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Price Action Trading with Indicators! The Freebie System

  • #581
  • Jan 24, 2011 10:41am Jan 24, 2011 10:41am
Quoting pmullin86
Hey Dred, I am curious though although you said you use your gut to exit for the most part...but as far as exits go what kind of things do you look for or do you pretty much just look at high potential support and resistance areas as your targets and exits...please advise...

OTHER FIB PIVOTS!! most times....or the S&R dots....its your pick...thats why i keep telling people to watch your charts...once you trade long enough you get a feel for how the market is really moving. IF S1 is about to be hit and it as a nice full bear candle and it moved fast....more then likely its going to S2 and so on...just dont be GREEDY..
  • #582
  • Jan 24, 2011 10:43am Jan 24, 2011 10:43am
Quoting pmullin86
just asking because im sure there are many different exit options some which may be too early and some too late but im just trying to figure where did you start with your exits before you had the experience to go wirth your gut instinct...
Soon as i get 1:1......if market is looking good there i let it ride, im not scared to lose what i am risking....if i lose oh well thats just one less 12 pack for me...if i win!! OH MAN thats a night at the strip club VIPS all night and all i want to drink!! lol
  • #583
  • Jan 24, 2011 10:44am Jan 24, 2011 10:44am
Perfectly explained thanks dred...I was so looking forward to trying out the system today and just seeing it in motion for myself but than I had that platform issue with the fib pivot points.....which has yet to be resolved...I didnt get to try the last thing you suggested as I had to leave the house...but I guess I'm going to have to look at some other brokers or do you think its something that will settle itself out at some point today because of that sunday candle another user referenced to...
No man is free who is not a master of himself. -P.M.-
  • #584
  • Jan 24, 2011 10:45am Jan 24, 2011 10:45am
Quoting vijidas
This is a very good system. With little bit of background analysis you could make a living out of this. Lets do everything we can to keep dredding82 posting here.

btw may we know your name please dredding82?
They call me............Tater..........Tater Salad!! lmao
  • #585
  • Jan 24, 2011 10:46am Jan 24, 2011 10:46am
Quoting pmullin86
Perfectly explained thanks dred...I was so looking forward to trying out the system today and just seeing it in motion for myself but than I had that platform issue with the fib pivot points.....which has yet to be resolved...I didnt get to try the last thing you suggested as I had to leave the house...but I guess I'm going to have to look at some other brokers or do you think its something that will settle itself out at some point today because of that sunday candle another user referenced to...

I never had a problem with it so only time will tell....
  • #586
  • Jan 24, 2011 10:46am Jan 24, 2011 10:46am
Yeah i've learned that risk to reward ration is very important but every proper trade entry seems to make at least 1:1 so maybe that can be a startting place as the charts and this methodology is observed over time and learned...lol or am i myself just overthinking lol
No man is free who is not a master of himself. -P.M.-
  • #587
  • Jan 24, 2011 10:49am Jan 24, 2011 10:49am
Think I am out for the morning, see if it rolls out a little (maybe). The whales might come back for more in a few hours.

Shake
  • #588
  • Jan 24, 2011 10:52am Jan 24, 2011 10:52am
Quoting Beshakey
Think I am out for the morning, see if it rolls out a little (maybe). The whales might come back for more in a few hours.

Shake
After a nice morning like this its best to just call it a day and enjoy yourself! Nothing else is going to happen till the Jap session ...not 100% sure on that but why over trade? Everyone should have made alteast 100 pips today....if you didnt call it a day also! watching charts now is like watching the paint dry on them REPAINTING INDICATORS lmao
  • #589
  • Jan 24, 2011 10:52am Jan 24, 2011 10:52am
Quoting Dredding82
They call me............Tater..........Tater Salad!! lmao
From reading some of the posts around here, I would have to agree. . . YOU CAN'T FIX STUPID!!

(i love that guy)

Shake
  • #590
  • Jan 24, 2011 11:20am Jan 24, 2011 11:20am
Quoting bayana2020
@ Dred do take trades around the pivot area of it has to be the fib levels only

Rob
Yes any line could be a good line.....
  • #591
  • Jan 24, 2011 11:30am Jan 24, 2011 11:30am
I think I wasted too much time on eur/usd this morning. There was a signal at pivot line (11:45 FXDD time) that reversed and stopped out and then later there was an huge reversal that didn't fit/test any pivot line. So no trade was taken.
  • #592
  • Jan 24, 2011 11:35am Jan 24, 2011 11:35am
Dred is there a limit on how long you hold onto your positions...or do you hold as long as you think it will still go before your gut tells you to exit...for some people time overrides the exit criteria...so im just wondering and like some people will close all positions on friday before the weekend...just trying to get a firmer grasp of the way that you manage your trades...
No man is free who is not a master of himself. -P.M.-
  • #593
  • Jan 24, 2011 11:39am Jan 24, 2011 11:39am
Quoting pmullin86
Dred is there a limit on how long you hold onto your positions...or do you hold as long as you think it will still go before your gut tells you to exit...for some people time overrides the exit criteria...so im just wondering and like some people will close all positions on friday before the weekend...just trying to get a firmer grasp of the way that you manage your trades...

Like i keep saying dont BE GREEDY! if you feel you have made enough and not sure how far it will go TP and call it aday....I can not tell you how i look at charts and when i close....i just have a feel for the market....I watch the charts and when it looks like all the steam is gone and there is no more wood to keep the fire going........GET OUT! or move your SL to lock in some kind of profit and let it ride....Once you watch the charts enough you will understand why you cant explain how you just know....
  • #594
  • Jan 24, 2011 11:46am Jan 24, 2011 11:46am
That's very sensible...and I do see what you are saying...sorry for asking all these questions...I get it though...I just need to trade and get a hold of it for myself so I can develop that eye for the charts...

Thanks for all your help and contributions
No man is free who is not a master of himself. -P.M.-
  • #595
  • Jan 24, 2011 12:27pm Jan 24, 2011 12:27pm
Quoting Dredding82
Wow those sell lines look good to me!

Hope you took my advise on the eurusd H1....
As simple as this may be I seem to be getting confused. On the 2 charts you posted (15 min for usdchf and usdjpy with the red lines presumably denoting short signals) the usdchf blew thru the pivot. So why is this a legit short per your system? And for the usdjpy the bars never test the pivot and fail. They come close, but I thought last week you said that coming close wasn't good enough. ??

Thanks
  • #596
  • Jan 24, 2011 12:40pm Jan 24, 2011 12:40pm
Quoting saintmo
As simple as this may be I seem to be getting confused. On the 2 charts you posted (15 min for usdchf and usdjpy with the red lines presumably denoting short signals) the usdchf blew thru the pivot. So why is this a legit short per your system? And for the usdjpy the bars never test the pivot and fail. They come close, but I thought last week you said that coming close wasn't good enough. ??

Thanks
Usdchf did not blow thru the pivot...the red line on that chart is where the candle failed....it tried to go higher then the pivot but closed below...well it really closed right on it but the HA told me it was short and there was a PA setup also....a break of a "mother" candle! so i took it

Usdjpy did test and fail at the pivot...it came within 2 pips...1-5 pips is ok im sure i stated that before if not...well know you know, if its like 5-1,000,000 pips no its not ok....lol. This trade i entered a few candles late due to i was not sure since it was in a very small range on the pivot line itself...But then i saw a PA setup which was a bearish engulf...so it confirmed with the HA

Sometime it will test a pivot with the bid or ask...which is good enough for me since if there asking for the price but no one wants to buy/sell.....so was it really tested and failed? YES!!
  • #597
  • Jan 24, 2011 1:03pm Jan 24, 2011 1:03pm
OK, thanks for responding. To be more precise usdchf closed above the pivot on my chart (it was a yellowish dotted line). And I will look for a test to include 1-5 pips within the pivot from now on.
  • #598
  • Jan 24, 2011 1:41pm Jan 24, 2011 1:41pm
Quoting saintmo
OK, thanks for responding. To be more precise usdchf closed above the pivot on my chart (it was a yellowish dotted line). And I will look for a test to include 1-5 pips within the pivot from now on.
Well that was your chart....every broker has differnt data...like i have said you might get a signal before me i might get one before you, its the luck of the draw...Thats why i want people to really watch the charts, once you see the same things happen over and over and over again you will have a better ideal where the market is heading or why something look like a really good setup then just confirm and trade
  • #599
  • Jan 24, 2011 1:49pm Jan 24, 2011 1:49pm
Thanks for sharing this stuff Dredding, keep it up, I made some good pips last week thanks to you.
  • #600
  • Jan 24, 2011 2:36pm Jan 24, 2011 2:36pm
Quoting Beshakey
Think I am out for the morning, see if it rolls out a little (maybe). The whales might come back for more in a few hours.

Shake

Hi Beshakey
Please could you share that nice clock indi I've seen in your charts?

Thanks!
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