Price Action Trading with Indicators! The Freebie System

Just finished reading through this thread. I'll be loading the system up sometime this week. Is anyone using this system primarily in the NY session? Dreddings 8pm - 8am schedule doesn't quite work for me, lol. My available times would be 7 am est to 12pm est.

...........................POST #1....................................


I have traded every session with it and it works....JUST CONFIRM THE SETUP...........With only 5 hours a day to trade i would do like myself and hope for some M15 trades but check my D1 charts for swing and position trades.......

eu M5 trade..a nice rejection by fibS3...closed 1 lot at fibS1...

Ej just closed 70pips...thanks dredd for this simple system

ej and au trade

Bump. Shorted EURUSD and was stopped out for -23 pips.

closed au at 10pips profit and ej at 16...will be looking for next setup

Man, this is not my day. Longed USDCAD and was stopped out for -16 pips.

dont worry about it mag...you'll get back all your losses...here's my chart on the eu trade....

Possible long on GBPUSD at 15 min TF but it seems like it's on a possible downtrend, thoughts?

OK I notice that pivotman got this as a buy, but I got this at 10:00 (11:00 chart time) as a sell with a rejection of 1.05. My stop are just above this so still hanging in there with 20 pips loss and will undoubtedly get stopped soon. I did see long-term as down at the time.

Update: I did get stopped out, but price did make it back to break-even before it reversed again. I let this run as it was demo, live I think I would have closed at b/e.

Observation: I have reread the first post to check the "rules" there is a rule 5 - which is to check the larger time-frame direction. I know there is a danger in over-complicating something intrinsicly simple, but I wonder whether the position of the stochastic has to be considered too. For example, even if all the conditions are met I still wouldn't be happy taking a buy if the stoch is above 80, or below 20 for a sell. May be this personal trading style, as I would rather wait for a better (in my view) set up. The beauty is, you know that there will be one!

hiArt,did you receive my pm?

I have now

I use this, but I may need a better one. Open to suggestion!

pivotman,what the indicator you have? " stochastic" histo.

it's colour stochastic

(sorry for my english)
Hi mags, about your eurusd trade, just before you enter your short trade you had a new high, so it means the trend was about to change, and so it s better to wait for a pull back who make a higher low and rally with stoch confirmation for a long trade according to one pivot or round number !

I realise that Dredding82 (thx btw) has set the scene for us but wanted to get a feel for what people here are trading off, ie

FIB pivots
round numbers
mid points

in the past i have traded off standard pivots but have taken to using those provided by dredding in the FIB pivots and they seem to honoured pretty well.

Any views?

ST

Yeah, it wasn't the best decision. I took it based on H1 which, at that time, had been bearish. Even then, I did feel the trend was changing but decided to stay with it, so it was very much a 50/50. Lesson learned. Thanks for the feedback. Much appreciated.

Hi Mag, looks like the previous low at FibR1 was broken so I probably would have waited a bit.

I'm still learning this system myself. I'm glad we're all able to learn from each other though. Good group here.

Thanks.