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5-min PASS (Price Action Scalper System)

  • #1,401
  • Mar 21, 2011 10:03am Mar 21, 2011 10:03am
Quoting PurePrice
no I did not .. but that would have been good setup for a bout 30 pips . But Trichet took back from you I see
that's ok.. it's a nice lesson for 30-fake-pips. lol.
  • #1,402
  • Mar 21, 2011 10:13am Mar 21, 2011 10:13am
Quoting newjv
that's ok.. it's a nice lesson for 30-fake-pips. lol.

yep, but it is moving back up again It is possibly gona try for the 14200 again.
  • #1,403
  • Mar 21, 2011 10:30am Mar 21, 2011 10:30am
here is an exxample of drawing mini counter TL
Attached Image (click to enlarge)
Click to Enlarge Name: mt19.gif Size: 34 KB
  • #1,404
  • Mar 21, 2011 10:32am Mar 21, 2011 10:32am
here is another current one on gbpusd
Attached Image (click to enlarge)
Click to Enlarge Name: mt19.gif Size: 34 KB
  • #1,405
  • Mar 21, 2011 10:33am Mar 21, 2011 10:33am
Quoting PurePrice
here is an exxample of drawing mini counter TL

got it! thanks PP.
  • #1,406
  • Mar 21, 2011 10:34am Mar 21, 2011 10:34am
Quoting kedridder
got it! thanks PP.
you are most welcome
  • #1,407
  • Mar 21, 2011 10:42am Mar 21, 2011 10:42am
drawing TL is not a sience, it is more like an art. So, people will draw TL a little different depending on what they see. But generally you want to draw the lines between obvious swing lows or swing highs, or between obvious horizontal resistance or support levels. It is always very useful to zoon out so you see the big picture (this would be the direction of the trend you want to trade with), then zoom in and look at mini counter trendlines (you want to trade against those) to trade the 5-min PASS setups.
  • #1,408
  • Mar 21, 2011 10:56am Mar 21, 2011 10:56am
Hi PurePrice,
When you say don't tarde the counter trend when using this PASS system, do you mean the marketflow/trend of 1H chart pls?
  • #1,409
  • Mar 21, 2011 11:01am Mar 21, 2011 11:01am
Quoting Anu_
Hi PurePrice,
When you say don't tarde the counter trend when using this PASS system, do you mean the marketflow/trend of 1H chart pls?
Generally, I look at 15-min and H1 charts to see how the EMAs are lined up to give me general trend. I also, zoom out on the 5-min to see where the price is headed (generally they should be in the same direction). This is the trend that I would like to trade. I look for setup on the 5-minute using PASS late or early entry to get in. These are generally pull back in Price and then contnuation in the general trend.
  • #1,410
  • Mar 21, 2011 11:08am Mar 21, 2011 11:08am
okay, ... so the EMAs you are using in 1H and 15M charts ... are they the same EMAs we use in 5M time frame? i.e. 6, 12 and 46 ?
Thanks a again for your time and help on this.
  • #1,411
  • Mar 21, 2011 11:08am Mar 21, 2011 11:08am
Here is another example on AUDUSD ... in this example I would wait for the downtrend chanel to be nicely broken to the upside before going Long this pair.
Attached Image (click to enlarge)
Click to Enlarge Name: mt19.gif Size: 37 KB
  • #1,412
  • Mar 21, 2011 11:09am Mar 21, 2011 11:09am
Quoting Anu_
okay, ... so the EMAs you are using in 1H and 15M charts ... are they the same EMAs we use in 5M time frame? i.e. 6, 12 and 46 ?
Thanks a again for your time and help on this.

Yes they are the same EMAs.
  • #1,413
  • Mar 21, 2011 11:09am Mar 21, 2011 11:09am
Quoting PurePrice
Generally, I look at 15-min and H1 charts to see how the EMAs are lined up to give me general trend. I also, zoom out on the 5-min to see where the price is headed (generally they should be in the same direction). This is the trend that I would like to trade. I look for setup on the 5-minute using PASS late or early entry to get in. These are generally pull back in Price and then contnuation in the general trend.
what's the $chf trend direction now?
  • #1,414
  • Mar 21, 2011 11:15am Mar 21, 2011 11:15am
Quoting newjv
what's the $chf trend direction now?

opposite of eurusd usually (which is long), so usd chf should be short
  • #1,415
  • Mar 21, 2011 11:17am Mar 21, 2011 11:17am
Quoting PurePrice
opposite of eurusd usually (which is long), so usd chf should be short

I just loked at usdcfh, and I dont like it at all
it is very messy as there is no clear direction and EMAs are pretty FLAT...
I would not touch this pair with a 6 foot pole
  • #1,416
  • Mar 21, 2011 11:19am Mar 21, 2011 11:19am
Quoting PurePrice
here is an exxample of drawing mini counter TL

EURUSD just broke its mini countertrendline for a nice 20 pips jump up past the 14200 mark we mentioned early on today
  • #1,417
  • Mar 21, 2011 11:20am Mar 21, 2011 11:20am
Quoting PurePrice
EURUSD just broke its mini countertrendline for a nice 20 pips jump up past the 14200 mark we mentioned early on today

yup, hope e momentum is good.
  • #1,418
  • Mar 21, 2011 11:20am Mar 21, 2011 11:20am
breakout!
  • #1,419
  • Mar 21, 2011 11:21am Mar 21, 2011 11:21am
Quoting PurePrice
EURUSD just broke its mini countertrendline for a nice 20 pips jump up past the 14200 mark we mentioned early on today

here is the chart of the eurusd trade .. this is a TEXT BOOK mini counter-TL entry
Attached Image (click to enlarge)
Click to Enlarge Name: mt19.gif Size: 33 KB
  • #1,420
  • Mar 21, 2011 11:26am Mar 21, 2011 11:26am
Quoting PurePrice
here is the chart of the eurusd trade
bought?
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