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5-min PASS (Price Action Scalper System)

  • #101
  • Edited 7:23pm Feb 15, 2011 7:22pm | Edited 7:23pm
Lesson learned, adhere to TP points. I just missed the jump.
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  • #102
  • Feb 15, 2011 7:25pm Feb 15, 2011 7:25pm
Quoting prof8t
Just noticed the similarities of this strategy to a popular commercial strategy being sold. This should work fairly well.
Agreed.
  • #103
  • Feb 15, 2011 8:33pm Feb 15, 2011 8:33pm
I missed all these profits.
With God all things are possible.
  • #104
  • Feb 16, 2011 1:52am Feb 16, 2011 1:52am
Quoting prof8t
I hate to rain on your parade, but this is not a pass setup. The EMA crossovers are not valid at the point of your entry. The use of the ADX is a nice custom touch however.
Looking forward to you posting some real time chart examplers... It is the province of knowledge to speak and it is the privilege of wisdom to listen.. I'm all ears..
  • #105
  • Feb 16, 2011 2:44am Feb 16, 2011 2:44am
Short set up right now on g/u
  • #106
  • Feb 16, 2011 4:00am Feb 16, 2011 4:00am
Quoting rebelheart
Looking forward to you posting some real time chart examplers... It is the province of knowledge to speak and it is the privilege of wisdom to listen.. I'm all ears..

Well... did just that (see post #28). When I took that trade, the EMAs were in the correct order. The EMAs on your chart have not crossed and validated the trade at the point in whihc you have entered. Your entry was premature. I notice this on an earlier chart you posted.

I'm just pointing this out so as not to confuse the new people into thinking that this is a valid setup. Also, for your sake as entering at this point can come back to bite you. So far, you have been lucky.
  • #107
  • Feb 16, 2011 4:30am Feb 16, 2011 4:30am
Short setting up on EU right now? 1.3534 trigger entry point? anyone taking this 1?
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  • #108
  • Feb 16, 2011 7:52am Feb 16, 2011 7:52am
i took it got stopped out break even those who didnt would have done well from it
  • #109
  • Feb 16, 2011 8:07am Feb 16, 2011 8:07am
There were several good trades with this system today.
Latest: Newsrelated but a bomb -> USDCHF. Hit all 3 targets.

Just a question:
For setup, should ALL (three) EMAs be at one point and line up, or is this example (both fast EMAs are at one point, slow EMA supporting) also valid ?

Edit:
for a long trade ;-)
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  • #110
  • Feb 16, 2011 8:24am Feb 16, 2011 8:24am
Quoting Centu
There were several good trades with this system today.
Latest: Newsrelated but a bomb -> USDCHF. Hit all 3 targets.

Just a question:
For setup, should ALL (three) EMAs be at one point and line up, or is this example (both fast EMAs are at one point, slow EMA supporting) also valid ?

Edit:
for a long trade ;-)

The INITIAL entry, which is the big one, I would like to see all 3 EMAs come very clost to each other (within 2 pips) to consider it a valid initial entry into the trade. However, later on, wit hthe trend, I would consider re-entry into the trade if the fast EMA are at a point and the slow EMA is a nit father but supporting. But, be careful in this setup at the price wil somtimes retrace all the way back to the slow EMA before bouncing.
  • #111
  • Feb 16, 2011 8:37am Feb 16, 2011 8:37am
Quoting maneck35
Short setting up on EU right now? 1.3534 trigger entry point? anyone taking this 1?

Great setup here .. if any one actually took that, they would have a full swing of about 80+ pips.
  • #112
  • Feb 16, 2011 8:39am Feb 16, 2011 8:39am
Quoting streetcry
i took it got stopped out break even those who didnt would have done well from it

How did you get stopped out??

I am looking at this setip (but now in hindsight of course, hindsight is always 20/20 and my chart maybe different than yours) but it looks like entry would have been at 1.3433, SL would be 1.3445, and first TP would be about 12 pips or so, TP2 = 25 pips, and TP3 = at least 40 pips.
  • #113
  • Feb 16, 2011 8:42am Feb 16, 2011 8:42am
Ah okay i see.

BTW: Nice System, Thx for sharing

Will try it in London/NY session and post some setups/trades.
  • #114
  • Feb 16, 2011 8:44am Feb 16, 2011 8:44am
I HATE mentioning those setups for two reasons

1- I always miss those because I am sleeping at that time
2- They are historical and in hindsight. I like to prove the system by showing real-time example and before or as the trade is happening, not after the fact where everything loks so rosey.

BUT it appears to me that at least USDCHF, EURUSD and GBPUSD, all presented nice opportunity for some good setups around 5:00 am EST and possible trades for a handful of pips on each . I really hope some people caught these trades and banked some pips.
  • #115
  • Feb 16, 2011 8:50am Feb 16, 2011 8:50am
Quoting Slimane
Hey Pureprice thanx for this system, I will spend some time on this.

Could you please past the EMA indicator.

Thanx

I am using default Moving Average indicator that comes with MT4 platform.
  • #116
  • Feb 16, 2011 8:52am Feb 16, 2011 8:52am
Quoting prof8t
Just noticed the similarities of this strategy to a popular commercial strategy being sold. This should work fairly well.
DID SOMEONE ALREADY STEAL MY SYSTEM ???? LOL




I am unfamiliar with the commercial systems you guys are mentioning .. maybe you can PM the name, please?
  • #117
  • Feb 16, 2011 9:01am Feb 16, 2011 9:01am
I am looking at the GBPUSD and EURUSD, which I typically trade in NY session, and currently, the 48 EMa is too far away from the 6 and 12 EMA and the pirce may pull back to the 8 EMA .. looks like ewe may have to wait a while before we get some setups here in NY. For those of you who traded the London session you should be happy with the setups you had, and with the pips you banked you should STOP trading now as you have already made some handsome pips. DO NOT OVERTRADE.

I shoot for 25 to 50 pips a day depending on the day.
  • #118
  • Feb 16, 2011 9:02am Feb 16, 2011 9:02am
Quoting Centu
Ah okay i see.

BTW: Nice System, Thx for sharing

Will try it in London/NY session and post some setups/trades.

Thanks Centu.

It would be great if you can trade those hours and report back to the group. I consider those to be the optimum hours. What country are you in??
  • #119
  • Feb 16, 2011 9:04am Feb 16, 2011 9:04am
Watch this pair for a possible re-entry long, as the price is now pulling back to the 9700 level which is also R1 level for the day.
  • #120
  • Feb 16, 2011 9:47am Feb 16, 2011 9:47am
Quoting PurePrice
Watch this pair for a possible re-entry long, as the price is now pulling back to the 9700 level which is also R1 level for the day.

SCRATCH this trade setup as the usdchf is continuing down for now
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