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5-min PASS (Price Action Scalper System)

  • #2,161
  • Apr 6, 2011 1:07pm Apr 6, 2011 1:07pm
Quoting Anu_
No problem.... looks like NY guys are back from lunch and it si moving now.. 10 pips in profit atm. Good work PP..

I see the gpbusd went up to 16340 in my absence and now retraced a bit ... didnot hit my tp at 16350 I am gonna hang on to it for a bit longer
  • #2,162
  • Apr 6, 2011 1:09pm Apr 6, 2011 1:09pm
Quoting PurePrice
I see the gpbusd went up to 16340 in my absence and now retraced a bit ... didnot hit my tp at 16350 I am gonna hang on to it for a bit longer

BTW, thanks for nudging it up in my absence
  • #2,163
  • Apr 6, 2011 1:09pm Apr 6, 2011 1:09pm
Could you post a chart on which the entry would be visible? Was the entry based on the PASS rules? I'm lost a little here...
  • #2,164
  • Apr 6, 2011 1:15pm Apr 6, 2011 1:15pm
Quoting Altaria
Could you post a chart on which the entry would be visible? Was the entry based on the PASS rules? I'm lost a little here...
chart below, as requested
Attached Image (click to enlarge)
Click to Enlarge Name: mt19.gif Size: 34 KB
  • #2,165
  • Apr 6, 2011 1:16pm Apr 6, 2011 1:16pm
Quoting PurePrice
chart below, as requested
Thank you.

So it was based on breaking the trend line?
  • #2,166
  • Apr 6, 2011 1:18pm Apr 6, 2011 1:18pm
Quoting PurePrice
BTW, thanks for nudging it up in my absence
Yea..h, I did a good job in your absence. Pushed it for 20 pips.. Unfortunately I was also waiting for 25 pips (16345) and was bit short too. Fingers crossed... it is getting there I think ...
  • #2,167
  • Apr 6, 2011 1:19pm Apr 6, 2011 1:19pm
Quoting Altaria
Thank you.

So it was based on breaking the trend line?
uhm yes, but that is an MCTL line, which is surely a PASS entry.
  • #2,168
  • Apr 6, 2011 1:20pm Apr 6, 2011 1:20pm
Quoting Anu_
Yea..h, I did a good job in your absence. Pushed it for 20 pips.. Unfortunately I was also waiting for 25 pips (16345) and was bit short too. Fingers crossed... it is getting there I think ...
well, lets hop so .. my tp1 at 6350, my tp3 at 16390 (just before the big figure)
  • #2,169
  • Apr 6, 2011 1:22pm Apr 6, 2011 1:22pm
Quoting Altaria
Thank you.

So it was based on breaking the trend line?
Pls kindly read this thread from post 1 if you wnat to learn the rules of the PASS system. Otherwise, PurePrice who started this thread will have to explain it a few times a day since new users join every day. Hope you see my point. After going through initial work if you have further questions PP will be happy to clarify any queries you may have.
  • #2,170
  • Apr 6, 2011 1:27pm Apr 6, 2011 1:27pm
Quoting Anu_
Pls kindly read this thread from post 1 if you wnat to learn the rules of the PASS system. Otherwise, PurePrice who started this thread will have to explain it a few times a day since new users join every day. Hope you see my point. After going through initial work if you have further questions PP will be happy to clarify any queries you may have.
I was following the thread from post 1 to, say, page 94. Then I had to stop trading for a month or so and now there are 50 more pages to read. I'm going through them, I wouldn't ask if it wasn't for the fact that you're in this trade and I couldn't figure how the entry matched the original entry rules.

I'm sorry if I've caused some trouble or annoyance...
  • #2,171
  • Apr 6, 2011 1:34pm Apr 6, 2011 1:34pm
Quoting Altaria
I was following the thread from post 1 to, say, page 94. Then I had to stop trading for a month or so and now there are 50 more pages to read. I'm going through them, I wouldn't ask if it wasn't for the fact that you're in this trade and I couldn't figure how the entry matched the original entry rules.

I'm sorry if I've caused some trouble or annoyance...

Don't be sorry. I believe Anu had a good point, and I see your point now. In post #1, it was edited to reflect the fact that we have "alternate" entries, in addition to the basic rules. Please check posts #909-#911 for alternative entry and re-entry into the trade.

Hope this clarifies it.
  • #2,172
  • Apr 6, 2011 1:37pm Apr 6, 2011 1:37pm
Quoting PurePrice
Don't be sorry. I believe Anu had a good point, and I see your point now. In post #1, it was edited to reflect the fact that we have "alternate" entries, in addition to the basic rules. Please check posts #909-#911 for alternative entry and re-entry into the trade.

Hope this clarifies it.

Oh, I see, I didn't check on the first post, missing the info about alternative entries.

Thank you very much for clarification.
  • #2,173
  • Apr 6, 2011 1:37pm Apr 6, 2011 1:37pm
Hi PP,
Can you look at this trade for me pls and see whether you would take this if you were trading? It took a long time and then finally stopped out by 5 pips and then went all the way to over 50 pips .. typical eh??
Attached Image (click to enlarge)
Click to Enlarge Name: Failed Euro trade- anu.JPG Size: 136 KB
  • #2,174
  • Apr 6, 2011 1:39pm Apr 6, 2011 1:39pm
Quoting Altaria
Oh, I see, I didn't check on the first post, missing the info about alternative entries.

Thank you very much for clarification.

my pleasure
  • #2,175
  • Apr 6, 2011 2:08pm Apr 6, 2011 2:08pm
Quoting Anu_
Hi PP,
Can you look at this trade for me pls and see whether you would take this if you were trading? It took a long time and then finally stopped out by 5 pips and then went all the way to over 50 pips .. typical eh??

Yep, that is very typical

However, having the power of hindsight and all the time in the world to analyse this trade after the fact, and having my emotions aside, and not being in the trade myself, I could tell you why I "think" the trde went against you to start with.

Let me start by saying if you were just applying the PASS rules as is, then this would be a correct entry, as EMAs were long, and the candle closed nicely above the MCTL line. HOWEVER, if you were to look to the left of your entry, you will see a double top at 1.4315 or so, which is very likely to cause a bouncedown form the level (which is exactly what happened). Additionally, you have not yet cleared the big 1.4300 figure at that point, as this was the first time the pair was trying to go past the figure and got rejected (obviously down to 14270) , AND 14300 was also around the R2 level that needed to be cleared. REMEMBER THIS.. always look to the left (I think I am quoting someone here, but can't give them credit, as I do not know remember they are)

I know you are just asking for my input on the trade, and whether the entry was correct or not according to the PASS rules (and it certainly was), but I have to say this in general sense ..MOST IMPORTANTLY, you can't win them all, and you will have losses, even if none of the above were present, the market will do what it wants to do and there is nothing you can do to prevent it. Losses are part of this business and a reality of trading. Consider this to be an expense you have to pay to run your profitable business. NO business can run without expenses that must be paid to make some revenue. To be profitable, you just need to make sure your revenue is higher than your expenses and you are in this business for a while . If this was a no loss system, you have just come across the holy grail (which we all know does not exist) and I would be a millionaire
  • #2,176
  • Apr 6, 2011 2:27pm Apr 6, 2011 2:27pm
Quoting PurePrice
Yep, that is very typical

However, having the power of hindsight and all the time in the world to analyse this trade after the fact, and having my emotions aside, and not being in the trade myself, I could tell you why I "think" the trde went against you to start with.

Let me start by saying if you were just applying the PASS rules as is, then this would be a correct entry, as EMAs were long, and the candle closed nicely above the MCTL line. HOWEVER, if you were to look to the left of your entry, you will see a double top at 1.4315 or...
Thanks PP. yes I also noted the double top .. but only after the entry unfortunately ... Then it was too late .. Totally agree with your comments. Losses are unavoidable. Thanks for looking at it.

I took 10 pips from our current trade.. it is 8.30pm here and I have to sign off ! Good luck and hope you will hit 350 soon.
Catch you tomorrow... Actually, why don't you take a day off and we trade the London session together as a trial ??
  • #2,177
  • Apr 6, 2011 2:30pm Apr 6, 2011 2:30pm
Quoting Anu_
Thanks PP. yes I also noted the double top .. but only after the entry unfortunately ... Then it was too late .. Totally agree with your comments. Losses are unavoidable. Thanks for looking at it.

I took 10 pips from our current trade.. it is 8.30pm here and I have to sign off ! Good luck and hope you will hit 350 soon.
Catch you tomorrow... Actually, why don't you take a day off and we trade the London session together as a trial ??

I would love to, but that means I am up at 4:00 am my time, which is not good for anyone especially my wife
  • #2,178
  • Apr 6, 2011 2:31pm Apr 6, 2011 2:31pm
Quoting PurePrice
I would love to, but that means I am up at 4:00 am my time, which is not good for anyone especially my wife

what I should do is go visit relatives in the middle east for a month to try this out, that is the perfect time zone for trading
  • #2,179
  • Apr 6, 2011 2:34pm Apr 6, 2011 2:34pm
if you have the heart to trade this late
  • #2,180
  • Apr 6, 2011 2:36pm Apr 6, 2011 2:36pm
Quoting PurePrice
if you have the heart to trade this late
with ECB coming up tomorrow the eur might rally if we get a hike in interest rates and hawkish comments that rate increases are to continue. I think 25 basis points have alreasy been priced into the eur (via this rally we are having in the past couple days) .. we shall see
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