Price Action Trading with Indicators! The Freebie System | Page 113 | Forex Factory

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Price Action Trading with Indicators! The Freebie System

  • #2,241
  • May 11, 2011 2:59am May 11, 2011 2:59am
Quoting brettM
Hello,

this seems to be a straight forward way to trade...I just had a question as far as the higher tf trend if trading the M5 what time frame trend are you guys watching?

Looks like OzzieD is watching the daily anyone else watching different?

Thanks
Hey Brett, I believe that Paulus seems to only watch the trend on the timeframe he trades using the semafors. i.e. he'll watch for HH,HL,LH,LLs on 5m chart to determine the direction to trade on the 5m chart.

T
  • #2,242
  • May 11, 2011 2:59am May 11, 2011 2:59am
Quoting ozziedave
Hi Iamfx...

Good question. If we actually zone out on the 5M EU chart you'll see that I took this trade off of the rejection of the white resistance line. Since we're using pivot points in this thread I referred to the closest pivot point below the current price. Again you want to make sure it's within a reasonable distance to the price action...
OK thanks Dave
We are all One. Be present. Be the Observer
  • #2,243
  • May 11, 2011 3:05am May 11, 2011 3:05am
Quoting tritan
Hey Brett, I believe that Paulus seems to only watch the trend on the timeframe he trades using the semafors. i.e. he'll watch for HH,HL,LH,LLs on 5m chart to determine the direction to trade on the 5m chart.

T
Ok tritan thanks a lot that is what i find myself doing on the m5 i havent got up to being able to watch 4 or 5 charts that takes some talent...
  • #2,244
  • May 11, 2011 3:08am May 11, 2011 3:08am
Quoting brettM
Ok tritan thanks a lot that is what i find myself doing on the m5 i havent got up to being able to watch 4 or 5 charts that takes some talent...
Same here Brett. Once I get my 8 monitors i'll be all over it
  • #2,245
  • May 11, 2011 3:56am May 11, 2011 3:56am
Well i was able to squeek +21 off the EU long failed pivot...I didnt have much success early on but i think i was taking trades in the middle not off support or resistance...

It does make a difference...
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  • #2,246
  • May 11, 2011 4:40am May 11, 2011 4:40am
Ok, we are starting to see the pullback take shape on the Daily GU chart. This may take a day or two so we need to keep an eye on price action so we can recognise the reversal if it happens. Likely reversal points 50% and 61% fib levels.
Attached Image (click to enlarge)
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  • #2,247
  • May 11, 2011 7:15am May 11, 2011 7:15am
Take a look at the AUD 4hr chart. We had a long up trend and then we topped out in early April. We have a down wave (A) and an up wave (B). Now if this is a corrective wave of the longer term up trend we know we should get one more wave down (C). Look at the last 4hr candle very bearish, if this candle closes on it's lows it would be a good sign that we may be seeing the start of wave (C). The other thing that gives me a clue is the retrace north did not go higher than the 78% fib level. That is an important level here, if it goes past that level I would consider the longer term up trend back in place.
Attached Image (click to enlarge)
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  • #2,248
  • May 11, 2011 8:04am May 11, 2011 8:04am
Ozziedave - great posts - really informative; thank you.

Tritan - thanks for your offer of help with the pesky indies - I think I will stick with the zigzag instead of the semafor. Using Paulus' method of looking for LH, LL etc it works just fine.

Paulus - have your losses (not that there were ever many!) reduced now you have set a cap on your tp?
  • #2,249
  • May 11, 2011 8:51am May 11, 2011 8:51am
Here is what I am talking about on the 5M AUD chart. We are starting to see a reversal and we tested 78% fib and the R1 line several times (green arrows). I got in short at the 4th green arrow, aqua vertical line. Rode this down to the DPV for 24 pips.
Attached Image (click to enlarge)
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  • #2,250
  • May 11, 2011 11:04am May 11, 2011 11:04am
Last trade of the day. EU 5M chart, short trade good for 15 pips. We have 3 rejections off of the S1 line. I got in on the 3rd one (green horizontal line). Hindsight is great got out at the bottom of the last low. Of course doesn't price run right through that level. All in all not a bad day, a bit over 60 pips.
Attached Image (click to enlarge)
Click to Enlarge Name: eu 5m t8 11.5.11.jpg Size: 129 KB
  • #2,251
  • May 11, 2011 11:07am May 11, 2011 11:07am
Quoting ozziedave
Last trade of the day. EU 5M chart, short trade good for 15 pips. We have 3 rejections off of the S1 line. I got in on the 3rd one (green horizontal line). Hindsight is great got out at the bottom of the last low. Of course doesn't price run right through that level. All in all not a bad day, a bit over 60 pips.


Story of my life Dave. I took the same entry as yourself but removed for +15 and then watched it go down another 20 pips. Just need to work out my exits better. ...but, as Dredding would say, one cant be greedy so happy with my +15 on this trade. Little and often wins the day.
  • #2,252
  • May 11, 2011 11:29am May 11, 2011 11:29am
Ok EU

Start time 8am...10am on my chart

Placed a H marker and followed it down with LH and LL markers which simpley means we are going down..down trending..look for short

I do not there fore look for longs !even off of a pivot

1st signal

series of correct LH and LL's
Pivot was broken
Red HA
Enter using 5% of account
Set SL 1 pip above the LH beside entry arrow

TP next pivot down = 7% gain on account
IE 10k account x 5% risk = £500
EU ( I trade spread bet but follow the theory)
Stop loss on this trade is 25 pips
£500 / 25 = £20 per pip risk
EU = £10 per pip
Contract 2

Max loss 2 contract = £20 per pip..SL is 25 pips = 20 x 25 = £500 = 5%

This wins for a gain of 7% = £700

2nd trade

Still a series of LH and LL
This time pivot is refused not broken
using same maths
£10,700 x 5% £535 risk
SL on this trade 20 pips
£535 / 20 pips = £26 per pip risk
EU = £10 per pip
Contracts 2 main and 6 mini
or 26 mini @ £1 per pip = £26

Max loss = 26 mini contracts = £26 per pip..SL is 20 pips = 26 x 20 = £520 = 7% ( or as close as we can get)

This wins for a gain of 11% = £1144

Total 2 trades 5% risked on each = £700 +£1144 = £1844

Cheers

P
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  • #2,253
  • May 11, 2011 11:31am May 11, 2011 11:31am
Here is the 4hr chart of the AUD that I showed you a few post back. It looks like we started the (C) wave down. I'd be looking for shorts.
Attached Image (click to enlarge)
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  • #2,254
  • May 11, 2011 11:36am May 11, 2011 11:36am
Quoting Paulus
Ok EU

Start time 8am...10am on my chart

Placed a H marker and followed it down with LH and LL markers which simpley means we are going down..down trending..look for short

I do not there fore look for longs !even off of a pivot

1st signal

series of correct LH and LL's
Pivot was broken
Red HA
Enter using 5% of account
Set SL 1 pip above the LH beside entry arrow

TP next pivot down = 7% gain on account
IE 10k account x 5% risk = £500
EU ( I trade spread bet but follow the theory)
Stop loss on this trade is 25 pips
£500 / 25 = £20 per pip risk
EU...
Paulus...you're a champion. Nice trading man!
  • #2,255
  • May 11, 2011 11:50am May 11, 2011 11:50am
my 3 other swaps

AU = -5+12 = +7%
GU = +6 -5 = +1%
UC = +15 = +15%

ROC on all 4 = 41%

P
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  • #2,256
  • May 11, 2011 11:57am May 11, 2011 11:57am
Quoting ozziedave
Paulus...you're a champion. Nice trading man!

Thanks your also doing well with this method

I try to keep clean charts,clear head
Think LL LH or HH HL

have we got support from a pivot for tis trade ?
Is HA red or white have a got a green light ?

Enter and forget I cant push this ..I have no control now..its out there is the market,but I have an edge I have stacked the odds on my side in this setup therefore Im more likely to win than lose from a technical stand point.

The pivots are Camerilla lines..designed by Nick Scott

here is an interview with the man

http://www.camarillaequation.com/interview.html

here is the ind
Attached File(s)
File Type: mq4 camarilladt.mq4   47 KB | 463 downloads
  • #2,257
  • May 11, 2011 1:12pm May 11, 2011 1:12pm
looking at GU for a short and UC for a long just need green light ie HA right colour
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  • #2,258
  • May 11, 2011 1:26pm May 11, 2011 1:26pm
long UC 0.9633
Short GU 1.6331

late in the day as Uk closed

But up well on account and worth the 2 x 5% risk

P
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  • #2,259
  • May 11, 2011 1:44pm May 11, 2011 1:44pm
I seem to have a handle (for the moment!) on oil but seem to be struggling a bit with currencies, I'm sure it's gotta be a psychological thing as the principles are obviously similar, if not the same.

Although I did call the GJ sell off this afternoon, I was going to put a pending sell in at 133.23 but decided to bank my pips for the day rather than put them at risk, the rest, as they say, is history

Anyway my trades for today are :-

Brent +27 & 35 (chart attached), +20 & +10
Crude +33 & +30
GU -20 & -20
AU -8 & -8
Attached Image (click to enlarge)
Click to Enlarge Name: brent m5 long 110511.gif Size: 22 KB
  • #2,260
  • May 11, 2011 1:51pm May 11, 2011 1:51pm
Quoting stochman
I seem to have a handle (for the moment!) on oil but seem to be struggling a bit with currencies, I'm sure it's gotta be a psychological thing as the principles are obviously similar, if not the same.

Although I did call the GJ sell off this afternoon, I was going to put a pending sell in at 133.23 but decided to bank my pips for the day rather than put them at risk, the rest, as they say, is history

Anyway my trades for today are :-

Brent +27 & 35 (chart attached), +20 & +10
Crude +33 & +30
GU -20 & -20
AU -8 & -8

Hi

How does that gain relate to your account .. do you work out how many contracts or what type ie main mini micro to trade with the SL ?

just interested I know allot of people trade very day makes some pips but do not constructively build their account ..do you try to get more than you risk ? I know some will take 20 but have risked 60 in doing so

hope you dont mind me asking

P
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