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Price Action Trading with Indicators! The Freebie System

  • #2,501
  • May 24, 2011 10:41am May 24, 2011 10:41am
Quoting tritan
Agree with you in parts here neil as the 4 semafor approach certainly gives more strength but was trying trade ala Paulus today and there was no pivot on the 4 semafor option so woldn't have taken it long (I did think about it )

Going to keep trading as is this week and then see what's what as I just think it's another one of those days (I hope so )

Price is ranging badly today.. I suspect that's the reason for a lot of my failed trades. I enter trades and it's not even making it to the far pivot.

I've lost 3 from 3 on the USDCAD but hi-low today is only a range of 38 pips on my chart and other pairs haven't been too kind either.

Keep the chin up tritan. I find an odd day like this but make up for it on others. I've been trying to trade like paulus for a while now and it's been positive so far.

Balrog.
  • #2,502
  • May 24, 2011 10:47am May 24, 2011 10:47am
Quoting balrog
Price is ranging badly today.. I suspect that's the reason for a lot of my failed trades. I enter trades and it's not even making it to the far pivot.

I've lost 3 from 3 on the USDCAD but hi-low today is only a range of 38 pips on my chart and other pairs haven't been too kind either.

Keep the chin up tritan. I find an odd day like this but make up for it on others. I've been trying to trade like paulus for a while now and it's been positive so far.

Balrog.
Cheers Balrog. Only testing this on demo so chin is still up (still making pips on my live account using a similar method to this so all is good) and I agree this is a sound method that should be very profitable as Dredding, Paulus and others have more than demonstrated. Just thought i'd test out going as mechanical as possible to see if I could remove more of the emotion from my trading. Will see what tomorrow brings.


And...... still not convinced all my trades are as Paulus would have entered so please everyone take my results with a pinch of salt

Will post my charts once I work out how to stop the bloody text from moving on my chart every time the chart moves from right to left!!!!

edit: worked it ot. I've been using text labels and not text!!! Grrrr
  • #2,503
  • May 24, 2011 10:59am May 24, 2011 10:59am
Quoting tritan
Cheers Balrog. Only testing this on demo so chin is still up (still making pips on my live account using a similar method to this so all is good) and I agree this is a sound method that should be very profitable as Dredding, Paulus and others have more than demonstrated. Just thought i'd test out going as mechanical as possible to see if I could remove more of the emotion from my trading. Will see what tomorrow brings.


And...... still not convinced all my trades are as Paulus would have entered so please everyone take my results with a pinch...
Still finding my way with this system.. so my entries may not be perfect or correct but I'm still learning with it.
This has been the first method that I've been able to show some increase in my account on a weekly basis so will stick with it.

Balrog.
  • #2,504
  • Edited 11:37am May 24, 2011 11:26am | Edited 11:37am
Quoting Whistlepips
I have made 8 trades today. +3 pips together so far. Yesterday wasnt that good, about -60 pips, but Im getting there
E/U sl, G/U tp, N/U one sl, one tp, E/J two sl, U/C sl. TPīs on pivots and SLīs on last swing or pivot if only couple of pips away. Two wins and six losses and still on the good side. The method is good. I think that the trader still has to develop. Some tweaking maybe with e.g. tp levels and defining suitable R:R for each trade, etc.

TP levels and R:R is there....look at the indicators on the #1 post...USE THE DAILY RANGE indicator and you can tell around how far a move will go and your R:R ratio...Use OTHER PIVOTS as the TP level that is around the DAILY RANGE....pretty easy and you must remember TREND IS YOUR FRIEND....LOOK AT A HIGHER TF FOR THE MAIN TREND....the trend at the start of a day could be down on the M5-M15 but the higher TF TREND is going to make you the most PIPS....Which is prob UP and the M5-M15 are just in a retracement of the higher TFs trend...hope you guys understand
  • #2,505
  • May 24, 2011 11:29am May 24, 2011 11:29am
For those trying to trade like paulus, you should probably try to clearly define his strategy. Make a detailed list of the entry and exit rules. For the most part, it certainly seems like it is almost 100% mechanical. If that is the case, then you should be able to mimic his trades. However, if there is more subjective criteria than it appears, you will probably never be able to duplicate his trades.

Trades today (risk 1% per trade) using 4-point trend:

All New York time

Inserted Code
 
EURUSD 2011.05.24 05:15     +3%
GBPUSD 2011.05.24 07:35     -1%
GBPUSD 2011.05.24 11:00     -1%
AUDUSD 2011.05.24 03:20     -1%
AUDUSD 2011.05.24 04:00     +1%
USDCHF 2011.05.24 06:35     +2.9%
--------------------------------------------------
Total                       +3.9%
  • #2,506
  • May 24, 2011 11:40am May 24, 2011 11:40am
Once you guys get that TREND IS YOUR FRIEND Part i will tell you how to trade the Freebie System the PRO way and make your Risk:Reward WAY BETTER! you will almost always get in trades at the TOP or Bottom of the daily/weekly/Monthly high or low depending on which way the TREND IS....
  • #2,507
  • May 24, 2011 11:44am May 24, 2011 11:44am
Today has been tough but dont get dispondant

EU -5% +15%+12% = +22%
AU - held most of the day but ended -5%
GU -5%-5% = -10% short from 1.6179
UC -5%-5%= - 10%

ROC thus far -3%

P
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  • #2,508
  • May 24, 2011 11:51am May 24, 2011 11:51am
Ok, so my test results for the day are as follows:

EU: -5%, -5%,-5% = -15%
AU: -5%, -5%,-5% = -15%
GU: -5%, -5%,-5%,+15% = 0%
UC: 5%, -5%,-5%,-5% = -10%

Total for the day is -40%

Basic criteria for entry:
H-L-LH for shorts & L-H-HL for longs
HA changes colour
Bounce or rejection of pivot (camarilla)

Charts are below for evaluation and critique.

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  • #2,509
  • May 24, 2011 11:58am May 24, 2011 11:58am
OK, so first reason my results will not be the same as Paulus' are that the pivots are different

Will look into it.

P, you still using the camarilla9-1by_lu. ?
  • #2,510
  • May 24, 2011 12:06pm May 24, 2011 12:06pm
Quoting Dredding82
Once you guys get that TREND IS YOUR FRIEND Part i will tell you how to trade the Freebie System the PRO way and make your Risk:Reward WAY BETTER! you will almost always get in trades at the TOP or Bottom of the daily/weekly/Monthly high or low depending on which way the TREND IS....
Thanks Dredd. Just went down to the first post again. Maybe I should read it atleast once a week. I havent thought the daily range idea before that way. It really helps in defining tp on suitable pivots. I really like Paulus entrys on 5M because of really small slīs. Theyre great. I got the idea of the higher trend. Itīs just a question to open positions to the direction of higher trend. Another thing to improve probabilities of setups.

Ive been dealing with those daily, etc highs and lows, with not much success and Im really interested in that kind of way to do it so Im all ears. Also the word PRO you mentioned sounds good. I wonder why....
  • #2,511
  • May 24, 2011 12:08pm May 24, 2011 12:08pm
Quoting tritan
OK, so first reason my results will not be the same as Paulus' are that the pivots are different

Will look into it.

P, you still using the camarilla9-1by_lu. ?
Im using my original but will post an EU chart in a min with that one on it..

You r pivots are slightly different

EU did 2nd signal close below pivot ?

GU Why did u take the 1st short
the low of the 3rd signal is far from pivot Im working on mechanical rule for this ie distance from low to pivot hi to pivot for signal confirmation

AU did 2nd short close below pivot ?

UC 2nd and 3rd long there is no semaphore ...was there when the signal was taken ? if not no sig

cheers

P
  • #2,512
  • May 24, 2011 12:14pm May 24, 2011 12:14pm
Quoting tritan
OK, so first reason my results will not be the same as Paulus' are that the pivots are different

Will look into it.

P, you still using the camarilla9-1by_lu. ?
Same with me. That one is automatic. Could it be a question gmt+?
Different periods => different pivots.
  • #2,513
  • May 24, 2011 12:16pm May 24, 2011 12:16pm
top chart cam by lu

there is a difference between that one and my original set to a time

P
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  • #2,514
  • May 24, 2011 12:25pm May 24, 2011 12:25pm
short AU

As entry close to next pivot down and we do not want to risk 5% to get 2% the min TP is enforced at 5% to give 1;1 RR

TP line market
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  • #2,515
  • May 24, 2011 12:26pm May 24, 2011 12:26pm
Just long UC

P
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  • #2,516
  • May 24, 2011 12:31pm May 24, 2011 12:31pm
btwIm not holding my breath on these today has been bad and ALL system on this time frame will suffer others on longer term chart just wont trigger

For my AU trade to win it needs to break the low of the European session

For the UC to win it needs to break the high of the day

With the market flat and no volatility there bound to fail but to question if a trade has enough volatility is way to subjective for me so all signals are taken

P
  • #2,517
  • May 24, 2011 12:32pm May 24, 2011 12:32pm
Quoting Paulus
Just long UC

P

P, I found that my chart in camarillav9 has quite different pivot line with u


GM issue is quite a simple but trouble problem =_=
  • #2,518
  • May 24, 2011 12:32pm May 24, 2011 12:32pm
Hey P, thanks for the reply.

Quoting Paulus
EU did 2nd signal close below pivot ?
Visually it seemed to. Is there a precise way of telling? I'm normally on spreadbetting platforms and quite a newbie on mt4.

Quoting Paulus
GU Why did u take the 1st short
the low of the 3rd signal is far from pivot Im working on mechanical rule for this ie distance from low to pivot hi to pivot for signal confirmation
I took the first short as there was a semafor in place. It has since repainted. There is an argument forit being too far away from the pivot line but this is one area that isn't clear to me in this mechanical approach as i've noticed you sometimes take similar trades where the pivot has not been touched and is quite far away.
Dont quite get your point on the third GU signal. It was a short on the rejection of the pivot line after the lower high semafor (semafor 1) formed.

Quoting Paulus
AU did 2nd short close below pivot ?
Again, visually it seemed to but couldn't be 100% sure.

Quoting Paulus
UC 2nd and 3rd long there is no semaphore ...was there when the signal was taken ? if not no sig
Yeah, there were semafors in place at the time.

Got your update on the cam indi. Think i'll revert to the original tomorrow and change the GMT setting to 2.0 for UK.

Cheers P.
  • #2,519
  • May 24, 2011 12:37pm May 24, 2011 12:37pm
And Im still short this NASTY GU signal as posted earlier

p
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  • #2,520
  • May 24, 2011 12:53pm May 24, 2011 12:53pm
Hi Paulus.

Just curious why you never took this signal on GU.

Was it because of the RR to the next pivot.
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