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5-min PASS (Price Action Scalper System)

  • #1,581
  • Mar 25, 2011 11:27am Mar 25, 2011 11:27am
Quoting PurePrice
here it is

TP1 hit at +25 pips
  • #1,582
  • Mar 25, 2011 11:28am Mar 25, 2011 11:28am
Quoting PurePrice
TP1 hit at +25 pips
Let teh est run for 1.6005
  • #1,583
  • Mar 25, 2011 11:29am Mar 25, 2011 11:29am
Quoting PurePrice
Let teh est run for 1.6005
Moved SL to lock in +25 pips .. so now I am guaranteed +25 pips on this free trade
  • #1,584
  • Mar 25, 2011 11:31am Mar 25, 2011 11:31am
Quoting Anu_
Hi PurePrice,

Can I please have the MT template with all the indis for this pls? I can't seem to remember where you posted it .. I am thinking of moving from IT Finance platform to MT4.
And I am trying to find out the R/R and W/L ratios of this method. For this I will be using the MT4 simulator and run through/back test 50 trades and calculate the RR and WL ratios for a 2% account risk and see what happens after 50 trades. Allow me a few days. I have a clever spreadsheet too with random values to calculate the account value if we enter the R/R...

All templates and indis are in first post.

A simulator would be a gret idea, as I am not familiar with that process myself .. would love to hear the results of your test
  • #1,585
  • Mar 25, 2011 11:34am Mar 25, 2011 11:34am
Quoting PurePrice
Moved SL to lock in +25 pips .. so now I am guaranteed +25 pips on this free trade

ALL OUT at 16015
  • #1,586
  • Mar 25, 2011 11:36am Mar 25, 2011 11:36am
Quoting PurePrice
ALL OUT at 16015

finally I get a homerun at end of Friday .. sheesh been waiting a whole week for one of those .. I got 70+ pips on this trade as I entered originally at 1.6087
  • #1,587
  • Mar 25, 2011 11:44am Mar 25, 2011 11:44am
Quoting PurePrice
finally I get a homerun at end of Friday .. sheesh been waiting a whole week for one of those .. I got 70+ pips on this trade as I entered originally at 1.6087
Yuh hit the jackpot fi real.
With God all things are possible.
  • #1,588
  • Mar 25, 2011 11:57am Mar 25, 2011 11:57am
looks like it wants to go for a quick second dip down
  • #1,589
  • Mar 25, 2011 3:16pm Mar 25, 2011 3:16pm
Quoting PurePrice
anyoen wiling to help?? LOL

I know Freddy was more than happy to help fix my typos on my original document, and was waiting for more tips from me.
Hey PurePrice, sure, I could help out with this. Looks like you need it judging from the typos above... Just playing... so going through the thread and collecting all of the important information having to do with the strategy right?

On another note...I start work at 12pm est so I could trade in the morning. How do you do this as work? Just peek at the charts and enter when you see a setup? It would kill me not being able to monitor the trade constantly.
  • #1,590
  • Mar 25, 2011 4:18pm Mar 25, 2011 4:18pm
Quoting psydox
Hey PurePrice, sure, I could help out with this. Looks like you need it judging from the typos above... Just playing... so going through the thread and collecting all of the important information having to do with the strategy right?

On another note...I start work at 12pm est so I could trade in the morning. How do you do this as work? Just peek at the charts and enter when you see a setup? It would kill me not being able to monitor the trade constantly.
Thank you for helping out collecting all the information into one document. That would be great and much appreciated.

Not having to work till 12pm EST is great advantage for you, as I "normally" do not like to trade past that hour in NY anyway ... most but not all setups "should" occur before that time. Usually 9 to 10 am EST is where most of my successful trades have been.

I monitor the trade as much as possible. I have internet access at work and look at my charts almost every 5 minutes once I am in a trade. I am now trying to limit it to one or two pairs only (gbpusd and eurchf or eurusd) so that I can glance at the charts quickly to see if there is a setup coming up.

I go to my longer timeframe (1H) rior to going to work and see what the EMAs are doing and if there is a strong trend and/or strong R/S values, I MARK those on my H1 chart, and then zoom into the 5min chart so those levels are still on my 5-min chart ... On my 5-min chart as well, I write my bias (short or long according to the higher TF) and keep that in my face as I look at the 5-min to remind which way I am trading. this way I only need to flip to the 1H every hour if need be should the price go the other way.
  • #1,591
  • Mar 25, 2011 4:23pm Mar 25, 2011 4:23pm
I am off. Hope you all have a nice relaxing weekend.

Get ready for next week's trading as we will hopefully bank some good number of pips
  • #1,592
  • Mar 25, 2011 11:52pm Mar 25, 2011 11:52pm
Quoting PurePrice
I am off. Hope you all have a nice relaxing weekend.

Get ready for next week's trading as we will hopefully bank some good number of pips

u too, have a great weekend, PP
  • #1,593
  • Mar 26, 2011 12:59am Mar 26, 2011 12:59am
Quoting PurePrice
I am off. Hope you all have a nice relaxing weekend.

Get ready for next week's trading as we will hopefully bank some good number of pips
hello, is there any update on your performance on myfxbook?
Thanks!
  • #1,594
  • Mar 27, 2011 6:38pm Mar 27, 2011 6:38pm
i like this pair to go long soon :d
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  • #1,595
  • Mar 27, 2011 6:40pm Mar 27, 2011 6:40pm
Quoting Sesshaumaru
hello, is there any update on your performance on myfxbook?
Thanks!
Nope, I am no longer tracking this as I had problems with this site updating...

alos, i am not trading this account for now, as I am focusing on SurefireTrading challange this month, so I am using that demo acount to hopeful gt in the top 20 traders out of 1300 so far ... so that is the account I am trading currently
  • #1,596
  • Mar 27, 2011 6:43pm Mar 27, 2011 6:43pm
I am lookinf ro this pair to setup short soon after the tokyo open. HOWEVER, it is at round 1.6000 triplezero, so this would be interesting.
  • #1,597
  • Mar 27, 2011 8:25pm Mar 27, 2011 8:25pm
Quoting PurePrice
I am lookinf ro this pair to setup short soon after the tokyo open. HOWEVER, it is at round 1.6000 triplezero, so this would be interesting.
If it does... most likely to S1, no? probably further since it broke such big number...?
Dave Toddler Pip Gatherer
  • #1,598
  • Mar 27, 2011 8:43pm Mar 27, 2011 8:43pm
Quoting PurePrice
I am lookinf ro this pair to setup short soon after the tokyo open. HOWEVER, it is at round 1.6000 triplezero, so this would be interesting.
you were spot on PP, it has found support on 1.62000

could the GBP pairs be on a reversal?
  • #1,599
  • Mar 27, 2011 9:02pm Mar 27, 2011 9:02pm
Quoting PurePrice
i like this pair to go long soon :d
AU seems to have broken the trendline.

possible long opportunity coming soon
  • #1,600
  • Mar 27, 2011 9:06pm Mar 27, 2011 9:06pm
I would not trade the pound yet..wait for europe to open..I agree on the short strategy....aussie is looking good too..just to keep on your radar....PP good strategy..i use sometihng similiar on a longer time horizon...just keep fine tuning....its taking me many many years to fine tune my own trading..so dont get frustrated when it starts to go wrong..cause it will...but its the only way to learn...

good trading to all

NW
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