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5-min PASS (Price Action Scalper System)

  • #1,221
  • Mar 16, 2011 7:30am Mar 16, 2011 7:30am
Quoting akrasiel
It seems that in this pair the conditions are taking place for a long entry. Just waiting for a good opportunity...

Agreed... I wanted to jump in long a few minutes ago, but I am staying on sidelines until after news release
  • #1,222
  • Mar 16, 2011 7:34am Mar 16, 2011 7:34am
Quoting PurePrice
This pair in geneal , but not necessarily at this point in time for a setup... I like how clean the candles are. That is what I meant

yeah, i totally agree.
  • #1,223
  • Mar 16, 2011 8:15am Mar 16, 2011 8:15am
Hope you didn't miss this great opportunity!
Attached Image (click to enlarge)
Click to Enlarge Name: USDCHF short.png Size: 52 KB
  • #1,224
  • Mar 16, 2011 8:23am Mar 16, 2011 8:23am
Quoting akrasiel
Hope you didn't miss this great opportunity!

Of course I did ... story of my life I was on my way to work .. just got in a work ..

I hope you banked some pips off this move, if so, how many?
  • #1,225
  • Mar 16, 2011 8:24am Mar 16, 2011 8:24am
This pair was also good to trade. It seemed to be good for long at some point then reversed to its current downtrend. Unfortunately I closed my position too early leaving more pips on the table.
Attached Image (click to enlarge)
Click to Enlarge Name: EURCHF short.png Size: 58 KB
  • #1,226
  • Mar 16, 2011 8:27am Mar 16, 2011 8:27am
Quoting PurePrice
Of course I did ... story of my life I was on my way to work .. just got in a work ..

I hope you banked some pips off this move, if so, how many?
I took 17 pips on USDCHF and a little less than 10 on EURCHF. I think that'll do for today. I have to go to work in 2 hours
  • #1,227
  • Mar 16, 2011 8:48am Mar 16, 2011 8:48am
Quoting akrasiel
I took 17 pips on USDCHF and a little less than 10 on EURCHF. I think that'll do for today. I have to go to work in 2 hours

Good work akrasiel.

I think I want to move where you are
  • #1,228
  • Mar 16, 2011 9:01am Mar 16, 2011 9:01am
Quoting PurePrice
Good work akrasiel.

I think I want to move where you are
Well England is a pretty decent place to live and you get the chance to trade in the best hours. The only downfall is the poor weather, in 7 years I've been here I couldn't get accustomed to that. I'd love to move back to my hometown in Italy in a couple of years, perhaps by then my trading skills will improve to a point that I and other fellow traders can quit the daily rat race
  • #1,229
  • Mar 16, 2011 9:08am Mar 16, 2011 9:08am
Quoting akrasiel
Well England is a pretty decent place to live and you get the chance to trade in the best hours. The only downfall is the poor weather, in 7 years I've been here I couldn't get accustomed to that. I'd love to move back to my hometown in Italy in a couple of years, perhaps by then my trading skills will improve to a point that I and other fellow traders can quit the daily rat race


I hear ya man. That would be really nice to just trade for a living. That is my hope also. I hope to move back to the middle east which would give me awesome trading hours being GMt+2 over there. My wife is middle eastern, and they have awesome weather .. beats Canadian weather for sure .. maybe we can then meet in Italy once I have moved alot closer
  • #1,230
  • Mar 16, 2011 9:37am Mar 16, 2011 9:37am
Hi all PASS system users,
Is my chart's entry and exit correct?
Attached Image (click to enlarge)
Click to Enlarge Name: uc.jpg Size: 223 KB
  • #1,231
  • Mar 16, 2011 9:47am Mar 16, 2011 9:47am
Quoting kedridder
Hi all PASS system users,
Is my chart's entry and exit correct?

Entry is correct. Exit is incorrect. you should have exited (at least part of your position) with about +20 pips whih is equal to your SL (0.9645-0.9625) ... the rest of your position ould have been exited as you marked on your chart (or at BE if the price retraces to that).
  • #1,232
  • Mar 16, 2011 9:52am Mar 16, 2011 9:52am
Quoting PurePrice
Entry is correct. Exit is incorrect. you should have exited (at least part of your position) with about +20 pips whih is equal to your SL (0.9645-0.9625) ... the rest of your position ould have been exited as you marked on your chart (or at BE if the price retraces to that).
i see, thanks Pureprice. yeah, its incorrect. anyway, it's stopped out already, i've no open positions now
  • #1,233
  • Mar 16, 2011 2:26pm Mar 16, 2011 2:26pm
Please PP can you tell us where is the TP and SL?
fred
Quoting PurePrice
here is the trade
Attached Image (click to enlarge)
Click to Enlarge Name: mt19.gif Size: 35 KB
  • #1,234
  • Mar 16, 2011 3:05pm Mar 16, 2011 3:05pm
Quoting fredgold3434
Please PP can you tell us where is the TP and SL?
fred

Is a trick question ??

As mentioned before, your initial SL should be just below the down fractal level swing low for each of your long trades. For first TP, you want TP1 = SL , or depending on the chart, yout TP1 could be the next round number, next PP or R1/R2/R3 level, or another significant resistance level. The most obvious level on the chart that you posted that I would set my TP1 to is the swing high level where the upfractal has just formed before the trade (looks about 1.3522??) . It all depends on wht the chart looks like at the time you take the trade and how PA develops. These are guidelines, but you have to be flexible in setting your TP. Always remember to enter mutilple positions so you can stage your exist at differet points just in case you hit a home run with your trade.
  • #1,235
  • Mar 16, 2011 3:13pm Mar 16, 2011 3:13pm
Oh No its not a trick question at all.i was confused specially about SL.I know the rules as you posted in #1 post.
I Would like you show it on the chart because showing in the chart worth more than 1000 words.
thank you
fred

Quoting PurePrice
Is a trick question ??

As mentioned before, your initial SL should be just below the down fractal level swing low for each of your long trades. For first TP, you want TP1 = SL , or depending on the chart, yout TP1 could be the next round number, next PP or R1/R2/R3 level, or another significant resistance level. The most obvious level on the chart that you posted that I would set my TP1 to is the swing high level where the upfractal has just formed before the trade (looks about 1.3522??) . It all depends on wht the chart looks like at the time...
  • #1,236
  • Mar 16, 2011 3:36pm Mar 16, 2011 3:36pm
Quoting fredgold3434
Oh No its not a trick question at all.i was confused specially about SL.I know the rules as you posted in #1 post.
I Would like you show it on the chart because showing in the chart worth more than 1000 words.
thank you
fred

I understand .. does it have to be that specific chart, as it is over a month old .. can I use a more recent chart from today as I can annotate it and post it much easier, if you are OK with that?
There are plenty of chart examples throughout the thread that mark these areas ... are u interested in anything in particular??
  • #1,237
  • Mar 16, 2011 4:09pm Mar 16, 2011 4:09pm
here i put in that chart.is it correct Entery and SL?
regards
Fred
Quoting PurePrice
I understand .. does it have to be that specific chart, as it is over a month old .. can I use a more recent chart from today as I can annotate it and post it much easier, if you are OK with that?
There are plenty of chart examples throughout the thread that mark these areas ... are u interested in anything in particular??
Attached Image (click to enlarge)
Click to Enlarge Name: chart5.gif Size: 24 KB
  • #1,238
  • Mar 16, 2011 4:23pm Mar 16, 2011 4:23pm
Quoting PurePrice
I understand .. does it have to be that specific chart, as it is over a month old .. can I use a more recent chart from today as I can annotate it and post it much easier, if you are OK with that?
There are plenty of chart examples throughout the thread that mark these areas ... are u interested in anything in particular??

Here a chart of usdjpy today .. it is actually down over 300 pips today
Attached Image (click to enlarge)
Click to Enlarge Name: mt19.gif Size: 35 KB
  • #1,239
  • Mar 16, 2011 4:24pm Mar 16, 2011 4:24pm
Quoting PurePrice
Here a chart of usdjpy today .. it is actually down over 300 pips today

here is the rest of the chart ....
Attached Image (click to enlarge)
Click to Enlarge Name: mt19.gif Size: 36 KB
  • #1,240
  • Mar 16, 2011 4:36pm Mar 16, 2011 4:36pm
Quoting fredgold3434
here i put in that chart.is it correct Entery and SL?
regards
Fred

It "looks" like a god entry without seeing the rest of the chart in history. Also, it appears to be taken after market closing in NY. I would not trade this pair at this time.
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