DislikedOK good advice...yes price action is all over the place this morning !
are there any pairs that don't get affected by the interest rate announcments?
cheers
kimIgnored
Simple Method of Scalping any pair on 5 min chart , specially GBP/JPY - by Imran Sait
- #6,724
- Edited 4:47am Mar 6, 2008 4:30am | Edited 4:47am
all pairs have link to US Dollar and all get affected. I would advise to take in 10-15 pips profits and lock these if price goes ur way, prices could oscilate between 100 pips in minutes in all currencies due to high votality
Here was a matter of mins long bar
Deffently not a safe time to be in mkt. Also that spike was very close to the 50fib from 30min TF.
Life is a game, play it well, their is no restart!
- #6,725
- Mar 6, 2008 8:02am Mar 6, 2008 8:02am
- | Joined Aug 2007 | Status: I keep my eyes open | 1,108 Posts
One Chart is Worth Ten Thousand Words.
- #6,729
- Mar 6, 2008 10:29am Mar 6, 2008 10:29am
- | Joined Aug 2007 | Status: I keep my eyes open | 1,108 Posts
One Chart is Worth Ten Thousand Words.
- #6,733
- Mar 6, 2008 3:06pm Mar 6, 2008 3:06pm
Imran
Please forgive me for asking a dumb question, but how does one download your LaGuerre indicator into my Metatrader 4? I'm an old dog having great trouble learning new tricks! I would much appreciate a reply using very simple language.
D
- #6,734
- Mar 6, 2008 3:46pm Mar 6, 2008 3:46pm
- | Joined Aug 2007 | Status: I keep my eyes open | 1,108 Posts
One Chart is Worth Ten Thousand Words.
- #6,739
- Mar 7, 2008 3:10pm Mar 7, 2008 3:10pm
- | Commercial User | Joined May 2007 | 1,464 Posts
Hi Imran,
What wrong with this long trade?
1. Bollinger band was going down
2. 60 ema was resistance and also was coming down
3. price was going in swings due to news
- #6,740
- Mar 7, 2008 3:23pm Mar 7, 2008 3:23pm
- | Joined Aug 2007 | Status: I keep my eyes open | 1,108 Posts
Hi,
Here's a chart with a few misjudged trades that made the whole evening's trading a sour experience ($700 loss) instead of a profitable one (circa $1100-1800).
As usual, you can see - in bright BLUE - arrows and ticks/crosses of my trades. YELLOW thumb down indicates the trade I shouldn't have taken; also, YELLOW arrow and cross indicates how I should have handled that trade (EMA 60 started acting as a resistance - Imran mentioned that a few times). The last trade was a mistake too (market became undecisive).
I started with small(ish) lots; when I switched to large ones, I made the first (costly) mistake. I then stuck to large positions as the trend was strong, and one good long trade brought me into healthy profit.
With the last trade, I failed to see the end of the rally and thought the trend will continue to R3. That last trade was with a big position too - yet another mistake considering the uncertainty of the situation.
So, I ended up with a loss of $270 instead of profit (at some point I had $900 net of commissions).
Commissions alone - due to unneccessary large number of trades and large position - added significant (just under $400!) insult to injury.
So, the lessons are:
(a) Imran's system does work well - in capable hands
if you follow the rules and also carefully analyse the market situation;
(b) M1 scalping (especially with large positions) must be done with a GREAT caution - if the trade reverses in mid-point, don't hesitate to exit it ASAP;
(c) Don't rush - the trade I marked with a thumb down was not needed as both the Lags and Parabolic were showing continuing trend.
Hope that helps. Have a nice weekend everybody.
Here's a chart with a few misjudged trades that made the whole evening's trading a sour experience ($700 loss) instead of a profitable one (circa $1100-1800).
As usual, you can see - in bright BLUE - arrows and ticks/crosses of my trades. YELLOW thumb down indicates the trade I shouldn't have taken; also, YELLOW arrow and cross indicates how I should have handled that trade (EMA 60 started acting as a resistance - Imran mentioned that a few times). The last trade was a mistake too (market became undecisive).
I started with small(ish) lots; when I switched to large ones, I made the first (costly) mistake. I then stuck to large positions as the trend was strong, and one good long trade brought me into healthy profit.
With the last trade, I failed to see the end of the rally and thought the trend will continue to R3. That last trade was with a big position too - yet another mistake considering the uncertainty of the situation.
So, I ended up with a loss of $270 instead of profit (at some point I had $900 net of commissions).
Commissions alone - due to unneccessary large number of trades and large position - added significant (just under $400!) insult to injury.
So, the lessons are:
(a) Imran's system does work well - in capable hands
if you follow the rules and also carefully analyse the market situation; (b) M1 scalping (especially with large positions) must be done with a GREAT caution - if the trade reverses in mid-point, don't hesitate to exit it ASAP;
(c) Don't rush - the trade I marked with a thumb down was not needed as both the Lags and Parabolic were showing continuing trend.
Hope that helps. Have a nice weekend everybody.
One Chart is Worth Ten Thousand Words.