Price Action Trading with Indicators! The Freebie System | Page 31 | Forex Factory

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Price Action Trading with Indicators! The Freebie System

  • #601
  • Jan 24, 2011 2:43pm Jan 24, 2011 2:43pm
Hi guys,
I see today has been a great day, thanks to the Master Dredding!!
I saw many ask themselves about TP.

What about scaling out at FIB retracements and/or expansion?

E.G:
TP1 = Initial SL (from now on = Free Trade)
TP2 = Fib Expansion 61.8 or 100
or TP2 = Let it ride till we get opposite signal in higher TFs

What do you think about Dredding?
  • #602
  • Jan 24, 2011 2:51pm Jan 24, 2011 2:51pm
Quoting Aztrader2
Hi guys,
I see today has been a great day, thanks to the Master Dredding!!
I saw many ask themselves about TP.

What about scaling out at FIB retracements and/or expansion?

E.G:
TP1 = Initial SL (from now on = Free Trade)
TP2 = Fib Expansion 61.8 or 100
or TP2 = Let it ride till we get opposite signal in higher TFs

What do you think about Dredding?
That is what i have been saying already.........lol You do not have to have a set TP....you set a TP just incase you leave or want to let the trade run, if you are watching your trades and you take a long from pivot your TP levels would be all the lines above the PIVOT! but if your looking at risk:reward.....you can set it that way....if you risked 20 pips you need to atleast make 20-40 pips.

With the pivot indicator i use the price will hit another line for you to TP at like 99% of the time but those few times it comes within a few pips.

And please do not call me "Master Dredding"....if you want to call me anything please atleast get it right....its Pimp Daddy D! lmao
  • #603
  • Jan 24, 2011 3:32pm Jan 24, 2011 3:32pm
Hi Dredding,
Great education and many thanks for sharing a great strategy and lots of pips today.I am now out and taking a nap and it maybe a strip club tonite for some drinks..
Please ignore the wanne be and losers and keep the spirit in the right direction.
many thanks Rumiguru
Rumiguru FXEngineer
  • #604
  • Jan 24, 2011 3:51pm Jan 24, 2011 3:51pm
Quoting Dredding82
That is what i have been saying already.........lol You do not have to have a set TP....you set a TP just incase you leave or want to let the trade run, if you are watching your trades and you take a long from pivot your TP levels would be all the lines above the PIVOT! but if your looking at risk:reward.....you can set it that way....if you risked 20 pips you need to atleast make 20-40 pips.

With the pivot indicator i use the price will hit another line for you to TP at like 99% of the time but those few times it comes within a few pips....
Hello Dredding I have been trying to get a hold of you but for some reason my posts never get through. Could you please email me your indicators I have read all the posts and really love your strategy. Thanks.,
[email protected]
  • #605
  • Edited 4:32pm Jan 24, 2011 3:55pm | Edited 4:32pm
Quoting Aztrader2
Hi Beshakey
Please could you share that nice clock indi I've seen in your charts?

Thanks!
Here you go. It's a nice one with lots of whistles and bells. Change the fonts, colors and style to anything you want.

I Included the candle clock with it. If it this copy won't load for you, it can be found on the platform tech forum by doing a forum search.

Enjoy

BTW, be sure to enable DLL functions when you attach or it will drive you crazy!
Attached File(s)
File Type: mq4 P4L Clock.mq4   97 KB | 572 downloads
File Type: mq4 P4L CandleTime.mq4   9 KB | 588 downloads
  • #606
  • Jan 24, 2011 6:24pm Jan 24, 2011 6:24pm
Quoting Beshakey
Here you go. It's a nice one with lots of whistles and bells. Change the fonts, colors and style to anything you want.

I Included the candle clock with it. If it this copy won't load for you, it can be found on the platform tech forum by doing a forum search.

Enjoy

BTW, be sure to enable DLL functions when you attach or it will drive you crazy!
Thanks Beshakey,
They works fine!
  • #607
  • Jan 24, 2011 7:22pm Jan 24, 2011 7:22pm
Ok... have a little issue I need assistance with. I love the strategy, however, I am having a problem identifying the trend on higher timeframes utilizing these indicators. My first instinct is to use the ZZ as a guide, however, I keep psyching myself out and convincing myself that the ZZ may change the trend, thus this may not be the corrrect way to identify it. So... for my mindset and sanity, I have decided to use a TMA set to the 60 minute chart on my 15 minute charts so as to make identifying the trend a little easier for me. My question is this...

Do any of you know a better method in which to do this? Is there another indicator that I could use to accomplish this from the 15 minute timeframe that may be more efficient than using the TMA? It seem to be ok, but I do like having more options.

Also, I know I can do this with a set of moving averages, however, I am drawaing a serious blank as to what settings to use if I were to go that route. If anyone knows could you please let me know?

Thanks in advance...
  • #608
  • Jan 24, 2011 7:39pm Jan 24, 2011 7:39pm
Try to get away from absolute settings, try to understand the concept.

5min chart will likely go up and down, gaining a little each time.
15min will record these as going up and up.

So trend is up on 15, wait until 5 comes down and reverses. Then as 5 goes up it matches the up trend on 15.

Early on this thread Dredding posted 15 and 5, or 1H and 15 charts demonstrating this.

Too many people want the exact settings but these are not magical things. Have a look at a set of guppy MAs.
Hope this helps
  • #609
  • Jan 25, 2011 1:07am Jan 25, 2011 1:07am
Quoting Phreddy
Try to get away from absolute settings, try to understand the concept.

5min chart will likely go up and down, gaining a little each time.
15min will record these as going up and up.

So trend is up on 15, wait until 5 comes down and reverses. Then as 5 goes up it matches the up trend on 15.

Early on this thread Dredding posted 15 and 5, or 1H and 15 charts demonstrating this.

Too many people want the exact settings but these are not magical things. Have a look at a set of guppy MAs.
Hope this helps
Good answer...
  • #610
  • Jan 25, 2011 1:48am Jan 25, 2011 1:48am
Is this method traded on any traderooms?
Attached Image (click to enlarge)
Click to Enlarge Name: eu012511.gif Size: 78 KB
  • #611
  • Jan 25, 2011 2:50am Jan 25, 2011 2:50am
Should we expect this to go to the pivot?
Attached Image (click to enlarge)
Click to Enlarge Name: eu15m.gif Size: 60 KB
  • #612
  • Edited 3:31am Jan 25, 2011 3:03am | Edited 3:31am
Quoting rotunda
Should we expect this to go to the pivot?
Eurusd had a double top with a cup and handle pattern on H1 which was in a bullish channel....it should go to around S1 which is around the bottom of the channel if not ALOT LOWER!...All the big boys are short on euro so it could be a nice down trend starting!! And dont ask how i know the big boys are short....ITS FA!! lol which every good trader must use TA & FA to fully understand the market and have a insight on how the big boys are playing!
  • #613
  • Jan 25, 2011 3:03am Jan 25, 2011 3:03am
could any of you help me with the name of the indicator the get the small Heiken Ashi indicator in a small separate window on the charts, if been Googleing but can't find the right one.
  • #614
  • Jan 25, 2011 3:06am Jan 25, 2011 3:06am
Quoting bluexpec
could any of you help me with the name of the indicator the get the small Heiken Ashi indicator in a small separate window on the charts, if been Googleing but can't find the right one.
Send me an email and say pretty please with sugar on top and i will send you the indicator.....lol
  • #615
  • Jan 25, 2011 3:24am Jan 25, 2011 3:24am
Could you send me that indicator also? What is TA and FA?
  • #616
  • Jan 25, 2011 3:27am Jan 25, 2011 3:27am
Quoting rotunda
Could you send me that indicator also? What is TA and FA?

You have the indicator.....you showed a pic with it on your chart!!

TA=technical analysis
FA=fundamental analysis
  • #617
  • Jan 25, 2011 3:33am Jan 25, 2011 3:33am
D,
What are the FA sources you recommend for Forex and CFDs ?

Cheers,

fun_demental
  • #618
  • Jan 25, 2011 3:34am Jan 25, 2011 3:34am
hi guys

nice set up waiting to confirm on eurusd!
passion and discipline
  • #619
  • Jan 25, 2011 3:35am Jan 25, 2011 3:35am
Quoting Fun Demental
D,
What are the FA sources you recommend for Forex and CFDs ?

Cheers,

fun_demental
Sorry im not going to get into FA...it would make everyone confused...Over the weekends look into FA...

I hope someone caught that 200 pip!!!! Gbpusd move!!
  • #620
  • Jan 25, 2011 3:35am Jan 25, 2011 3:35am
Can't get anything by you. Good eye.
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