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5-min PASS (Price Action Scalper System)

  • #2,121
  • Apr 6, 2011 4:36am Apr 6, 2011 4:36am
Quoting PurePrice
ABSOLUTELY .. that is a slanted W on GU, and we are waiting for 5-min EMAs to stack up correcty
looks like the EMAs are stacking the wrong way and gbpusd is heading down for now .. wait till we get the right trigger
  • #2,122
  • Apr 6, 2011 4:38am Apr 6, 2011 4:38am
Quoting argentino
Sorry bout that. I was asking for confirmation on EURUSD long entry and also excited about my UDSCHF trade:

Attachment

PERFECT entry on usdchf .. for eurusd, I would enter long only if 14320 is broken
  • #2,123
  • Apr 6, 2011 4:40am Apr 6, 2011 4:40am
Quoting kimoh
seems like a nice short re-entry target S2, though 1H has not crossed fully

That is close enough Kimoh. But it appears that eurchf has already moved down more that 200 pips
  • #2,124
  • Apr 6, 2011 4:40am Apr 6, 2011 4:40am
Quoting PurePrice
PERFECT entry on usdchf .. for eurusd, I would enter long only if 14320 is broken
Forgive me, but what is 1.4320? what does it represent?
Dave Toddler Pip Gatherer
  • #2,125
  • Apr 6, 2011 4:46am Apr 6, 2011 4:46am
Quoting PurePrice
looks like the EMAs are stacking the wrong way and gbpusd is heading down for now .. wait till we get the right trigger
we could easily convert it to a slanted M
  • #2,126
  • Apr 6, 2011 4:47am Apr 6, 2011 4:47am
Quoting argentino
Forgive me, but what is 1.4320? what does it represent?

that is triple top on eurusd 5-min, which is strong resistance that needs to be well broken before I would feel comfortable going long
  • #2,127
  • Apr 6, 2011 4:48am Apr 6, 2011 4:48am
Quoting kimoh
we could easily convert it to a slanted M
yes you could,, but 15-min and H1 EMAs are stacked Long
  • #2,128
  • Apr 6, 2011 4:49am Apr 6, 2011 4:49am
Quoting PurePrice
That is close enough Kimoh. But it appears that eurchf has already moved down more that 200 pips
i probably would have expected it to rest on S1 but it seems its eager to break the support, lets wait and see
  • #2,129
  • Apr 6, 2011 4:50am Apr 6, 2011 4:50am
Quoting PurePrice
yes you could,, but 15-min and H1 EMAs are stacked Long
ALSO your M would be slanted the WRONG way as you want the second point on the M to be lower than the first one
  • #2,130
  • Apr 6, 2011 4:54am Apr 6, 2011 4:54am
Quoting PurePrice
ALSO your M would be slanted the WRONG way as you want the second point on the M to be lower than the first one
aaaaah... absolutely.... got it now!

thanks
  • #2,131
  • Apr 6, 2011 4:59am Apr 6, 2011 4:59am
Hi Pureprice,

sorry for not showing for some time, no time for trading.

I see you've added an RSI to the template, but it's not mentioned in the trading rules for your system, how does this indicator change the entry/exit rules?
  • #2,132
  • Apr 6, 2011 5:16am Apr 6, 2011 5:16am
eurgbp long re-entry forming
  • #2,133
  • Apr 6, 2011 5:22am Apr 6, 2011 5:22am
Quoting kimoh
re-entry above the trendline
TP1 hit +15 SL to BE
  • #2,134
  • Apr 6, 2011 6:07am Apr 6, 2011 6:07am
Just took my first two trades with real money!

On GBP/USD and USD/JPY... Made 12 bucks, but since I almost destroyed my pants in the process, great success!

Starting with little, but looking forward to more nice trades with more pips to hit.

Thank you for this system, Pureprice, once more!
  • #2,135
  • Apr 6, 2011 6:25am Apr 6, 2011 6:25am
Quoting kimoh
TP1 hit +15 SL to BE
Exit TP2 hit +15pips
  • #2,136
  • Apr 6, 2011 6:53am Apr 6, 2011 6:53am
there is news coming out of Canada, and the usdcad pair looks nicely primed to go down. Draw your MCTL on the 5-min chart and see if news drives the pair down for an entry short
  • #2,137
  • Apr 6, 2011 6:57am Apr 6, 2011 6:57am
Quoting PurePrice
there is news coming out of Canada, and the usdcad pair looks nicely primed to go down. Draw your MCTL on the 5-min chart and see if news drives the pair down for an entry short

here is the chart as seen currently
Attached Image (click to enlarge)
Click to Enlarge Name: mt19.gif Size: 30 KB
  • #2,138
  • Apr 6, 2011 7:05am Apr 6, 2011 7:05am
looking for a long entry here, once all the EMAs line up
  • #2,139
  • Apr 6, 2011 7:33am Apr 6, 2011 7:33am
Quoting PurePrice
looking for a long entry here, once all the EMAs line up

I entered LONG a bit prematurely here at 1.6301
  • #2,140
  • Apr 6, 2011 7:42am Apr 6, 2011 7:42am
Quoting PurePrice
I entered LONG a bit prematurely here at 1.6301

I have my eyes set on 16350 (last swing high) as my TP for this one
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