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Price Action Trading with Indicators! The Freebie System

  • #1,741
  • Apr 12, 2011 6:15pm Apr 12, 2011 6:15pm
Quoting Klaxon
short trade on eurjpy 15M

after going 13 pips in my favor it retrace untill at my stop at breakeven
Respect and Honor !
  • #1,742
  • Apr 12, 2011 6:39pm Apr 12, 2011 6:39pm
Edit the indy to set mid pivots to true in the window

ST

Quoting stochman
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...
" Dont wait for your boat to come in ..... swim out and meet it"
  • #1,743
  • Apr 12, 2011 8:43pm Apr 12, 2011 8:43pm
It entirely depends on individual as to TF he is comfortable with. I prefer to trade on daily TF - less noise, less screen time and more reliable signals with bigger runs. Here is one of the trade which I took on Sunday evening and closed today.

Opened at 4850 - Closed today at 4581 as it aligned with 61.8 fib.
Attached Image (click to enlarge)
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Forex is boring but profitable with patience and discipline
  • #1,744
  • Apr 12, 2011 11:08pm Apr 12, 2011 11:08pm
Quoting mags01
Man, this is not my day. Longed USDCAD and was stopped out for -16 pips.
Mags, just a thought, both of your trades went against some significant momentum. Signals on the 1hr for both were opposite direction of your trades.
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: usdcad.gif Size: 29 KB
  • #1,745
  • Apr 13, 2011 12:04am Apr 13, 2011 12:04am
closed ej with +30
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  • #1,746
  • Edited 2:11am Apr 13, 2011 1:41am | Edited 2:11am
WOW like 4 pages on the day i was too busy to post lol AND ALOT OF PIPS MADE! GREAT JOB GUYS/Gals....Guys stop over thinking things....you have been losing with other systems and this one because your OVER THINKING! simple rules....follow them like many others have and if you do you will see the pips FLOWING IN! I have attached a MTF HA indicator that shows 4 TFs in a subwindow....Hope it helps you guys! I prob will not be on much in the next week or few weeks.....so keep making them pips and taking back all the money you have lost in forex!


** NOTE*** Add the Freebie Histo Signal indicator on top of the MTF HA window and ONLY take the trades where a Freebie Histo Signal lines up with a higher TF all green or all red MTF HA LINES and that is your TREND so TRADE THAT WAY.......This might help some newbies who still do not get TREND!
Attached Image(s) (click to enlarge)
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Attached File(s)
File Type: mq4 #MTF_Heiken_Ashi.mq4   9 KB | 1,138 downloads
  • #1,747
  • Apr 13, 2011 1:51am Apr 13, 2011 1:51am
I have added USDCAD to my list which now makes 4

I trade from 8am GMT - This is London open I find the Asian session lacking of volatilty and we do need to sleep at some point !

You can get some very nice clean runs in the Asian but I mostly find it bumps around in small ranges

Limiting your risk to 5% with Risk Return above 1:1 is very healthy

ie

5% risk on an example trade on a stop loss of 17 pips may = 1 full contract

You hit your TP which is 40 pips you have made 11% return on your account for a risk of 5%

Or if you have had 2 losers at 5% your now break even

When trading across multiple swaps it is very important to calculate your risk correctly

1 swap may be $10 per pip the other $25

This is why initially spread betting companies may be the better route each and every swap can be nominated by you for the same $pip value

Given all this I think its possible to double your account every month

I wont show the figures but start with 1k and double up 12 times to give a year

P
  • #1,748
  • Apr 13, 2011 1:59am Apr 13, 2011 1:59am
Quoting jeffx
Mags, just a thought, both of your trades went against some significant momentum. Signals on the 1hr for both were opposite direction of your trades.
At that time, USDCAD already showed a higher high and a higher low on H1, which suggested an uptrend. Right now I am trying to follow the four rules and test this system as it is and see if works.
  • #1,749
  • Apr 13, 2011 2:03am Apr 13, 2011 2:03am
here are 2 more trend indicators as can bee seen in top right and bottom right of chart
Attached Image (click to enlarge)
Click to Enlarge Name: eu13411.jpg Size: 148 KB
Attached File(s)
File Type: mq4 GG-TrendBar.mq4   4 KB | 539 downloads
File Type: mq4 Lawgirl's Trend Display v1.02.mq4   13 KB | 586 downloads
File Type: ex4 Lawgirl's Trend Display v1.02.ex4   10 KB | 489 downloads
Your Attitude Determines Your Altitude
  • #1,750
  • Apr 13, 2011 2:56am Apr 13, 2011 2:56am
Anyone take Oil from the DP rejection. Nearly 100 pips up half an hour. Stop to B/E now. TP yesterdays low.

D
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  • #1,751
  • Apr 13, 2011 3:07am Apr 13, 2011 3:07am
Ok that will do me for +170 pips this morning. Thank you very much I am starting to like Oil again.

D
  • #1,752
  • Apr 13, 2011 4:09am Apr 13, 2011 4:09am
Quoting speedtrip
Edit the indy to set mid pivots to true in the window

ST
Thanks ST
  • #1,753
  • Edited 4:33am Apr 13, 2011 4:31am | Edited 4:33am
I have to confess that I am not an indicators guy and while I love MT4 I am struggling with the setup for all these tools.

I was using the original template with FIBs etc but uploaded what i believe to be the most recent template and played with the indy set up a bit.

I will spend some more time getting it right this week.

Here are two oil trades, one from this morning and the other from yesterday.

SELL 14.30 candle (109.45)

The first one is from yesterday so no FIBs but the PP was 110.30, and there were LHs under there, so I sold at a lower level as I was out for the PP rejection. This tunes into the system I already use so I was more than happy with entry but as you can see it ran for a lot more. Even with an 80 pip SL still good RR.

TP1 +20
TP2 + 100

SELL 09.00 candle (106.73)

The second one is from today complete with FIBs. I was a bit close on the pivot this time but as you can see the LH is +30 away but ok for a stop. The LHs appeared under $107 so this acted as futher confirmation for me and plenty of history too.

TP1 +30
TP2 +100

BUY 10.00 candle (not around to take this one)

S1 (105.43) has held but I missed the HLs above for BUY as out. Looks like stoch did not qualify anyway but the low/close were +50 away from M2 which I have not used for entries yet.

Any views I am getting there but not sure if im using all the indys as I should. More practice and discipline required I think

Cheers Dredd

ST

sorry guys dont think you will be able to my trades on the chart
Attached Image(s) (click to enlarge)
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" Dont wait for your boat to come in ..... swim out and meet it"
  • #1,754
  • Apr 13, 2011 5:29am Apr 13, 2011 5:29am
Dredding 82..Where you going in thee next few weeks?


Quoting Dredding82
WOW like 4 pages on the day i was too busy to post lol AND ALOT OF PIPS MADE! GREAT JOB GUYS/Gals....Guys stop over thinking things....you have been losing with other systems and this one because your OVER THINKING! simple rules....follow them like many others have and if you do you will see the pips FLOWING IN! I have attached a MTF HA indicator that shows 4 TFs in a subwindow....Hope it helps you guys! I prob will not be on much in the next week or few weeks.....so keep making them pips and taking back all the money you have lost in...
Rumiguru FXEngineer
  • #1,755
  • Apr 13, 2011 5:31am Apr 13, 2011 5:31am
Quoting rumiguru
Dredding 82..Where you going in thee next few weeks?

Not going any where just have alot of things i have going on right now that i need to take care of.
  • #1,756
  • Edited 5:53am Apr 13, 2011 5:50am | Edited 5:53am
Quoting Dredding82
Not going any where just have alot of things i have going on right now that i need to take care of.
Don't be disappearing on us now we've just found you Dredd, would you mind wearing one of those tracking tags on your ankle

Right it seems I can vote now but don't want to mess up, do I just click on the 'sure looks good' one and that's it?
  • #1,757
  • Apr 13, 2011 7:30am Apr 13, 2011 7:30am
nice eu trade
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  • #1,758
  • Edited 9:39am Apr 13, 2011 9:37am | Edited 9:39am
Some more charts;

Daily

This chart shows oil currently trading around 31 March level and the low 105.43 FIB1 is holding todays low, with FIB2 at 104.29.

1HR

Both the 1HR and the 15 Min show the PP rejection twice today with FIB1 providing support.

15MIN

This chart clearly shows the BUY at 9am (GMT+1) and I was lucky to be around at the right time. The PP (or given the high at the time it was prob $107) rejected move up @ $106.93 and FIB1 stopped the SELL in its tracks. HHs above $106.93 and a much clearer rejection of the PP this time @ $107.17 gave a SELL

I missed the BUY and subsequent SELL but it shows system works.

Hope this makes sense

Cheers

ST

nb Oil Inds 3.30 today
Attached Image(s) (click to enlarge)
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" Dont wait for your boat to come in ..... swim out and meet it"
  • #1,759
  • Apr 13, 2011 12:26pm Apr 13, 2011 12:26pm
ok tough ish day today

EU -18+64 and long from 1.4452
GU -28 and short from 1.6281
GJ -28 -14
UC -9+47 and short from 0.9634

This on completed trades looks bad but is actually a loss of 25% on the account with a plus of 42% resulting in a 17% gain

Only risk 5% and try to get more than 2:1 risk reward

will update open trades if and when

P
  • #1,760
  • Apr 13, 2011 1:03pm Apr 13, 2011 1:03pm
Would you be able to post your eu chart paulus - just starting to get my head a round this and would love to see your entries please.
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