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Price Action Trading with Indicators! The Freebie System

  • #181
  • Edited 12:54pm Jan 20, 2011 9:19am | Edited 12:54pm
Quoting ericoco
Thanks for this great system.just took a late entry on the euro.T.P is at pivot
Well looks like you just made a quick 15-20 pips right? atleast from my charts you did
  • #182
  • Jan 20, 2011 9:52am Jan 20, 2011 9:52am
Hi Dredding82

I'm so far a mixed bag with this system.

I created a system similar to this one using the famous indicator
Supersignals_v3 about 6 months ago. What I would do is use the supersignal indicator in the same way as your semafor. I would confirm the super signal with a none-repainting indicator like your hienken ashi. Obviously your system is way more refined by the use of pivots and a stochastic indicators making the system make much more sense.

Problems with my system.
I was scared of every trade I took because it felt like a total gamble that the trend was actually going to reverse.

Your system feels more solid when taking a trade but I still share the same stress while trading it. As in my old system trading on pivot points are great but just because it stops there does not mean it's going to hold. It could very well break threw and continue it's current trend.

I think that there could be major dangers trading like this but also huge rewards.

This system is a little out of my comfort zone for trading. It almost feels like I'm betting on a losing position. Again, this is only my personal opinion

I feel that most people have been demo trading this system. I have been doing live trading. with it I have spent the last 2 days on this system trusting that dredding82 is truthful to his words and the system. I banked 90 pips my first day and lost 45 today before I stopped. I couldn't take all the trades because I have to sleep and do other things but this is a good system. Just feels to much like gambling to me...Maybe because I'm new to it but I feel that I would always feel this way if I traded it.

To those that are trading with this system!
Make sure and fallow Dredding82's Money management rules!!!
This is what can make the system work. If you don't fallow his set out rules you could lose your accounts! Be careful.

Bottom Line
Dredding82 has done a great job here making a system that has huge potential but may not be for everyone. Give it a try and see if it fits you.

Cubby
  • #183
  • Jan 20, 2011 9:58am Jan 20, 2011 9:58am
Quoting Cubbybgood
Hi Dredding82

I'm so far a mixed bag with this system.

I created a system similar to this one using the famous indicator
Supersignals_v3 about 6 months ago. What I would do is use the supersignal indicator in the same way as your semafor. I would confirm the super signal with a none-repainting indicator like your hienken ashi. Obviously your system is way more refined by the use of pivots and a stochastic indicators making the system make much more sense.

Problems with my system.
I was scared of every trade I took because it felt...
Please post the trades you took today and lost maybe i can see where you went wrong pivots dont repaint and neither do any of the other indicators but the zigzag....Like i told everyone you will have losing trades, that is a part of trading NOTHING is 100%.
  • #184
  • Jan 20, 2011 10:11am Jan 20, 2011 10:11am
Quoting Dredding82
Please post the trades you took today and lost maybe i can see where you went wrong pivots dont repaint and neither do any of the other indicators but the zigzag....Like i told everyone you will have losing trades, that is a part of trading NOTHING is 100%.
Sense we are talking about repainting...

The semafor and zigzag repainting is what scares me the most. It can happen even if you wait for conformation with hieken ashi on a pivot point. Yes, trading on a higher time frame can help but still the problem is still there. There is not a real problem with this. It's just part of the system. This would be considered a losing trade and as you said not every system is 100% perfect.

I know the pivots do not repaint. This is not a problem.

Yes, no system is 100%. Still a great system you have here.
  • #185
  • Jan 20, 2011 10:12am Jan 20, 2011 10:12am
Quoting Cubbybgood
Sense we are talking about repainting...

The semafor and zigzag repainting is what scares me the most. It can happen even if you wait for conformation with hieken ashi on a pivot point. Yes, trading on a higher time frame can help but still the problem is still there. There is not problem with this. It's part of the system. This would be considered a losing trade and as you said not every system is 100% perfect.

I know the pivots do not repaint. This is not a problem.

Yes, no system is 100%. Still a great system you have here.
If you would please post the pics of trades you took so i can tell you why it did or didnt work.....I cant help if i cant see
  • #186
  • Jan 20, 2011 10:33am Jan 20, 2011 10:33am
Quoting Dredding82
If you would please post the pics of trades you took so i can tell you why it did or didnt work.....I cant help if i cant see

Here is the pic. Read the boxes. Hope they make sense.
Attached Image (click to enlarge)
Click to Enlarge Name: pic.gif Size: 30 KB
  • #187
  • Edited 10:46am Jan 20, 2011 10:35am | Edited 10:46am
Quoting Cubbybgood
Here is the pic. Read the boxes. Hope they make sense.
Ok 2 trades right? so your first trade made profit right? the second one you took was not valid because it did NOT FAIL at a fib pivot.....for it to fail at a Fib Pivot it either needs to touch then retrace up or it needs to go thru then close higher(buy) or lower(sell).......

here are all the possible trades on euro for today.....
Attached Image(s) (click to enlarge)
Click to Enlarge Name: euro.gif Size: 31 KB
Click to Enlarge Name: euro1.gif Size: 32 KB
  • #188
  • Jan 20, 2011 10:43am Jan 20, 2011 10:43am
I hope with the pictures you can see where you went wrong with that one euro trade.
  • #189
  • Jan 20, 2011 10:44am Jan 20, 2011 10:44am
Guys, could you please help me out: i can't send PMs and been looking the whole day to figure out indies used on this discussed chart - unsucesfully...

Could you please attach them too - or just give names?

It would be so much easier

Thanks in advance.
  • #190
  • Jan 20, 2011 10:50am Jan 20, 2011 10:50am
Quoting Dredding82
Ok 2 trades right? so your first trade made profit right? the second one you took was not valid because it did NOT FAIL at a fib pivot.....for it to fail at a Fib Pivot it either needs to touch then retrace up or it needs to go thru then close higher or lower.......

here are all the possible trades on euro for today.....


Hmm as I was aware that pivot points are not entirely accurate right at there exact fib line. They don't necessarily need to touch or pass threw the lines in order to show actual resistance.

Do you find that waiting for them to actually touch or go threw and fail is is the most accurate? I didn't know these lines were so pin point...
  • #191
  • Jan 20, 2011 10:52am Jan 20, 2011 10:52am
Quoting blazko
Guys, could you please help me out: i can't send PMs and been looking the whole day to figure out indies used on this discussed chart - unsucesfully...

Could you please attach them too - or just give names?

It would be so much easier

Thanks in advance.
Fib Pivots and the stand zigzag is all you need
  • #192
  • Jan 20, 2011 10:53am Jan 20, 2011 10:53am
Quoting Dredding82
Fib Pivots and the stand zigzag is all you need

Pic, a correct trade?
Attached Image (click to enlarge)
Click to Enlarge Name: pic1.gif Size: 24 KB
  • #193
  • Jan 20, 2011 10:53am Jan 20, 2011 10:53am
Quoting blazko
Guys, could you please help me out: i can't send PMs and been looking the whole day to figure out indies used on this discussed chart - unsucesfully...

Could you please attach them too - or just give names?

It would be so much easier

Thanks in advance.
OK once and for all google these indicators, you'll find them easily

Fibonacci Pivots
3_level_ZZ-Semafor
ZigZag
  • #194
  • Jan 20, 2011 10:57am Jan 20, 2011 10:57am
Quoting Cubbybgood
Pic, a correct trade?
It is a possible right now...it blew thru the pivot now you need to wait and confrim it. This could be a enter into a retracement from the last big downtrend move but it is more likely to go up due to the H1 chart for now
  • #195
  • Jan 20, 2011 11:02am Jan 20, 2011 11:02am
Hey Dredding.....do you ever sleep?
Barry
  • #196
  • Jan 20, 2011 11:03am Jan 20, 2011 11:03am
Right now London is closed and only the US is open...so market volume is down and its not a really great time to trade....I would call it a day drink a beer eat a steak and be thankful your still up 45 pips from yesterday...And wait for the Jap&Aussie session to start before trading anymore
  • #197
  • Jan 20, 2011 11:04am Jan 20, 2011 11:04am
Quoting Bary
Hey Dredding.....do you ever sleep?
SLEEP!! are you kidding me!! Thats for old and dead people!! lmao

Yea i sleep right now looking over reports that came out today
  • #198
  • Jan 20, 2011 11:06am Jan 20, 2011 11:06am
Quoting Dredding82
It is a possible right now...it blew thru the pivot now you need to wait and confrim it. This could be a enter into a retracement from the last big downtrend move but it is more likely to go up due to the H1 chart for now
I see. This is what you're saying....

This candle actually closed above the fib level causing it to be mixed or more likely to contenue up then going down because of the closing above the fib level.....
  • #199
  • Jan 20, 2011 11:09am Jan 20, 2011 11:09am
Quoting Cubbybgood
Hmm as I was aware that pivot points are not entirely accurate right at there exact fib line. They don't necessarily need to touch or pass threw the lines in order to show actual resistance.

Do you find that waiting for them to actually touch or go threw and fail is is the most accurate? I didn't know these lines were so pin point...
Chubby...........LOOK at the charts for any pair today before the pivots change....and answer that question for your self...the way my system works is the PIVOT HAS TO FAIL .......it can not just come close and you take a trade....Thats not how my system works.

Like i said you are thinking about things others have told or taught you! FORGET IT...and just wait for price to fail and then confirm!
  • #200
  • Jan 20, 2011 11:15am Jan 20, 2011 11:15am
Quoting Cubbybgood
I see. This is what you're saying....

This candle actually closed above the fib level causing it to be mixed or more likely to contenue up then going down because of the closing above the fib level.....
YES! Fib S1 held on M15 and H1 so from that point it will prob go to Pivot,M3,Fib R1 or maybe Fib R2 and so on...but like i said uss a 1:1-1:4+ TP but DO NOT BE GREEDY! lol Greed kills your account not a system
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