Scalping system #7 (Great GBP/JPY 1M scalping strategy)
Submitted by User on November 24, 2007 - 15:39.
Submitted by Chelo
So here is a strategy I have trying to work out fot the past month, and I seem to be getting better at it. What would be very nice, is if anyone can help me tune it a bit more.
Currency: GBP/JPY or USD/JPY (though i use it mainly on gbp/jpy:
Timeframe: 1M, 5M, 15M
Indicators: 3 sets of bollinger bands:
1) Period 50. Deviation 2 (RED)
2) Period 50. Deviation 3 (orange)
3) Period 50. Deviation 4 (Yellow)
(the template for this bollinger bands can be downloaded form this post)
Read entire post >>>
thank you guys, this is really helpful
It would not seem to be pertinent as to whether much of the "trade" is gone or not. What would seem to be pertinent in a scalping system, is that it generate a set number of pips per trade, with a average number of trades per day, based on the currency pair. i.e. getting base hits to win, instead of home runs. Personally I'll take a scalping trade that can yield 5 pips per trade, at 20 trades a day, any time over the "home run" of 200 pips per trade. While one doesn't get to brag to one's buddies at the local bar, one does get to make consistent money. Remember this, Forex is a business, it's not massaging your ego.
Problem:
By the time these indicators kick in, much of the trade is gone.
10 pips is what you may have to pay for the spread in the GJ.
The indicators have to be tighter and more timely.
Many pros trade before a breakout. Are you aware of what that implies?
Mike
It's the same as this one:
http://forex-strategies-revealed.com/trading-strategy-basicbalanced
Regards,
Edward
I tried mixing this method with another I found online. what do you think? http://hubpages.com/hub/Easy-Simple-Forex-Scalping-Strategy
1M, 5M, 15M
Whats the best times to trade this strategy?
Hi fellow traders,
Chelo suggests to go for 5-10 pips. In your opinion, is it better to go for 5-10 pips of net profit or with spread?
Any advise is appreciated.
Joe
I love this system.
Many thanks Chelo
Hi Chelo,
I was wondering if what chart time would be good for this? Would it be better to use M1 charts or M5 charts? I saw your detailed statement, and it looks good. Did you try this on other pairs that USD/JPY or CBP/JPY. Like does it work good for pairs like EUR/USD, since it has low spreads. Like I tried in GPY/JPY, but getting a +5 pip is sometimes difficult. What limit / loss would you recommend?
regards,
Rajan
Hi All ,
if anyone wants a buy/sell signaling emails to this system , email me
bhuuvana3 at gmail . com
Does it matter if Stochastic DiNapoli had already crossed 30 previously? What if the cross happened before Laguerre crossed 0.15 for longs? Do they have to cross at the same time?
Based on your experience, is it typically fine to enter a long when laguerre has just crossed the 0.15 but Stochastic DiNapoli previously crossed already?
Very likely.
Form my experience, Laguerre works as a helping indicator, but not the leading indicator.
Thanks, i have a question though, is the laguerre filter useful now (page 3)? It seems that when the laguerre is going down you're getting scalping signals from other signals to go up, etc. Is this because gbp/jpy is trending now?
Nice!
thanks for sharing!
Thomas
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