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Price Action Trading with Indicators! The Freebie System

  • #1,721
  • Apr 12, 2011 9:17am Apr 12, 2011 9:17am
Hi Guys, all was going so well, but the last 2 days was terrible. Most of my trouble is not knowing what direction to trade into. I check the 4H, Daily and Weekly charts and then decide on a direction for the day. I think the problem was that a couple of currencies are on a turning point, so I wasn't sure if I should take trades up or down.

Anyone have an easier way of determining the direction for the day or weeks trading??
  • #1,722
  • Apr 12, 2011 9:18am Apr 12, 2011 9:18am
possible trade setup eurusd and gbpusd 5m i just wait for candle close, we ll see !
Respect and Honor !
  • #1,723
  • Apr 12, 2011 9:27am Apr 12, 2011 9:27am
Quoting Klaxon
possible trade setup eurusd and gbpusd 5m i just wait for candle close, we ll see !
maybe it could be better if price go over round number before enter just in case
Respect and Honor !
  • #1,724
  • Apr 12, 2011 9:28am Apr 12, 2011 9:28am
Quoting Klaxon
maybe it could be better if price go over round number before enter just in case
ok i m in gbpusd 5m
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd 5m buy.gif Size: 23 KB
Respect and Honor !
  • #1,725
  • Apr 12, 2011 9:32am Apr 12, 2011 9:32am
did someone take the eurusd long 5m ? about 20 pips righ now
Respect and Honor !
  • #1,726
  • Apr 12, 2011 9:36am Apr 12, 2011 9:36am
for now i only take the gbpusd trade 5m and it s not as good as eurusd, wait and see
Respect and Honor !
  • #1,727
  • Apr 12, 2011 9:36am Apr 12, 2011 9:36am
nah missed it
  • #1,728
  • Apr 12, 2011 9:38am Apr 12, 2011 9:38am
Quoting Klaxon
for now i only take the gbpusd trade 5m and it s not as good as eurusd, wait and see
stop out gbpusd -17 pips but eur usd 5m hit pivot
Respect and Honor !
  • #1,729
  • Apr 12, 2011 10:16am Apr 12, 2011 10:16am
I am no expert and learning all the time - but if you look at the 15 minute charts as recommended earlier in the thread - then the setups seem to be more favourable than on the 5 minute charts..even though the stops may need to be further away..

regards
  • #1,730
  • Apr 12, 2011 10:52am Apr 12, 2011 10:52am
3 days trying to understands this systems and today make profit 117pips ride on GBPUSD...heehhe...thanks dred...
  • #1,731
  • Edited 12:35pm Apr 12, 2011 11:16am | Edited 12:35pm
Today was my second day trading the Dreddman system, yesterday I finished the day at break even, today, as my understanding increases, I have finished the day at +127

Below is one of my trades, I realise that, as per the rules, I got into the buy late but my entry was timed immediately after there had been a hold above the fib level, any comments regarding it would be welcomed.

By the way, as I can't PM Dredder yet, could anyone please point me in the right direction whereby I can download the fib pivots WITH the M fib lines pleeeeeeeease?

Eternal thanks again Dreddman
Attached Image (click to enlarge)
Click to Enlarge Name: my chart oil 12-04-11.gif Size: 52 KB
  • #1,732
  • Edited 12:31pm Apr 12, 2011 12:30pm | Edited 12:31pm
Quoting mags01
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.
i know what you mean Sir, i have my strugle time with trend several times a day me too ! i m here to learn how to spot the best trade setup possible and i hope one day i will figured out about long term trend and the trend of now and all these high and low ! Btw i don t think finding the trend in the day trading way is as easy as it seems !

at least for now i trade this system in demo !
Respect and Honor !
  • #1,733
  • Apr 12, 2011 12:41pm Apr 12, 2011 12:41pm
ok...

EU 3 trades = -19+27 and long from 1.4462

GU 4 trades = +35-17+41 and long from 1.6258

GJ 1 trade = +43

As usual no more than 5%risked on each trade..will update on 2 other trades still active when TP or SL hit.

I have made 1 change and please be gentle with me for doing this ...hehe..but I take signals off the 5min

cheers

P
  • #1,734
  • Apr 12, 2011 12:59pm Apr 12, 2011 12:59pm
Quoting gdb
I am no expert and learning all the time - but if you look at the 15 minute charts as recommended earlier in the thread - then the setups seem to be more favourable than on the 5 minute charts..even though the stops may need to be further away..

regards
Hi gdb,i m not an expert either but i think it s only a different point of view, about what is the best time frame to trade ! By example it depends of how much trade setup you would like to have in a day, and how much pips you would like to risk and get, also how much time you have each day for trading ?

You will have more trade setup in lower tf than higher tf, but also more risk to have loser trade but winner trade also !
Respect and Honor !
  • #1,735
  • Apr 12, 2011 1:16pm Apr 12, 2011 1:16pm
Quoting Klaxon
Hi gdb,i m not an expert either but i think it s only a different point of view, about what is the best time frame to trade ! By example it depends of how much trade setup you would like to have in a day, and how much pips you would like to risk and get, also how much time you have each day for trading ?

You will have more trade setup in lower tf than higher tf, but also more risk to have loser trade but winner trade also !
I have always favored 5min but thats just me...

the pivot point do not move so the SL and TP are the same

P
  • #1,736
  • Apr 12, 2011 1:26pm Apr 12, 2011 1:26pm
I understand..

Horses for courses and all that..

Glad everyone is doing well - that is the main thing..regardless of the time frame


regards
  • #1,737
  • Apr 12, 2011 2:09pm Apr 12, 2011 2:09pm
going short on the aussie and the kiwi

short on loonie is 17 pips strong hoping to hit fib R2 (was +30 @ R3 but decided to hold... we'll see)
  • #1,738
  • Apr 12, 2011 2:37pm Apr 12, 2011 2:37pm
Quoting gdb
Horses for courses and all that..

Well said Sir !
Respect and Honor !
  • #1,739
  • Apr 12, 2011 3:58pm Apr 12, 2011 3:58pm
Quoting Paulus
ok...

EU 3 trades = -19+27 and long from 1.4462

GU 4 trades = +35-17+41 and long from 1.6258

GJ 1 trade = +43

As usual no more than 5%risked on each trade..will update on 2 other trades still active when TP or SL hit.
Closing both as off to my bed

EU closed for +15
GU closed for -1

124 pips for the day

cheers

P
  • #1,740
  • Apr 12, 2011 6:05pm Apr 12, 2011 6:05pm
short trade on eurjpy 15M
Attached Image (click to enlarge)
Click to Enlarge Name: eurjpy 15m sell.gif Size: 26 KB
Respect and Honor !
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