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5-min PASS (Price Action Scalper System)

  • #2,201
  • Apr 7, 2011 2:14am Apr 7, 2011 2:14am
Quoting kimoh
entry above MCTL
However a safer entry would be above 0472 resistance area... i broke the rules
  • #2,202
  • Apr 7, 2011 2:16am Apr 7, 2011 2:16am
Quoting forex1962
I'm thinking this would have been a good set up, but seems to be going pear shaped.
Remember to look at 15M and 1H. They are not set up for PASS short trade.
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Dave Toddler Pip Gatherer
  • #2,203
  • Apr 7, 2011 2:20am Apr 7, 2011 2:20am
looking for short re-entry if we get signal for end of retrace
  • #2,204
  • Apr 7, 2011 2:41am Apr 7, 2011 2:41am
short eurgbp anyone?
  • #2,205
  • Apr 7, 2011 2:54am Apr 7, 2011 2:54am
Quoting kimoh
However a safer entry would be above 0472 resistance area... i broke the rules
TP1 hit +15 pips... we are trading around the record highs, so might collapse or break free
  • #2,206
  • Apr 7, 2011 3:12am Apr 7, 2011 3:12am
Would this have been a good set up or has the price dropped too far?
Sorry for all the questios just trying to get the hang of this...
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  • #2,207
  • Apr 7, 2011 3:23am Apr 7, 2011 3:23am
re-entry long above fractal around 6335
  • #2,208
  • Apr 7, 2011 4:10am Apr 7, 2011 4:10am
Quoting kimoh
re-entry long above fractal around 6335
noticed we have another another strong resistance around 6340 area<after entry >, possibly wait to break it <if you are not in already> but i guess i'll choose to hold on th trade with a tight stop just incase it collapses...
  • #2,209
  • Apr 7, 2011 4:11am Apr 7, 2011 4:11am
Quoting forex1962
Would this have been a good set up or has the price dropped too far?
Sorry for all the questios just trying to get the hang of this...
You need to see all EMAs stacking up nicely in the same direction on all 3 TFs, i.e. H1, M15 and M5. if you are not sure about the rules pls study teh thread from post 1 to get it right.
All the info you need is here ...
  • #2,210
  • Apr 7, 2011 4:15am Apr 7, 2011 4:15am
Quoting kimoh
noticed we have another another strong resistance around 6340 area<after entry >, possibly wait to break it <if you are not in already> but i guess i'll choose to hold on th trade with a tight stop just incase it collapses...
6340 has not been broken in Asia session too. GBP/USD bias is LONG but today we have BOE rate announcement as well at 12 GMT. So, may be it is better if we stay away till the NY open. No much movement in any direction apart from the 7 GMT move in the morning.
  • #2,211
  • Apr 7, 2011 4:15am Apr 7, 2011 4:15am
this is a pretty slow morning, or is it just for me

guess guyz sitting out, next 2hrs will be camera, roll... action...
  • #2,212
  • Apr 7, 2011 4:17am Apr 7, 2011 4:17am
Quoting Anu_
6340 has not been broken in Asia session too. GBP/USD bias is LONG but today we have BOE rate announcement as well at 12 GMT. So, may be it is better if we stay away till the NY open. No much movement in any direction apart from the 7 GMT move in the morning.
i think we posted at the same time,,,,, you read me
  • #2,213
  • Apr 7, 2011 4:50am Apr 7, 2011 4:50am
A chart of a very short trade i took just now. I went for 5 pips only since I'm trading real money, and the candles continue to drop, so there was plenty of room for some more pips, very nice.
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  • #2,214
  • Apr 7, 2011 5:03am Apr 7, 2011 5:03am
Another quick one for some little pips... Again, TP was close because, a) I'm a chicken, b) I'm trading real bucks, c) I was afraid of the 3100 line.

Took the market about six minutes to hit my TP. The price went down yet a little afterwards, but right now it's correcting the movement. We'll see if there were more pips to get...

Entry: 1,31069
TP: 1,31005
SL: 1,31254

(I'm trading an ECN broker, so the prices are quoted to 5 decimals)
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  • #2,215
  • Edited 5:37am Apr 7, 2011 5:21am | Edited 5:37am
Hi, maybe someone tried PASS on 1 min chart ? I suppose it should be working too - shold be more possible trades.
  • #2,216
  • Apr 7, 2011 5:25am Apr 7, 2011 5:25am
Just bailed out of EURGBP with 5 pips, again real money so bottled it but a profits a profit.............
  • #2,217
  • Apr 7, 2011 6:41am Apr 7, 2011 6:41am
eur news in 5
  • #2,218
  • Apr 7, 2011 8:39am Apr 7, 2011 8:39am
If anyone traded as ususal and survived on the plus side today he or she is a genius!! .
  • #2,219
  • Apr 7, 2011 8:47am Apr 7, 2011 8:47am
Quoting Anu_
If anyone traded as ususal and survived on the plus side today he or she is a genius!! .
stayed on sideline
  • #2,220
  • Apr 7, 2011 8:50am Apr 7, 2011 8:50am
WHY??

because of two techical reasons.
1-It is at the bottom boundary of an uptrend hourly channel, and
2-it is at 50% Fib retracement of last move up on hourly

check your houly chart for eurusd, and maybe you want to wait for 5-min PASS entry long
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