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Price Action Trading with Indicators! The Freebie System

  • #2,161
  • May 5, 2011 6:31am May 5, 2011 6:31am
hit 50pips profit in audusd sell yesterday!!
  • #2,162
  • Edited 7:41am May 5, 2011 7:40am | Edited 7:41am
wow....luckily I was short on this.. ( forgotten there was some news due out ) Didn't get it all as my TP was triggered.
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  • #2,163
  • May 5, 2011 7:54am May 5, 2011 7:54am
Went short on dow this morning.

Just came back to see that my TP has been hit on my trade this morning. Missed a lot more by not being around the PC today but some really nice set ups/rejections.

Some really big moves today

NYMEZ +350
Brent + 480
Gold + 250
Dow + 124

ST
" Dont wait for your boat to come in ..... swim out and meet it"
  • #2,164
  • May 5, 2011 9:18am May 5, 2011 9:18am
Quoting speedtrip
Went short on dow this morning.

Just came back to see that my TP has been hit on my trade this morning. Missed a lot more by not being around the PC today but some really nice set ups/rejections.

Some really big moves today

NYMEZ +350
Brent + 480
Gold + 250
Dow + 124

ST
Some nice trading there Speedtrap
  • #2,165
  • May 5, 2011 9:34am May 5, 2011 9:34am
Hi Guys...

Look at all the down movement in the market (USD strength). I must say it's about time we had a push to the south.

Here is my GU 15M chart trade. WE have 2 rejections of the DPV. I got in on the candle marked with the green vertical line. I took 1 lot off at the S1 line and leaving the other run.
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  • #2,166
  • May 5, 2011 9:39am May 5, 2011 9:39am
just closed this out for 37 pips
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No man is free who is not a master of himself. -P.M.-
  • #2,167
  • May 5, 2011 9:42am May 5, 2011 9:42am
Here is the EJ set up. I did take this one because I was involved in the GU short but if you ever wanted to see what a picture perfect set up looks like..this is it. Hang this on your wall and look for it.Price never breaks the DPV and is rejected several times.
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  • #2,168
  • May 5, 2011 9:44am May 5, 2011 9:44am
Quoting pmullin86
just closed this out for 37 pips

Your on a roll there pmullins
  • #2,169
  • May 5, 2011 9:50am May 5, 2011 9:50am
Remember to keep the larger TF's in mind. Look at the 4hr GU chart. Price is starting to stall a bit. Do you see the reason WHY?

Resistance becomes Support.....
Attached Image (click to enlarge)
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  • #2,170
  • May 5, 2011 9:56am May 5, 2011 9:56am
Thanks ozziedave and I must tip my hat to you as well there...and yeah you are right about taking note of the larger time frames for support and resistance...thats the basis of this whole simple strategy that we are trading and that is why I love the zig zags on here as it clearly identifies the potencial reversal zones for you instead of one picking at every single insignificant high or low...good observations...

Paul
No man is free who is not a master of himself. -P.M.-
  • #2,171
  • May 5, 2011 10:03am May 5, 2011 10:03am
we can also take note to the fact that the 4 hour eur usd has broken out of its range finally and also will be closing below the weekly pivot which is resistance turned support since april 27...I knew I should have held to THE S3 but didnt want to be greedy as we are already way outside daily range..

Paul
No man is free who is not a master of himself. -P.M.-
  • #2,172
  • May 5, 2011 10:06am May 5, 2011 10:06am
Quoting pmullin86
we can also take note to the fact that the 4 hour eur usd has broken out of its range finally and also will be closing below the weekly pivot which is resistance turned support since april 27...I knew I should have held to THE S3 but didnt want to be greedy as we are already way outside daily range..

Paul
Hey Paul..

No one ever went broke taking profit.
  • #2,173
  • May 5, 2011 10:15am May 5, 2011 10:15am
Quoting ozziedave
Hey Paul..

No one ever went broke taking profit.

Yeah your absolutely right about that and thats what I try and consider when managing trades....

Paul
No man is free who is not a master of himself. -P.M.-
  • #2,174
  • May 5, 2011 10:19am May 5, 2011 10:19am
Quoting speedtrip
Went short on dow this morning.

Just came back to see that my TP has been hit on my trade this morning. Missed a lot more by not being around the PC today but some really nice set ups/rejections.

Some really big moves today

NYMEZ +350
Brent + 480
Gold + 250
Dow + 124

ST
NYMEX, Brent, Gold and Dow eh ST. Did you trade everyone of those, and if you did were any of them live? of
  • #2,175
  • May 5, 2011 11:14am May 5, 2011 11:14am
Here ya go. Break of the S2 line and then a small retrace/rejection and we have a quick 14 pips.
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  • #2,176
  • May 5, 2011 12:36pm May 5, 2011 12:36pm
Lots of things got in the way today and consequently I didn't get into my first trade until 1.45 but I managed to nick:-

Crude oil +75

Brent +25 (as you'll see in my terminal Brent was MUCH better than this, at one point it reached +75, got to get my exits right!)

Gold +25

AU -40

Thanks to Dredding, Paulus and all of the other posters who have contributed positively to this fantastic thread

Chart below is of the crude oil trade, I think I'm getting there sloooowly
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  • #2,177
  • May 5, 2011 12:52pm May 5, 2011 12:52pm
i just got done reading Mark Douglas Trading in the Zone and chapter 11 he suggest forward trading a mechanical system for a sample of 20 trades so I am going to use this method for my sample size I look forward to the results.

From what I see from Paulus the win to loss should be about 80% and with at least 2:1 RR that is great.

I have the MTF heiken hashi indicator that shows in separate window can some one tell me how to remove the actual candles and just put the red and blue bars for color change

Attached is trade #1 it was after London close so pretty slow but it was a qualified trade...

(Update I found the indicator for the HA bars....)
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  • #2,178
  • May 5, 2011 5:25pm May 5, 2011 5:25pm
GREAT JOB!!! guys/gals! Glad to see new people picking up and using the system and making nice returns on there accounts daily/weekly/monthly...just remember "Stop thinking...Just trade!"

Hopefully soon i will have the EA done and can start sending it out to a few to test and make sure it works right...its going to be a semi auto EA...which means you pick if you want it to buy/sell or both and it will get you in the trades but you just have to manage the TP...which i think will help alot of people...

Dredding82
  • #2,179
  • May 5, 2011 6:36pm May 5, 2011 6:36pm
I hope you bagged some of those big pips




Quoting speedtrip
Went short on dow this morning.

Just came back to see that my TP has been hit on my trade this morning. Missed a lot more by not being around the PC today but some really nice set ups/rejections.

Some really big moves today

NYMEZ +350
Brent + 480
Gold + 250
Dow + 124

ST
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: dj30 050511.gif Size: 27 KB
Forex is boring but profitable with patience and discipline
  • #2,180
  • May 5, 2011 6:42pm May 5, 2011 6:42pm
Quoting stochman
Lots of things got in the way today and consequently I didn't get into my first trade until 1.45 but I managed to nick:-

Crude oil +75

Brent +25 (as you'll see in my terminal Brent was MUCH better than this, at one point it reached +75, got to get my exits right!)

Gold +25

AU -40

Thanks to Dredding, Paulus and all of the other posters who have contributed positively to this fantastic thread

Chart below is of the crude oil trade, I think I'm getting there sloooowly
Stochman...

I would say a net 85 pips in a day is a bit more than slowly...that is a fantastic result. Keep doing that everyday and you'll never have to worry about a day job again.
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