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Price Action Trading with Indicators! The Freebie System

  • #2,301
  • May 13, 2011 4:46pm May 13, 2011 4:46pm
Thanks Dredd & guys for a great thread. Just finished reading it all. Really good stuff. All now set up for demoing freebie and Im hungry for some PIPS Come to papa..........
  • #2,302
  • May 13, 2011 5:07pm May 13, 2011 5:07pm
Quoting Dredding82
Here is what the EA has made this week in pips....all trades are open at this time but i am going to close them due to the market about to close for the weekend....will update this post in alil while with the pip count...but i do know its like 3 or 4 times what it was just 2 days ago when i posted the other profit pic from the EA
Awesome Dredding. Great work. Sorry, but I dont know of any coders that can help and i'm completely useless at it myself otherwise i'd try and lend a hand. Good luck in finding someone as obviously its in our best interests that you complete successfully.

Have a good weekend all.

T
  • #2,303
  • May 13, 2011 8:32pm May 13, 2011 8:32pm
The last few week been trading just Euro with the freebie. I have ended up with the best weeks I have had, my account is up 25% for this month already.

I noticed that Paulus takes the trades win or lose and after reading Trading in the Zone that is recommended when we have a set up that meets the criteria take the entry set the stop and take profit and you done with the trade it will when or lose.

I have adopted this and has made my trading much better and consistent.

Thanks for a great thread and system. Look forward to the EA..
  • #2,304
  • May 14, 2011 1:30am May 14, 2011 1:30am
Quoting Dredding82
Its not done.....but i am still testing the entry into trades and to make sure it can pick the "trend" right .....i still need to add a SL...TP...MM and maybe a few other things...but like i said since i dont code and everyone that does will not help me...it might take sometime till either i can figure out how to code it or find the code i need and want in another EA ...
You have mail! Hope I can finish this off for you.
  • #2,305
  • May 14, 2011 2:11am May 14, 2011 2:11am
Quoting HiArt
You have mail! Hope I can finish this off for you.
Nice one HiArt
  • #2,306
  • Edited 6:17am May 14, 2011 6:06am | Edited 6:17am
Quoting Paulus
Hi Tritan

The pivots are used mainly for showing resistance and support areas,in other words if we are coming up to a pivot line we should not want to go long 'hoping' that it will break the pivot and continue.

rather if it is coming up to a pivot it breaks it as our signal is given in which case as long as we have had a series of HH and HL we can go long...

or...

If it breaks it and then comes down to it and then goes up again

The trade you have picked may have HH HL and the HA ind is showing the right colour........BUT........where...
I would like to nominate the above as one of the very best posts on this thread

This week, from Tuesday morning, I have commenced live trading, I have held off and held off until I felt that I had the confidence to hit more winning than losing trades.

I hit 23 winners and 9 losers which equates to around a 72% hit rate, and this was BEFORE I read the excellent post above which I think will only serve to improve my %!!! The most difficult day for me was definitely Friday when I waited EIGHT HOURS for one double script entry which went on to bring +20 & +32 pips, and as a percentage of growth in relation to pip size and fund value my four days brought a total gain of 30.3% which I was absolutely delighted with.

All of the above has only been made possible by reading each and everyone of the Dredding, Paulus and, latterly, Ozziedave posts. However I've got to say that if all of the other posts gave me a foundation for trading this method then the above post from Paulus really was a stroke of simplified genius, it sort of clicked everything else into place and it gives me great confidence that I can carry on moving my trading forward profitably.

The next psychological barrier that I need to overcome is letting my trades run, the one that I mention above went on to move 223 pips in total and I would NEVER at any point have been in drawdown, yes Paulus I am certainly listening to you and taking note, listening and learning!

MASSIVE thanks go to the positive contributors on this thread, especially Dredding, Paulus and Ozzie
  • #2,307
  • May 14, 2011 1:47pm May 14, 2011 1:47pm
Quoting stochman

This week, from Tuesday morning, I have commenced live trading, I have held off and held off until I felt that I had the confidence to hit more winning than losing trades.

We only get there by sharing ideas, experiences, downfalls, and pit falls..

We get there by having an edge..the edge is given by

A very good logical system
A good risk return on each trade
A good money management system

We then become the pilot of the system..to be a good pilot we need

An un emotional approach
Consistency in taking signals

We do not get into competition with the market
We bare no grudges to the market
We do not want revenge from the market

At the end of the day we shake its hand and say ' see you tomorrow'

Its a medium to make money we can never be bigger than the market,if we loose concentration or make a slip or become complacent it will crush you
it has no soul it will not feel guilty if it breaks you it will not rejoice if you become wealthy

It is a caged,hungry wolf but if we are careful it can give us every thing

P
  • #2,308
  • May 14, 2011 4:47pm May 14, 2011 4:47pm
could anyone tell me if the following long signal (entry on the open of the candle marked with an arrow) , which if entered would have been stopped out is a valid one.

there's nothing wrong in being stopped out of course but it seems most ppl didnt take this trade yesterday and I was wondering why as it appears to be a valid buy signal because

1)HH & HL
2)HA white
3)price broke throuch pivot and found support.
Attached Image (click to enlarge)
Click to Enlarge Name: gu.gif Size: 25 KB
  • #2,309
  • May 14, 2011 4:57pm May 14, 2011 4:57pm
and this one too please .....

logn entry on the open of the candle marked with a red arrow once again would have been a loser but must people didnt take it and I'm wondering why because to me it seems a valid signal

1)trend changed to up
2)white HA
3) price broke above the pivot and found support
Attached Image (click to enlarge)
Click to Enlarge Name: au.gif Size: 27 KB
  • #2,310
  • May 14, 2011 7:07pm May 14, 2011 7:07pm
Quoting fugly
could anyone tell me if the following long signal (entry on the open of the candle marked with an arrow) , which if entered would have been stopped out is a valid one.

there's nothing wrong in being stopped out of course but it seems most ppl didnt take this trade yesterday and I was wondering why as it appears to be a valid buy signal because

1)HH & HL
2)HA white
3)price broke throuch pivot and found support.
I'm only a noob fugly but my take on this chart would be that the HH had been created by London open and, so early in the day, I would have wanted to have seen confirmation of upward intent with a secondary hold above the fib before entering the buy, I would have also been concerned about the two substantial bull candles and the potential of immediate bearish reaction to these.

I'm probably wrong but fwiw those are my thoughts
  • #2,311
  • May 14, 2011 7:10pm May 14, 2011 7:10pm
Quoting fugly
and this one too please .....

logn entry on the open of the candle marked with a red arrow once again would have been a loser but must people didnt take it and I'm wondering why because to me it seems a valid signal

1)trend changed to up
2)white HA
3) price broke above the pivot and found support
Surely that potential trade is prior to London open which would negate it completely
  • #2,312
  • May 14, 2011 7:32pm May 14, 2011 7:32pm
Quoting stochman
I would like to nominate the above as one of the very best posts on this thread

This week, from Tuesday morning, I have commenced live trading, I have held off and held off until I felt that I had the confidence to hit more winning than losing trades.

I hit 23 winners and 9 losers which equates to around a 72% hit rate, and this was BEFORE I read the excellent post above which I think will only serve to improve my %!!! The most difficult day for me was definitely Friday when I waited EIGHT HOURS for one double script entry which went...
Hi Stochman,

It's good to know that our posts are assisting people with their trading. I'm sure Dredding and Paulus feel the same. I would also like to thank Dredding for providing the methodology and for Paulus for sharing his trading expertise.
  • #2,313
  • May 14, 2011 8:48pm May 14, 2011 8:48pm
Quoting fugly
could anyone tell me if the following long signal (entry on the open of the candle marked with an arrow) , which if entered would have been stopped out is a valid one.

there's nothing wrong in being stopped out of course but it seems most ppl didnt take this trade yesterday and I was wondering why as it appears to be a valid buy signal because

1)HH & HL
2)HA white
3)price broke throuch pivot and found support.
Hi fugly,

Here is my take on this trade. Take a look at my chart. Not sure which lines you are using but the standard pivots would have put this trade just below the DPV line. If you condense the chart a bit you can see that we have an upswing (H) to end yesterdays trading and then we go lower on the open of today (L) and now we are in what looks to be the start of an upswing. This is where you entered and technically this would be the type of set up you would look for. The thing that would have kept me out is the fact we are below the DPV line and we are only about 12 pips away from the DPV. The other thing is we have resistance just above the DPV. Now if we were above the DPV and we were say 20-30 pips away from resistance I might take a punt and enter this trade. Again, the L, H, HL was in place. AS you see when we move down a few more candles in the sequence we get a LH formed and we get a big down move from there. Keep in mind the overall trend is down.
Attached Image (click to enlarge)
Click to Enlarge Name: gu 5m t1 15.5.11.jpg Size: 170 KB
  • #2,314
  • May 14, 2011 9:09pm May 14, 2011 9:09pm
Hi guys...

Let's take a look at the daily GU chart. What do you notice in this last down leg? Yes, it may be a corrective leg, we don't know that for sure. Compare it to the last upswing to the top, take notice of how many candles are blue and how many are orange. Then look at the pullbacks in the upswing. How do they differ from the last down swing leg?

In the up swing we never had more than 3 bearish candles and even when that happened they weren't massive bearish candles. Now look at the current down swing, We have 8 out of the 10 candles being bearish and there are some very bearish days. In my opinion if you're a newbie you don't want to be trading up swings even on the 5 or 5M chart at this time. My strategy would be to wait for an up move and then when you start to see rejections (failures) at pivot lines then trade short. I would do this until we get a bullish daily candle that gives me a warning that we may be getting a reversal or pullback.
Attached Image (click to enlarge)
Click to Enlarge Name: gu d t2 15.5.11.jpg Size: 129 KB
  • #2,315
  • May 15, 2011 3:36am May 15, 2011 3:36am
Quoting stochman
Surely that potential trade is prior to London open which would negate it completely

thx for the reply stochman

I'overlooked that point completely
  • #2,316
  • May 15, 2011 3:39am May 15, 2011 3:39am
Quoting ozziedave
Hi fugly,

Here is my take on this trade. Take a look at my chart. Not sure which lines you are using but the standard pivots would have put this trade just below the DPV line. If you condense the chart a bit you can see that we have an upswing (H) to end yesterdays trading and then we go lower on the open of today (L) and now we are in what looks to be the start of an upswing. This is where you entered and technically this would be the type of set up you would look for. The thing that would have kept me out is the fact we are below the DPV line...
Hi Dave,

thx for the reply, I'm using the caramilla pivot points set to GMT-2,

yes from your chart as you've said it would clearly be unwise to take the the trade considering the daily pivot looming overhead

can u tell me if its important which sort of pivot points we use? although i read it doesn't matter I find different pivot indicators do give different results

thx
  • #2,317
  • May 15, 2011 3:59am May 15, 2011 3:59am
Quoting ozziedave
Hi fugly,

Here is my take on this trade. Take a look at my chart. Not sure which lines you are using but the standard pivots would have put this trade just below the DPV line. If you condense the chart a bit you can see that we have an upswing (H) to end yesterdays trading and then we go lower on the open of today (L) and now we are in what looks to be the start of an upswing. This is where you entered and technically this would be the type of set up you would look for. The thing that would have kept me out is the fact we are below the DPV line...
G'day Dave
In your chart here you called that last yellow semaphore a LH. It is lower than the previous yellow marker but not the lesser markers (brown blue). Just wondering if you distinguish between them in that way? I would have called it a HH as it is higher than 2 previous. Also I'm now confused as to whether Paulus treats them the same way
We are all One. Be present. Be the Observer
  • #2,318
  • May 15, 2011 4:02am May 15, 2011 4:02am
Quoting fugly
could anyone tell me if the following long signal (entry on the open of the candle marked with an arrow) , which if entered would have been stopped out is a valid one.

there's nothing wrong in being stopped out of course but it seems most ppl didnt take this trade yesterday and I was wondering why as it appears to be a valid buy signal because

1)HH & HL
2)HA white
3)price broke throuch pivot and found support.
This is just a simple case of different lines Im afraid

here is my chart the X points to your entry..as you can see its mid pivot so no good to me and before my 8am start time indicated by the red vertical line

cheers

P
Attached Image (click to enlarge)
Click to Enlarge Name: didnt take.gif Size: 29 KB
  • #2,319
  • May 15, 2011 4:16am May 15, 2011 4:16am
Quoting fugly
Hi Dave,

thx for the reply, I'm using the caramilla pivot points set to GMT-2,

yes from your chart as you've said it would clearly be unwise to take the the trade considering the daily pivot looming overhead

can u tell me if its important which sort of pivot points we use? although i read it doesn't matter I find different pivot indicators do give different results

thx
If you use this cam lines indy you dont gotta worry about the GMT
Attached File(s)
File Type: mq4 camarillav9-1by_lu.mq4   27 KB | 617 downloads
We are all One. Be present. Be the Observer
  • #2,320
  • Edited 6:31pm May 15, 2011 7:14am | Edited 6:31pm
Quoting Iamfx
G'day Dave
In your chart here you called that last yellow semaphore a LH. It is lower than the previous yellow marker but not the lesser markers (brown blue). Just wondering if you distinguish between them in that way? I would have called it a HH as it is higher than 2 previous. Also I'm now confused as to whether Paulus treats them the same way

The first thing I would point out is the last (3) marked LH would not have been formed when the trade was entered so we would have to make a decision based on other factors. Again, looking at the bigger picture, we had a High (3) on left of chart, then we had a swing down to the next (3) and then price starts to move up to the entry point. Now what I am looking for is a break of the swing from the high (3) to the low (3). I try to look at the last major swings or bigger swings to determine trend direction. In this case we have the H to the L and that swing has not been broken to the up side so I wouldn't be too keen to go long yet since the overall trend is down. After the fact we see the LH (3) form which gives me a clue that we may continue to the downside.

As for the pivot lines, yes it will depend on which pivot lines you use and the important thing is you learn how to interpret price when it gets to those points. You will have losses no matter what pivot lines you use so that is why you can never depend on only one thing to determine trade entry.
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