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Price Action Trading with Indicators! The Freebie System

  • #2,621
  • Edited 10:29am May 27, 2011 7:46am | Edited 10:29am
sorry dave forgot to quote you

Thanks Dave having a look now, im also seeing that there were some long trades this week off FIB S1/S2/S3 levels.

I will take a closer look at them later but it appears that the FIBs are a bit close together for good R:R if you target the nearest one based upon the candle close price so I guess targers would be at next pvot level or S&R point
Would you have taken a long here


ST

Quoting ozziedave
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....
Attached Image (click to enlarge)
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" Dont wait for your boat to come in ..... swim out and meet it"
  • #2,622
  • May 27, 2011 10:38am May 27, 2011 10:38am
GU 5M long trade. price breaks up through R1 and we get a small pullback and I'm in when price breaks the swing high of that pullback. Took a chance and held on through the second larger pullback and got for 19 pips outta of it.
Attached Image (click to enlarge)
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  • #2,623
  • May 27, 2011 10:43am May 27, 2011 10:43am
Just back for a while and looking back at my short off S3.

This trade offered short off S2 which I missed, the short off S3 which about +50 (Big 3 now showing on top), I wouldndt have taken the long a CT unless looking to swap at S3.

All easy in hindsight I know, also thinking out aloud once price has breached S3 and making or approaching LLs is it better to keep in, or take profits like I did, especially as price is continuing to makes these sorts of lows. Will be interesting to see if 1.40 holds.

ST
" Dont wait for your boat to come in ..... swim out and meet it"
  • #2,624
  • May 27, 2011 10:57am May 27, 2011 10:57am
This is going to be a great friday
  • #2,625
  • Edited 11:09am May 27, 2011 11:08am | Edited 11:09am
Just looking at GU now.

Nice trade Dave

Heres what I see, different pivots and price was bumping along FIB R1 for me and you see the BUYs on HLs above R1 which is supportive. The history on the early attempts would give me confidence to buy here, especially as the low has not given way this session.

Had I been around to trade this I would have targetted R2 for TP but given R2 has given way early in session and also arond US open would a TP of the session highs or R3 be appropriate. You could even take 50% on R2 (TP1) and take the remainder at session highs or R3 if so inclined.

Just thinking out aloud

ST

Quoting ozziedave
GU 5M long trade. price breaks up through R1 and we get a small pullback and I'm in when price breaks the swing high of that pullback. Took a chance and held on through the second larger pullback and got for 19 pips outta of it.
Attached Image (click to enlarge)
Click to Enlarge Name: gum5270511.gif Size: 25 KB
" Dont wait for your boat to come in ..... swim out and meet it"
  • #2,626
  • May 27, 2011 11:10am May 27, 2011 11:10am
update

Still lack of volatility

EU +9%
AU +12%-5%
GU -5%-5%+11%
UC -5%+5%+5%

ROC +22%

Flat on all 4 at mo

P
  • #2,627
  • May 27, 2011 11:41am May 27, 2011 11:41am
Long now 2 positions
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  • #2,628
  • Edited 12:03pm May 27, 2011 11:45am | Edited 12:03pm
Again just thinking and any feedback gratefully received

EU M5

Short Trend UP
Lines Drawon HHs/HLs confirmed dominant trend is up even though we onloy have 100 pip range to work with.

Only two setups I can see here indicated by the two obvious lowe BIG 3s. The first creates the LL of the session followed by HLs to buy above R1 but range to R2 is +30 pips. The second BIG 3 offering a HL to BUY on R2 and +50 pip range and target to R3

EU H1

To me this confirms longterm trend is up (look at D1 as well), then a correction then this chart is showing currently a resumption of overall UT
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eu5270511.gif Size: 31 KB
Click to Enlarge Name: euh1270511.gif Size: 33 KB
" Dont wait for your boat to come in ..... swim out and meet it"
  • #2,629
  • May 27, 2011 11:48am May 27, 2011 11:48am
Quoting Paulus
update

Still lack of volatility

EU +9%
AU +12%-5%
GU -5%-5%+11%
UC -5%+5%+5%

ROC +22%

Flat on all 4 at mo

P
It has been a difficult week, especially the beginning of the week. Ive been training 1h entrys from tuesday. Im about flat also mostly because of good trades today. So this week has again been better than last week. Still some rookie mistakes on entrys. I wonder how Dredd´s doin those 1000 pips a week

Trading is a skill like playing the quitar. You have to control the instrument as well as yourself and if you dont, you can directly see/hear it in the result.

This was one of the sweetest rides of the week from m3 to r1 65 pips within an hour.
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  • #2,630
  • May 27, 2011 12:39pm May 27, 2011 12:39pm
Quoting Whistlepips
It has been a difficult week, .
Yes without a doubt any gain on the account is a blessing ..tiny moves no real strong trend up or down within the trading day..very little strength and volume

P
  • #2,631
  • Edited 1:46pm May 27, 2011 1:19pm | Edited 1:46pm
NYMEX today was challenging from a trend point of view.

Just shorted NYMEX on fail off pivot

+14 both positions atm

ST
Attached Image (click to enlarge)
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" Dont wait for your boat to come in ..... swim out and meet it"
  • #2,632
  • May 27, 2011 1:44pm May 27, 2011 1:44pm
well done, how reliable do you find the midpoints?



St

Quoting Whistlepips
It has been a difficult week, especially the beginning of the week. Ive been training 1h entrys from tuesday. Im about flat also mostly because of good trades today. So this week has again been better than last week. Still some rookie mistakes on entrys. I wonder how Dredd´s doin those 1000 pips a week

Trading is a skill like playing the quitar. You have to control the instrument as well as yourself and if you dont, you can directly see/hear it in the result.

This was one of the sweetest rides of the week from m3 to r1 65 pips within...
" Dont wait for your boat to come in ..... swim out and meet it"
  • #2,633
  • May 27, 2011 1:51pm May 27, 2011 1:51pm
zelden seen such a great 450 pips trend, this week was great! cheers and good weekend
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  • #2,634
  • May 27, 2011 2:13pm May 27, 2011 2:13pm
Quoting speedtrip
well done, how reliable do you find the midpoints?



St
My pivots are weekly pivots inspired by Dredd´s posts on the beginning of the week. There was so much space in between that I decided to add midpivots also. They seem to work preddy good on weekly.

Maybe too early to tell? Been using them only couple of days, but all in all I find weekly pivots predicting PA really good. Ive been using weekly pivots on camarillav9 indi. Check them out if you will.

Added: Thanks for the question I was just thinking do you need them anyway. They do provide some extra entry points, which happen more seldom on larger tf´s, but according to preliminary checks PA seems to continue to pivots. Have to check this out at weekend.
  • #2,635
  • May 27, 2011 2:42pm May 27, 2011 2:42pm
You should use both the standard pivots and the mid pivots If you do not use both you will miss some HUGE trades.....which ever the price bounces off of use other pivots of that kind for TP areas...I have said this a number of times...
  • #2,636
  • May 27, 2011 2:57pm May 27, 2011 2:57pm
Quoting Dredding82
You should use both the standard pivots and the mid pivots If you do not use both you will miss some HUGE trades.....which ever the price bounces off of use other pivots of that kind for TP areas...I have said this a number of times...
Thanks Dredd. Saved me a lot of work. Just wondering what to study during weekend. Any suggestions on what to concentrate. Been reading your posts from word to word again and again and learning a LOT
  • #2,637
  • May 27, 2011 3:00pm May 27, 2011 3:00pm
Quoting Whistlepips
Thanks Dredd. Saved me a lot of work. Just wondering what to study during weekend. Any suggestions on what to concentrate. Been reading your posts from word to word again and again and learning a LOT
Its a HOLIDAY WEEKEND...study some chics on the beach while drinking some beer! lol Thats what im gonna do
  • #2,638
  • May 27, 2011 3:02pm May 27, 2011 3:02pm
Quoting Dredding82
Its a HOLIDAY WEEKEND...study some chics on the beach while drinking some beer! lol Thats what im gonna do
It´s beer o´clock atm. Not so many chics. Just the plain old...

Have a nice weekend guys
  • #2,639
  • May 27, 2011 3:10pm May 27, 2011 3:10pm
Whistlepips acceleration in a trend is what u could study in a trend, good stuff!

btw good thread!
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  • #2,640
  • May 27, 2011 3:12pm May 27, 2011 3:12pm
Quoting Dredding82
You should use both the standard pivots and the mid pivots If you do not use both you will miss some HUGE trades.....which ever the price bounces off of use other pivots of that kind for TP areas...I have said this a number of times...
If I understood you correctly Ive been thinking the same thing. To find the pivs, fibs, etc, whichever the price "obeys". From currency to currency, from week to week..... I dont know. Have to check this out.
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