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Freebie 1 min trading method 1,221 replies

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Price Action Trading with Indicators! The Freebie System

Paulus. just took GU short on this , comment please. it is just at opne of bar. and HA just become red ,not close yet . are you normal take trade after you see the HA bar close at confirm color , meaning your entry at begin of second HA bar if still same as confirm bar color ? or it is ok to bend the rule sometime?

update on this short trade: hit at TP ( L4 line ) + 11%
Attached Image (click to enlarge)
Click to Enlarge Name: gu.jpg Size: 106 KB
Good trade Michael.....I took it as well....28 pips (3%) in the bag.

Has been quite a hard week though...down about 7% (at 1% per trade) overall.

F


Quoting michaelwen
Paulus. just took GU short on this , comment please. it is just at opne of bar. and HA just become red ,not close yet . are you normal take trade after you see the HA bar close at confirm color , meaning your entry at begin of second HA bar if still same as confirm bar color ? or it is ok to bend the rule sometime?

update on this short trade: hit at TP ( L4 line ) + 11%
Quoting speedtrip
thx 4 responding dredd, i lost connection for a while last nite so could not finish editng my post.

i completely agree re tradiing with trend

what i was trying to illustrate, assuming if the trend is there, that long or short i would be entering on close of the daily candle, which invariably means larger stops and placing stop above/below relevant high/low which is where the semaphor is, as price may retrace near to that positon before resuming its move assuming I am on right side of trend.

I therefore need to look for moves with at least...
Everything is the same as the M5 like you stated but EVERYONE is missing the POINT of the DAILY RANGE! We use this to try and MAX OUR PROFITS while we minimize our losses....for H1 and below use a daily range...H4 use the weekly range for D1 use the monthly range...For the W1 or MN you would have to use a yearly range. your TP area should be some where around the Range for that period making sure we have a good Risk:Reward. The Range + the Risk:Reward IS VERY IMPORTANT! most people who have tried my system leave the range out and they do not max there profits so when they do have losses it does not give them the returns they wish because of that.
Quoting speedtrip
thx 4 responding dredd, i lost connection for a while last nite so could not finish editng my post.

i completely agree re tradiing with trend

what i was trying to illustrate, assuming if the trend is there, that long or short i would be entering on close of the daily candle, which invariably means larger stops and placing stop above/below relevant high/low which is where the semaphor is, as price may retrace near to that positon before resuming its move assuming I am on right side of trend.

I therefore need to look for moves with at least...
for your pivots use 43200....that would be monthly pivots on the D1 charts. 10080 are used on the H4 charts for weekly pivots which is why your pivots are so tight.
Paulus. long GU at moment . TP at L3 line . comment please.

update: hit my TP at L3, + 6%
Attached Image (click to enlarge)
Click to Enlarge Name: gu 1.jpg Size: 105 KB
This is going to be a good week. Lets see, what happens with NFP. Ive been thinking about my expectations lately. Its hard to be objective us being humans and not robots. Im having these expectations about currencies behaving some way and it impacts to my trading. I have eg. unconciously neglected G/U this week, because Im having problems it going opposite of E/U and missed several good trades because of it. Every experienced technical analyst Ive been talking with emphasises trading on the basis of what you see and not what you expect. Everything could and can happen in forex markets as we know, but Im willing to let my personality be a part of my trading somehow. I believe it fits to my way of trading and could be a path to become really succesfull in this business. Maybe the way to deal with them is to become conscious of these unconscious restrictions. Have you guys had similar experiences and how have you dealt with them? Would be nice to share ideas.
Quoting freddi
Good trade Michael.....I took it as well....28 pips (3%) in the bag.

Has been quite a hard week though...down about 7% (at 1% per trade) overall.

F
better for you just post chart when you make entry trade. and let paulus take look at. just try to learn from him.
Quoting Whistlepips
This is going to be a good week. Lets see, what happens with NFP. Ive been thinking about my expectations lately. Its hard to be objective us being humans and not robots. Im having these expectations about currencies behaving some way and it impacts to my trading. I have eg. unconciously neglected G/U this week, because Im having problems it going opposite of E/U and missed several good trades because of it. Every experienced technical analyst Ive been talking with emphasises trading on the basis of what you see and not what you expect. Everything...

Keep a mirror in front of you...when you start thinking to much look deep and hard at yourself then slap the crap outta yourself! lol Then read your trading rules you have next to your mirror lmao
Day Trading the Forex Market Profitably

Being a forex day trader can be very lucrative. The currency market is by far the most liquid and volatile market in the world and with this comes various opportunities. No matter what type of market you chose to day trade you must know the personality of the market you are trading. Every market has it is own characteristics and it is important to know what they are before attempting to profit from it. The forex market is no different. In this article we will go over very important general day trading principles/rules and then we will see what a day trader has to recognize when specifically day trading the forex market.
As the term implies, day traders are concerned with what happens in the market today. Not tomorrow, not next week and not next month, but today. The job of the day trader is to capture intraday price swings. Depending on the system or trading method employed, this can mean capturing one intraday swing or various intraday swings.

The general job of a day trader is:

To Control Risk
One of the most important jobs as a day trader is to control your risk exposure. Sure, controlling risk is a concept you must use in any type of trading, however in day trading you must look at this issue from a different angle. Since your job is to capture various price swings during the day naturally your profit objectives will be much smaller than of a swing trader (who places a single trade aiming for a much larger profit objective). So, when placing several trades during the day it can be easy to drift away from your pre-determined stop loss. A common (very common actually) day traders thought is if I extend my stop loss just a bit I hope the market will turn around! Hope is one of the trader’s biggest enemies. These little extensions of stop losses add up and suddenly without noticing you are losing more dollars per trade than planed making your risk/reward ratio turn against you.

To Be Disciplined
This principle is key for any type of trading but particularly for day trading. If I had to name one single aspect of a day trader that can make him or her a winner or a loser it is discipline. You can have a so-so system but still make money if you are disciplined. However, you can have the best trading system in the world but if you are not disciplined I guarantee you will not be a successful trader. So, what is all this discipline everyone talks about when discussing trading? Very simple, it is respecting and strictly following your trading plan, your trading system, your money management rules, and your commitment to the business. Being disciplined with regard to each and everyone of these components is essential for your success.
It is so easy to deviate from your trading plan, the rules of your trading system or any of the above mentioned components, especially when day trading. Why? Two reasons. First, because the trader is trading very frequent and does not have time to cool down, think, and evaluate. Second, because reality is replaced by hope. Your trading system rules (reality) says: get out of the trade hope says hang in there, maybe it will still be profitable. Your money management rules (reality) say risk only 2% of your account on this trade hope says since I lost on the last trade I will risk 4% on this next one so I can make up for the loser and also be profitable. Your trading plan (reality) says trade each day 4 hours, give yourself Wednesday or Thursday a vacation to rest hope says Since I am not doing very well now I do not need this rest day, and I will also trade 7 hours per day to make up. I know (not hope!) you now understand the point!

To Focus On The Appropriate Time Frame
As a day trader your primary concern is to catch intraday swings. Your trades start and finish the same day. Your world is the day you are trading in. You do not care what will happen in the market tomorrow or the day after tomorrow. Your objective when trading is focusing on the appropriate time frame chart. My opinion is that day trading should be done on a 1, 5 or 15 minute bar chart. Remember, you are looking to capture several fast moves during the day and hence you must focus on the charts that best illustrate events as they happen in a short period of time.
However, the fact that you are day trading on a 1,5 or 15 minute bar chart does not mean you cannot use a larger time frame chart for the purpose of analysis. This however, is very subjective and depends very much on the traders strategies and methods of trading. As an example, many day traders would look at one hour bar charts in order to have a view of how the market has been behaving in the last week. Is it moving sideways (and so maybe I should only place trades between support and resistance areas)? Is it trending (and so maybe I should only be looking at placing trades in the direction of the higher time frame trend)? Are there any major support and/or resistance levels I should be aware of (areas where I should refrain from placing trades since it is uncertain how the market will react when reaching them)? Did the market brake out of a congestion area?
Again, it is very subjective. Some day traders believe that with proper larger time frame analysis they can select better their day trades. My personal opinion is that the more you analyze the more conflicts you will have and the more uncertainties will appear (especially if you are new to trading). I like making things simple and I found it very useful when trading (proof of this is that all of the trading systems I use are 100% mechanical). Do not get me wrong, this is not to say that larger time frames should not be used at all for analysis purposes. But, try to keep it simple and if you see that looking at larger time frame charts interferes with your correct decision process when placing day trades then simply stop.

To Trade Volatile and Liquid Markets
Since your job as a day trader is to capture intraday swings it is crucial that the market you are trading has enough movement to allow you to do this. It is also important that the market you are trading has enough liquidity so that order fills do not suffer from excessive slippage. You have to select a market that its volatility is permanent and not a temporary occurrence. Since you are basing your trading method on catching intraday price swings you have to know that you are trading in the right place. As a day trader volatility is your allay and you have to know that you can count on it every single day (or at least 90% of the days). Liquid markets will provide you with good order fills. As a day trader this is very important since you are aiming at smaller profit objectives and hence larger slippage will eat away more of your profits. When trading several times a day this adds up and can be the difference between success and failure.
As a forex day trader you have to apply all the above rules and principles plus other criteria that are unique to the forex market.

Time of Day Trading
The forex market is a 24 hour market. Never stops except on weekends. Within this 24 hour period different currencies behave in different manners. As a day trader it is very important to know the personality of the currency you are trading. For example, the GBP/USD is more volatile in early to mid-European session than any other liquid pair. For a day trader trading in these hours it would be wise to take advantage of the price swings the GBP/USD pair offers instead of trading some other currency pair that constantly shows no movement. The USD/CAD pair is silent in the early to mid-European session but starts to have more price movement toward the start of the US session. Every time Non-Farm Payroll is released most if not all currency pair has a very small price range up to release time. As a day trader it would not be wise to trade during these pre-announcement hours with strategies that are based on breakouts. It would probably be smarter to use strategies that are based on range support and resistance.

Spread and Liquidity
Forex brokers do not charge you a commission for every trade you make (at least most forex brokers). Instead, they make their profit on the bid/ask spread which is measured in pips. As a forex day trader you are aiming at capturing small price swings sometimes several times per day. Also, your profit objectives are obviously much smaller than the swing traders profit objectives. All this means one thing: every pip counts. You cannot afford to trade currency pairs with large spreads, if you do your profit will get eaten up to a point where you will not be trading with an adequate risk/reward ratio. Forex day trading must be done with liquid pairs. Most forex brokers will provide you with a very narrow spread for the most liquid currency pairs. As an example, many brokers are now offering a 2 pip spread for EUR/USD and USD/JPY and a 3 pip spread for USD/CHF and GBP/USD. These are the most liquid pairs and the ones a day trader should focus on.

Volatility
As a day trader volatility is you friend, a friend you cannot afford to trade without. In its basic definition, volatility is simply the amount of price change with relation to time. Volatile currency pairs have various price swings (price changes) during a small period of time (one day). These price swings are what a day trader lives on. In the forex market volatility many times comes hand in hand with liquidity. The most liquid pairs are the ones that are the most volatile. The big 4: EUR/USD, GBP/USD, USD/JPY and USD/CHF are the most liquid pairs that provide the best volatility and hence opportunity for the forex day trader. Within these four pairs, the GBP/USD is the most volatile. Although it is not the most liquid (the EUR/USD is), but it is the most volatility. This pair, traded with the right broker (one that provides a 3 pip spread) can present many profitable opportunities for the astute day trader.

Specific News Announcements
Currency rates are affected by rumors, news, economic indicators and government reports. As a day trader you must always be aware of what economic reports are scheduled on the day you are trading and at what time. Why? Simply because many of these reports can have a strong momentary impact on the market once they hit the news wires. This impact can be of 10 pips or 100 pips depending on the report and it is difference from the market consensus. The most important and impacting economic indicators and government reports are issued by the US government. They affect every USD/X or X/USD currency pair. Again, always know what are the release times and the importance of the economic report. For example, suppose you are in a EUR/USD trade at 8:25 a.m. You know that an economic report is scheduled for release at 8:30 a.m. You might consider either exiting the trade before the release (in order to avoid unnecessary speculation as to what impact the report will have on the market) or entering your profit objective and stop loss into your deal station (for risk exposure reasons).

In conclusion, the forex day trader has to be prepared not only with the basic day trading rules, skills and principles. His job is to incorporate into his trading the characteristics and uniqueness of the forex market. Remember, every currency pair might present different opportunities and it is your job to always focus on the ones that best fit the purpose and objectives of day trading.
The Millionaire Money Management Formula

Getting Rich Automatically
“Rich” is a relative term. The amount of money we need is fairly irrelevant. We simply need enough money to do what we want to do in life without having to spend every waking moment working for money. It’s important to first understand what you want in life, and then you seek to find a way to finance it.

You Have More Money if You Manage it Properly
Once you form a habit of managing your personal finances properly, everything you want will magically fall into place. This involves two steps:
1. Figuring out what you want that’s important to you (prioritized)
2. Setting funds aside for it until you can do it.

Personal Money Management Formula
Here’s the personal money management formula that’s helped me achieve my financial goals in record breaking time.
First you’ll need 6 envelopes:
1. FFA (10%) – Financial Freedom Account
2. LTSS (10%) – Long Term Savings for Spending
3. RELIEF (10%) – When unexpected expenses arise (like fixing your car, repairing the roof, etc...)
4. PLAY (10%) – Your play fund
5. GIFT (10%) – money you give to people/causes you believes in.
6. Necessities (50%) – Your basic living expenses.
These are the accounts that you’ll use to manage your personal finances. I’ve found that this system works better for me & the people I recommend it to.
Every time you earn money, funnel it into the 6 accounts above. Here’s a short description of what each account is for:

FFA (10%) – Financial Freedom Account. This is your golden goose where you only eat the Golden Eggs. If you’re trading forex, your forex trading account capital is your forex golden goose. You never spend this sum, you allow it to grow by adding 10% of ALL income to it.

LTSS (10%) – Long Term Savings for Spending -This is where you get to buy bigger stuff that you want. A new car, a nice vacation, anything that costs more than a month’s salary. This fund diverts money so you can have the things you want. If you do this, you’ll eventually start to notice that you’ve got money here & you’ve already bought everything you want

RELIEF (10%) - Relief Fund - It was tempting to call this the emergency fund, but relief sounds more empowering. This is money that’s there when an “emergency” comes up. Instead of having to put something on a credit card, you’ve got a stash to hit when unexpected expenses arise.

PLAY (10%) – Play fund - This will be your favorite account. Your play fund is for extravagant treats. This is where you splurge and just “blow it.” This is where you go to the $500 dinner, get the 90 minute massage, or take a hot air balloon ride. The only rule with this fund is that you MUST spend ALL of your
play fund at least ONCE a month! This is money for you to enjoy the stuff that you’d normally hold back on. This is guilt free fun

GIFT (10%) – Gift fund – The world becomes a better place as you prosper. This is money you can use to buy groceries for a family in need, give to your church, synagogue, mosque or temple. You can give this to your favorite charity, or a homeless person on the street. If you have a family member who’s struggling, leave an envelope of cash anonymously on their doorstep. John D. Rockefeller taught his kids this principle & they became one of the wealthiest families in world history. Most major religions teach giving as a prosperity secret. This also alleviates personal guilt as you’re “sharing the wealth” with others as you become wealthier. You’ll also feel good about this

Necessities (50%) – Necessities – This is your basic bills. This includes rent or mortgage, car payment and/or insurance, food, clothing, haircuts, etc… This is stuff you need to live, this isn’t what you want it’s what you need.

Practical Tips to Get Started
If you’re like most people in America today, you can’t live on 50% of your income. If you’re not able to follow the money management plan above perfectly, there is a way to ease into it & still get the benefits.

Step 1: Expenses < Income
Your expenses MUST be lower than your income or you’ll be POOR & BROKE forever. If you can’t afford it now, how could you possibly afford it PLUS interest later? If you’re expenses are greater than your income, you are living a lie. Get real & downsize. If you can’t live on what you make, you’re not being honest with yourself. Get a cheaper house, a cheaper car, or cut your expenses so they are at least less than your income.

Step 2: Manage the Surplus
Once you get your expenses less than your income, write down ALL of your expenses. This is your “BASE Cost of Living.”
Since you need your “BASE Cost of Living” to live, you’ll want to manage your personal money with the 6 accounts above with all of the extra money you receive. This includes a pay raise, forex trading profits, or any extra income you receive. Eventually you’ll realize that you can manage all of your income with the 6 accounts above

Get Started Now
This personal money management formula will give you everything you want in a shorter amount of time than you ever thought possible. It uses your money efficiently for the things that are important to
you. It allows you to have fun & still take care of life. It takes a little while to kick in, but when it does you’ll learn that you have a lot more money than you ever did before!
FF doesnt allow me to post the .docx file i have this wrote on so i just copy and pasted for you guys/gals.
Quoting Dredding82
FF doesnt allow me to post the .docx file i have this wrote on so i just copy and pasted for you guys/gals.
thanks Dredding82.
Quoting Dredding82
Keep a mirror in front of you...when you start thinking to much look deep and hard at yourself then slap the crap outta yourself! lol Then read your trading rules you have next to your mirror lmao
Lol. Im gonna look like a raccoon
It will be ok...thats why they say trading is brutal! lmao
Paulus, please comment on the U/CAD short trade.
I did not put short order , because one more hour will be NFP coming out. if not because news, I will take this trade. by the way, does coming news bother you on the trade decision?

Dredding82, this is going be my last chart on the thread. since you do not like see me to post every chart when I put trade. and thanks for the information you pass thought.
Attached Image (click to enlarge)
Click to Enlarge Name: uc.jpg Size: 102 KB
Quoting michaelwen
Paulus, please comment on the U/CAD short trade.
I did not put short order , because one more hour will be NFP coming out. if not because news, I will take this trade. by the way, does coming news bother you on the trade decision?

Dredding82, this is going be my last chart on the thread. since you do not like see me to post every chart when I put trade. and thanks for the information you pass thought.
Its not that i do not want people to post...but the countless posts asking for comments one after another when your not trading with the trend. If the higher TF is in a up trend, YES the lower will show the start of a new trend sooner but if you always try and catch a new trend instead of going with the flow trading becomes hard.
We are TA TREND TRADERS! we trade with news and reports.....just adjust your lot size and SL to avoid the swings of reports. People that dont trade around the release of reports due so because of all the BS there is about making losses...the reason for the loss is they do not understand TREND.....because they do not trade them they will never catch the HUGE MOVES they produce.
Quoting michaelwen
Paulus, please comment on the U/CAD short trade.
I did not put short order , because one more hour will be NFP coming out. if not because news, I will take this trade. by the way, does coming news bother you on the trade decision?

Dredding82, this is going be my last chart on the thread. since you do not like see me to post every chart when I put trade. and thanks for the information you pass thought.
For you asking about the short on UsdCad...Paulus would say" It has made a higher high but has NOT made a Lower Low followed by a Higher Low yet. So i would NOT have taken this trade" or something like that lol
Thanks Dredd thats exactly the answer I was hoping for. You just said it so much better



Cheers

ST

Quoting Dredding82
Everything is the same as the M5 like you stated but EVERYONE is missing the POINT of the DAILY RANGE! We use this to try and MAX OUR PROFITS while we minimize our losses....for H1 and below use a daily range...H4 use the weekly range for D1 use the monthly range...For the W1 or MN you would have to use a yearly range. your TP area should be some where around the Range for that period making sure we have a good Risk:Reward. The Range + the Risk:Reward IS VERY IMPORTANT! most people who have tried my system leave the range out and they do not max...
" Dont wait for your boat to come in ..... swim out and meet it"
UsdCad..........TREND WAS UP....what did NFP do? SHOT THAT MOFO UP UP AND AWAY! lol gotta love NFP friday! They MAKE ME RICH! lol

Trend also went for UsdChf,UsdJpy and many more pairs....alot of pips can be made on a FRIDAY when we have some good reports to be released.
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