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5-min PASS (Price Action Scalper System)

  • #461
  • Feb 23, 2011 3:09am Feb 23, 2011 3:09am
Hi PP,

this is a very nice system and seems to be very interesting. i'm trying this in my demo a/c. lot of thanks for sharing this system.
  • #462
  • Feb 23, 2011 5:53am Feb 23, 2011 5:53am
We'll see how this goes. I'm watching the S/R lines as you suggested, PP.


Attached Image (click to enlarge)
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"Be the change that you wish to see in the world." --Gandhi
  • #463
  • Feb 23, 2011 6:14am Feb 23, 2011 6:14am
Quoting Wally1953
We'll see how this goes. I'm watching the S/R lines as you suggested, PP.


Attachment

Wally, the closest level I see is at 1.6253 (=R2), the next level is previous swing high at 1.6267 .. please keep those two levels in mind as you are watching your trade unfold
  • #464
  • Feb 23, 2011 6:16am Feb 23, 2011 6:16am
Quoting PurePrice
Wally, the closest level I see is at 1.6253 (=R2), the next level is previous swing high at 1.6267 .. please keep those two levels in mind as you are watching your trade unfold

Wally, take 15 pips (maybe 1/2 your position) now at R2 and move rest to BE
  • #465
  • Feb 23, 2011 6:17am Feb 23, 2011 6:17am
Quoting PurePrice
Wally, the closest level I see is at 1.6253 (=R2), the next level is previous swing high at 1.6267 .. please keep those two levels in mind as you are watching your trade unfold

Stop moved to break even after price moved 10 pips in my favour. Will let it play ot risk free now.
Nobody can be told what The Matrix is. You'll have to see it yourself.
  • #466
  • Feb 23, 2011 6:21am Feb 23, 2011 6:21am
Quoting shinny
Stop moved to break even after price moved 10 pips in my favour. Will let it play ot risk free now.

Good work shiiny, that is teh way to scalp. Never let your winner become a loser... what price did you get in at?
  • #467
  • Feb 23, 2011 6:23am Feb 23, 2011 6:23am
watch this one
  • #468
  • Feb 23, 2011 6:24am Feb 23, 2011 6:24am
Quoting PurePrice
Good work shiiny, that is teh way to scalp. Never let your winner become a loser... what price did you get in at?
I got in at 43. 8-10 pips and I move my stop - the trade should go in your favour quickly with this system.

I also use a time based exit sometimes if the trade doesnt immediately move in my favour - as we are basically trading breakouts these should happen with momentum, if not I get out!

I generally only trade the GBPUSD, I live in the UK so it suits me and almost always moves each day.
Nobody can be told what The Matrix is. You'll have to see it yourself.
  • #469
  • Feb 23, 2011 6:27am Feb 23, 2011 6:27am
Quoting shinny
I got in at 43. 8-10 pips and I move my stop - the trade should go in your favour quickly with this system.

I also use a time based exit sometimes if the trade doesnt immediately move in my favour - as we are basically trading breakouts these should happen with momentum, if not I get out!

I generally only trade the GBPUSD, I live in the UK so it suits me and almost always moves each day.

I do similar things too, when the trade doesnot move quickly, I get out at BE or small loss.

It would be great if you can keep us posted on your gbpusd trdes in th eUK zone .. that is my favourite, but I live in Canada (NY zone)
  • #470
  • Feb 23, 2011 6:39am Feb 23, 2011 6:39am
may wish to go long
  • #471
  • Feb 23, 2011 6:44am Feb 23, 2011 6:44am
Quoting TheSnowman
How is this for a set up? Pretty good I reckon!

Hey PP, the RSI(4) is that on the close, open, other?

I am using Median Price for now, thanks

It is RSI(4) of the close
  • #472
  • Feb 23, 2011 6:49am Feb 23, 2011 6:49am
PP

is entry 2pips plus spread for long?

thanks
  • #473
  • Feb 23, 2011 6:49am Feb 23, 2011 6:49am
Quoting shr5
Thanks for the above detail.....I am unable to make the 5/2 pip indicator to work ....can you please let me know how to make it work when u have the time....thanks in advance

Best regards

Not sure what you mean by 5/2 indicator .. please clarify.
Note all indi are in he first post, and the template is there too so you only need to apply the template, you do not need to setup anythign yourself.

thanks
  • #474
  • Feb 23, 2011 6:50am Feb 23, 2011 6:50am
Quoting FOURX
PP

is entry 2pips plus spread for long?

thanks

Yes it is
  • #475
  • Feb 23, 2011 6:54am Feb 23, 2011 6:54am
Quoting floydian666
First, thanks a lot for your work!

I have a LOT OF LOSER trades... I tested your system, and trade with the rules... I don't know why, but I see a lot of loser trades. The fractal, is nearly always late... and the price is hit the SL.
Can you please post your charts of those losing trades? It would be great to see what went wrong there, and maybe we can help you by critiquing those trades. I can't really say what went on withut seeing the actual trade executions.

One question I will ask is what tiem were those trades taken and what day?
  • #476
  • Feb 23, 2011 6:55am Feb 23, 2011 6:55am
  • #477
  • Feb 23, 2011 6:56am Feb 23, 2011 6:56am
Quoting PurePrice
Wally, take 15 pips (maybe 1/2 your position) now at R2 and move rest to BE

Note how the price is hesitating at R2 .... AGAIN, it is very important to watch those intraday levels when you are trading this system. I can't stress this enough
  • #478
  • Feb 23, 2011 7:03am Feb 23, 2011 7:03am
Quoting PurePrice
Wally, the closest level I see is at 1.6253 (=R2), the next level is previous swing high at 1.6267 .. please keep those two levels in mind as you are watching your trade unfold
PP, funny, my R2 is at 6288. Anyways, as you suggested in a later post, my first position I closed for 10 pips, and second position is at BE. Thanks!
"Be the change that you wish to see in the world." --Gandhi
  • #479
  • Feb 23, 2011 7:09am Feb 23, 2011 7:09am
Quoting Wally1953
PP, funny, my R2 is at 6288. Anyways, as you suggested in a later post, my first position I closed for 10 pips, and second position is at BE. Thanks!
Good work Wally.

The R/S levels are calculaed based on the previous day's lo, high and closing price. SO, depending when your platform starts the new trading day, your levels will be slightly different.
  • #480
  • Feb 23, 2011 7:18am Feb 23, 2011 7:18am
I actually favour those pairs SHORT, as I checked the 15-min and H1 timeframes, and the EMAs on those higher TF are lined up short.

NZDusd EMAs are now converging on the 5-mi .. see if we get a down fractal followed by a PA break to the downside on this pair
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