Don´t live for working, but work for living.
Simple Method of Scalping any pair on 5 min chart , specially GBP/JPY - by Imran Sait
- #6,042
- Jan 16, 2008 9:58pm Jan 16, 2008 9:58pm
Hey Guys,
Here is my strategy.
I have been studying this method for about 1- 2 months.
I have not read all the posts but I have read the most relevant ones, I think
.
I have just started serious demo trading this yesterday, although I did do a lot of looking at the charts and looking for the indicators and observing the price action.
I live in EST time zone and I have chosen to trade this strategy after work which is roughly 6-10pm my time, which coincides exactly with the asian session.
I know that volume is low and there si not a lot of activity at this time. however ifd you wait you can still bag some pips.
I tired trading the London session , but had probs functioning at work and was constantly sleepy/ sleeping etc. So its not for me now, at least as long as I have my day job.
Imran says that you can use this in any session and for any currency, so what I do is scan across currency pairs looking for the setup and then entering once the conditions are met.
I may hold as many as 4 open position s at any one time constantly monitoring them.
I use the 5m timeframes and use the 1 min for confirmation of exits.
In adittion to Imrans template and indicators I use a few others which have been recommended on this forum, using pipskateers template, the signal bars indicator and a multiple time frame stochastic indicator.
I generally look for confirmation from all indicators, at at least a substantial majority.
I also look at the slope of the bollinger bands, position of candles in BB's, slope of MA's, MA crossover and the signal bars indicator as well as the slope of the multi stochs as confirmation.
I look for scalps, holding positions open for a max of 2 hours. aiming for 10-20 pips or more.
I exit when the conditions change i.e. indicators change from long to short etc.
as this post is long, I will post my trades today next.
tell me what you all think.
T
Here is my strategy.
I have been studying this method for about 1- 2 months.
I have not read all the posts but I have read the most relevant ones, I think
.I have just started serious demo trading this yesterday, although I did do a lot of looking at the charts and looking for the indicators and observing the price action.
I live in EST time zone and I have chosen to trade this strategy after work which is roughly 6-10pm my time, which coincides exactly with the asian session.
I know that volume is low and there si not a lot of activity at this time. however ifd you wait you can still bag some pips.
I tired trading the London session , but had probs functioning at work and was constantly sleepy/ sleeping etc. So its not for me now, at least as long as I have my day job.
Imran says that you can use this in any session and for any currency, so what I do is scan across currency pairs looking for the setup and then entering once the conditions are met.
I may hold as many as 4 open position s at any one time constantly monitoring them.
I use the 5m timeframes and use the 1 min for confirmation of exits.
In adittion to Imrans template and indicators I use a few others which have been recommended on this forum, using pipskateers template, the signal bars indicator and a multiple time frame stochastic indicator.
I generally look for confirmation from all indicators, at at least a substantial majority.
I also look at the slope of the bollinger bands, position of candles in BB's, slope of MA's, MA crossover and the signal bars indicator as well as the slope of the multi stochs as confirmation.
I look for scalps, holding positions open for a max of 2 hours. aiming for 10-20 pips or more.
I exit when the conditions change i.e. indicators change from long to short etc.
as this post is long, I will post my trades today next.
tell me what you all think.
T
- #6,044
- Jan 17, 2008 3:17am Jan 17, 2008 3:17am
hi,
i've been following the thread this whole week and managed to finish part of it. If only i'd joined the group earlier.
I've practiced the system and it works really good. Miss few opportunities and made mistakes in my early trades but, after several attempts, i managed to get some profit and become familiar with the system. (always trust your lags)
Thank you Imran and everyone who have been so helpful to all newbies like me. This is my first post and i'm sure there will be many more. I've gained a lot of knowledge and can't wait to contribute some.
Anyway, i'm from malaysia so i trade during asian session. any ideas on how i can maximize my profit during this asian time (because people said, asian time/trade is quite slow compared to others)
Later, i'll post some of my trade so that everyone (including me) can learn from it.
i've been following the thread this whole week and managed to finish part of it. If only i'd joined the group earlier.
I've practiced the system and it works really good. Miss few opportunities and made mistakes in my early trades but, after several attempts, i managed to get some profit and become familiar with the system. (always trust your lags)
Thank you Imran and everyone who have been so helpful to all newbies like me. This is my first post and i'm sure there will be many more. I've gained a lot of knowledge and can't wait to contribute some.
Anyway, i'm from malaysia so i trade during asian session. any ideas on how i can maximize my profit during this asian time (because people said, asian time/trade is quite slow compared to others)
Later, i'll post some of my trade so that everyone (including me) can learn from it.
