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

[quote=Charles;1905063]~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Ever tried a trendline once you are in the trade??
[quote]

How do you use the trendline to stay in the trade?

Been reading through some of the previous posts regarding strength of moves. If your looking to see if the potential exists for bigger moves, try having a 30 min chart, just at least avaliable to glance at occassionally. Add nothing more than a 14 CCI and watch for divergence at key levels being support, resistance and Pivot points and most importantly, USE FIB ! This will assist with using the 5 min method in identifying the bigger moves.
Watch for the pull-backs on 30 min timeframes in the 38.2 to 61.8 areas and when the trend continues after a pullback and divergence is present in the CCI the moves can be real rockers instead of the small 10 pip moves.
Ive been trading on my own for some time and used Imrans system for awhile and it was in my opinion probably one of the best 5 min. systems I've ever seen ive just decided to move onto larger timeframes for my personal taste.

If your not familiar with divergence, please do yourself a big favor and learn it. Their is information explaining how it works all over the web if you search, it really is powerful and also works to a degree on a 5 min TF just not as accurate. Also, if you do not know how to properly draw Fib lines, you can do the same by searching the web...it really pays to understand this tool on larger TF's. Just wanted to share what helped me, took me a long time to learn how to trade and I know it was a long road. Good Luck.

Hi Forex007,

Difficult one, but I keep an eye on the ADX, to see if the slope is rising, and ADX line is above 35. Same indicator, the gap between the + and - DI.
The indi is there on MT4 platforms.

Also helps to use multiple time frames, which can indicate short reversals and then trend continuation.

There is another indi called the Waddah Attar Explosion which I'm experimenting with. Google it and you'll find it. If not, let me know and I'll post it.

Hope this helps a bit.

Pardy

[quote=Barracuda;1905127]try having a 30 min chart, just at least avaliable to glance at occassionally. Add nothing more than a 14 CCI and watch for divergence at key levels being support, resistance and Pivot points and most importantly, USE FIB ! This will assist with using the 5 min method in identifying the bigger moves.
Watch for the pull-backs on 30 min timeframes in the 38.2 to 61.8 areas and when the trend continues after a pullback and divergence is present in the CCI the moves can be real rockers instead of the small 10 pip moves.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Why don't you put a chart on with these items? Would save the newbies a lot of time and experiments and guessing.
It's so easy to teach/learn.


FOREX: I draw the trendlines under/above the candle BODIES - not the
highs and lows - whenever possible. If the first 2candles after a reversal are equally high/low you have to be a bit patient to find a suitable 2nd point.
Most of the time this is very helpful however, as I said before - there is no
guarantee or holy grail in trading.

Hi Charles, Here is an example of what I was talking about regarding divergence on larger timeframes and using Fib. Here is a chart with a classic pullback in an uptrend. Price formed a low on the chart and started moving up...price then stalled at a support area (94.50) in this example and began to form a candle pattern to confirm (dark cloud cover in this example)...Once identified I pulled a Fib starting from the LOW up to the HIGH of 94.50...Again, watching for the 38.2 to 61.8 area for possible reversal, I notice divergence in the CCI and also note the MACD is not forming lower bars. In the event the 61.8 fib was breeched I usually scrap the idea but this time it hit and bounced. My thoughts for posting this was in response to someone mentioning how to target bigger moves, I feel this may help to identify this and obviously if this setup was spotted on a larger timeframe chances are Imrans 5 min system would provide excellent entry with some confirmation a larger move up in this example will take place. This is just an idea to help is all, take it as just another tool. PS: You need to learn divergence to better understand, do dome research on the web
* Note in MACD area of chart should say "forming higher lows" not lower lows

Hi guys,

Thank you ALL for very helpful advice and suggestions.

So, if I got you right, it does pay to watch both higher and lower TFs (e.g. M1 and M30 when trading M5), getting out on retractions and getting back in if pullbacks are confirmed as valid.

How do you approach choppy times when the price moves in opposite direction with every other bar (30-60+ pips), even when there is a somewhat clear trend?

Just follow Imrans system and you'll be fine in my opinion...with his system their really is no need to do anything else besides what he says in his rules. The example I gave was just a chart you can keep minimized most of the time with an occasional glance to se if anything big may be setting up. I trade longer TF's so dont read into it too much, It was mainly just to help identify the formation of a bigger move that when entered on Imrans system, may provide some more pips. I really do not use a 1 min chart for anything personally.

Hi, forgot to mention that these indicators (LISPA2 and laguerre1Alert) are in fact Chandra's Indicators which can be found here along with other ones that he has developed:

http://www.forexfactory.com/showthread.php?t=53189

Pls can someone direct me to d page where i can find imransait scalping filesto download thx!

Hi goodness

Everything you need is on the first post on this thread

Yas

What file do you drag the alerts to to install these alerts?

hi forexlover

you save them to the Indicators folder in the Experts folder within your trading station.
cheers
kim

1st click on each indicator and save to your desk top

then right click on mt4 platform, click properties then find target tab

then click on experts folder then indicators

now drag all the indicators off your desk top and put them the indicators folder

close it all down then open up your mt4 platform and they will be in the indicators on the right,

then watch imrans video to see how to put them in your chart

Regards
yas

Specialfx

Thanks.

Past my cocoa time, so I will give it a go later this morning.

Hi Guys and gals. I notice that the pivots change whenever i close my Metatrader platform and reopen. The PIVOTS don't seem to change or move as the market trends unless you reopen the platform. is this normal? Why don't the pivots adjust automatically?

In further research, i have found that the pivots change when you edit the pivots even without making any changes to the settings. They do not change simply by closing and reopening the platform. Is this normal and something i should do throughout the day?

I'm just beginning to follow this system and noticed when I use the template provided on the first post, the lag settings are slightly different than the ones described in the version 1.2 pdf from the same post.

Specifically, the pdf states that the middle level is .45, yet on the template it is .5 . I've looked at many charts in this thread, and find that some use .45, and others use .5

Also, it says to enable fixed max at 1.05, and min at .05, but the template has the max at 1 and min at 0.

Finally, the pdf says bars to read 9500. If this refers to max bars under the inputs tab, the template has this set to 1000.

Could Imran please clarify which are the proper settings. Thank you very much. Looks like a very interesting system and I look forward to working with it.

One more thing . . . did I read correctly that Imran suggests using 15m min timeframe on any pair that isn't jpy or a jpy cross pair?

hi guys

Hi,

would it have been correct to go short at the opening of the following bar (the blue Laguerre just crossed 0.85 at the last bar)?

Which Laguerre indicator version is being used here?
Ehlers talks of 4 variations on his site - rso, cci etc.

Does anybody possess the Trade Station formula of the version which is
in use here (MQ)?
Would appreciate the formula for getting it coded for another software.
Thanks for taking your time.

Charles

Reini,

I would not short there. The BB were getting too tight and you were basically shorting near the bottom of the bands. You could try it but I would be watching very closely.