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Price Action Trading with Indicators! The Freebie System

  • #2,341
  • May 16, 2011 12:43pm May 16, 2011 12:43pm
This stuff really works. Made my first 70 pips today with this approach on E/U and G/J. Three spot on entrys, but little hasty on exits still.
  • #2,342
  • May 16, 2011 1:28pm May 16, 2011 1:28pm
Quoting Paulus
I have taken 5% for GU on a long

The existing entry was very close to the nexy pivot up a couple weeks ago I would of closed and taken just 1 or 2 % as its a justified signal but didnt like the 5% risk for 2 % gain and the subject was posted here

My solution is not to wait for the following pivot but take 5% which is RR 1:1.

My short on UC is still looking ok and Im looking for another downleg in the downtrend to hit my pivot TP



Regards
Hi Paulus
Does your drawing, the percentage gain with a simple modified levels of Fibonacci? I see it very useful.
Regards
  • #2,343
  • May 16, 2011 3:10pm May 16, 2011 3:10pm
Sorry about that, i was referring to the behaviours of different financial instruments.

Some are more volatile than others, and therefore exibit different behaviours. Some traders may feel more comfortable with one than the other because it suits their style.

The method used may be the same across the different instuments but the trader may feel more comfortable on their preferred instrument.

Me I have never really got on with FX, my comfort zone is Dow/Oil/Gold and have traded G/C and G/J. Thats my comfort zone and I feel comfortable and it may just be because when I started out I just focused on a select few markets otherwise it would be too much.

Just in case theres any doubt "trade what you see, not what you think"

Cheers

ST





Quoting Paulus
That 1 statement frightens the hell out of me .. ......... .............

P
" Dont wait for your boat to come in ..... swim out and meet it"
  • #2,344
  • May 16, 2011 5:17pm May 16, 2011 5:17pm
Quoting Paulus
Hi

Thanks for this ive loaded it and it does match my other C lines exactly

When you say do not worry about GMT I notice the GMT settings are not there..does this mean any one anywhere with this C ind will display the same levels as every one else ?

Cheers

P
I think it was Krendel who first posted this indy but most people seemed to miss it. The way I understand it the indy auto works out the GMT
We are all One. Be present. Be the Observer
  • #2,345
  • May 16, 2011 5:46pm May 16, 2011 5:46pm
Quoting Iamfx
I think it was Krendel who first posted this indy but most people seemed to miss it. The way I understand it the indy auto works out the GMT
There's no code there to calculate GMT. It simply uses your daily candles for data.
  • #2,346
  • May 16, 2011 7:05pm May 16, 2011 7:05pm
Hi

I understand a normal pivot indicator.

Pivot, with R1, R2, R3 and S1, S2 and S3

With this camarilla pivot it draws pivot and fib r1 and fib r2 etc etc

...but what the heck are these lines H3 short, H4 Long breakout, L3 Long, L4 short breakout

Can someone either give me a simple explanation or direct me to where I can learn.

I have been using a standard pivot indi....but it seems like all the cool kids here are using the camarilla pivot indi so I thought I would ask.

thanks in advance.


PGPB
  • #2,347
  • May 16, 2011 7:36pm May 16, 2011 7:36pm
Hi PGPB

As per my understanding of Camarilla pivot, the price is supposed to run between H3 and L3. Once it pass H4 or L4 level it is considered as a breakout.

More details can be found here :--

http://www.camarillaequation.com/trading-camarilla-equation.html

Hope this helps.

Quoting pgpb
Hi

I understand a normal pivot indicator.

Pivot, with R1, R2, R3 and S1, S2 and S3

With this camarilla pivot it draws pivot and fib r1 and fib r2 etc etc

...but what the heck are these lines H3 short, H4 Long breakout, L3 Long, L4 short breakout

Can someone either give me a simple explanation or direct me to where I can learn.

I have been using a standard pivot indi....but it seems like all the cool kids here are using the camarilla pivot indi so I thought I would ask.

thanks in advance.


PGPB
Forex is boring but profitable with patience and discipline
  • #2,348
  • May 16, 2011 8:49pm May 16, 2011 8:49pm
Here is a quick EU short trade during the Asian session. To start the day we see a quick up swing which establishes the high of the day so far. We see price retreat from the high making a LH (green arrow) right at the DPV line. Price makes a run down breaking the lower (3) of the day and that is my entry (aqua line). I know on the first break there is a good chance that price may come back to test the break point so I took my 12 pips and called it a trade. We'll wait to see if we get a retrace to the break for another entry.
Attached Image (click to enlarge)
Click to Enlarge Name: eu 5m t1 17.5.11.jpg Size: 128 KB
  • #2,349
  • Edited 4:50am May 17, 2011 2:43am | Edited 4:50am
First loss in a long time -17 on this long pretty slow start to london today..

But the recovery is always nice after news +35
Attached Image(s) (click to enlarge)
Click to Enlarge Name: london loss.gif Size: 21 KB
Click to Enlarge Name: london tues win.gif Size: 21 KB
  • #2,350
  • May 17, 2011 3:15am May 17, 2011 3:15am
uc appears to have given a buy signal, can anyone confirm if this is correct?

1)hh & HL
2)white HA
3)semafor just above the pivot lines
Attached Image (click to enlarge)
Click to Enlarge Name: au.gif Size: 24 KB
  • #2,351
  • May 17, 2011 3:50am May 17, 2011 3:50am
Quoting fugly
uc appears to have given a buy signal, can anyone confirm if this is correct?

1)hh & HL
2)white HA
3)semafor just above the pivot lines
Yes seemed a good setup. Anyone want to comment, just bad luck? seems a strong move down after, like news related to me although no actual news as far as i can see.

Great setup on GU off R1 for 3-1 reward, although was helped by the UK CPI data anyone take it? decided not to trade news myself.
  • #2,352
  • May 17, 2011 4:07am May 17, 2011 4:07am
Quoting fugly
uc appears to have given a buy signal, can anyone confirm if this is correct?

1)hh & HL
2)white HA
3)semafor just above the pivot lines
Seemed like a valid entry as all the criteria matched up but turned around pretty quickly. Took this one myself but won't beat myself up about it as I do have a few losses during the day.
  • #2,353
  • May 17, 2011 4:12am May 17, 2011 4:12am
Trying not to make the system to complicated.

But after what Ozzidave has said about recent swings etc. It seems to me that UC was still in a down trend so it was a risky trade.

Just took the fail at pivot.
Attached Image (click to enlarge)
Click to Enlarge Name: yyyy.gif Size: 49 KB
  • #2,354
  • May 17, 2011 7:03am May 17, 2011 7:03am
well difficult day for me today lost 3 consecutive trades and hit my max loss for the day 3% .... c u all tomorrow
  • #2,355
  • May 17, 2011 7:07am May 17, 2011 7:07am
Quoting fugly
well difficult day for me today lost 3 consecutive trades and hit my max loss for the day 3% .... c u all tomorrow
Hey Fugly

Its been a tricky morning. There hasn't been a great deal of direction on the EU, AU or UCad. I missed the ideal entry on EJ as I had to take my car to the garage. Pants! Lets hope the US session provides some direction.
  • #2,356
  • May 17, 2011 7:38am May 17, 2011 7:38am
Quoting fugly
well difficult day for me today lost 3 consecutive trades and hit my max loss for the day 3% .... c u all tomorrow
I know the feeling. I was lucky that I entered short on eu (up 3% with 1% risk) while my UC trade wasn't looking good... brings me back to breakeven for the day.. will see what this afternoon brings.

A question for Paulus if I may.. with 5% risk on all trades at what point would you call it a day? 3,4,5 losses in a row? What has been your longest losing streak so far using your Dredding strategy?
  • #2,357
  • May 17, 2011 9:33am May 17, 2011 9:33am
Hi Guys...

Trading today and yesterday hasn't been very smooth. If you take a look at your EU 1hr chart it will give you a clue as to why that is.

Ok, on Friday (blue rectangle) we had a nice down trend day (Yellow trend line from higher (3) to lower (3)) and it was nice to trade. Monday started to get a bit choppy (purple rectangle). Notice that 99% of Monday's price action was inside of Fridays daily range. Now take a look at Tuesdays price action
(green rectangle). Notice that Tuesday's price action is inside of Monday's price action which is in turn inside of Friday's price action.

As you can see we have lost our volatility and price is consolidating into a flag, triangle whatever you want to name it. The point is price is consolidating and typically when this happens we get some kind of a momentum breakout move that ends the consolidation. This may take a day or two and it may take some kind of news later in the week for this to happen but it will happen. We just need to be ready for it.

Which way will it break I hear you ask??? If I knew "when" and "which way" I would be on my way to making millions of dollars..lol. So pay attention to the EU over the next few days.
Attached Image (click to enlarge)
Click to Enlarge Name: eu d t2 17.5.11.jpg Size: 167 KB
  • #2,358
  • May 17, 2011 9:39am May 17, 2011 9:39am
Nice chart Dave, what pivot indi are you using on that chart?
  • #2,359
  • May 17, 2011 10:05am May 17, 2011 10:05am
Quoting neil324
Nice chart Dave, what pivot indi are you using on that chart?
Just the standard daily pivots.
  • #2,360
  • May 17, 2011 10:47am May 17, 2011 10:47am
Quoting balrog
I know the feeling. I was lucky that I entered short on eu (up 3% with 1% risk) while my UC trade wasn't looking good... brings me back to breakeven for the day.. will see what this afternoon brings.

A question for Paulus if I may.. with 5% risk on all trades at what point would you call it a day? 3,4,5 losses in a row? What has been your longest losing streak so far using your Dredding strategy?
I dont stop for the day if IO get a negative figure ..if your happy with the method and the risk reward/ money manegment then you have to take every system signal

I lose 3 Im down 15% I dont trade the next which makes 15%..I trade the next which loses 5% so Im now sick and dont trade the next which makes 10%

Scenario 1 - I lose 20%
Scenario 2 - I make 5%

If you make 3% will you stop ? .. then why stop at -3%

Its a personal preference and I have been down 20% of the account but 5% is aggressive .. 1% conservative 3% is about right really

Today on my 4 swaps I have had in time order

+5% -5% +14% -5% = +9% ROC

Currently short GU at 1.6187 and the TP has to be 5% because Im very close to a pivot..its not a good looking signal and I need to break the low of the day to get a win..but I dont not consider such things thats subjective and I dont do subjective.

Cheers

P
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