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Price Action Trading with Indicators! The Freebie System

  • #1,041
  • Feb 1, 2011 12:01pm Feb 1, 2011 12:01pm
Quoting Checkz
Trading the Usd/Chf with the trend and have made 40 something pips so far. My question is how long do you guys wait before you set your stop to break even for a 100 pip or more run?
There is NO SET RULE....That is were watching the charts day after day pays off! Once it breaks other S&R (makes a new low or high) move SL to break even........even if it reverses it was a FREE TRADE!! What is even smarter is trading 2% of your account and once a 1:1 or 1:2 TP is reached closed 1/2 of your lots....THEN IF IT REVERSES YOU STILL MADED PROFIT ON A FREE TRADE!! If it keeps going you just added alot of money! Cut the losers and roll with the winners!!
  • #1,042
  • Feb 1, 2011 12:04pm Feb 1, 2011 12:04pm
Went ahead and closed out trade with 53 pips of profit!!!
  • #1,043
  • Feb 1, 2011 12:05pm Feb 1, 2011 12:05pm
Quoting Dredding82
There is NO SET RULE....That is were watching the charts day after day pays off! Once it breaks other S&R (makes a new low or high) move SL to break even........even if it reverses it was a FREE TRADE!! What is even smarter is trading 2% of your account and once a 1:1 or 1:2 TP is reached closed 1/2 of your lots....THEN IF IT REVERSES YOU STILL MADED PROFIT ON A FREE TRADE!! If it keeps going you just added alot of money! Cut the losers and roll with the winners!!
Thanks for the advice
  • #1,044
  • Feb 1, 2011 12:26pm Feb 1, 2011 12:26pm
Hi Dredding
I did exactly as you said even few times,but no result.any other suggestion?
thank you
fred
Quoting Dredding82
Scroll your charts back a few months on H4 then change the SAME CHART TO D1 and scroll back a FEW months also!!
  • #1,045
  • Feb 1, 2011 12:28pm Feb 1, 2011 12:28pm
Quoting fredgold3434
Hi Dredding
I did exactly as you said even few times,but no result.any other suggestion?
thank you
fred

UH YEA!!! Post a PIC!!! its kinda hard to help if i dont know what your looking at!
  • #1,046
  • Feb 1, 2011 12:59pm Feb 1, 2011 12:59pm
here is the pic.
thanks
Quoting Dredding82
UH YEA!!! Post a PIC!!! its kinda hard to help if i dont know what your looking at!
Attached Image (click to enlarge)
Click to Enlarge Name: chart3.gif Size: 25 KB
  • #1,047
  • Feb 1, 2011 1:02pm Feb 1, 2011 1:02pm
Quoting fredgold3434
here is the pic.
thanks

theres nothing wrong with the pivots....there fine...its just one of those days that there closer together
  • #1,048
  • Feb 1, 2011 1:13pm Feb 1, 2011 1:13pm
One thing i like to mention is that the main pivot line in both M15 and H1 is 1.36667 ,but in H4 is 1.36356.is that correct? should not all of them be the same?
thanks
Fred
Quoting Dredding82
theres nothing wrong with the pivots....there fine...its just one of those days that there closer together
  • #1,049
  • Feb 1, 2011 1:18pm Feb 1, 2011 1:18pm
Quoting fredgold3434
One thing i like to mention is that the main pivot line in both M15 and H1 is 1.36667 ,but in H4 is 1.36356.is that correct? should not all of them be the same?
thanks
Fred

REALLY!!!! OMG are the settings the same? NO!! so why would the lines be the same? Are the settings the same on M15 and H1? YES!!! DING DING!!!! I think you can figure out the ANSWER!
  • #1,050
  • Feb 1, 2011 1:28pm Feb 1, 2011 1:28pm
Quoting bobmorloc
what's the name of your indicator "can" in the corner ?
It's a multimeter for candle color. You can see the candle colors for all time periods.
  • #1,051
  • Feb 1, 2011 6:19pm Feb 1, 2011 6:19pm
Quoting Checkz
Trading the Usd/Chf with the trend and have made 40 something pips so far. My question is how long do you guys wait before you set your stop to break even for a 100 pip or more run?
Cool, Check

I caught the same trade. Closed half at about 40, and am letting the other half run.

You obviously noticed it too, , , identical signal on the H1 and 15.
  • #1,052
  • Feb 1, 2011 6:28pm Feb 1, 2011 6:28pm
Quoting Checkz
Trading the Usd/Chf with the trend and have made 40 something pips so far. My question is how long do you guys wait before you set your stop to break even for a 100 pip or more run?
Where did you get that multi-timeframe trend meter for your Tradestation platform? I'd like to get that.
  • #1,053
  • Edited 9:21pm Feb 1, 2011 6:56pm | Edited 9:21pm
Quoting sidefx
I believe it is, (hrly new high sema so looking for short signal, which printed on the last 15 close) but as it's my 1st trade using your rules i'd appreciate confirmation
Hi Sidefx

You might want to have a look at post 677 by Beshakey, it's got a nice chart which explains it. You don't just look at the new H1 sema. It must also have a HH HL or vice versa, to get the trend...

Here's some of the text of post 677......

If I want to trade the 15, I look at the TF that is 4-6 times higher. If trading the 15, look at the hourly for the trend.

So, you go the the hourly and find the dominant most recent Big3. You know this, because it will be followed by HH HL for long trend or LH LL for short trends. (if the 4hr and daily are also all lined up, so much the better, and the greater chance of scoring pips)

Now.... go to the 15 TF and when you look back, you will find the corresponding BIG3. This is the one that should keep your steely eyed attention. ANY OTHER BIG3 FOLLOWING THE CORRESPONDING BIG3 ARE NOT SIGNALS, THEY ARE MERELY HH & LL'S.
  • #1,054
  • Feb 1, 2011 8:33pm Feb 1, 2011 8:33pm
Quoting prof8t
Where did you get that multi-timeframe trend meter for your Tradestation platform? I'd like to get that.
This is a MTF stoch that came with my trading platform. I use it to help me identify the trend on all the other timeframes.
  • #1,055
  • Feb 1, 2011 9:30pm Feb 1, 2011 9:30pm
Quoting occamsrazors
Hi Sidefx

You might want to have a look at post 677 by Beshakey, it's got a nice chart which explains it. You don't just look at the new H1 sema. It must also have a HH HL or vice versa, to get the trend...

Here's some of the text of post 677......

If I want to trade the 15, I look at the TF that is 4-6 times higher. If trading the 15, look at the hourly for the trend.

So, you go the the hourly and find the dominant most recent Big3. You know this, because it will be followed by HH HL for long trend or LH LL for short trends. (if...
Is this EURGBP pair good example?
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gbpusd.gif Size: 29 KB
Click to Enlarge Name: gbpusd2.gif Size: 27 KB
With God all things are possible.
  • #1,056
  • Feb 1, 2011 10:50pm Feb 1, 2011 10:50pm
Quoting Dehyah
Is this EURGBP pair good example?
That one is an interesting example Dehyah. On H1 it was in a downtrend from the dominant 3 on 28 Jan making LLs and LHs. Then it's bounced up from the bottom 3 to its present position and didn't make any smaller HH or HL's in the swing up. It just went straight there. So because there are no HH and HL, the previous dominant 3 short on 28 Jan is still ruling. But because the current 3 has exceeded the previous red 2 swing high, its a sign to be aware that it may be thinking about changing trend.

I hope that passes the review board otherwise I'd better start ducking!
  • #1,057
  • Feb 2, 2011 12:38am Feb 2, 2011 12:38am
Dredding, what do you think of this setup forming on the eurusd M15
Attached Image (click to enlarge)
Click to Enlarge Name: 02.02.2011 eurusd long.JPG Size: 148 KB
  • #1,058
  • Feb 2, 2011 1:17am Feb 2, 2011 1:17am
Currently long in EUR and short in CAD on M15 after fibo failed and in the trend direction with stoch crossings in the ob/os and with the closing of a red / green heiken ashi candle.

Lets see how it works out.
  • #1,059
  • Feb 2, 2011 2:51am Feb 2, 2011 2:51am
Quoting occamsrazors
Hi Sidefx

You might want to have a look at post 677 by Beshakey, it's got a nice chart which explains it. You don't just look at the new H1 sema. It must also have a HH HL or vice versa, to get the trend...

Here's some of the text of post 677......

If I want to trade the 15, I look at the TF that is 4-6 times higher. If trading the 15, look at the hourly for the trend.

So, you go the the hourly and find the dominant most recent Big3. You know this, because it will be followed by HH HL for long trend or LH LL for short trends. (if the 4hr...
Thanks for your post. It was post 677 I was basing this entry from....lol....the hourly had printed a sema high (as per post 677 chart) and i was trading the 15 off lower lows from that high after a pivot break...that's why i was surprised by the post saying this was wrong....it seems clear that this is a retrace system as well as a trend follower, the beauty of it is the choice is yours. Sure, entries into the dominant trend usually give more sustained moves, but as a day-trader quick retrace scalps between the pivot levels are bread & butter. Thanks Dredding, for a great framework to trade within and make our own to suit personal trading goals.
  • #1,060
  • Feb 2, 2011 3:01am Feb 2, 2011 3:01am
Quoting Checkz
This is a MTF stoch that came with my trading platform. I use it to help me identify the trend on all the other timeframes.

Your trading platform looks like FXCM's Tradestation platform. Am I correct. If so, could you direct me to that indicator?

Thanks
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