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Price Action Trading with Indicators! The Freebie System

  • #2,601
  • May 26, 2011 3:17pm May 26, 2011 3:17pm
Hi there Paulas was reading back through the thread and like this post but did have a question.

"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..."

If a long trade I would normally wait for a breach and BUY on pullback as you have explained below. In the above quote are you saying a bullish confirmed uptrend with progressive HHs/HLs leading up and going through the pivot would have you going long once you see HHs/HLs imm above the pivot on the first HL or am I wrong. Im thinking about false breakouts and while the move you are describing does not appear to encountering much R at the pivot I wanted to improve my understanding on this.

Thanks

ST

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 is the...
" Dont wait for your boat to come in ..... swim out and meet it"
  • #2,602
  • May 26, 2011 3:22pm May 26, 2011 3:22pm
Another tough day again not enough volatility intra day trends very weak

EU -5+5
AU +10-5-5 long from 1.0619
GU -5 long from 1.6377
UC -5-5 long from 0.9787

ROC -15%

P
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  • #2,603
  • May 26, 2011 3:32pm May 26, 2011 3:32pm
Quoting balrog
Took that gbpjpy too whistlepips..

Also looking for setups on eurchf, audnzd, gbpnzd at the moment.

Balrog.
Thanks. Have to check them out also.
  • #2,604
  • May 26, 2011 4:43pm May 26, 2011 4:43pm
Quoting paulus
another tough day again not enough volatility intra day trends very weak

eu -5+5
au +10-5-5 long from 1.0619
gu -5 long from 1.6377
uc -5-5 long from 0.9787

roc -15%

p
eu -5+5
au +10-5-5 +8
gu -5 +15
uc -5-5 -5

roc +3%
  • #2,605
  • May 26, 2011 11:29pm May 26, 2011 11:29pm
Quoting Paulus
eu -5+5
au +10-5-5 +8
gu -5 +15
uc -5-5 -5

roc +3%
wow, a great final hit that turns around !

however, I'm in different time zone which is 4am here, not possible to take the Gbp trade , trade like yr style.......... -__-

Another lose day to me
  • #2,606
  • May 27, 2011 3:26am May 27, 2011 3:26am
Hi did anyone get on this one.

S2 Fail
BIG3 above
LLs below
Retrace to fail @ S2
Short Term Trend Up
Long Term Trend is down
S3 Target offers about +34 pips so quite tight for good R:R.

I missed this as setup before I away from PC.
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" Dont wait for your boat to come in ..... swim out and meet it"
  • #2,607
  • May 27, 2011 4:03am May 27, 2011 4:03am
Here is a nice short trade on EU. I tried the cam lines but I prefer the daily pivot lines myself. You see the bounce/ rejections (red arrows) from the R2 line and we have a H. L, LH combination. I missed the first entry but caught the second entry for +16 pips. Entry green arrow/aqua line.
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  • #2,608
  • May 27, 2011 4:16am May 27, 2011 4:16am
nice entry ozzie dave I actually took that same entry that you have as your missed entry (though our candles are slightly different sure just due to brokers but rode it down to yesterdays daily high...very nice rejection there as a lot of resistance and confluence from the higher time frames...

Paul
No man is free who is not a master of himself. -P.M.-
  • #2,609
  • May 27, 2011 4:38am May 27, 2011 4:38am
hey guys! how are you?? i´m reading thru the thread (on page 33 now). is it a possible trade to go long on eur/usd? check it please =)
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  • #2,610
  • May 27, 2011 5:06am May 27, 2011 5:06am
Quoting AndreyBecker
hey guys! how are you?? i´m reading thru the thread (on page 33 now). is it a possible trade to go long on eur/usd? check it please =)
Typically you want to determine the trend before you enter at a pivot line. Take a look at my trade set up. You have a H, L, LH. Then you see my entry green arrow on the next down swing. We have now formed a LL at R1 and we start to see a swing up develop. In the bigger picture if this forms a swing high, it will actually be a LH (where I have marked LH ???). For me to consider a long position I would want to see a pullback from this possible LH that comes back and retests the R1 line creating a HL and then moves up (white lines).
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  • #2,611
  • May 27, 2011 5:35am May 27, 2011 5:35am
When you get a signal that checks all boxes, but there is a Semafor being painted on the candle that is not yet finished. Do you ignore the Semafor. I see this a lot.
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  • #2,612
  • May 27, 2011 5:39am May 27, 2011 5:39am
Quoting ozziedave
Typically you want to determine the trend before you enter at a pivot line. Take a look at my trade set up. You have a H, L, LH. Then you see my entry green arrow on the next down swing. We have now formed a LL at R1 and we start to see a swing up develop. In the bigger picture if this forms a swing high, it will actually be a LH (where I have marked LH ???). For me to consider a long position I would want to see a pullback from this possible LH that comes back and retests the R1 line creating a HL and then moves up (white lines).
thanks for your advice! also, i understood so: if you see a possible setup on m15 and the trend on a higher timeframe is up, you look for a formation on m5 and wait till you see higher low as a trend change?
  • #2,613
  • May 27, 2011 5:50am May 27, 2011 5:50am
Hi everyone, im looking for some input as I am considering longer t/f's.

I am looking at D1/H4.

This is because i have too many distractions at home and currently have increasing back pain which i think is due to too much sitting at PC. Its painful anyhow and does not bode well long term without more rest.

As I see it the basic princples as on first post apply as normal but there may be subleties that apply that i am unware of.

If I am asking/stating the obvious I apologise in advance;

1. I am trading with trend
2. I am looking for failure at pivot, above/below BIG3 long/short
3. Do I still look for 1-3 candles for entry, ie 1-3 days
4. I would normally look for candle to close under/over pivot ideally with HL/LH as appropriate. Does same apply here?
5. Is there a max size candle. I am thinking about when bar closes a long way from pivot, meaning a big stop or a no trade
6. As regards stops are you still putting above/below BIG3
7. TP would 1:1 up or any other recommendations and do you find the fib levels on longer t/fs offer good R:R or do you target beyond those levels to get your R:R or wait for next trade. Hope that makes sense, ie do the fib levels on these t/fs offer enough R:R?
8. Taking into account I am UK based spreadbetter any recommended time for checking candles
9. I saw on earlier post some of you are using weekly pivots on daily charts and wondered how that was accomplished. Are these handdrawn or an MT4 fib with 10080 setting?
10. Anything else?

I appreciate this approach will mean slower growth as the trades come less often but I also have the choice for lower t/f stuff when time permits.

I would add that I have always found lower t/f quite addictive and I enjoy it but in reality longer t/f is where i want to be so i dont feel i chained to the computer.

Look forward to your input

Thanks

ST
" Dont wait for your boat to come in ..... swim out and meet it"
  • #2,614
  • May 27, 2011 5:51am May 27, 2011 5:51am
that is what i mean.. 5min chart: low, high, higher low (pullback) and the entry is 1 pip above the high.. right?
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  • #2,615
  • May 27, 2011 5:55am May 27, 2011 5:55am
Trading the 5 M chart you can get tunnel vision and this can lead to some very bad trades. For me I like to keep an eye on the 1hr chart to help with trend and trade direction.

Take a look at the EU 1hr chart. You can see we're in an uptrend 23 May until 27 May. We have L, H, HL,HH as I have marked on the chart. Now look closely at today, 27 May. Note we made a HH today. Now switch to the 5M chart. You see the HH made at the R2 pivot and we get a small pullback and then a retest of the R2 (HH). After the retest price falls away form the R2 line. Now if you know anything about corrective waves you know they come in 3 waves usually note as A,B,C or 1,2,3 waves. In this case I've drawn green lines to follow the corrective wave. Once we get to the HL of wave C we have completed the ABC corrective pattern. Here is the tricky part. At this point we think we have an ABC corrective wave but we don't know that for sure. If this turns out to be corrective price will start to move higher and resume the trend. If this turns out to be a 5 wave pattern down we will have a change of trend direction. Ok, so you ask, how do we tell if this is corrective or a trend change?

Take a look at the 3rd chart which gets back to your original question about an long trade. You see we have a HL formed at R1 and we start to see price move up makes a H, it breaks the R1 line and then retests the R1 and the retest becomes a HL. So now you can see if we break that last H we will be looking to resume the up trend at least on the 5M chart (which actually happens). Now the 1hr longer term outlook is if we break the white horizontal line the longer term up trend has resumed. If we turn around an break the red horizontal line we have a rend change.

I hope this explanation helps.
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  • #2,616
  • May 27, 2011 6:05am May 27, 2011 6:05am
Quoting ozziedave
Trading the 5 M chart you can get tunnel vision and this can lead to some very bad trades. For me I like to keep an eye on the 1hr chart to help with trend and trade direction.

Take a look at the EU 1hr chart. You can see we're in an uptrend 23 May until 27 May. We have L, H, HL,HH as I have marked on the chart. Now look closely at today, 27 May. Note we made a HH today. Now switch to the 5M chart. You see the HH made at the R2 pivot and we get a small pullback and then a retest of the R2 (HH). After the retest price falls away form the R2 line....
Okay, thank your very much for your explanation!!! Now i know what you mean!! It helps a lot!

PS: I think i´ve seen you a couple of times on another trade.. i think it was the dance or the choros?? is it right?
  • #2,617
  • May 27, 2011 6:28am May 27, 2011 6:28am
Quoting AndreyBecker
Okay, thank your very much for your explanation!!! Now i know what you mean!! It helps a lot!

PS: I think i´ve seen you a couple of times on another trade.. i think it was the dance or the choros?? is it right?
Yes, I use to visit both threads. By far this is one of the best threads on FF. To bad it's stuck here in the journals section.
  • #2,618
  • May 27, 2011 6:35am May 27, 2011 6:35am
Quoting ozziedave
Yes, I use to visit both threads. By far this is one of the best threads on FF. To bad it's stuck here in the journals section.
i think so too... i´m happy to find this thread and the choros thread... in the last 2 month i could learn a lot of them both and i think i´m at the moment not too far away from beeing REALY profitable. I wish you all the best, dave!

Cheers
  • #2,619
  • May 27, 2011 6:49am May 27, 2011 6:49am
Quoting speedtrip
Hi everyone, im looking for some input as I am considering longer t/f's.

I am looking at D1/H4.

This is because i have too many distractions at home...
Hi ST...

If you are trying out longer TFs then here is a chart to keep an eye on. Daily GU chart. We've made a HH at the end of April and in May we've gone down down to the middle of the month and now we have a nice retracement back up (current swing). On the longer term chart we are overall in an up trend (white arrow). See the green lines, so far this appears to be an A,B,C corrective move. The current swing up is wave B. Now we are getting to critical areas where price might turn around and that is the 50%, 61% and 76% fib retracement lines. You can see the current daily candle may be shaping up to be a pin bar or doji type candle although we won't know that until Friday's close. So if price turns around next week and we get some kind of bearish candle at any of the fib levels I would be looking for wave C down and get short using what ever entry methodology you use.
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  • #2,620
  • May 27, 2011 7:44am May 27, 2011 7:44am
Thanks Dave.

Ill have a closer look but my first reaction would be to have gone long at S1/S2 abut will check later. As general long term uptrend I would prob target short of the potential reveral area you mentioned and anticipate a short although would that be CT?

Looking at those fibs closing prices for candles dont seem to offer much R:R to the nearest fib levels so i need to thing about that.

On another note I shorted G/C when it failed S3 on retrace and thats doing well and went long nymex above pivot and thats doing nicely too.

Will check in later
" Dont wait for your boat to come in ..... swim out and meet it"
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