Thanks.
It looks like there was one about 2 hrs before the first setup we have been discussing. See attached. You could have entered around 1.9980 and the market topped around 2.0060 for that move. You could have got a nice piece of that move.

I think that trade would be what Chandra called a Consolidation Breakout.

Bill
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  • #5,834
  • Jan 2, 2008 4:47pm Jan 2, 2008 4:47pm
this is an other question today.. see the chart
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Financial Freedom
  • #5,835
  • Jan 2, 2008 7:10pm Jan 2, 2008 7:10pm
Quoting adelmonora
this is an other question today.. see the chart





http://www.forexfactory.com/attachme...1&d=1199313980

THis trade was a good trade to take.

Reasons why:

-200ema was above the 60ema (short position trades are in favor)
-line/macd cross & went -.
-red lag was already down, hints sign of trend being down, a long wit blue lag passing the 50line and crossing back down (which trades can be taken if lag cross up/down pass 50 line).
-U where also in a down wards channel.

If i have time tonight I will over look a few trades and post some good signals from the past that trades could have been taken.


Life is a game, play it well, their is no restart!
  • #5,836
  • Jan 3, 2008 12:03am Jan 3, 2008 12:03am
http://www.forexfactory.com/attachme...1&d=1199313980



I will advice traders to take the pain to study the individual indicators that make-up the mathod..... doing this will give them the opportunity to know how they react to price Action.

As far as I am concern, the above chart set-up is a very fantastic one and such opportunity might not come everyday.

The EMA blue is down which indicates a down trend(Remember go in the direction of the blue EMA)
The BB just decipts a break-out (short) after price consolidation
The Fast and slow moving EMA of the traditional MACD crossed down to indicate a sell
The RED lag was pinned down.

ALL the indicator agrees and resulted to so much pips gain.

That's my humble contribution
  • #5,837
  • Jan 3, 2008 2:32am Jan 3, 2008 2:32am
Quoting Shocker2

If i have time tonight I will over look a few trades and post some good signals from the past that trades could have been taken.

That would be great Shocker2.

I see that on major pairs: gbp/jpy, gbp/usd, usd,jpy, gbp/chf trend is bearish - MA200 above MA60 so we can only look at short signal I guess.
  • #5,838
  • Jan 3, 2008 3:58am Jan 3, 2008 3:58am
for me in not a simple trade before the move start because, yes we are of course in a down trend but

- bb in too narrow and for me is riskly to take a position
- the 2 lag (red and blue) go in opposite direction, and this is and other signal not clear.

just only my opinion...

Thank you for your response

Bye

Quoting Shocker2
http://www.forexfactory.com/attachme...1&d=1199313980

THis trade was a good trade to take.

Reasons why:

-200ema was above the 60ema (short position trades are in favor)
-line/macd cross & went -.
-red lag was already down, hints sign of trend being down, a long wit blue lag passing the 50line and crossing back down (which trades can be taken if lag cross up/down pass 50 line).
-U where also in a down wards channel.

If i have time tonight I will over look a few trades and post some good signals from the past that trades could have been taken.
Financial Freedom
  • #5,839
  • Jan 3, 2008 4:04am Jan 3, 2008 4:04am
dont break da rule for lag red and lag blue coz we get their punishment
  • #5,840
  • Jan 3, 2008 5:48am Jan 3, 2008 5:48am
This gif shows the very moment to go short. Price is below mid bollinger, below 60MA, blue lag is below 0.45 and going down, red lag is below 0.15 (although not trending down but we stay in a trade unless the red lag is not moving above 0.15), all other indicators are short, too.

In addition the trend shown by the 2 red lines is broken.

So the only factor for hesitating is the narrowness of the bb. But if you look at the last candle the bbs are widening already.

What might be difficult here is to define a value for stop loss since there lots of room for an upward movement. But the lower trendline is just perfect here.
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