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Price Action Trading with Indicators! The Freebie System

  • #2,821
  • Edited 5:26am Jun 6, 2011 3:27am | Edited 5:26am
Quoting Paulus
When I enter a trade a short for example I look at the next pivot down if thats within 5% ie closer in pips than my SL then I set my TP to 5% and close out at 1:1 RR

If I go short and my next pivot down is greater than 5% then I close when I hit the pivot

I round the figure for posting to the nearest % no point putting TP hit 7.78 %
So I post 7%

My Max TP is 15 % ie the next pivot down is a long way off due to large moves yesterday..25 30% tp's are unrealistic so I set them to max 15% which is the text book ideal RR of 3:1

I never move my SL...
I saw a good entry short at the EU 5tf 15min after LO. And it works well atm. But if I want to trade only with the trend, is it not always important to wait not only for the next Semafor (20min. before LO) but also for the next LH or HL at the change of the trend (15min. after LO)? That would mean at a trendchange like EU today - I couldn't just trade the next Semafor directly, right?

Sorry for my poor english... I'm from Germany...

Upps... I think you answered that question a few posts ago... "we need 3 semafors for a trendchange"... thx and sorry!
  • #2,822
  • Edited 7:04am Jun 6, 2011 6:34am | Edited 7:04am
Just opened aud/cad long on 1 h little abowe weekly pivot. Entry based on green HA on m30. Entry still tradable. Atleast I think so

SL 1.0517 daily piv, TP 1.0610 weekly m4, daily r3

Opened E/J long near weekly piv. sl 2 below piv, tp on daily r1.
  • #2,823
  • Jun 6, 2011 8:06am Jun 6, 2011 8:06am
How do we configure the THV4 TzPivotsD indicator?

I'm using IBFX. Where can I find the server time? What is the difference between HrsChoice and HrsServer parameters?
  • #2,824
  • Jun 6, 2011 11:07am Jun 6, 2011 11:07am
Quoting pmullin86
good one bro...as it turns out I missed putting in a limit order on the pivot for that e/j order but nice entry...and that aud cad my pivots are different for so my chance to get in that would have been yesterday where we can clearly see price has long left that daily pivot level behind...would have been a nice entry though...

Paul
You can borrow my pivs
Sls and tps are according to my weekly pivs.

To set pivs on a different timezone in a particular currency pair depending on what the price seems to be obeying.......Hmmm.......
I have to test this one, when I have time. We could have discussions here about whose pivs is the price obeying in certain zz dot, lol
  • #2,825
  • Jun 6, 2011 12:53pm Jun 6, 2011 12:53pm
Quoting HiArt
Dear Readers,

a general apology to you and to Dredding in particular.

I have been working on an EA, but since then I have had a little holiday (vacation) for my Brothers 50th and also received some real paid work (and that doesn't happen to often). With luck I'll clear the work this week, but more likely by the end of next week. I can then return to the EA development.

Sorry this is taking so long. Life happens sometimes.

Art
exciting!



Quoting pmullin86
buy limit order in on e/u at 1.45815 5 pips above daily pivot level...stop is a couple pips below 50 percent of last up leg...so stop at 1.45538...once 1:1 if I get 1:1 will set trade to break even and manage accordingly from that point...

Paul

nice trade, didja snag it as it hit fib r1?
  • #2,826
  • Edited 5:37pm Jun 6, 2011 5:22pm | Edited 5:37pm
Quoting HiArt
Dear Readers,

a general apology to you and to Dredding in particular.

I have been working on an EA, but since then I have had a little holiday (vacation) for my Brothers 50th and also received some real paid work (and that doesn't happen to often). With luck I'll clear the work this week, but more likely by the end of next week. I can then return to the EA development.

Sorry this is taking so long. Life happens sometimes.

Art
Its all good HiArt..Everyone including myself needs there fun time with friends and family..you can make money just as easy trading this system by hand if you pick the TF you can really trade...Was just wanting an EA to help newbies. Thanks for the help cant wait to play with the EA when your done with it.
  • #2,827
  • Jun 6, 2011 5:36pm Jun 6, 2011 5:36pm
Thanks Dredd meant to respond earlier

Quoting Dredding82
for your pivots use 43200....that would be monthly pivots on the D1 charts. 10080 are used on the H4 charts for weekly pivots which is why your pivots are so tight.
" Dont wait for your boat to come in ..... swim out and meet it"
  • #2,828
  • Jun 6, 2011 7:46pm Jun 6, 2011 7:46pm
Quoting pmullin86
pic of entry from earlier still going
Nice trade!
Found a way to detect where the market will turn.
  • #2,829
  • Jun 7, 2011 3:07am Jun 7, 2011 3:07am
Quoting pmullin86
Nice little potential reversal area...looking to place short limit order in this area...daily ha red...trend is down but need to see what everything looks like a little closer to that and stop would be the high point where the 3 is....just a thought...

Paul
wasn't planning on trading tonight but I also did eye this one... still waiting for confirm
  • #2,830
  • Jun 7, 2011 8:08am Jun 7, 2011 8:08am
Dredding82,

Can you pls continue posting chart so that i can learn ij actual situation?
  • #2,831
  • Jun 7, 2011 9:09am Jun 7, 2011 9:09am
My 1st trade on this system..
Sell on EURGBP H4..

Pls help to command
Attached Image
  • #2,832
  • Jun 7, 2011 11:13am Jun 7, 2011 11:13am
Heres a trade I took take today;

Pivot had rejected price early in session TODAYS HIGH (BIG 3 on Pivot), folllowed by LLs (BIG 3 at bottom, then we see a LH (BIG 3 above but under Pivot/Daily High) followed by more LLs and another BIG3 at bottom.

I put a pending order of $99.10 at 14.32 and this was activated on the 15.15 candle (second failure).

TP1 +20
TP2 +22 (stopped out see below)

Once TP1 hit moved stop to BE+2. Initial target was +100 but price was struggling around M2/S1 (about +45/+50) so I moved up stop again locking in +22 and set and forget as going out. I was trying to close for +50 manually but it came within 2/3 pips and I had to go out.

As you can see price retraced and took out new stop before going on to breach S1/S2 and stopping at M1 for a +135 moved from my initial entry.

Had I left my stop at BE+2 this would have given +100 on TP2. Made the same mistake last week but at least im consistent .

I did enter Dow and GJ trades but quickly exited as I was not happy, got a few pips on these

As I post this price has just breached S2 again off the "third failure"

ST
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" Dont wait for your boat to come in ..... swim out and meet it"
  • #2,833
  • Jun 7, 2011 11:17am Jun 7, 2011 11:17am
Quoting Android38
My 1st trade on this system..
Sell on EURGBP H4..

Pls help to command
Attachment
Fair play to you, it looks like it turned out to be a half decent trade, but was it really trading WITH the trend?
  • #2,834
  • Jun 7, 2011 6:16pm Jun 7, 2011 6:16pm
Yesterdays' trade with TP.
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Forex is boring but profitable with patience and discipline
  • #2,835
  • Jun 8, 2011 3:05am Jun 8, 2011 3:05am
very quiet in here this morning, all busy making pips

ST
" Dont wait for your boat to come in ..... swim out and meet it"
  • #2,836
  • Jun 8, 2011 3:22am Jun 8, 2011 3:22am
Yeah seems v quiet at the moment..

I leave this place for a few days and I miss all the action.. Glad to see you're back Dredding..

First day back trading since last week and I get a couple of nice early winners trading 5m charts.. It's a good feeling when they work out this way (I wish they were all like this).

Paulus, how has the week been on your 5m charts?
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  • #2,837
  • Jun 8, 2011 8:55am Jun 8, 2011 8:55am
I was out with missus when this news came out.

Support @ $98 and S1 assisted the rise and no I didnt get on it but im short now

ST
Attached Image (click to enlarge)
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" Dont wait for your boat to come in ..... swim out and meet it"
  • #2,838
  • Jun 8, 2011 9:04am Jun 8, 2011 9:04am
Short Oil
TP1 +20
TP2 BE+2 so I have guaranteed +22
Target +100

I may get stopped out but its a free trade now.

ST
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" Dont wait for your boat to come in ..... swim out and meet it"
  • #2,839
  • Jun 8, 2011 11:19am Jun 8, 2011 11:19am
Ok, so I got stopped out on oil short which was definitely on the cards so +22 on that trade.

No a problem tho as I swapped the trade, and went long for =100 ...... nahhh only kidding, just managed to get some time to look at PC. The Long off the FIB R2 was the one to take unfortnately I was looking in a different direction.

Im currently a net +112 for tues/wed as no trading for me monday and this includes a complete cockup yesterday, otherwise I should be up around +180.

Im off to run some errands and will check in later

ST
Attached Image (click to enlarge)
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" Dont wait for your boat to come in ..... swim out and meet it"
  • #2,840
  • Jun 8, 2011 2:51pm Jun 8, 2011 2:51pm
Some sad news my wife's mother died on Sunday

In peace at home surrounded by her 6 children after a 16week battle against cancer

I wont be posting this week

Regards

Paulus
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