Simple Method of Scalping any pair on 5 min chart , specially GBP/JPY - by Imran Sait | Page 356 | 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

  • #7,101
  • Apr 25, 2008 6:21pm Apr 25, 2008 6:21pm
Hi Yas1r. I was wondering if you could post your template and indicators including macd that you use for everyone here i see you have to signal alerts chandra and another? thanks!

i saw your post with your charts from http://www.forexfactory.com/showthre...48926&page=468 and can see now why use use extra macd to filter out bad trades. will add it to my setup again. thanks a lot for your posts!
The things that we love tell us what we are Thanks Redsword11 and Tim Morge
  • #7,102
  • Apr 26, 2008 9:09am Apr 26, 2008 9:09am
quick question guys/gals , either when using the new lispa indicator or conventioally with the signals. do you enter immedeately or do u wait for the next 5 mins bar to close below/above signal level. also when the price than goves above the level if it comes down again in a short set up would u nter when the 5 mins closes below.

i get a bit confused as often the signal down occurs, the price than goes above before coming down .

thanks

kashif
  • #7,103
  • Apr 26, 2008 2:52pm Apr 26, 2008 2:52pm
Quoting anne_81
the lagurre and the stoch histogram, you can get those from the 1st page of this thread..


Hei Anne, what are the lines over the Fx_FishModV2 shown on your template?
and this indicator does not show on choppy periods?

regards.
  • #7,104
  • Apr 26, 2008 3:15pm Apr 26, 2008 3:15pm
Quoting sonicdeejay
Apresser and Guys...

Last 9 hours ago (now 1 AM GMT)...

I was caught on my SL on my "short" on GBP JPY, 1H and 4H is showing clearly short *using a diff method* and I went in @ I !!!

and there is a hugh spike up (take a look @ II) and hit my SL...but after that it go lower as it seems!!

Any idea how can I prevent it...Can anyone help me analyse in Imram setup, that was it a real short signal @I!!


http://i25.tinypic.com/zikryu.jpg
####################################################################

You would have seen it on a lower timeframe much earlier. To watch various time frames is a MUST.

Ch.
  • #7,105
  • Apr 26, 2008 3:23pm Apr 26, 2008 3:23pm
Quoting WSAStartup
Hi rorieu,

sometimes the signals are false. Have a look at the picture today:

The red arrows are the bars I entered the trade. All other arrows in the first picture are alert-arrows of my signal indicator.

1: If the trade was not at this strange time, I would have entered it.
But of course, entering such a trade at 11:15 PM GMT shortly before the new day is committing suicide.

2: The signal was wrong, because LAG_RED was going to the top and the probability it reaches this top is quite big. So I would wait for LAG_BLUE to come up again and enter the trade at point (3).

In my opinion the best signals for manual trading are just:

  1. Alert when LAG_BLUE crosses 0.15 up
  2. Alert when LAG_BLUE crosses 0.85 down

When you get these signals, you can decide from the position of LAG_RED, S/R, EMAs or Trendlines, if you taker the trade or not.

The alert indicator I uploaded here:

  1. Alert when LAG_BLUE crosses 0.15 up AND LAG_RED < 0.15
  2. Alert when LAG_BLUE crosses 0.85 down AND LAG_RED > 0.85

As you can see in the pic, you would have missed the profit on trade 3.
But there are still some good trades you can catch with it.

-----------------

Now have a look at the second picture:

At the red arrows I would theoretically enter it. The blue arrow is Chandra’s signal.

At the blue signal, well, you missed the train. It appears very late, the scalping would be almost over at this time.
Chandra’s signals are excellent if there is a long trend like yesterday. But if the market is going sideways in short up und down trends, every single Pip is counting and so you need early signals.

The next days I am going to trade only with LAG_BLUE signals and then look at LAG_RED manually.

I will keep you informed.

WSAStartup


--------------------------------------------------------------------------
Chandra's LISPA1MTF is excellent and gives earlier signals. I will use it for ea coding.
Thank's a lot Chandra for this great indicator.

I have experimented a bit, I use it with the following settings:

gamma1 --> 0.55
gamma2 --> 0.80

TimeFrame1 --> 0 (current)
Pair1 --> 0 (current)

MA --> 0
UpperLevel --> 0.85
ShowCenterCrossing --> false (otherwise too many false signals)
MaximumBars ---> 1000
ArrowDistance ---> 10
VLineWidth ---> 1
EMA ---> 0
UseLaguerre2Filter --> true
SendEmail ---> (up to you)
PopUpAlert --> (up to you)
TextSignal --> (up to you)

the rest by default

##############################################################################################################

The BLUE LAG was wrong, too on April 23rd. Simply too late for the 5 minutes in many cases imo.
Care to show what Chandra's LISPA looks like?

Ch.
  • #7,106
  • Apr 27, 2008 7:03am Apr 27, 2008 7:03am
this is becoming to complex and confusing. Is there a simple way to track trends and enter trades?
  • #7,107
  • Apr 27, 2008 10:46am Apr 27, 2008 10:46am
Does someone know where to find in this thread the a. m. indicators as
TradeStaion formulas - have to code them for my software??

Thanks for taking your time.

Ch.
  • #7,108
  • Apr 28, 2008 6:25am Apr 28, 2008 6:25am
Hi all

I am posting my daily trades as and when I have the time to do so. This is so to educate myself (and possibly others).

So here goes..


The white circle is where I entered LONG at 104.62 because the 5 min blue lag was showing a buy signal. Closed at -8 pips when the sell signal came as I wasn't confident on this trade as the price was nowhere near my entry price for 40 mins.
Attached Image (click to enlarge)
Click to Enlarge Name: chart1.gif Size: 32 KB
  • #7,109
  • Apr 28, 2008 6:29am Apr 28, 2008 6:29am
Hi all


Took another trade here at 8:00GMT on the EuroDollar, this one showed a signal on the 5 mins but it sharply reversed knocking me out of my short for -25.

Almost identical on the GBPUSD for -25 so I won't post that pic.
Attached Image (click to enlarge)
Click to Enlarge Name: chart1.gif Size: 27 KB
  • #7,110
  • Apr 28, 2008 6:47am Apr 28, 2008 6:47am
Hi all

Another trade taken this morning. Please can you explain this one to me as I really thought it was going SHORT...

All lags looked like SHORT but the price bounced off the Bollinger Band and continued LONG. Stopped out again...

I know Bollinger band is a consideration but the bar did penetrate 15 minutes later...even still it reversed...

Any expert analysis on this trade would be most appreciated.
Attached Image (click to enlarge)
Click to Enlarge Name: chart1.gif Size: 30 KB
  • #7,111
  • Apr 28, 2008 6:55am Apr 28, 2008 6:55am
Hey guys,

This is the first week I traded this system on my demo when I had the chance and had mixed success. 7 trades all up for 4 winners and 3 losses. I screenshotted each position of my trades with stop losses and take profit targets and would love people to go over them and tell me why I should or should not have taken the entrys where and when I did. Entrys and exits are where the labled lines cross.

Trade 1:

http://img80.imageshack.us/img80/4655/61763301ao2.jpg


Trade 2:

http://img80.imageshack.us/img80/5939/16354012zq8.jpg


Trade 3:

http://img104.imageshack.us/img104/7589/63654625uc9.jpg


Trade 4:

http://img186.imageshack.us/img186/5444/69178251ga2.jpg


Trade 5:

http://img294.imageshack.us/img294/1245/86102306xv9.jpg
  • #7,112
  • Apr 28, 2008 6:56am Apr 28, 2008 6:56am
Trade 6:

http://img294.imageshack.us/img294/7374/29989864tf6.jpg


Trade 7:

http://img402.imageshack.us/img402/9634/95783845ch4.jpg


Any comments and advice would be greatly appreciated.

DANE
  • #7,113
  • Apr 28, 2008 7:44am Apr 28, 2008 7:44am
dano, freeka

the entries you are doing on the blue lag, i think you will have alot more better trades if you went off the red lag to start with, the reason being you are entering a trade in the opposite direction off the trend , for example if the red lag is stuck at the top you are still in a upmove until that falls below 0.85, the blue lag will move around, once you have managed profitable trades on the red lag over time you can start working with the blue lag and get better entries by and by using 1 min redl ag too

regards
yas
"Through inquiring of the old we learn the new"
  • #7,114
  • Apr 28, 2008 7:52am Apr 28, 2008 7:52am
There are some trades there where you went long when the price was below the centre of a downward sloping centre of the bollinger bands, and short when the price was above an upward sloping centre. As Yas1r has already pointed out, you were trading against the trend.

Using the red lag instead of the blue will reduce your exposure (but also generally reduce your profit opportunity as well)

Also be aware of the 15M and 1M timeframes. Never trade against the trend of the 15M chart, and use the 1M chart to fine-tune your entries.
  • #7,115
  • Apr 28, 2008 7:52am Apr 28, 2008 7:52am
Hi all !

I think would be better take trades with red lag in previous lower TF confirming blue lag in next one. eg: Red lag in 1m going down THEN blue lag signal in 5m is valid. OR 5m red lag going down THEN blue lag in 15m crossing 0.85 is valid, and so on.

I hope this help a bit

Regards,
Ariel
Psssst !!!... I have found the Holy Grail !!!.... It's YOU !!!
  • #7,116
  • Apr 28, 2008 8:27am Apr 28, 2008 8:27am
Thanks for the advice lads. Would not have taken any of the losing trades if I had known.

Will give the revised trading plan a go and post results accordingly.

Freeka
  • #7,117
  • Apr 28, 2008 9:18am Apr 28, 2008 9:18am
Quoting apresser
Hi all !

I think would be better take trades with red lag in previous lower TF confirming blue lag in next one. eg: Red lag in 1m going down THEN blue lag signal in 5m is valid. OR 5m red lag going down THEN blue lag in 15m crossing 0.85 is valid, and so on.

I hope this help a bit

Regards,
Ariel
##################################################################################################

Ariel
That makes sense - the rest not since the blue lag is too slow most of the time on the 5 m.
Care to show a few charts as I dont't have that data for the time being.

Ch.
  • #7,118
  • Apr 28, 2008 11:34am Apr 28, 2008 11:34am
Guys

I have just back-tested the advice given and granted it does stop the false breakouts and will be sufficient for newbie traders.

However, the only thing to point out here is that if we set the stop loss to -20 or -25 for these types of trades then it is too little as the movement would stop us out as we are entering after the trade has begun.

I presume then for my sake and for that of anyone following it, the stop loss is placed x pips below where the blue lag gave entry?

Thus making our S/L bigger than the norm?

Thanks


Freeka
  • #7,119
  • Apr 28, 2008 11:34am Apr 28, 2008 11:34am
Quoting freeka
Hi all

Another trade taken this morning. Please can you explain this one to me as I really thought it was going SHORT...

All lags looked like SHORT but the price bounced off the Bollinger Band and continued LONG. Stopped out again...

I know Bollinger band is a consideration but the bar did penetrate 15 minutes later...even still it reversed...

Any expert analysis on this trade would be most appreciated.
I would suggest that you watch for ema crossover and if price is below(short) or above(long) ema's. Also one trade, the price had made a substantial move before the lag responded and you entered in the middle. Further you see price reaching for pivot or s/r which was not far away when you entered - beware. Wouldn't hurt to try stoich histogram for confirmation = more visual.
I should never have switched from scotch to martinis
  • #7,120
  • Apr 28, 2008 1:28pm Apr 28, 2008 1:28pm
hi I was wondering if any one here could post their trading plan, business plan, and trading journals for me. I need to have a reference to go by when doing my own. Thanks a lot Yaser for all your help. I will just be trading on blue+red lag for a while. maybe help filter a lot of bad trades i am taking.

Ahren
The things that we love tell us what we are Thanks Redsword11 and Tim Morge
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