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

Todd:

If it is a dynamic indicator and other indicators needed to confirm the information.

COG repaint...buddy

Yes, friend, I know. COG repaint, but I do not see the drawback. I said that alone does not work well requires other indicators to be effective. This is what I do.

Just like other repainting indicators, the cog shows a condition at the time
when the condition changes, the indicator changes. But if you use a good mix of real live indicators (repainting ones) and non repainting indicators
you can have a dynamic setup that works very well.

hi great post,

but where is lag 2 file?

the red line?

please send fie to [email protected]

thanks again


ote=imransait;1615029]Hello Everyone

I am trading in GBP/JPY and other currencies using this Simple method for quite sometime now and its proven to be successful 90% of the times, the only times it has failed is when a spike up or down during news time, so i discourage anyone to stop using this 30 mins prior and after the news to escape from the whipsaws.

This method was initially started for 1min charts but due to the majority of the members were on brokers whose spread was high, the time frame was changed to 5min . I am and was using this on 1min , 5min and 15min, so there are no changes of rules for any of the timeframes and same settings work for higher timeframes also and for any currency pair

This method should work good on all pairs, but due to the high votality and movement, i love to work on this pair, gives very high Risk to Reward Ratio.

I personally feel this works best from 7:00 GMT to about 20:00 GMT.

All the details are in the attached PDF which is version 1.2, it will be continually updated . Last updated on 17th Nov 2007.

P.s : I am online almost 8-10 hrs , so incase i dont reply , it will be coz i am off to bed, if not, i will surely reply to all

Guys while ur here and using this method, kindly take the poll and rate this thread also

Major Revisions in this Version 1.2
=========================
Lag settings has been modified.
Macd has been added
ASCtrend Alerts are no longer used.

These changes are all due to people who are trading this method and added to make this method almost fool Proof. Please take trades only as per rules mentioned in the PDF and lock in your profits if market moves in favour of your direction to have a Win-Win trades and to avoid loss of even 1 pip.

Contribution taken from Auslanco's strategy - Worth a read ( Modified to Suit this Method)

==========================================

Money Management & Trading habits:
Maximum 5% risk per pair.

Your risk to profit ratio has to be minimum 1:2. That means if you are taking a 5% risk on a trade make sure your profit target would be at least 10%.Always have realistic targets.

More trades you take the more you expose your account for losses. No trader in this world can profit from every single market move.

Patience plays a big part in trading. Take the trades only if you are at least 90% sure of profiting from it. If you are not sure stay away from the trade. Staying on the sideline is as good as winning.


Always have a trading strategy ... make a habit to stick to it doesn’t matter how desperate you are. Always trust your strategy but not bloomberg or some statement from citibank.


Your charts are your forex bible. Everything what you need to know about forex is on your charts. You will learn something new everyday from you charts.
Specialize in one or two pairs. Every single pair has it’s own characteristics. No two pairs are the same. Don’t trade all the pairs your broker can offer. If you specialize in one or two pairs very soon you will be able to read the pair like a road map .

Stay away from the ranging markets.

Don’t try to chase every single pip or market movement.

the more you trade there is more risk of losing your money.

remember there is no easy way to become a good consistently profitable trader. No one can become a profitable trader overnight. As everything else in life it takes time, patience lots of sacrifices and learning. Don’t be afraid of mistakes.


Contribution by Bfriend - Member of this thread and Contributor
===============================================
I was answering some questions for someone via PM and I thought it might be good to post it in this thread. Basically, it's my rules for this strategy. For some of you (especially the regulars) this info is basically common sense to you. It goes without saying, you take it for granted...it's second nature. However, for most traders, it's something no one has really told them. It's easy to come to this thread, skim it, and just think, "Hey, if the lags line up, I should trade. I'll make money every time just like Imrain."

The fact is, the lags are great, but they can't be used ALL the time. It's not that they're bad indicators (they're the BEST I've ever used), but no matter what kind of indicator you have, you just can't trade during certain conditions.

Anyway, here are my "rules" or the "conditions" that I'm speaking of:

1) Don't trade when the 60ema and 200ema are really narrow. Wait for it to break out first.

2) Don't trade when the market is slow (like right now). Right now the only market that is open is Sydney, and it doesn't really affect this currency. Ideally you want 2 markets to be open. The best time is when UK and Japan are open at the same time, or UK and US are open at the same time. You can trade at other times, but just make sure there is decent volatility / momentum.

3) Don't trade 30 mins before or after news.

4) If there's BIG news coming, it might not be good to trade for hours before because the market just stalls and goes nowhere (same problem as #2). This is because it's waiting for the news announcement. In this case, don't trade until after the news. Watch ForexFactory Home page for News in Red - High Votality.

5) Don't trade if you're up against a barrier. This includes the daily R1 R2 R3, daily S1 S2 S3, daily pivot, and weekly pivot. It's also good to look at the 15min 60ema and 200ema to see if you're close to them as well. I also recommend treating the "00's" (239.00, 238.00, etc.) as barriers. I call them psychological barriers, and it's really just common sense. Just think about when you have a $100 bill. You're less likely to spend it. Once you finally decide to break the $100 bill, you'll usually spend your smaller bills much more quickly. This is just human nature, and well, the forex market is driven by human beings.

Instead of just thinking of the barriers as times not to trade, use them to your advantage. Wait for a currency to either break through the barrier or bounce off it. If it does this, you should still wait for the lags to give you a signal.

So really, this doesn't leave much to trade. Some days are better than others, but today for example, there hasn't been a single good / safe time to trade since I woke up. Today was particularly bad in that regard. Like an idiot, I broke my rules and tried to trade anyway...and I lost.

If you just follow those basic rules and only trade when all of the rules are met, the lags work every single time. I've never had a losing trade when I followed my rules. If I had better discipline I could be doing 90%+ successful trades. Today, my discipline was very lacking and it cost me. Rules keep you from making bad decisions, but emotions keep you from following your rules. Trading with emotion is never good, but in reality, 99% of us will never be able to trade without emotion. As long as you can keep your emotions in check enough to follow your rules, you can be a successful trader.[/quote]

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HI Gambrinus,

using a different software for the time being I can't open your files.
Could you do me a favour by sending them as a plain text file or pm me if
preferred. I'LL try to convert it all.
Thanks for taking your time.

Charles

Some here know about the problems we have had with that little crook
Imran Sait.
There has been quite a discussion and an exchange of emails.

Much to my regret my pc's head crash destroyed this accumulation of emails.
If any of the former participants should read this message please do forward a copy of these e-mails to my address. [ v-........]
Should only be a couple of clicks - thanks.

Charles

Well Charles, I will do whatever I can. I'm no programmer, but open the editor and copy MT4 indicators and template.

Greetings

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

Thanks
can't open it that's why I asked for it.

hi

why do you allege imran sait is a crook? i have reviewed his sytem over thelast few days. can you clarify that remark. it would be of interest to me as i plan to use his system.

thanks.

hi

i have looked at many many systems and files including Imran sait's. while no doubt most work, ceteris paribus, i feel that the same or better results can be achieved on the 15 MIN time frame and up by simply (really simply) trading 10 EMA and 10 SMA crosses as well as 10 EMA and 20 EMA crosses with BOLLINGERS(2,20) and PIVOTS as support and resistance. if the 10's are too close together put in a 5 EMA. then go back as soon as the 10's separate.

take 80 %profit when the 10 EMA curves against your position. leave the rest till the 20 EMA (middle boll) curves against your position or flattens.

without going to all the trouble of programming, writing, testing and delivering new systems all the time.

can anyone here show me a system that delivers more pips than this very basic one?

please prove me wrong and i'll gladly admit i'm wrong and take the extra pips.

thanks.

you are talking about 2 different things.

1) Imran Sait is a crook.
Just join his next pool and you'll know what I'm talking about.

2) I am doing you another favour by letting you know that his system is
more or less crap.

I think it was good if tf1-tf15 are in the same direction beside other indicator to confirm. i found that if trade above or below the EMA can avoid floating for a long time. i have used this indicator for my real account, it shows good profit most of the time, strictly follow all the rules especially bollinger band before entry will help to confirm. any way thanks imran for your indicators.

hi

i understand that you are not fond of his system. but to be a crook he must benefit financially from presenting a fake methodology.

anyway what do you think of the 10 EMA/20 EMA 15 minute crossover i outlined earlier?

thanks

And how exactly did you come up with that definition?

How do you figure that he didn't benefit financially? I guess you weren't one of the many that lost thousands to this guy........

BTW, The system is fine, provided you understand other fundamental aspects of price action... and by the way again, Imran wasn't trading this system when he blew up the accounts... again.... and again.... and again

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

If you someone who was (like me) let me know please.
Suggest to PM me.

Thanks.

Ch.

I'm just a bit confused. If I used a 5 EMA, what do I substitute it in for? The 10 EMA? Thus, I could use a 5 EMA, a 10 EMA, and a 20 EMA? Your idea interests me, but I'm just a bit confused on your instructions. Thanks!

Hey Hypnos63
Here is that indy I pm'd you about.
Cheers
Iamfx

can anyone pls tell how to use ema 200, 60, boiler band, pivot line to filter the false signal.

thanks

Hi gambrinus,

Can you please share your trading method. I think you modified something from original Imran's method. Right?.


Thanks