Simple Method of Scalping any pair on 5 min chart , specially GBP/JPY - by Imran Sait | Page 330 | 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

  • #6,581
  • Edited 1:21pm Feb 25, 2008 12:53pm | Edited 1:21pm
Thanks Kimmy, but I'm learning yet, so I'm demotrading (lol)

Two week for learn + two week to measuring my real statistics for this system. If all ok, then april I going live !

Thank you. You are a great work in this thread !!!

Regards,
Ariel


Quoting kimmy
Hey Ariel
good going...i got in at 63 but i guess i moved my stop down too soon
fingers crossed for you

Kim
Psssst !!!... I have found the Holy Grail !!!.... It's YOU !!!
  • #6,582
  • Feb 25, 2008 3:07pm Feb 25, 2008 3:07pm
Quoting kimmy
hey guys

how's everyone doing with the geppy short? i got stopped at BE

take care
kim
Hi Kim,

I went out shopping, just got back, i had a take profit on a 1/4 of my lot size at 212.20 shame it didnt break further down the rest i got stopped out at break even.

With the nature of forex trading you should always lock in some profit i always take a 1/4 position profit at 50 pips and then if moves further around 80-90 pips then move stop loss to +50

I use dukascopy they normaly have around a 4 pip spread on gbp/jpy which makes it easy for scalping 15-25 pip movements in between the main trades

yas
"Through inquiring of the old we learn the new"
  • #6,583
  • Feb 25, 2008 4:17pm Feb 25, 2008 4:17pm
Looks like lot of people jumped in on GJ short too early. May be not according to the rules of this method?! For example, Yas1r got filled at the high of that time and I am absolutely sure there was no down signal at that point (around 16 GMT).

I think many people are going to be confused with this (I am). So, I want to clarify my observations. I can see only one down signal in 5M-GJ at 17:05 GMT (only if 60 EMA filter was not used), if properly followed after first pullback, it could have led to a BE, just like Kimmy got. There was no other short signal after breaking R2. May be there were signals in 1M but they might be plenty and good only for quick scalping with low spread.

Though I do not trade this pair, my bias for the day was UP (based on daily Stoch(5,3,3), which I am testing for use on 5M signals so that I can ignore half the signals for each day!). But the bias for EJ was DOWN and nothing much happened on that direction (may be it is a changover day!). On this basis both will have UP bias for tomorrow (I am hoping, but it can change around tomorrow also!).

Somewhere I read that if the price breaks R2 twice-up, never to go short for the rest of the day (probably some video on YouTube).

My observation for reverse entry has been that on a strong day (strong up move or down move or crossing R2/S2), better to wait for Lag2-5M to cross 0.5 level; I posted earlier mentioning that this can be considered as main trend (jcblcs79 also seems to use this level for Lag2, but in 1M). On not so strong day, just Lag2 crossing the 0.15/0.85 will be enough for reversal. Blue is good for continuation moves and red is good for reversal.

Just my observations. I hope if somebody was confused or tempted to jump in, this analysis will help clarify (or confuse some more!).

chandra
  • #6,584
  • Feb 25, 2008 7:53pm Feb 25, 2008 7:53pm
I opened a short position on GBP/JPY at 212.53, and I think a signal is going to be given on the H1. The reason I've already entered is the confluence of candle reversal signals during the last few hours: piercing pattern, doji, shooting stars. Additionally, we're at a D1 resistance - see second chart below. Of course, a signal was not yet given - and we might not get a signal at all [like last time]. But if a signal is indeed given, I expect at least 200pips, because this is what the H1 signals usually give. My stop is at 213, so I'm risking around 50 pips.
Attached Image(s) (click to enlarge)
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  • #6,585
  • Feb 25, 2008 8:28pm Feb 25, 2008 8:28pm
hey Kim,

yea...me too ;-)

I'm still in at 48 and agree that this thing is heading south. I've decided to run a trailing stop right now at 40 pips.

I love the GBP/JPY pair. Although she has bitten me a few times.

B
  • #6,586
  • Feb 25, 2008 10:00pm Feb 25, 2008 10:00pm
Added another lot at 212.1 w/ a SL at 212.40

I feel the retracement she hit at 211.85 is over.

B
  • #6,587
  • Feb 25, 2008 10:20pm Feb 25, 2008 10:20pm
Quoting 6pack
I opened a short position on GBP/JPY at 212.53, and I think a signal is going to be given on the H1. The reason I've already entered is the confluence of candle reversal signals during the last few hours: piercing pattern, doji, shooting stars. Additionally, we're at a D1 resistance - see second chart below. Of course, a signal was not yet given - and we might not get a signal at all [like last time]. But if a signal is indeed given, I expect at least 200pips, because this is what the H1 signals usually give. My stop is at 213, so I'm risking around 50 pips.
Hi 6pack,

I don't see any resistance in the daily chart near the current price. In fact I see some minor resistances have been broken. The major resistance seems to be around 214. Am i missing some type of resistance levels?

chandra
  • #6,588
  • Feb 26, 2008 1:58am Feb 26, 2008 1:58am
Hello All

How is everyone today?
I took the buy EJ signal earlier from LISPA2 and went long at 160.02.......it has since turned against me and I am currently still holding at -22pips.....there have been 2 sell signals since one from LISPA2 and one from SAS5..........which way is it going to go? red lag is still making it's way up but blue lag is now pointing down
just got stopped -30pips as i was typing.............samething happened yesterday !! still trading at a loss with this system.
it is getting very frustrating !!
any suggestions most welcome
Kim
  • #6,589
  • Feb 26, 2008 3:01am Feb 26, 2008 3:01am
Move back to demo if you are on live account. Take all those signal things (LISPA etc) (no offence Chandra I my self using SASS5 and find it quit useful) off and try to feel the market. I can assure you that you will get much better grip on it without them. I did it same way when I started I did not used any arrow or dot giving signal indicators. I started to use them only about a month ago and still I to not follow them blindly I do my analyzes always before entering.
Second thing I strongly recommend you work out your problem with your PC and try to get in to chat room so all of us there can help you.

Kristjan

Quoting kimmy
Hello All

How is everyone today?
I took the buy EJ signal earlier from LISPA2 and went long at 160.02.......it has since turned against me and I am currently still holding at -22pips.....there have been 2 sell signals since one from LISPA2 and one from SAS5..........which way is it going to go? red lag is still making it's way up but blue lag is now pointing down
just got stopped -30pips as i was typing.............samething happened yesterday !! still trading at a loss with this system.
it is getting very frustrating !!
any suggestions most welcome
Kim
  • #6,590
  • Feb 26, 2008 3:55am Feb 26, 2008 3:55am
Quoting kristjantelve
Move back to demo if you are on live account. Take all those signal things (LISPA etc) (no offence Chandra I my self using SASS5 and find it quit useful) off and try to feel the market. I can assure you that you will get much better grip on it without them. I did it same way when I started I did not used any arrow or dot giving signal indicators. I started to use them only about a month ago and still I to not follow them blindly I do my analyzes always before entering.
Second thing I strongly recommend you work out your problem with your PC and try to get in to chat room so all of us there can help you.

Kristjan
Thanks Kristjan

yes I have gone back to demo account as well as trading on real account but with very small position size. I see what you mean about the signals...i am gettingtoo distracted by them ...although i am not following them blindly...promise ! i will remove them from my charts and try to get a better feel for the pairs that i am trading.
i cannot seem to resolve my problem with access to the trading room...support has helped me to try to fix it but with no luck so far but i havn't given up yet.
happy pipping
kim
  • #6,591
  • Feb 26, 2008 4:41am Feb 26, 2008 4:41am
Hi yas!!!

pls can u describe your entry method?

When u see a signal in 5M then down to 1M and watch if the lags are moving in the same direction?
Do you see the break of previous high/low too?

Thanks! I'm impressed with your success in this method
I'm in for 2 or 3 month but still mix results.

Have a nice day!
  • #6,592
  • Feb 26, 2008 5:14am Feb 26, 2008 5:14am
see attached - to me this is a perfect scalp setup using the lags with guppy.
Attached Image (click to enlarge)
Click to Enlarge Name: example4.gif Size: 59 KB
  • #6,593
  • Feb 26, 2008 5:43am Feb 26, 2008 5:43am
Quoting goldworkers
Hi yas!!!

pls can u describe your entry method?

When u see a signal in 5M then down to 1M and watch if the lags are moving in the same direction?
Do you see the break of previous high/low too?

Thanks! I'm impressed with your success in this method
I'm in for 2 or 3 month but still mix results.

Have a nice day!
Hi goldworkers

Firstly i look at all the charts from the 4hr 1h 15min 5 min 1min. look at the red lags on higher time frames this will give you an indication of the general direction, also look for support and resistance levels and pivot levels, for example on the 4hr chart you have strong resistance on the 200ema also you have monthly pivot at 212.73, and you will see all the charts are over bought as imran also said yesterday, i am looking for a short a above the pivot level if we get a sell signal, but when its like this i prefer to scalp 20 pips at a time on the 1 min chart

On most days like yesterday i wait for the buy or sell on the 5min , then look for the same signal on the 1min chart and enter according to that(have a look at the charts i posted yesterday morning) at the same time look for the 60 200 ema cross over on the 1 min chart this is a comfirmation signal for me for a breakout to that side, also i use the standard MACD 12,26,9 i use the bars to see if we are in an upward trend above 0 or downward trend below 0.
i find this method realy good for the big movements yesterday it was about 180pips

taken a short after the sell on 5 min the 1 min at 212.81

hope it makes sense

Regards
yas
"Through inquiring of the old we learn the new"
  • #6,594
  • Feb 26, 2008 5:53am Feb 26, 2008 5:53am
Also if you are new to forex, you are jumping in the deep end with a gbp-jpy it is a bit of a beast to trade, i find gbp-chf alot easier or even usd-cad the system works really well on all pairs, it takes time to get a feel for the gbp-yen and has wild swings.
Regards
yas
"Through inquiring of the old we learn the new"
  • #6,595
  • Feb 26, 2008 5:54am Feb 26, 2008 5:54am
Yas your explanation was cristal clear!
Thanks for share your abilities with us and congrats for your pips
Good trading day for you

GW's
  • #6,596
  • Feb 26, 2008 6:50am Feb 26, 2008 6:50am
Quoting achandrasekaran99
Hi 6pack,

I don't see any resistance in the daily chart near the current price. In fact I see some minor resistances have been broken. The major resistance seems to be around 214. Am i missing some type of resistance levels?

chandra
However, look at my second attachment from last night's post: the red line indicates that the daily has never closed above what I consider resistance in the whole month of February. Yes, it has been penetrated - but not broken. In fact, the monthly pivot is at 213.01!
I ended up closing my position last night at 212.30, first with some relief, as price wiggled around in the 212.30s, then with some feeling of "chickening out", as 212 was broken.
Exits are always much more challenging.
I entered again this morning at 212.76, but was stopped out at 213. I am still looking for re-entry if any additional supporting signals would be given.
  • #6,597
  • Feb 26, 2008 7:10am Feb 26, 2008 7:10am
Quoting kristjantelve
Move back to demo if you are on live account. Take all those signal things (LISPA etc) (no offence Chandra I my self using SASS5 and find it quit useful) off and try to feel the market. I can assure you that you will get much better grip on it without them. I did it same way when I started I did not used any arrow or dot giving signal indicators. I started to use them only about a month ago and still I to not follow them blindly I do my analyzes always before entering.
Second thing I strongly recommend you work out your problem with your PC and try to get in to chat room so all of us there can help you.

Kristjan
well said Kris, cos those arrows confuse us a lot .. (again no offense to Chandra) ... only way you will get the feel of the market is by removing those indicators .... and once u r used to the market .. then you can put them back and see how they work out for you

Good Luck

Goodbadmas
  • #6,598
  • Edited 8:27am Feb 26, 2008 8:13am | Edited 8:27am
Quoting kimmy
Hello All

How is everyone today?
I took the buy EJ signal earlier from LISPA2 and went long at 160.02.......it has since turned against me and I am currently still holding at -22pips.....there have been 2 sell signals since one from LISPA2 and one from SAS5..........which way is it going to go? red lag is still making it's way up but blue lag is now pointing down
just got stopped -30pips as i was typing.............samething happened yesterday !! still trading at a loss with this system.
it is getting very frustrating !!
any suggestions most welcome
Kim
Hi Kim,

Did you follow Yas1r method of entering after 1M pullback? If you took the next buy signal after 1M pullback, you could have gotten something back.

I keep SL of max. 20 for EJ. The profit had gone upto 12 pips it looks. I would have made my SL to BE or just -5 (chicken!). Don't expect big moves for each signal. If you take partial profits of just 10 pips, your losses will be reduced (you have to trail the SL also). But, taking partial profit is a problem with many platforms. Just checkout if you aimed for just 10 pips, how often you could have made profit (just an idea to consider).

If the Lags are moving opposite, better not to enter.

LISPA2 is not the main method. So, no problem if that is not used (Kristjan and goodbadmas, no problem at all). It is just one form of this method. LISPA1A-New is another form. There can be other ways to use also. But always we have to check the price pattern when any signal comes and also they may not work out all the times. Today there was about 100 pips up move from Low in EJ, but it happened in a way that the signals could not catch much.

Wish you better trades, soon!

chandra
  • #6,599
  • Feb 26, 2008 8:23am Feb 26, 2008 8:23am
Quoting 6pack
However, look at my second attachment from last night's post: the red line indicates that the daily has never closed above what I consider resistance in the whole month of February. Yes, it has been penetrated - but not broken. In fact, the monthly pivot is at 213.01!
I ended up closing my position last night at 212.30, first with some relief, as price wiggled around in the 212.30s, then with some feeling of "chickening out", as 212 was broken.
Exits are always much more challenging.
I entered again this morning at 212.76, but was stopped out at 213. I am still looking for re-entry if any additional supporting signals would be given.
Hi 6pack,

I agree that S/R levels are subjective and quite difficult to judge their strength as well. They are needed for better entry and exit (as TP or SL). You seem to give more importance to the daily close levels. Thats the point I missed on that daily chart.

Also, agree that the exits are challenging and as important as the entry itself.

Regards,
chandra
  • #6,600
  • Feb 26, 2008 8:28am Feb 26, 2008 8:28am
here is another quick scalp... see attached for my thoughts and insight.

also - for those who have been with this thread from the beginning let me if you think it is inappropriate to post the my charts since i don't really follow Imran's system, just the lags.
Attached Image (click to enlarge)
Click to Enlarge Name: example4.gif Size: 59 KB
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