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

RE-Imran Sait Method 6 replies

EA - "Simple Method of Scalping on 5 min chart , especially GBP/JPY - by Imran Sait" 36 replies

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

I wouldn't trade this system... or any other before or after a tier one news release.

I'd wait a good hour if not more before taking a position.

I checked the news and don't see anything marked as high (if that is what you mean by tier one news): http://www.dailyfx.com/calendar/inde...portanceFilter=|

Highs for Canadian consumer price index but that's tomorrow: http://www.dailyfx.com/calendar/. Are you referring to taking caution on those marked as medium?
Quoting 4thSpace
@ Acumen

Check out this gap on my USDJPY chart during the same time frame you have. I'm on an InterbankFX demo account. Missing a few candles to say the least.
Strange stuff.
Quoting acumen
Strange stuff.
IBFX hang up today for some time and there is a gap in data from about 10:21 to 11:13 GMT. Look for this 1 min chart.

Regards,

Andrew
Attached Image
Quoting 4thSpace
@ Acumen

Check out this gap on my USDJPY chart during the same time frame you have. I'm on an InterbankFX demo account. Missing a few candles to say the least.
I think IBFX lost their server for about half hour. I see the data missing for about half hour in all charts (even in live account!).

When there is some such gap (which happens in IBFX demo everyday), all the indicators will not be correct for some more time. So, be careful about any indicator signals, after such gaps.

chandra
Quoting Andrew_e
IBFX hang up today for some time and there is a gap in data from about 10:21 to 11:13 GMT. Look for this 1 min chart.

Regards,

Andrew
Aliens?

Black Holes?
Quoting acumen
Here's a a trade that has several key elements that all align at the same time.

It was only good for a few PIPS but this is a high probability trade.

We have a pivot point, 200 ma and Imran's system signaling a trade.

This is called confluence and it's usually a very good opportunity.
I can see about 5 such setups (at about 2:00, 4:30, 7:30, 10:15, 12:00). Though some are not perfectly aligned, none would have been a loser (with proper SL and TS).

chandra
Quoting achandrasekaran99
I can see about 5 such setups (at about 2:00, 4:30, 7:30, 10:15, 12:00). Though some are not perfectly aligned, none would have been a loser (with proper SL and TS).

chandra
You are correct.
I haven't seen imran posting here in a long time.

I know he was doing that pooled fund, i wonder how that is doing?
Notice the lime green intra-day trend line in the pic?

I took the trade based on the system and was stopped out at the top.

The system showed alignment and all looked good.

Sure - the stimulus package sh#t helped but I should have waited until there were other confirming signals.

Additionally we were above the 200 MA and the pivot point. (Thinking long when this occurs.)
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Quoting mainsaham
Hi Damo12,

Do you change any settings on InverseFisherTransformRSI?

Thanks heaps
Hi, No changes. settings are defult. As Imran pointed out a little while back the IFT does almost the same job as the Blue Lag.

Regards, D.
where thought goes energy flows
Quoting acumen
Notice the lime green intra-day trend line in the pic?

I took the trade based on the system and was stopped out at the top.

The system showed alignment and all looked good.

Sure - the stimulus package sh#t helped but I should have waited until there were other confirming signals.

Additionally we are above the 200 MA and the pivot point. (Thinking long when this occurs.)
Did you enter long or short ??
To me it looks like you entered Short, is so it was a contra trade, against the trend, your lime green trend line confirms this, 60ma above 200, too close to 60ma, BB middle line pointing up and BB bands narrowing - this is only my observations, I could be wrong - lets have some other comments - after all we are here to learn.
Quoting acumen
Notice the lime green intra-day trend line in the pic?

I took the trade based on the system and was stopped out at the top.

The system showed alignment and all looked good.

Sure - the stimulus package sh#t helped but I should have waited until there were other confirming signals.

Additionally we were above the 200 MA and the pivot point. (Thinking long when this occurs.)
Did you indeed short? Your red lag was in an uptrend. It is not enough for it to be at 1, it should be there for a while. Remember what Imran emphasized: don't break the rules...
Anyway, I'm really sorry you were stopped out. Better luck next time
Quoting acumen
Notice the lime green intra-day trend line in the pic?

I took the trade based on the system and was stopped out at the top.

The system showed alignment and all looked good.

Sure - the stimulus package sh#t helped but I should have waited until there were other confirming signals.

Additionally we were above the 200 MA and the pivot point. (Thinking long when this occurs.)
Hi acumen,

This was a counter-trend trade and generally they are difficult. Also, the price was well within the recent range (ranging). So, until some trendline or the range is broken, it should be waiting time. At least the prior 1H range here could have been used as a secondary range and waited for that breakout (this consolidation was on the upper half of the Bollinger band).

chandra
Quoting me4x
Did you enter long or short ??
To me it looks like you entered Short, is so it was a contra trade, against the trend, your lime green trend line confirms this, 60ma above 200, too close to 60ma, BB middle line pointing up and BB bands narrowing - this is only my observations, I could be wrong - lets have some other comments - after all we are here to learn.
You are correct.

Intra-day trend lines are usually very strong.

BB's were contracting.

Additionally - I hate shorting above pivot points.

m
Quoting 6pack
Did you indeed short? Your red lag was in an uptrend. It is not enough for it to be at 1, it should be there for a while. Remember what Imran emphasized: don't break the rules...
Anyway, I'm really sorry you were stopped out. Better luck next time
The red lag was pointing down... I promise.

Either way I did jump the gun.

I appreciate all the replies.
Quoting 4thSpace
I keep getting stopped out on this setup. By the time a signal is given, the pair has already slid down a good bit. This leaves just enough room for it to climb back up and stop you out. I'm using a 20 SL + spread.

Entered sell for EURJPY @ 156.81. Stopped out @ 157.06.
I think the 20+spread SL is too small for gj. I use recent highs if they're around [they were in this case]; otherwise I probably wouldn't enter a trade.
I agree that price usually advances quite a bit by the time the signal is given. This happens with a lot of systems, and it makes sense: just as you cannot say where the top is [until after the fact] no system can tell you that either. So price has to move, and only then the signal can be given. It's one of the classic challenges in trading: when does a trend reverse? when is it established?
One possible solution is to wait for a pullback, or retracement. One of two things usually happen: either it does pull back, and you get in at a better price [more importantly, smaller stop], or it does not, in which case you missed a good trade. I almost always wait for a pullback - not just with this system. I miss a lot of good trades, but I have very small risks (in terms of s/l) with the ones I do take. An additional risk of this trading style is that there may be more reversals - if price pulls backs, movement is not solid, etc...
Quoting 6pack
I think the 20+spread SL is too small for gj. I use recent highs if they're around [they were in this case]; otherwise I probably wouldn't enter a trade.
I agree that price usually advances quite a bit by the time the signal is given. This happens with a lot of systems, and it makes sense: just as you cannot say where the top is [until after the fact] no system can tell you that either. So price has to move, and only then the signal can be given. It's one of the classic challenges in trading: when does a trend reverse? when is it established?
One possible solution is to wait for a pullback, or retracement. One of two things usually happen: either it does pull back, and you get in at a better price [more importantly, smaller stop], or it does not, in which case you missed a good trade. I almost always wait for a pullback - not just with this system. I miss a lot of good trades, but I have very small risks (in terms of s/l) with the ones I do take. An additional risk of this trading style is that there may be more reversals - if price pulls backs, movement is not solid, etc...
Good Point.
Quoting acumen
The red lag was pointing down... I promise.

Either way I did jump the gun.

I appreciate all the replies.
Acumen, where exactly did u enter this trade? I assumed it was at the red vertical line [18:35] you have on your chart. At that point, the red lag certainly did not comply with Imran's rules:

For Short : What you need ... LaGuerre 2 is at the top ( for extended period of time ) or trending downwards below 0.85

Also, the vertical line obscures the shadows, but it seems you entered (if my assumption above were correct) when the price was ranging: didn't seem to go anywhere (outside 106.66~106.78) for... 15 candles! Count if you don't believe me.
Ah! the unbearable lightness of after-the-fact analysis! Why can't I do that before I enter a trade
At least we're having a fruitful discussion!
Attached Image (click to enlarge)
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Expand on this one for me?

For Short : What you need ... LaGuerre 2 is at the top ( for extended period of time ) or trending downwards below 0.85


Quoting acumen
Expand on this one for me?

For Short : What you need ... LaGuerre 2 is at the top ( for extended period of time ) or trending downwards below 0.85


I've just copied and pasted from the "official" system instructions, found on the first post on this thread. Read it, it's good stuff.
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