Price Action Trading with Indicators! The Freebie System | Page 91 | Forex Factory

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Price Action Trading with Indicators! The Freebie System

  • #1,801
  • Apr 14, 2011 6:22pm Apr 14, 2011 6:22pm
Nice trade there Klaxon, I had pivots in the same places I made my pips earlier in session so didnt take that one

ST

Quoting Klaxon
just take this oil 5M long, from pivot to pivot made 47 pips, not take the other one after, nor the short before !
" Dont wait for your boat to come in ..... swim out and meet it"
  • #1,802
  • Apr 14, 2011 6:26pm Apr 14, 2011 6:26pm
first live trade eurjpy 5M long from RN to D pivot with trend for 14.9 pips !
Attached Image (click to enlarge)
Click to Enlarge Name: eurjpy 5m long.gif Size: 23 KB
Respect and Honor !
  • #1,803
  • Apr 14, 2011 6:27pm Apr 14, 2011 6:27pm
If trading NYMEX tradable 7am to 7apm GMT and sometimes more...

It can sometimes be very late trending but the best times are prob 12-5pm.

ST
Quoting Klaxon
Hey rossobonks, when i tried oil trading some years ago as i remember the open hour was 06:15 gmt to 18:15 gmt, is it still the same hour today ?

But i remember also the best liquidity was when US session open up till 18:15gmt, is it your favorite trading hours rossobonks ?
" Dont wait for your boat to come in ..... swim out and meet it"
  • #1,804
  • Apr 14, 2011 6:32pm Apr 14, 2011 6:32pm
Someone please tell me they got on that!

ST
" Dont wait for your boat to come in ..... swim out and meet it"
  • #1,805
  • Apr 14, 2011 6:41pm Apr 14, 2011 6:41pm
Quoting speedtrip
Nice trade there Klaxon, I had pivots in the same places I made my pips earlier in session so didnt take that one

ST

Thanks you speedtrip, for the moment it s only demo trade because my broker don t offer oil , but i will study it for some time and will decide if i open an account with odl in Europe, but after few weeks of testing this system with major currencies i begin to have good trust in it, i like oil a lot because the more liquidity are trade between US open and Eur close !

Do you trade oil at the same hours ? Or if you have other best time to trade it ?
Respect and Honor !
  • #1,806
  • Apr 14, 2011 6:44pm Apr 14, 2011 6:44pm
Quoting speedtrip
If trading NYMEX tradable 7am to 7apm GMT and sometimes more...

It can sometimes be very late trending but the best times are prob 12-5pm.

ST
ok thank you speedtrip !
Respect and Honor !
  • #1,807
  • Apr 14, 2011 6:53pm Apr 14, 2011 6:53pm
bit of a beast oil and will rip ur heart if u let her

can sometimes a while to establish decent trading range so.

later session can offer more entries plus S&R will be clearer then as more history

trade well

ST
" Dont wait for your boat to come in ..... swim out and meet it"
  • #1,808
  • Apr 14, 2011 7:13pm Apr 14, 2011 7:13pm
Quoting speedtrip
bit of a beast oil and will rip ur heart if u let her

can sometimes a while to establish decent trading range so.

later session can offer more entries plus S&R will be clearer then as more history

trade well

ST
Thanks you speedtrip, for your input, like you said about S & R in late session, i had noticed that between US open and EURO close, so it confirmed that !

And yeah oil trading seem to be like hunting beast festival !
(sorry for my english)
Respect and Honor !
  • #1,809
  • Apr 15, 2011 9:06am Apr 15, 2011 9:06am
First week trading this method and, quite frankly, it is looking unbelievably FANTASTICO!!!

Here is one of my trades for today, I'm trying to get totally to grips with the rules so if anyone spots anything wrong with this trade please let me know, thanks

My entry caught tp1 for 20 pips and the run on trade is currently 50+ so I have moved my stop loss to lock in another 38 pips.

So a guaranteed 58 pips and possibly more from what is usually 'nightmare Friday' for me, I'm over the moon, thanks Dredd!
Attached Image(s) (click to enlarge)
Click to Enlarge Name: EJ M15 15-04-11.gif Size: 59 KB
Click to Enlarge Name: ey h1 15-04-11.gif Size: 29 KB
  • #1,810
  • Apr 15, 2011 10:06am Apr 15, 2011 10:06am
well done stochman - total opposite for me. I have been stuffed every which way. haha

just me being a crap trader probably

PC has been kicked that many times I am closing down before i break the thing

GL
  • #1,811
  • Apr 15, 2011 12:11pm Apr 15, 2011 12:11pm
Well done, I need to get some PC time to sort out the setup but i think it depends on what floats your boat.

The basic principles are on the first post, and I will prob make some kind of checklist upon that.

However, the indys are a heads up and if you can then identify failures off the pivots, and then target the next higher or lower pivot as your target you should not go far wrong.

Clearly trading with the trend will increase your probability.

ST



Quoting stochman
First week trading this method and, quite frankly, it is looking unbelievably FANTASTICO!!!

Here is one of my trades for today, I'm trying to get totally to grips with the rules so if anyone spots anything wrong with this trade please let me know, thanks

My entry caught tp1 for 20 pips and the run on trade is currently 50+ so I have moved my stop loss to lock in another 38 pips.

So a guaranteed 58 pips and possibly more from what is usually 'nightmare Friday' for me, I'm over the moon, thanks Dredd!
" Dont wait for your boat to come in ..... swim out and meet it"
  • #1,812
  • Apr 15, 2011 12:14pm Apr 15, 2011 12:14pm
ok

Flatish day

using ZZ to draw rough trends to gauge current sentiment ie down or up all on 5min

EU +7%+5%
GU +5% short from 1.6314
GJ -5%-5%
UC +10% short from 0.9615

Total so far on account 17% not counting open trades

P
  • #1,813
  • Apr 15, 2011 12:14pm Apr 15, 2011 12:14pm
Took 10 trades in total yesterday and today.
9/10 were profits and the 1 was actually an accident when I meant to close a trade but instead opened another one (had I kept that trade open I would have also profited but eh). I have lost a few trades with this system before though so it's not 100% obviously (nothing is).

I made a total of 110 pips since yesterday (including the accident and 111 if rounded up).

Some of the trades went on for a few hours and experienced some drawdown but eventually turned around (like Keysharp mentioned). I placed no stoplosses either as drawdown can happen.

So far this system has worked out great and I plan to continue using it.
  • #1,814
  • Apr 15, 2011 12:32pm Apr 15, 2011 12:32pm
Now short EU 1.4432

P
  • #1,815
  • Apr 15, 2011 12:35pm Apr 15, 2011 12:35pm
Quoting madmax3
Took 10 trades in total yesterday and today.
9/10 were profits and the 1 was actually an accident when I meant to close a trade but instead opened another one (had I kept that trade open I would have also profited but eh). I have lost a few trades with this system before though so it's not 100% obviously (nothing is).

I made a total of 110 pips since yesterday (including the accident and 111 if rounded up).

Some of the trades went on for a few hours and experienced some drawdown but eventually turned around (like Keysharp mentioned). I placed...
wd

What time frame ? was you using last hi lo at a reference point for your mental stop loss? How far against you did the trades go ie did it go 50 against you to gain 20

hope you dont mind the questions

P
  • #1,816
  • Apr 15, 2011 12:35pm Apr 15, 2011 12:35pm
Quoting Paulus
Now short EU 1.4432

P

Hmm made a mental note London closed so very very thin vol... been a good week so will hold and risk the 5%

P
  • #1,817
  • Apr 15, 2011 1:30pm Apr 15, 2011 1:30pm
Hey Dredding I see you're logged in, wonderful method just a shame that we now have a couple of weeks where trading could be very difficult due to the Easter holidays.

Thanks for sharing it
  • #1,818
  • Apr 15, 2011 1:51pm Apr 15, 2011 1:51pm
Quoting Paulus
wd

What time frame ? was you using last hi lo at a reference point for your mental stop loss? How far against you did the trades go ie did it go 50 against you to gain 20

hope you dont mind the questions

P
Time frame depends on the pair I'm trading with, I've been experimenting around and so far this is what I'm doing,

15 min:
EURUSD
GBPUSD
USDCAD
GBPJPY

30 min:
AUDUSD
USDCHF

I might trade 1 or 2 more pairs later but so far this works out.

For the mental stoploss, I suppose I use the S/R lines, if the price is clearly blasting through an S/R line in the opposite direction of my trade I'll probably close it. The highs and lows of the present and previous day are also seem like a good indicator as to whether to close a trade or not.

As for the trades, since yesterday the biggest movement against me was around 40 pips while going short on USDCAD, however I kept the trade open and ended up profiting 10.6 pips, had I kept the trade open for longer I would have profited more. I closed it early because the price had reached the pivot point and the stoch was low suggesting that a possible reversal could happen. It's usually best not to be too risky in my experience.

Just bought EUR/USD and sold AUD/USD. AUD/USD seems to be in an uptrend again so I'll probably close the trade if a small profit is reached.
  • #1,819
  • Apr 15, 2011 3:37pm Apr 15, 2011 3:37pm
Quoting speedtrip
Well done, I need to get some PC time to sort out the setup but i think it depends on what floats your boat.

The basic principles are on the first post, and I will prob make some kind of checklist upon that.

However, the indys are a heads up and if you can then identify failures off the pivots, and then target the next higher or lower pivot as your target you should not go far wrong.

Clearly trading with the trend will increase your probability.

ST
The basic 'how to' principles to set up your chart are on the first couple of pages ST, there are also attachments within the thread, if you click on the paperclip you'll find some helpful set up information there if you're struggling.

Regarding a checklist I would wholly concur that if you are new to this method, which judging by your charts you are, that it is vital to have the rules, in an orderly fashion, in front of you to check prior to placing any trades.

Regarding the indies, yes I would concur that they are a heads up but so is PA, support & resistance is the foundation to all trading.

I was interested to note that you appear to have PA candles on the charts that you've posted at post #1774, is this due to you being an expert on PA or simply that you've struggled to be able load the HA candles? If you're an expert on PA you must be some kind of hot trader! How long have you been trading, do you trade live & fulltime?

I hope this post helps somewhat, oh and I ALWAYS remember that the trend is my friend
  • #1,820
  • Apr 15, 2011 4:00pm Apr 15, 2011 4:00pm
Quoting Paulus
ok

Flatish day

using ZZ to draw rough trends to gauge current sentiment ie down or up all on 5min

EU +7%+5%
GU +5% short from 1.6314
GJ -5%-5%
UC +10% short from 0.9615

Total so far on account 17% not counting open trades

P
GU closed for 5%
UC closed for 5%
EU closed for 4%

day total + 31%

P
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