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Price Action Trading with Indicators! The Freebie System

  • #2,381
  • May 18, 2011 1:54pm May 18, 2011 1:54pm
Quoting Paulus
here it is..

Rule applied ..if entry too near a Pivot dont risk 5% to get 1% hence 1st trade was capped at 5% as top red pivot broken and price already hit main yellow pivot

2nd signal easy to spot ..classic 1123 reversal again capped at 5% but went for 15-20%

cheers

P
P, do you consider the news that much as I notice your second trade was around Crude Oil Inventories. What are your rules around the news?

T
  • #2,382
  • May 18, 2011 2:53pm May 18, 2011 2:53pm
Quoting tritan
P, do you consider the news that much as I notice your second trade was around Crude Oil Inventories. What are your rules around the news?

T
I trade throuigh it..my reserach shows no gain or minus over the years so why stop

P
  • #2,383
  • May 18, 2011 3:01pm May 18, 2011 3:01pm
Quoting Paulus
I trade throuigh it..my reserach shows no gain or minus over the years so why stop
P
Thanks for info
  • #2,384
  • May 18, 2011 4:32pm May 18, 2011 4:32pm
Closed

Uc for +11%
AU for+10%

EU +5% +5%
AU +5% -5% +10%
GU +5% +15% +8%
UC +15% +11%

ROC 74%
Attached Image(s) (click to enlarge)
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  • #2,385
  • May 18, 2011 5:13pm May 18, 2011 5:13pm
G'day Paulus
Would you mind telling us if this system has given you your best ever trading performance? Is this the most consistant you have ever traded?----sure seems to be giving you exceptional results.
Cheers
We are all One. Be present. Be the Observer
  • #2,386
  • May 18, 2011 9:36pm May 18, 2011 9:36pm
I had a great Asia three wins on EU, AU and Uchf. Thought I would watch four pairs to hope for at least one good entry and got three.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: asia win eu.gif Size: 20 KB
Click to Enlarge Name: uchf win.gif Size: 20 KB
  • #2,387
  • May 18, 2011 11:45pm May 18, 2011 11:45pm
Quoting Iamfx
G'day Paulus
Would you mind telling us if this system has given you your best ever trading performance? Is this the most consistant you have ever traded?----sure seems to be giving you exceptional results.
Cheers
yes without a doubt the best system and best performance

the secrete here is a win always gives at least 1;1 rr

Several things are in this systems favour

Strong supp res levels to support our trades
Increase % of wins due to trading with market bias or trend
The ability to get 10 and 15 % wins when risking 5%

Several things you must do with this system

Dont over analise the market
Take every signal
Dont close early the pivot lines are there for a reason not only as supp res for our signals but they give us our TP levels

Cheers

P
  • #2,388
  • May 18, 2011 11:46pm May 18, 2011 11:46pm
Quoting brettM
I had a great Asia three wins on EU, AU and Uchf. Thought I would watch four pairs to hope for at least one good entry and got three.
N1 wd

P
  • #2,389
  • May 18, 2011 11:51pm May 18, 2011 11:51pm
Quoting Paulus
yes without a doubt the best system and best performance

the secrete here is a win always gives at least 1;1 rr

Several things are in this systems favour

Strong supp res levels to support our trades
Increase % of wins due to trading with market bias or trend
The ability to get 10 and 15 % wins when risking 5%

Several things you must do with this system

Dont over analise the market
Take every signal
Dont close early the pivot lines are there for a reason not only as supp res for our signals but they give us our TP levels

Cheers

P...
Wow this is a big thumbs up seeing how you've been around for quite a few years. Thanks for the encouraging reply.
We are all One. Be present. Be the Observer
  • #2,390
  • May 19, 2011 3:01am May 19, 2011 3:01am
Had another great start to London three wins one loss.

Net +40 pips which amounts to 2%....

I did not hold AU to the target and only took 1:1 it was moving pretty slow.
Attached Image (click to enlarge)
Click to Enlarge Name: three wins one loss.gif Size: 90 KB
  • #2,391
  • May 19, 2011 3:32am May 19, 2011 3:32am
Quoting Paulus
here it is..

Rule applied ..if entry too near a Pivot dont risk 5% to get 1% hence 1st trade was capped at 5% as top red pivot broken and price already hit main yellow pivot

2nd signal easy to spot ..classic 1123 reversal again capped at 5% but went for 15-20%

cheers

P

Nice trading yesterday.

1123 reversal is that a typo, just tried to find out some info on it without luck.

Just curious why you capped the 2nd trade at 5%

Thanks.
  • #2,392
  • May 19, 2011 7:03am May 19, 2011 7:03am
Just wondered how much the pair correllations are considered when trading here..and the potential increase in risk if trading the pairs that tend to mirror each other...

If you look at BrettM charts above as an example ..you can see that the GBPUSD, and the AUDUSD tend to follow quite closely the movements of the EURUSD - (being the most liquid and traded pair) and the USDCHF being the inverse in movement..

So if we are right or wrong when entering a trade on 2 or 3 pairs that line up for a trade the risk is increased considerably..

So I am wondering why not to stick to just one pair and up the stakes or perhaps trade two pairs that do not correspond to each other very well...

Any thoughts ??thx
  • #2,393
  • May 19, 2011 7:45am May 19, 2011 7:45am
Quoting gdb
Just wondered how much the pair correllations are considered when trading here..and the potential increase in risk if trading the pairs that tend to mirror each other...

If you look at BrettM charts above as an example ..you can see that the GBPUSD, and the AUDUSD tend to follow quite closely the movements of the EURUSD - (being the most liquid and traded pair) and the USDCHF being the inverse in movement..

So if we are right or wrong when entering a trade on 2 or 3 pairs that line up for a trade the risk is increased considerably..

So...
I tend to look at UC for what the Dollar is doing, bad habit i know.

Eur/Gbp, Yen swaps, but the spreads are big.

Sticking to one pair limits the signals.
  • #2,394
  • May 19, 2011 10:22am May 19, 2011 10:22am
hey paulus

sorry if this has been addressed before, but do you strictly deal with the pivot point exclusively or do you use the midpivot & Fib S/R lines are potential "pivot" fails as well?
  • #2,395
  • May 19, 2011 10:45am May 19, 2011 10:45am
Here is the EU daily chart. This week hasn't been a great trading week and we only need to take a look at this chart to see why.

All of this week's price action is inside last Friday's price range. This week we have a slight up trend but nothing with any serious momentum. This consolidation will break and when it does...be prepared.
Attached Image (click to enlarge)
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  • #2,396
  • Edited 1:33pm May 19, 2011 10:51am | Edited 1:33pm
P and all the winners , could u mind telling us will u move the trade into BE during the trade when it's not 1:1 reward yet?

Thanks
  • #2,397
  • May 19, 2011 12:09pm May 19, 2011 12:09pm
Quoting zznbrm
I see 5 EURUSD trades today:

5/19 0435 - Hit 1:1 TP on the number, depending on how you deal with spread in your risk calculations, this was a win or loss

5/19 0530 - Iffy entry on this one with cam line immediately below entry; SL hit

5/19 0805 - SL Hit

5/19 1100 - SL Hit

5/19 1120 - Hit 1:1 TP; Hit 2:1 TP; Hit 3:1 TP



I took one of the loss trade too, the reason I didnt enter others is it's the trend is not clear. It's a crossing the daily open
  • #2,398
  • May 19, 2011 12:27pm May 19, 2011 12:27pm
Quoting zznbrm
I see 5 EURUSD trades today:

5/19 0435 - Hit 1:1 TP on the number, depending on how you deal with spread in your risk calculations, this was a win or loss

5/19 0530 - Iffy entry on this one with cam line immediately below entry; SL hit

5/19 0805 - SL Hit

5/19 1100 - SL Hit

5/19 1120 - Hit 1:1 TP; Hit 2:1 TP; Hit 3:1 TP
Similar entries to mine but I didn't go for your 1st and 2nd entries as it's a personal preference of mine not to when pivot and cam are so close although I know Paulus does different..

I did take an entry right on London open which was good for about 1:1.5 RR
Attached Image (click to enlarge)
Click to Enlarge Name: eu1.gif Size: 27 KB
  • #2,399
  • May 19, 2011 12:32pm May 19, 2011 12:32pm
Short Aud at 1.065
  • #2,400
  • May 19, 2011 12:51pm May 19, 2011 12:51pm
Changed to BE and got out when it's +8 pips

Not sure if I'm doing right, just better than -5% anyway
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