Simple Method of Scalping any pair on 5 min chart , specially GBP/JPY - by Imran Sait | Page 389 | Forex Factory

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

  • #7,761
  • May 12, 2010 12:27pm May 12, 2010 12:27pm
Here's a picture of my trade.
I thought that this a valid trade caus BBs poinying up , has a up sloping SL lags pointing up MACD on +side, histogram is+ only problem is daily R1.
Attached Image (click to enlarge)
Click to Enlarge Name: 0366 13052010.gif Size: 70 KB
Mr pips your coming with me
  • #7,762
  • May 12, 2010 12:41pm May 12, 2010 12:41pm
Just got stoped out for zero losse zero gain now moveing sideways will wait to se what happens next might grab some sleep and get back into it latter when I can think better.
Mr pips your coming with me
  • #7,763
  • May 12, 2010 3:41pm May 12, 2010 3:41pm
I entered limit buy at 93.40, -

If it breaks the resistance, we will see 94.00. If not it will retest 92.40,

it is been ranging for a while now - should breakout either way
  • #7,764
  • May 12, 2010 9:11pm May 12, 2010 9:11pm
Ok, looks like Eur on the move. Bounced off the support

Took small position at 1.2650, lets see if it hit 2690
  • #7,765
  • May 13, 2010 3:26am May 13, 2010 3:26am
FxProbe You might consider using two or more time frames... get the signal off the higher and then make entries on the lower..... ie when the 15 says enter, then watch the 5 and trade on it according to the signal on the 15. Myself, I would be reluctant to use a one minute chart for Forex, the broker is going to eat your account with the spread.
  • #7,766
  • May 13, 2010 5:23am May 13, 2010 5:23am
I'm sitting her watching the USDJPY it's doing a whole lot of nothing but moving sideways a the monint toke a small profit about an hour ago.
I'm trying to teach mtself to just trade one pair at the moment till I know what's happening like it says in this thread. then move on to others. Am finding it a bit of a boer though whenn work gets in the way of earning a liveing bbut in time that's going to change!!!!!
Wher in the world are you guys from? I'm a Kiwi liveing in Aus at the moment.
Anyway it.s time for me to try to make some sence of this by the way I found a thread that's got an EA based on this system has any one tried useing it or know weather it works think I might give it a go and see what happens will let you know in a few days.
Mr pips your coming with me
  • #7,767
  • May 13, 2010 8:10am May 13, 2010 8:10am
Is anyone watching the USDJPY at the moment? Is it going to prod some more I'm in the middle of a trade waiting for it to go below the DS1 on my chart hoping it will drop down into the 92.50s or lower.


Mr pips your coming with me
  • #7,768
  • May 13, 2010 9:12am May 13, 2010 9:12am
Wish this usdjpy would do something both 60/200 EMA pointing down 60 below the 200 BB pointing down has tryed to drop belw the DS1 on a few ocations. Just want it to close below the support line and then maybe manage to take a fewpips before sleep. Forgot the pic!!
Attached Image (click to enlarge)
Click to Enlarge Name: waiting.gif Size: 67 KB
Mr pips your coming with me
  • #7,769
  • May 13, 2010 4:10pm May 13, 2010 4:10pm
Good job on the trading. Keep up the posts and good luck!!

BP
  • #7,770
  • May 24, 2010 11:38pm May 24, 2010 11:38pm
System works wonderfully with the 1MTF. All my trades today from 3 to mostly 10 pips gain. No losses. Plenty of set ups. Following the rules to the dot, the system works wonders.
  • #7,771
  • May 25, 2010 3:57am May 25, 2010 3:57am
Quoting bcarbon
System works wonderfully with the 1MTF. All my trades today from 3 to mostly 10 pips gain. No losses. Plenty of set ups. Following the rules to the dot, the system works wonders.

Care to include charts
  • #7,772
  • May 25, 2010 3:05pm May 25, 2010 3:05pm
Quoting FXprobe
I'm sitting her watching the USDJPY it's doing a whole lot of nothing but moving sideways a the monint toke a small profit about an hour ago.
I'm trying to teach mtself to just trade one pair at the moment till I know what's happening like it says in this thread. then move on to others. Am finding it a bit of a boer though whenn work gets in the way of earning a liveing bbut in time that's going to change!!!!!...
Hi FXprobe,
Did you have any luck with that EA?


Mike
  • #7,773
  • May 25, 2010 5:20pm May 25, 2010 5:20pm
Quoting Charles
Care to include charts
Attached Image (click to enlarge)
Click to Enlarge Name: imrams imtf.gif Size: 36 KB


The areas circled are where the rules were met to enter a trade.
Please note that the green/red lines on the MACD have to cross each other, green goes up, red down for a long position. Green down red up for short. I do not open a position if these two lines have not cross.
  • #7,774
  • May 25, 2010 6:18pm May 25, 2010 6:18pm
I'd be very careful going long on the euro....short term you're probably okay. If it starts to crash....it will be the greatest mess the world has seen in years. The europeans have said for weeks that greece is bailed out....it kept getting worse. Maybe it's okay now...I doubt it. Spain seems to be getting worse.

Quoting bcarbon
Attachment

The areas circled are where the rules were met to enter a trade.
Please note that the green/red lines on the MACD have to cross each other, green goes up, red down for a long position. Green down red up for short. I do not open a position if these two lines have not cross.
  • #7,775
  • May 25, 2010 9:05pm May 25, 2010 9:05pm
Quoting cugir321
I'd be very careful going long on the euro....short term you're probably okay. If it starts to crash....it will be the greatest mess the world has seen in years. The europeans have said for weeks that greece is bailed out....it kept getting worse. Maybe it's okay now...I doubt it. Spain seems to be getting worse.
Cugir321
You are right about the situation in Europe. But when news are not to good there, then the news in the US come not so good either, something like unemployment rate was higher than expected and so on. In other words you have to be really cautious.
Keep in mind that this system is for scalping, as its name suggests, and as so it is safe if you follow the rules. I am in and out of few trades during the day regardless of the fundamentals. I am not shooting for the stars just scalping pips here and there, and so far so good.
  • #7,776
  • May 26, 2010 3:40pm May 26, 2010 3:40pm
Quoting bcarbon
Attachment

The areas circled are where the rules were met to enter a trade.
Please note that the green/red lines on the MACD have to cross each other, green goes up, red down for a long position. Green down red up for short. I do not open a position if these two lines have not cross.
Hi Bcarbon,
Am pleased you are having success with this method and thanks for the example chart. Have you tried this method on other time frames and with what results?

Cheers,


Mike

PS What is the significance of the green dotted line at 1.2267?
  • #7,777
  • May 28, 2010 9:19am May 28, 2010 9:19am
Quoting blott
Hi Bcarbon,
Am pleased you are having success with this method and thanks for the example chart. Have you tried this method on other time frames and with what results?

Cheers,


Mike

PS What is the significance of the green dotted line at 1.2267?
The green line is a support line. Note that the 200 MA serves also as a support line and in my opinion it offers stronger support.

On your other question, I have also used 5MTF with 1MTF for entry. The movement might be bigger with longer TF, but it also might take more time and I prefer 1MTF faster trades so the "nerve factor" is not as bad as it is for me with longer trades.


bcarbon
  • #7,778
  • May 29, 2010 3:51pm May 29, 2010 3:51pm
Quoting bcarbon
The green line is a support line. Note that the 200 MA serves also as a support line and in my opinion it offers stronger support.

On your other question, I have also used 5MTF with 1MTF for entry. The movement might be bigger with longer TF, but it also might take more time and I prefer 1MTF faster trades so the "nerve factor" is not as bad as it is for me with longer trades.


bcarbon
Hi bcarbon,
Ok, thanks for that info on S&R. The Bollinger bands also do a good S&R job.
I have just started using this method and have had good results, in fact more consistent gains than any other method I've used. I think, for the moment, this is the method for me

M1 certainly gets the embryonic moves as they start. I agree with your strategy of looking for set ups on higher TFs and using the M1 for entry.

The exit criteria are a bit vague with this system - there are 7 to choose from in Imran's original method! Which of the seven do you find gives the best (most pips) exit?

I also like to keep my SL close to entry, around 10 pips and scale out 80% at around 10 pips gain, bringing SL up to BE and letting the 20% run with 13 pip TS, while I go and do other things. Or, if I'm watching the screen, close the trade at a strong S or R level.

Cheers,


Mike
  • #7,779
  • May 30, 2010 6:49pm May 30, 2010 6:49pm
Quoting blott
Hi bcarbon,
Ok, thanks for that info on S&R. The Bollinger bands also do a good S&R job.
I have just started using this method and have had good results, in fact more consistent gains than any other method I've used. I think, for the moment, this is the method for me

M1 certainly gets the embryonic moves as they start. I agree with your strategy of looking for set ups on higher TFs and using the M1 for entry.

The exit criteria are a bit vague with this system - there are 7 to choose from in Imran's original method! Which of the seven...

Hi Mike,

You can use the red Laguerre as exit.
Attached Image (click to enlarge)
Click to Enlarge Name: imrams imtf3.GIF Size: 37 KB


MAs, S&R lines, and intuition help also.

bcarbon
  • #7,780
  • May 31, 2010 10:20am May 31, 2010 10:20am
Quoting bcarbon
Hi Mike,

You can use the red Laguerre as exit.
Attachment

MAs, S&R lines, and intuition help also.

bcarbon
Hi bcarbon,
Looks like a good exit is when the red LAG saturates, either at top or bottom; is that what you mean?

I'd forgotten about the 'gut feeling' indicator!

Cheers,

Mike
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