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5-min PASS (Price Action Scalper System)

  • #341
  • Feb 21, 2011 7:27am Feb 21, 2011 7:27am
remember it is a US bank holiday today maybe booring
  • #342
  • Feb 21, 2011 7:34am Feb 21, 2011 7:34am
did anyone catch the last eurusd move form 1.3670 to 1.3660 .. I missed cause i just logged on LOL
  • #343
  • Feb 21, 2011 7:36am Feb 21, 2011 7:36am
looks to be breaking down, BUTTT please be aware of the presence of S1 just below price ... maybe we should wait for prce to clear this level
  • #344
  • Feb 21, 2011 7:38am Feb 21, 2011 7:38am
Quoting PurePrice
did anyone catch the last eurusd move form 1.3670 to 1.3660 .. I missed cause i just logged on LOL
What if someone programmed an alert of a sort? Wouldn't that be helpful? Not an EA, but an alert so that, with many pairs to watch, you wouldn't miss good trades?
  • #345
  • Feb 21, 2011 7:40am Feb 21, 2011 7:40am
converging EMAs here
  • #346
  • Feb 21, 2011 7:44am Feb 21, 2011 7:44am
See how AUDUSD cleared the fractal, but it is now hesitating at the S1 level. That is why we need to draw those levels and be aware of them.
  • #347
  • Feb 21, 2011 7:48am Feb 21, 2011 7:48am
Quoting PurePrice
See how AUDUSD cleared the fractal, but it is now hesitating at the S1 level. That is why we need to draw those levels and be aware of them.

Same story with nzdusd at the pivot point .. see how price is reacting to this point?
  • #348
  • Feb 21, 2011 7:56am Feb 21, 2011 7:56am
thank for Pure Price, these pairs hesitate may be because the us Bank is closed today.

Have a question for you: Do you some specific pair in function witch market are open???

have a nice day
  • #349
  • Feb 21, 2011 8:01am Feb 21, 2011 8:01am
Quoting liberty55
thank for Pure Price, these pairs hesitate may be because the us Bank is closed today.

Have a question for you: Do you some specific pair in function witch market are open???

have a nice day
The Us bank holiday certainly has an efect on how slow th eday is. Nothing much is happening. However, the reaction at these points is something that will happen whether or not there is a holiday. You need to be aware of those levels, and not get caught on the wrong side of he market when entry is around those levels.

As for sessions, I am in NY time zoen, so I tend to trade all the majors, with gbpusd being my favourite, as it is quite volatile and you need good movement to make good pips on scalping. I do not trade usdjpy as it is the slowest of all with small range. Aside form those I look at eurusd, aud, nzd, eurjpy and eurchf.
  • #350
  • Feb 21, 2011 8:22am Feb 21, 2011 8:22am
This is worse than watching paint dry. Just because I have the day off work and am eager to focus on trading, the US banks are off .. go figure
  • #351
  • Edited 8:36am Feb 21, 2011 8:24am | Edited 8:36am
Quoting PurePrice
did anyone catch the last eurusd move form 1.3670 to 1.3660 .. I missed cause i just logged on LOL
just hit TP.
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  • #352
  • Feb 21, 2011 8:27am Feb 21, 2011 8:27am
Hi PP,

Giving your system a whirl...so thanks for sharing..

Took this earlier for 14 pips on eur/gbp..short at 0.8426

Can you confirm that it is a valid set up using your rules please..

thanks..

also - the pivot points on the template - what time frame are they based on?
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  • #353
  • Feb 21, 2011 8:35am Feb 21, 2011 8:35am
Quoting fdoehpp
just hit TP.

  • #354
  • Feb 21, 2011 8:40am Feb 21, 2011 8:40am
Quoting gdb
Hi PP,

Giving your system a whirl...so thanks for sharing..

Took this earlier for 14 pips on eur/gbp..short at 0.8426

Can you confirm that it is a valid set up using your rules please..

thanks..

also - the pivot points on the template - what time frame are they based on?
I see that your entry just cleared the PP also .. normally those two levels would be searated alot more but since it was Sunday last night, they are close and tight.


Congrats on thje 14 pips

I would have waited for one more candle after your marked entry (I assume that is where you drew the V red line) for two reasons ... Price needs to go below the fractal down (i.e break out of last minor support represented by the fractal down) AND as mentioned in earlier posts, that candle would have also cleared the Support level (marked by green dotted line).

The AFST indicators draws daily pivot and R/S levels.
  • #355
  • Feb 21, 2011 9:45am Feb 21, 2011 9:45am
Thanks for the confirmation PP - I marked the red line on the wrong candle as I did enter during the large candle as it passed below the fractal by 3 pips and through the green support..
Its a promising system - looks like I might even be able to follow your simple rules (it needs to be simple for me)
EurGbp is still going south so room for more pips if able to brave the retracement and can be patient..
Hope you are enjoying the holiday in the US - it doesnt help the trading day though??
thanks and regards


Quoting PurePrice
I see that your entry just cleared the PP also .. normally those two levels would be searated alot more but since it was Sunday last night, they are close and tight.


Congrats on thje 14 pips

I would have waited for one more candle after your marked entry (I assume that is where you drew the V red line) for two reasons ... Price needs to go below the fractal down (i.e break out of last minor support represented by the fractal down) AND as mentioned in earlier posts, that candle would have also cleared the Support level (marked by...
  • #356
  • Feb 21, 2011 10:35am Feb 21, 2011 10:35am
for +20 pips on a very slow and boring trading day.

I am going out for now. Hope you all enjoy your day. Looking for more trading action tomorrow :d

I really hope that people are finding this commentary useful and are able to make sense of the system. Please let me know your feedback (positive and negative), and share your trading results with us.

I will likely start a DEMO trading account with OANDA and post it on myfxbook next wek (March 1st) so that I can track it propery and people see the trades as they happen and the outcomes. If anyoen wants to follow along and post their results that would be great. I am still fiuring our this OANDA platform and the myfxbook site.

Will be back tomorrow (maybe even tonight on the Asian session)

HAve a good one.
  • #357
  • Edited 12:42pm Feb 21, 2011 12:39pm | Edited 12:42pm
Yes, small ranges for most currencies.......... maybe we should have been watching GOLD, see chart, or OIL is up $5

Thanks to PurePrice for posting today, look forward to more

PS: the yellow dotted line is high of Tokyo trading, so you can see that gold has break out's just like currency, shortly after London open, and then again after New York open
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Canadian by birth Australian by choice
  • #358
  • Feb 21, 2011 1:41pm Feb 21, 2011 1:41pm
Attached Image (click to enlarge)
Click to Enlarge Name: 5 min pass fishman356 tpl.jpg Size: 114 KB


Attached Image (click to enlarge)
Click to Enlarge Name: zero macd 25 55 5 with trend lines.jpg Size: 96 KB


Attached File(s)
File Type: ex4 ZeroLag MACD.ex4   4 KB | 437 downloads


Attached File(s)
File Type: mq4 ZeroLag MACD.mq4   3 KB | 503 downloads



Nice System PurePrice, here is a method I use to help with me with how far the price might run. I make the zero macd indi window as big as I can get it ,and zoom out . I draw trend lines on the highs and lowes of the macd and try to get the trend line to go thur the zero " 0" , line, highlite in yellow shaded areas. Then resize the indi window.
After getting one trend line for highs and lows , highlite the trend line and hold down the ctrl key and move the next line to where you want. Almost all the trend lines are at the same angle. I use 25, 55, 5 on the macd
It helps with decision making and well as how far a trend may go.
Don't want to try and change your thread, just thought it might help.
The other pic is of my templ of your system , with a few other goodies.

fishman356
  • #359
  • Feb 21, 2011 2:58pm Feb 21, 2011 2:58pm
Quoting fishman356
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Nice System PurePrice, here is a method I use to help with me with how far the price might run. I make the zero macd indi window as big as I can get it ,and zoom out . I draw trend lines on the highs and lowes of the macd and try to get the trend line to go thur the zero " 0" , line, highlite in yellow shaded areas. Then resize the indi window.
After getting one trend line for highs and lows , highlite the trend line and hold down the ctrl...
Hello Fishman,

you got a concept worth looking at there. I'd wish you could explain more how you draw those trend lines on your MACD.
I do not see how you determine the angle. If one draws a trend line they will need at least two points. Could you help identify the two points one will need inorder to draw the lines?

Thanks.
  • #360
  • Feb 21, 2011 3:06pm Feb 21, 2011 3:06pm
Quoting PurePrice
I really hope that people are finding this commentary useful and are able to make sense of the system. Please let me know your feedback (positive and negative), and share your trading results with us.
Great posts PP. The thing that helps the most is when you post your actual charts rather than just discuss what is happening with no visual reference. Keep up the good work

Cindy
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