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5-min PASS (Price Action Scalper System)

  • #1,701
  • Mar 29, 2011 7:41am Mar 29, 2011 7:41am
Quoting PurePrice
Perhaps, however I would draw a MCTL in this case and look for early entry short. BUTTTT, if you go to hourly chart, it looks like we may have already put in a double bottom at 15935-15940 area, so it would be interesting to see if cable would continue up past the 1.6000 back to the 1.6035 area or reverse at the round figure and head back down.

Draw a horizontal line at 15940 and another at 16035 on hourly chart and watch that channel for now

do u mind attach a chart to show us?
  • #1,702
  • Mar 29, 2011 7:46am Mar 29, 2011 7:46am
Quoting kedridder
do u mind attach a chart to show us?
No problem.. here you go
Attached Image (click to enlarge)
Click to Enlarge Name: mt19.gif Size: 26 KB
  • #1,703
  • Mar 29, 2011 7:50am Mar 29, 2011 7:50am
Quoting PurePrice
No problem.. here you go


thank u PP. which means to say, u'll skip this pair? or will you look to long this pair very soon?
  • #1,704
  • Mar 29, 2011 7:53am Mar 29, 2011 7:53am
Quoting kedridder
thank u PP. which means to say, u'll skip this pair? or will you look to long this pair very soon?

this just means that I would not short near the bottom of the channel or long near the top of the channel, and I may use the boundaries of the channel as TP or SL targets ... This just sows you good levels where price may react ... NOTE I would not long this pair yet as the hourly is still trending down strongly.
  • #1,705
  • Mar 29, 2011 7:57am Mar 29, 2011 7:57am
Quoting kedridder
thank u PP. which means to say, u'll skip this pair? or will you look to long this pair very soon?

The 5-min EMAs are converging ... LEts see if we get a short setup soon.

Some guy MPC is speaking in 2 minutes . so be careful
  • #1,706
  • Mar 29, 2011 7:57am Mar 29, 2011 7:57am
Quoting PurePrice
this just means that I would not short near the bottom of the channel or long near the top of the channel, and I may use the boundaries of the channel as TP or SL targets ... This just sows you good levels where price may react ... NOTE I would not long this pair yet as the hourly is still trending down strongly.

got it! thanks for your analysis. i'll go remove my orders now.
btw, wat pair's on your radar for now?
  • #1,707
  • Mar 29, 2011 8:02am Mar 29, 2011 8:02am
Quoting kedridder
got it! thanks for your analysis. i'll go remove my orders now.
btw, wat pair's on your radar for now?
I only look at gbpusd now as I am at work and can't look at more than one pair. this is where you guys come in and tell em where the other potential setups are

GBPUSD is STILL VALID SHORT .. keep it on your radar screen.
  • #1,708
  • Mar 29, 2011 8:04am Mar 29, 2011 8:04am
Quoting PurePrice
I only look at gbpusd now as I am at work and can't look at more than one pair. this is where you guys come in and tell em where the other potential setups are

GBPUSD is STILL VALID SHORT .. keep it on your radar screen.

i see. e fractal for cable has changed and when i knew it, PA already went below the fractal.
  • #1,709
  • Mar 29, 2011 8:06am Mar 29, 2011 8:06am
Quoting PurePrice
I only look at gbpusd now as I am at work and can't look at more than one pair. this is where you guys come in and tell em where the other potential setups are

GBPUSD is STILL VALID SHORT .. keep it on your radar screen.

so where r u from? the US?
  • #1,710
  • Mar 29, 2011 8:07am Mar 29, 2011 8:07am
Quoting kedridder
i see. e fractal for cable has changed and when i knew it, PA already went below the fractal.

I am in short cable now
  • #1,711
  • Mar 29, 2011 8:08am Mar 29, 2011 8:08am
Quoting PurePrice
I am in short cable now

chart ...
Attached Image (click to enlarge)
Click to Enlarge Name: mt19.gif Size: 32 KB
  • #1,712
  • Mar 29, 2011 8:09am Mar 29, 2011 8:09am
Quoting kedridder
so where r u from? the US?

canada
  • #1,713
  • Mar 29, 2011 8:21am Mar 29, 2011 8:21am
Quoting PurePrice
I am in short cable now

BLAH .. Stopped out at BE .. just one pips short of my TP1 of 15 pips
  • #1,714
  • Mar 29, 2011 8:23am Mar 29, 2011 8:23am
Quoting PurePrice
BLAH .. Stopped out at BE

how do u place your SL at BE? i thought it should be the previous fractal which points up?
  • #1,715
  • Mar 29, 2011 8:26am Mar 29, 2011 8:26am
Quoting kedridder
how do u place your SL at BE? i thought it should be the previous fractal which points up?

Initially I do place SL at fractal, then I move it closer to entry sa the trade progresses. Once I hit about 10-15 pips I move to BE, especially if I see 5-min candles starting to reverse..
  • #1,716
  • Mar 29, 2011 8:28am Mar 29, 2011 8:28am
Quoting PurePrice
Initially I do place SL at fractal, then I move it closer to entry sa the trade progresses. Once I hit about 10-15 pips I move to BE, especially if I see 5-min candles starting to reverse..

I do get stopped out at BE, sometimes prematurely and the trade will rally in my favour afterward, but that is MY STYLE of trading, but yours can be different, if you want to be more risky and wait it out .. that is up to your trading personality, level of risk, and whatever you are comfortable with. I, presonally, do not like to see a winner turn into a loser. So, I go out at BE instead of losing.
  • #1,717
  • Mar 29, 2011 8:34am Mar 29, 2011 8:34am
Quoting PurePrice
I do get stopped out at BE, sometimes prematurely and the trade will rally in my favour afterward, but that is MY STYLE of trading, but yours can be different, if you want to be more risky and wait it out .. that is up to your trading personality, level of risk, and whatever you are comfortable with. I, presonally, do not like to see a winner turn into a loser. So, I go out at BE instead of losing.

i see. yup, thanks for your detailed explanation. i can see, this is true, cos end of the day, this system is to catch the momentum and exit quickly with PIPs. not ride it thru all the way.
  • #1,718
  • Mar 29, 2011 8:36am Mar 29, 2011 8:36am
Quoting kedridder
i see. yup, thanks for your detailed explanation. i can see, this is true, cos end of the day, this system is to catch the momentum and exit quickly with PIPs. not ride it thru all the way.

You got it ...

If I was trading the eu or london opn, I may decide to let it ride a little bit, a you have indicated already, it is getting to be lunh hour in Ny, and trading will likely die down and it will lose momentum soon.
  • #1,719
  • Mar 29, 2011 8:38am Mar 29, 2011 8:38am
Quoting PurePrice
You got it ...

If I was trading the eu or london opn, I may decide to let it ride a little bit, a you have indicated already, it is getting to be lunh hour in Ny, and trading will likely die down and it will lose momentum soon.

The gbpusd might still go down after I existed at BE
  • #1,720
  • Mar 29, 2011 8:39am Mar 29, 2011 8:39am
Quoting PurePrice
The gbpusd might still go down after I existed at BE

yup, nobody knows how it looks on the right side of e chart.
trades will always come, so not to worry pal!
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