Price Action Trading with Indicators! The Freebie System | Page 134 | Forex Factory

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Price Action Trading with Indicators! The Freebie System

  • #2,661
  • May 29, 2011 3:01pm May 29, 2011 3:01pm
Quoting Whistlepips
Would youguys take this kind of a setup? Several semafors in between those two lows, but those two can be estimated to be from a trend in a larger tf. Maybe I should check is there semafors present in those larger tf`s?
Whistlepips,

If you were going to take this long position at the pivot point what would be your reasons. Go through your reasoning as to why you would want to take this trade. If you figure that out then you'll have your answer.
  • #2,662
  • May 29, 2011 3:12pm May 29, 2011 3:12pm
Quoting ozziedave
Whistlepips,

If you were going to take this long position at the pivot point what would be your reasons. Go through your reasoning as to why you would want to take this trade. If you figure that out then you'll have your answer.
Good point. Thanks Dave.
  • #2,663
  • May 29, 2011 3:57pm May 29, 2011 3:57pm
Quoting Paulus
My trading methology

[list][*]Never risk 10pips to get 5 pips ie a negative RR[*]Never add to a losing position to average down[*]Never risk more than 5% of your account on any 1 trade[*]Never 2nd guess the market You dont know where its heading in the next 10mins neither do I[*]Never over analyse your entry ,you get 3 green lights you enter thought process over[*]Never move your stop from its initial position its in a technically excellent position ie below or above last swing hi or lo[*]Never reduce your TP if your anxious leave...
Very inspirational Paulus!!

Can I come trade with you for a day? we should double our banks and split profits

D
  • #2,664
  • May 29, 2011 7:22pm May 29, 2011 7:22pm
Quoting Brapp
Thank you, Dave! What pivot indicator do you use? I like that it keeps the previous days in place.

Hi Brapp..

Here is the pivot indy I use. You can set the indy for cam lines, fib lines or daily pivots.
Attached File(s)
File Type: ex4 xPivotMultiday_v1.31.ex4   30 KB | 557 downloads
  • #2,665
  • May 30, 2011 2:27am May 30, 2011 2:27am
Anyone using camarilladt post up some charts please. Having problems here because of sunday candle. Having to use another indie so need to check.
  • #2,666
  • May 30, 2011 4:23am May 30, 2011 4:23am
Trading this system live now. I have found that with some pairs (as Dredding mentioned) a higher time frame seems to work really well.
  • #2,667
  • May 30, 2011 11:40am May 30, 2011 11:40am
Quoting Whistlepips
Would youguys take this kind of a setup? Several semafors in between those two lows, but those two can be estimated to be from a trend in a larger tf. Maybe I should check is there semafors present in those larger tf`s?
Hey Whistlepips, can I ask what the indicator is on the top right of your chart. I assume it's a trend indicator but does this show heiken ashi on each timeframe or is it indicating something else?

Cheers,

Tritan
  • #2,668
  • May 30, 2011 12:40pm May 30, 2011 12:40pm
did anyone take any trades today?
  • #2,669
  • May 30, 2011 1:12pm May 30, 2011 1:12pm
Its a holiday in the US man.....so the US BANKS ARE CLOSED which = NO VOLUME....lol
  • #2,670
  • May 30, 2011 1:22pm May 30, 2011 1:22pm
Quoting Dredding82
Its a holiday in the US man.....so the US BANKS ARE CLOSED which = NO VOLUME....lol
ohh.. i didn´t look at the calendar today and i thought, why we have no action today.. man man man... thanks dredding
  • #2,671
  • Edited 1:40pm May 30, 2011 1:26pm | Edited 1:40pm
Quoting AndreyBecker
ohh.. i didn´t look at the calendar today and i thought, why we have no action today.. man man man... thanks dredding
Checking the calendar EVERYDAY should be part of your everyday trading plan...Even though we do not use FA in the Freebie System it is still good to know when and what reports(Unemployment,NFP, BANK HOLIDAYS! lol...etc) come out. As i have said before once you get the Freebie System down and can make steady profits EVERYONE should look into FA....A good trader can just use TA or FA but A GREAT TRADER uses TA & FA together.
  • #2,672
  • May 30, 2011 1:40pm May 30, 2011 1:40pm
Quoting Dredding82
Checking the calendar EVERYDAY should be part of your everyday trading plan...Even though we do not use FA in the Freebie System it is still good to know when and what reports(Unemployment,NFP, BANK HOLIDAYS! lol...etc) reports come out. As i have said before once you get the Freebie System down and can make steady profits EVERYONE should look into FA....A good trader can just use TA or FA but A GREAT TRADER uses TA & FA together.
yes, you are right.. i notice always the important news, but today i didn´t want to trade, because had to learn for the exam and read your thread further, mayby i find any more great things to be profitable with this strategy.. just looked sometimes at the charts and was suprised...

cheers
  • #2,673
  • May 30, 2011 2:04pm May 30, 2011 2:04pm
Quoting Dredding82
Checking the calendar EVERYDAY should be part of your everyday trading plan...Even though we do not use FA in the Freebie System it is still good to know when and what reports(Unemployment,NFP, BANK HOLIDAYS! lol...etc) come out. As i have said before once you get the Freebie System down and can make steady profits EVERYONE should look into FA....A good trader can just use TA or FA but A GREAT TRADER uses TA & FA together.
Dredd what type of systematics do you have in your FA? Buy the rumor sell the news? Do you use some method to keep track on news. I have found it difficult to systematicaly keep track on news and their impacts on relative strength between currencies, but I have found that strong deviation from the forecast typically seems to make a big reaction.
  • #2,674
  • Edited 2:33pm May 30, 2011 2:11pm | Edited 2:33pm
Quoting Whistlepips
Dredd what type of systematics do you have in your FA? Buy the rumor sell the news? Do you use some method to keep track on news. I have found it difficult to systematicaly keep track on news and their impacts on relative strength between currencies, but I have found that strong deviation from the forecast typically seems to make a big reaction.

The news is the NEWS....NOT FA! im talking about the reports and the numbers....Past reports are leading indicators of most furture reports that are to come...havent you ever wondered how they get the "forecast"....well its VERY SIMPLE! you just find other past reports that would influence the current report that is going to come out and see if the number are better or worst for that country...FA is very easy just like trading once you forget all the BS and crap others say. Most times they just are trying to make the mouth sound as big as their $200,000 student loan debt and make the retail investor feel stupid or lost. Anyways like i said im not going to get into FA on this thread.
  • #2,675
  • May 30, 2011 2:17pm May 30, 2011 2:17pm
I do not use FA to place, enter or exit trades....i use FA to SEE THE BIG PICTURE of what that currency pair is really doing and why or what that pair might do when the report comes out. FA is so EASY....if you do it right...you know if the number is going to be good or bad days if not weeks before the report is released. Everyone thinks it takes countless hours of running numbers and looking thru reports...WRONG! once you know where to find the reports and what ones to look at....it takes maybe 15 mins per report you want to "forecast" ...so 15 mins of extra work that will better your trading, keep you out of "whipsaw trades" and let you understand why the market is doing what it did.
  • #2,676
  • May 30, 2011 2:23pm May 30, 2011 2:23pm
As to keeping track....YOU are your OWN BUSINESS! unless you have the funds and trust someone to give you trading advise or run your numbers/research reports...you have to do all your own homework, made sure you do it on time(so your not in a rush) and most of all know how to file your paper work. I save all my FA reports on a hard drive but i also keep a printed copy.
  • #2,677
  • May 30, 2011 2:30pm May 30, 2011 2:30pm
Quoting Dredding82
I do not use FA to place, enter or exit trades....i use FA to SEE THE BIG PICTURE of what that currency pair is really doing and why or what that pair might do when the report comes out. FA is so EASY....if you do it right...you know if the number is going to be good or bad days if not weeks before the report is released. Everyone thinks it takes countless hours of running numbers and looking thru reports...WRONG! once you know where to find the reports and what ones to look at....it takes maybe 15 mins per report you want to "forecast" ...so...
Thanks Dredd. I really much appreciate you sharing your experience. Improving FA is in my to do list in near future.
  • #2,678
  • May 30, 2011 4:21pm May 30, 2011 4:21pm
been away for 3 days ...

Will answer questions in morn off to bed now

cheers all

P
  • #2,679
  • May 30, 2011 6:37pm May 30, 2011 6:37pm
Pull up a 4hr chart of EU. You can see we are at a critical stage here. The latest 4hr candle is within the resistance zone. We've had 2 strong rejections (aqua arrows) in the past. The current 4hr candle ( yellow arrow) looks really bullish but we still have 2 hrs before it completes and alot can change in 2 hrs. If this candle closes on a strong bullish note I wouldn't be looking to trade against the bullish move until I see some PA form that gives me a reason to think that we may reverse.
Attached Image (click to enlarge)
Click to Enlarge Name: eu 4hr t1 31.5.11.jpg Size: 183 KB
  • #2,680
  • Edited 8:15pm May 30, 2011 7:53pm | Edited 8:15pm
Just playing with weekly pivots on H1 charts, interesting stuff, and midpoints look useful too.

On the last chart £/CHF hopefully you can see price being rejected by M3 twice as indicated and LLs being formed.

I now need to think about stops, targets, candle sizes, and MM.


Cheers to Whistlepips and Dredd for their input

ST
Attached Image(s) (click to enlarge)
Click to Enlarge Name: euweeklypivotsh1.jpg Size: 131 KB
Click to Enlarge Name: gjweeklypivotsh1.gif Size: 33 KB
Click to Enlarge Name: guweeklypivotsh1.jpg Size: 111 KB
Click to Enlarge Name: goldweeklypivotsh1.gif Size: 33 KB
Click to Enlarge Name: nymexweeklypivotsh1.gif Size: 27 KB
Click to Enlarge Name: £chfweeklypivotsh1.gif Size: 31 KB
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