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5-min PASS (Price Action Scalper System)

  • #2,021
  • Apr 4, 2011 10:19am Apr 4, 2011 10:19am
Hello PP,
Where do youthink the GBP/USD going?
Do you think it is safe to go SHORT below 16130 or 16120?
  • #2,022
  • Apr 4, 2011 10:28am Apr 4, 2011 10:28am
Quoting Anu_
Hello PP,
Where do youthink the GBP/USD going?
Do you think it is safe to go SHORT below 16130 or 16120?
hi Anu

Sorry I have not been watching the trading platform. Just logged onto the thread.
  • #2,023
  • Edited 10:36am Apr 4, 2011 10:31am | Edited 10:36am
Hi kimoh,checkz

I've just found PP system, reading the thread and learning it.For the usd/chf re-entry, do you set any stop loss, as it seems to be retracing currently?Thanks.
  • #2,024
  • Apr 4, 2011 11:15am Apr 4, 2011 11:15am
Quoting atgmer
Hi kimoh,checkz

I've just found PP system, reading the thread and learning it.For the usd/chf re-entry, do you set any stop loss, as it seems to be retracing currently?Thanks.
usd/chf entry was incorrect according to PASS rules.
Should nto enter around a 'round figure'.
  • #2,025
  • Apr 4, 2011 11:33am Apr 4, 2011 11:33am
Quoting PurePrice
Attachment Here is a system that you will love.

It is simple and very effective.

Edit March 04. 2011: Please check posts #909-#911 for alternative entry and re-entry into the trade.

1- Follow the rules in the PDF. You can read them below as well...

2- Watch the screen a few days.

3- Practise the method.

4- Exercise good money management (1% - 2% per trade)

5- Make pips.

6- Do it all over again.

Will post tomorrow morning during NY open. but for those of you in EU/London .. you can get a head start on...
Hiya... Thanks very much for this, looks promising. I have question which I hope you can answer. I have been trying to demo trade this set up and i notice that when the price sometimes reaches a factal the factal dissapears. For examplt i see an uptrend entry level possible forming, the fractal is at 1.4219 so i enter a potentila long at 1.4221 when it get there the factal dissapears... Any ideas.. Please help. thanks
  • #2,026
  • Apr 4, 2011 11:34am Apr 4, 2011 11:34am
Quoting Anu_
Hello PP,
Where do youthink the GBP/USD going?
Do you think it is safe to go SHORT below 16130 or 16120?
I just had a quick look at gbpusd . the H1 EMAs are lined up LONG still ... short entry will be risky, unless you are going for 5 pips or so short.
  • #2,027
  • Apr 4, 2011 11:42am Apr 4, 2011 11:42am
On the hourly chart, note now that there is a nice M or double top formation at 1.6170-1.6180 level. this makes a nice resistance level for now. Keep this level on your radar screen.
  • #2,028
  • Apr 4, 2011 12:00pm Apr 4, 2011 12:00pm
may consider going short audusd
  • #2,029
  • Apr 4, 2011 12:28pm Apr 4, 2011 12:28pm
Quoting PurePrice
I just had a quick look at gbpusd . the H1 EMAs are lined up LONG still ... short entry will be risky, unless you are going for 5 pips or so short.
Thanks PP.
I was just trying to collect a few pips as it will take a long time for H1 to turn its EMAs. Not a good day as there were hardly any set ups.
  • #2,030
  • Apr 4, 2011 2:43pm Apr 4, 2011 2:43pm
Quoting Anu_
Thanks PP.
I was just trying to collect a few pips as it will take a long time for H1 to turn its EMAs. Not a good day as there were hardly any set ups.

Yeah there were no real fundamental news in the calendar today to move the market. Tonight and tomorrow however, we will see some nice action.
  • #2,031
  • Apr 4, 2011 2:52pm Apr 4, 2011 2:52pm
Fed Chairman Bernanke Speaks at 7:15 pm EST. ALSO, ISM non-manufacturing PMI numbers are out at 10 am EST tomorrow, in addition to FOMC meeting minutes at 2 pm EST.

I think we will see lotsa action due to these tomorrow as compared to the slow action day we had today.
  • #2,032
  • Apr 4, 2011 3:06pm Apr 4, 2011 3:06pm
please note that EURUSD is at top of WEEKLY down trendline and previous weekly high. eventhough hourly is up, we are at confluence of weekly trendlines, we may not have alot of room to go up before price gets rejected at these level, as these may present a strong resistance level.

If you are a price action trader and want to trade this longterm, you may want to go in SHORT with LARGE stoploss here and wait it out a few days for a couple hundred pips ... This maybe a good SHORT area to take
Attached Image (click to enlarge)
Click to Enlarge Name: mt19.gif Size: 31 KB
  • #2,033
  • Apr 4, 2011 3:37pm Apr 4, 2011 3:37pm
I've read the pdf and I'm starting to read through the thread...but I don't know what a fractal is. If anyone could explain I'd be ever so grateful.

Thanks.
  • #2,034
  • Apr 4, 2011 3:44pm Apr 4, 2011 3:44pm
Quoting pipiness
I've read the pdf and I'm starting to read through the thread...but I don't know what a fractal is. If anyone could explain I'd be ever so grateful.

Thanks.
Fractal bars are higher (lower) than the two (or more) bars preceding it and the two (or more) bars following it. These are indicated on your chart by the little up or down fractal symbol (magenta colour).
  • #2,035
  • Apr 4, 2011 3:52pm Apr 4, 2011 3:52pm
Well, it has been over 2000 posts since I started this thread. I would like to say thank you to all the contributors for making this thread a very interactive and informative thread. I also appreciate the fact that we have lotsa respect for each other here and there has been no immature BS or disrespect between viewers and posters that I see in many other threads. We all understand that we are all here to lern from each other, and hopefully improve our trading experience using one more tool by adding this method/tool to our trading toolbox.

Now to celebrate this occasion, I would like to present you with a nice "gift" if you would. This is what I call the "M n W" formation otherwise known as double-top or double-bottom chart formation....
  • #2,036
  • Apr 4, 2011 4:04pm Apr 4, 2011 4:04pm
This is where you will get nice hit rate with your trades. As you are waiting for your setup to trade the 5-minute charts, look at your charts closely and see if you can see these pattens jump at you. If you are looking for a trade, and all your setup conditions are in order, and your trade is about to trigger, look for one more thing to solidify the setup and give you more confidence in execution. If you are going short, look for a pattern that looks like an M or even better if it is a slanted M. If you are goign long, look for a W or slanted W and your trade will be that much more concrete. Allow me to demonstrate this via an example or two
Attached Image (click to enlarge)
Click to Enlarge Name: mt19.gif Size: 36 KB
  • #2,037
  • Apr 4, 2011 4:09pm Apr 4, 2011 4:09pm
a couple more
Attached Image(s) (click to enlarge)
Click to Enlarge Name: mt18.gif Size: 36 KB
Click to Enlarge Name: mt19.gif Size: 35 KB
  • #2,038
  • Apr 4, 2011 4:15pm Apr 4, 2011 4:15pm
here is a good one
Attached Image (click to enlarge)
Click to Enlarge Name: mt19.gif Size: 34 KB
  • #2,039
  • Apr 4, 2011 4:24pm Apr 4, 2011 4:24pm
Quoting PurePrice
Fractal bars are higher (lower) than the two (or more) bars preceding it and the two (or more) bars following it. These are indicated on your chart by the little up or down fractal symbol (magenta colour).
Thanks PurePrice.
  • #2,040
  • Apr 5, 2011 2:22am Apr 5, 2011 2:22am
Im getting a little selling action on the Usd/Chf during the London session.
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