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5-min PASS (Price Action Scalper System)

  • #1,101
  • Mar 11, 2011 8:30am Mar 11, 2011 8:30am
Quoting newjv
hi pp..

can u provide little more light on the 'Take Profit' session in the first page..

TP1 = SL, TP2 = 2 x SL, TP3 = ATR with Trailing stop last fractal.

TP1 = ENTRY + [ENTRY - INITIAL SL] ?

AND what's TP3?

PS: noobie trader here.. not very sure with the trading acronyms.

TP1 = the size of your initial Stop loss, so if you SL was 15 pips, make your tp1=15 pips

TP2 = twice the initial size of SL.

TP3 , there is a great post by BULL that shows this by chart example. He does that on all his posts, check post #874 for an example.
  • #1,102
  • Mar 11, 2011 9:01am Mar 11, 2011 9:01am
Just banked 20 pips. Excellent!
  • #1,103
  • Mar 11, 2011 9:03am Mar 11, 2011 9:03am
image attached
Attached Image (click to enlarge)
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  • #1,104
  • Mar 11, 2011 9:09am Mar 11, 2011 9:09am
Quoting akrasiel
image attached
I am glad you are doing very well akrasiel .. good job on the +20
  • #1,105
  • Mar 11, 2011 9:22am Mar 11, 2011 9:22am
Quoting PurePrice
I am glad you are doing very well akrasiel .. good job on the +20

Well, it's thanks to you and this amazing system. Really, I would have never imagined so much consistency, and the beauty of it is that this is so simple it suits monkey-brained people such as myself
Glad I found your thread a few days ago. God bless you and have a good weekend!
  • #1,106
  • Mar 11, 2011 9:25am Mar 11, 2011 9:25am
I try to trigger this trade where the red vertical line was but it didn't go through.I had to place it further up (see horizontal green line).So I was only able to bank 16.2 pips.
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With God all things are possible.
  • #1,107
  • Mar 11, 2011 9:43am Mar 11, 2011 9:43am
Quoting akrasiel
image attached
Hi akrasiel,
congrads to your good trade.
i was reading the rules to entry to the system and i hope to gather more understanding with the use of charts.
i refer to the one u sent, for USDCHF pair.
is this the fractal which you used for this trade?
Attached Image (click to enlarge)
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  • #1,108
  • Mar 11, 2011 9:57am Mar 11, 2011 9:57am
Quoting Dehyah
I try to trigger this trade where the red vertical line was but it didn't go through.I had to place it further up (see horizontal green line).So I was only able to bank 16.2 pips.

That is awesome, altough a bit late but hey it is still +16 pips
  • #1,109
  • Mar 11, 2011 9:57am Mar 11, 2011 9:57am
Quoting akrasiel
Well, it's thanks to you and this amazing system. Really, I would have never imagined so much consistency, and the beauty of it is that this is so simple it suits monkey-brained people such as myself
Glad I found your thread a few days ago. God bless you and have a good weekend!

No worries. Have a good weekend as well.
  • #1,110
  • Mar 11, 2011 10:14am Mar 11, 2011 10:14am
Hi PurePrice, can u advise whether this is correct?

Buy stop at 1.3798 and SL at 1.3759 when i put in the Buy stop order?
Attached Image (click to enlarge)
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  • #1,111
  • Mar 11, 2011 10:34am Mar 11, 2011 10:34am
Quoting kedridder
Hi PurePrice, can u advise whether this is correct?

Buy stop at 1.3798 and SL at 1.3759 when i put in the Buy stop order?
If its a buy order I add on the spread to that so my buy stop was at 1.3800.
  • #1,112
  • Mar 11, 2011 10:36am Mar 11, 2011 10:36am
Quoting ohammond
If its a buy order I add on the spread to that so my buy stop was at 1.3800.

thanks for the reply, ohammond. in this case, your spread would be 2 PIPs?

by the way, is my SL set correctly?
  • #1,113
  • Mar 11, 2011 10:39am Mar 11, 2011 10:39am
Quoting kedridder
Hi akrasiel,
congrads to your good trade.
i was reading the rules to entry to the system and i hope to gather more understanding with the use of charts.
i refer to the one u sent, for USDCHF pair.
is this the fractal which you used for this trade?

Thanks for your question.
Yes, that was the fractal I referred to for my short trade. You can question why I didn't enter earlier since 2 other fractal formed afterwards at a slightly more convenient price. Well, the reason is that I compared the bigger timeframe (15M) just to find out that the same fractal level I used for my entry was coincident in both 5M and 15M. Somehow I thought it was a more relevant level for a breakout than the other two. You can refer to the picture to see what I mean and I hope that makes sense to you.

Regards,
akrasiel
Attached Image (click to enlarge)
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  • #1,114
  • Mar 11, 2011 10:40am Mar 11, 2011 10:40am
Quoting kedridder
thanks for the reply, ohammond. in this case, your spread would be 2 PIPs?

by the way, is my SL set correctly?
Yes its usually 1-2 pips so I set it 2 pips to be sure it doesn't grab it too early. I set my stop loss a couple of pips below the fractal. When taking a sell I add on the spread to the stop loss.
  • #1,115
  • Mar 11, 2011 10:44am Mar 11, 2011 10:44am
Quoting akrasiel
Thanks for your question.
Yes, that was the fractal I referred to for my short trade. You can question why I didn't enter earlier since 2 other fractal formed afterwards at a slightly more convenient price. Well, the reason is that I compared the bigger timeframe (15M) just to find out that the same fractal level I used for my entry was coincident in both 5M and 15M. Somehow I thought it was a more relevant level for a breakout than the other two. You can refer to the picture to see what I mean and I hope that makes sense to you.

Regards,
akrasiel...

yes, your explanation is v clear and i'm grateful for your teaching and reply.
in fact, that question is on my mind and u answered me without me posing the question to u.

is this your usual practice? that is, you'll look into the 15M for confirmation if you see the 5M chart has a better and a later entry price?
  • #1,116
  • Mar 11, 2011 10:46am Mar 11, 2011 10:46am
Quoting ohammond
Yes its usually 1-2 pips so I set it 2 pips to be sure it doesn't grab it too early. I set my stop loss a couple of pips below the fractal. When taking a sell I add on the spread to the stop loss.

i got it now. thank u for clearing my doubts.
  • #1,117
  • Mar 11, 2011 11:00am Mar 11, 2011 11:00am
Quoting kedridder
yes, your explanation is v clear and i'm grateful for your teaching and reply.
in fact, that question is on my mind and u answered me without me posing the question to u.

is this your usual practice? that is, you'll look into the 15M for confirmation if you see the 5M chart has a better and a later entry price?

I don't normally use this practice, but I refer to the bigger TF just to see the bias of the trend (EMAs) trying to figure out a convenient entry to be executed on the 5M chart. In this specific case, the fractals were coincident on both timeframes so somehow I had the feeling that the odds of having a profitable trade were enhanced once the price would go below the fractal I pointed out.
  • #1,118
  • Mar 11, 2011 11:06am Mar 11, 2011 11:06am
Quoting akrasiel
I don't normally use this practice, but I refer to the bigger TF just to see the bias of the trend (EMAs) trying to figure out a convenient entry to be executed on the 5M chart. In this specific case, the fractals were coincident on both timeframes so somehow I had the feeling that the odds of having a profitable trade were enhanced once the price would go below the fractal I pointed out.


i see. well, hope you don't mind.
in the attached chart, is there any valid trade setup you can see? i see a short trade being triggered at 1330gmt. how abt u?
Attached Image (click to enlarge)
Click to Enlarge Name: eu.jpg Size: 255 KB
  • #1,119
  • Mar 11, 2011 11:06am Mar 11, 2011 11:06am
Quoting akrasiel
I don't normally use this practice, but I refer to the bigger TF just to see the bias of the trend (EMAs) trying to figure out a convenient entry to be executed on the 5M chart. In this specific case, the fractals were coincident on both timeframes so somehow I had the feeling that the odds of having a profitable trade were enhanced once the price would go below the fractal I pointed out.

I've found it safest to use the first fractal after both the 6 & 12 emas have passed the 48 which you did in this case. Sometimes you can get an earlier entry by using the later ones but in the case of a sell it usually means price has made a higher low and that can sometimes mean going back up so I prefer to wait if necessary.
  • #1,120
  • Mar 11, 2011 11:08am Mar 11, 2011 11:08am
Quoting ohammond
I've found it safest to use the first fractal after both the 6 & 12 emas have passed the 48 which you did in this case. Sometimes you can get an earlier entry by using the later ones but in the case of a sell it usually means price has made a higher low and that can sometimes mean going back up so I prefer to wait if necessary.

Hi Ohammond, do you have any diagram to show? it'll be much clearer this way. we can all see and learn and ask questions.
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