5-min PASS (Price Action Scalper System)
I owe a very big thank you for doing all this work Anu, and I appreciate this very much, as I am sure others do around here.
I have a couple of questions.
1- The times you posted for the trades, are they GMT time?
2- How did you decide on the SL, and what is considered previous swing high /low ? I thought previous swing hi/low would be marked by previous fractal up/down. please clarify this point for me when you said "reasonable SL", and you also mentioned very large SL ... what do you mean ? thanks alot
Plus we should thank you for initiating this and sharing with all of us.
1) Yes, time is in GMT as I stated in the sheet
2) For this back testing, I used your method to set the SL, i.e. below /above the previous relevant fractal. I mean previous high /low swing point for sell/buy. I consider fractal and the swing points being the same and just two different names.
3) What I suggest is to use a reasonable SL going forward if the standard SL is too large. I mean when we use a the previous high/low fractal if it is like 40 pips we should not do that and use a reasonable SL like 20-25. Why? just to keep the R/R in perspective. Suppose even you don't advocate either to risk 40 pips if our TP1 is around 20 right? And from my results youc an see that with the entry being right maximum draw down for wining trades have been maximum 20 pips!!
Actually I have another question ... when taking those trades, did you check the higher time frames EMAs to see if they were lined up, or did you just check the 5-min without any regards to the higher TF?
So, any chance you can verify at least some of these trades and see whether you agree with me ?
This is what I requested in my first post earlier specifically to double gurantee the results. After all, you know the system better than anyone else.
Let me know if you find any discrepancies...
- #2,467
- Apr 11, 2011 8:23pm Apr 11, 2011 8:23pm
- Joined Aug 2010 | Status: Trader | 2,584 Posts
No problem at all PP and it was my pleasure to do this interesting piece of work. But we need to anyse this further and fine tune the method if we can. Otherwsie my effort will be no use ..
Plus we should thank you for initiating this and sharing with all of us.
1) Yes, time is in GMT as I stated in the sheet
2) For this back testing, I used your method to set the SL, i.e. below /above the previous relevant fractal. I mean previous high /low swing point for sell/buy. I consider fractal and the swing points being the same and just two different...
Thanks.
regarding 3) above, I would not normaly set SL mor than 25 pips back either especially if my TP is les than that. I normally like to see at least a potential of reward equal to the SL, as you stated. If my Sl is large to start with, i usually tighten it up as the trade develops and move to BE as soon as it is possible but still letting the trade breathe. I think 20 to 25 pips SL is reasonable as most TP1 would be around that value
- #2,476
- Apr 11, 2011 11:10pm Apr 11, 2011 11:10pm
Fi real.I must beat myself for not taking any trades during the Tokyo session.Look at the amount of trades I missed.Pips running about the place. I need to open a live account with at least us$600.
- #2,477
- Apr 11, 2011 11:26pm Apr 11, 2011 11:26pm
Dont worry Dehyah, another opportunity will for certain present itself... A live account is a good idea once you've developed confidence on demo, it gives you the real thrill of watching the dollars increase or shrink
With God all things are possible.
