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Price Action Trading with Indicators! The Freebie System

  • #3,001
  • Jun 21, 2011 3:13am Jun 21, 2011 3:13am
Quoting Paulus
paulus , please point out if any rules wrong:
1. looking for entry only after london open.

2. long trade if:
2.1 count Only last three semafor point ,if you see a base semafor , higher semafor, then higher low semafor than base semafor.correct

2.2 price bar close at near and on top of pivot line .yes or just broken through on signal bar
2.3 at same time HA bar change color from short to long trade.yes
2.4 entry long trade at begin of second HA long bar.[color=red]or close of 1st which...
thanks Paulus. by the way, are you care about news at all?
  • #3,002
  • Jun 21, 2011 3:13am Jun 21, 2011 3:13am
Quoting Iamfx
I know S/R lines pivots etc are regarded as zones rather than definite lines. With this in mind on a 5m do you have a max range from such a line before you begin to worry about the significance of the line? or do you just gauge the PA and as long as its repetitively rejecting its a goer?
Cheers
IAMFX,
Here is a little trick that can help you decide where the "zones" might be. Open any chart. Be sure the pivot lines are drawn. Now change the chart view so you can view a LOT of candles. (e.g. if on a daily chart, get 100-200 candles in view.) Now add a new horizontal line to the chart near your selected pivot line. Grab your line and move it above the pivot line and look to see if you are getting a lot of high swing points close to your line. You'll have to make a subjective decision about exactly where you want to put the line, but you want it a little bit above the "dense" area of highs, but not so high that it sits with almost no highs near it. Then do the same exercise with the lows. These 2 lines are your "zone boundaries" around the pivot line. I like to draw a colored rectangle, about 80% transparent, projected into the future over this zone. I use different colored rectangles for each important zone.

When trading charts lower than the daily, consider drawing the same rectangle you created on the daily onto your trading timeframe. If the price action is outside of the rectangle from the daily that you selected, check the daily to see if there is another rectangle in which price on your chart is trading near. If price is far from ANY rectangles you have from the daily, then it is running in the transition area between zones and you can switch to a lower time frame than the daily to find another set of "zones" to use.


DrDave
To free Gazans of Hamas, use whatever it takes.
  • #3,003
  • Jun 21, 2011 3:44am Jun 21, 2011 3:44am
Quoting prof8t
Good method to use. I use the 20 pips per day method myself. I figure, if you can maintain the consistency, then you can just simply increase the lot sizes.
And while you're still learning and building your confidence, as soon as you've either closed your trades at 20 or more pips or had a loss, switch to demo trading.

DrDave
To free Gazans of Hamas, use whatever it takes.
  • #3,004
  • Jun 21, 2011 3:59am Jun 21, 2011 3:59am
Quoting Paulus
I lost 1% on the EU short this was closed when I went to bed

I was 1 pip away from +15% on it ..needed 55 hit 56 but that's trading forgotten already

ROC yest +14%
P
Hi Paulus;
Iīm not so sure about your MM.
For example; if your start the Monday with an initial balance of 2000$ and this day your benefit is 40 %.. Your withdraw the 800 $of profit and start on Tuesday with 2000 $ ? or your withdraw on weekend ?.

Iīm sorry for my bad english
Cheers

  • #3,005
  • Jun 21, 2011 4:26am Jun 21, 2011 4:26am
Quoting ericjschroed
Thanks everyone for continuing to post trades and results and charts! I'm still new to this method and have to find a way to manual trade around my job, etc., until/unless I can program an EA to trade while I'm asleep.

If anyone likes the Fib_Pivots indicator, I've modified it to fit Dredd's recommendations. From H1 on down, it shows D1 Pivots, H4 shows W1 and D1 shows M1 Pivots, so you only need one indicator and can easily switch between TFs. You can also choose if you want Standard Pivots instead of Fib Pivots by a True or False. If you...

Thanks Eric, it helps a tonssss !!!
  • #3,006
  • Jun 21, 2011 4:35am Jun 21, 2011 4:35am
Quoting Paulus
AU looking ok

have hit 10% my rule as per earlier trades several weeks ago is TP is next pivot or 15% gain what ever hits 1st

In this case it looks like 15% rather than the pivot which is lower

Paulus
a off-topic issue caught my eyes....

Paulus , u have change yr broker ? : )
  • #3,007
  • Jun 21, 2011 5:02am Jun 21, 2011 5:02am
Quoting Brapp
Paulus (and anyone else with wisdom to share),

I know this has been discussed before and I just can't seem to get a handle on it -- your pivot levels really appear to work for you. I have not been able to get my settings to match your levels.

I know there are pivots, fib pivots, camarilla pivots and different times that each of those might be calculated depending on broker times, etc. Does it matter what those levels are? or just that there is a rejection and setup at one of them?

I really like this system... but this pivot level question...
Brapp, As has been said by Dreddings and others over-and-over (and over-and-over...), it doesn't matter which pivots you use. Try a set of pivots and see how they look. For example, after you put on some pivots, scroll back in time and look to see how price has behaved around those lines in the past. Do those lines make good support/resistance by price getting rejected quite often? If yes, then try them out for several days of real trading and see how they work for you. Or does price mostly blow through your lines, rarely bouncing or even hesitating? if the lattter, take off those pivots and try another set.

The only reason I can see for wanting to match anyone else's pivot lines is simply so you can see EXACTLY the same chart that he sees. And of course, that is really helpful if you have a trading buddy that you're wanting to compare notes with and discuss details about and analyze specific trades.

DrDave
To free Gazans of Hamas, use whatever it takes.
  • #3,008
  • Jun 21, 2011 5:06am Jun 21, 2011 5:06am
FINALLY--Broke through the "Junior Member" barrier, so I can email Dreddings. Still have 40 pages of the thread to get through, though. LOL
Also was able to vote now.

DrDave
To free Gazans of Hamas, use whatever it takes.
  • #3,009
  • Jun 21, 2011 5:14am Jun 21, 2011 5:14am
my 1. trade for today: usd/cad m15

look at the chart.
Attached Image (click to enlarge)
Click to Enlarge Name: usdcadm15.gif Size: 48 KB
  • #3,010
  • Edited 6:40am Jun 21, 2011 5:35am | Edited 6:40am
Quoting tritan
Update:

EU: -5% currently short
AU: -5%, -5%,
GU: -5%, -5%, -5%,
UC: 5%, -5%

Daily total so far: -30%
Hey Tritan, no offence meant, but whatever you are doing for your setups, KEEP DOING IT, and then enter in the OPPOSITE DIRECTION from what your system says. Then you'll get >80% winning trades, according to your recent statistics.

DrDave
To free Gazans of Hamas, use whatever it takes.
  • #3,011
  • Edited 4:04pm Jun 21, 2011 6:39am | Edited 4:04pm
Quoting Whistlepips
These I find a bit problematic. There is a kind of wedge forming, but all the other setup triggers are present. Should I take it or not? According to the rules maybe not.
Whistlepips, First, if at ANY potential entry you are vacillating between "Should I or shouldn't I; Is the set up right or not?", then you should not be entering, period. You need to make a firm decision of YES or NO and not HOPE that your decision is the correct one. If you don't see a CLEAR setup, then you need to keep practicing in your demo account while keeping a journal that records WHY you entered the trade and then HOW the trade progressed. At a later time you can review your trades, both winners and losers, to help you see how the setups were different or how the market behaved after the entry.

Second, it would help you if you put more bars on your screen to get a look at a "bigger picture" to help understand how the big down move fits into the bigger picture. Is it just a retracement in an up move (that we can't see because it is somewhere off on the left side), or is it a new downtrend forming? After you have the "big picture" formulated, you can zoom back in with fewer bars to concentrate on what signals need to be in place to open a trade.

Now just consider what we do see in your pic. After the L with the 3, there is a retracement back up followed by another down leg that certainly suggests this is now a downtrend. But see how that downleg stopped at a higher low? The market players are not ready to commit to a full blown downtrend on this timeframe or it would have continued down significantly below that L at the 3. Also, look at that same downleg. Look how many candles have tiny bodies with long wicks. Again, indecison markers. And then the following up leg made a lower high; not enough interest by the buyers to drive price up any further, so more indecision. So the combination of all the indecision with a higher low followed by a lower high shouts--WAIT!

Somewhere I read there is just 1 of 3 positions that you can be in: long; short; or waiting. And if you are a trend trader, MOST OF YOUR TIME WILL BE SPENT WAITING, because the market trends only about 30% of the time.

DrDave
To free Gazans of Hamas, use whatever it takes.
  • #3,012
  • Jun 21, 2011 6:43am Jun 21, 2011 6:43am
Quoting AndreyBecker
my 1. trade for today: usd/cad m15

look at the chart.
TP was hit. +5%

Cheers
  • #3,013
  • Jun 21, 2011 7:13am Jun 21, 2011 7:13am
OMG !!!!!!!!!!!!!!!!!!!!


Look at the chart,

I short at M3, and the GBP has just "kissed" the Pivot Line


I have already place my TP at 1pip higher of it

but it doesnt trigger and +5% become -5%

I happened at yesterday too
Attached Image (click to enlarge)
Click to Enlarge Name: 6f UNFAIR BROKER.jpg Size: 135 KB
  • #3,014
  • Jun 21, 2011 7:22am Jun 21, 2011 7:22am
Quoting frontline141
OMG !!!!!!!!!!!!!!!!!!!!


Look at the chart,

I short at M3, and the GBP has just "kissed" the Pivot Line


I have already place my TP at 1pip higher of it

but it doesnt trigger and +5% become -5%

I happened at yesterday too
what was your sl? if you go short, you must add spread to your sl.. for example you go short and your sl is 1 pip above the high. your spread is 2,5 Pips. so you must place yoursl 3,5 pips about the high...
if you go long you havenīt to add the spread... your sl would be 1 pip under the low
  • #3,015
  • Jun 21, 2011 7:30am Jun 21, 2011 7:30am
Quoting AndreyBecker
what was your sl? if you go short, you must add spread to your sl.. for example you go short and your sl is 1 pip above the high. your spread is 2,5 Pips. so you must place yoursl 3,5 pips about the high...
if you go long you havenīt to add the spread... your sl would be 1 pip under the low
I have add the 3 spread above the Red Ball of the SL

and 1 more for the "space"

As the chart, Gbp has up higher and build at Yellow 3
  • #3,016
  • Jun 21, 2011 7:36am Jun 21, 2011 7:36am
Quoting frontline141
OMG !!!!!!!!!!!!!!!!!!!!


Look at the chart,

I short at M3, and the GBP has just "kissed" the Pivot Line


I have already place my TP at 1pip higher of it

but it doesnt trigger and +5% become -5%

I happened at yesterday too
and actually, I did short at the pervious red arrow too

To me, its a

1, Semfor ball ( at that moment , there's one there)

2, fail at pivot point

3, Red HA candle

4, LH after a LL

Today I have my 5 loss in a row

may be I should change my Pivot Line or Broker something?
  • #3,017
  • Jun 21, 2011 7:39am Jun 21, 2011 7:39am
Quoting frontline141
I have add the 3 spread above the Red Ball of the SL

and 1 more for the "space"

As the chart, Gbp has up higher and build at Yellow 3
hmm.. i would say, change your broker
  • #3,018
  • Jun 21, 2011 9:05am Jun 21, 2011 9:05am
blimey its got busy in here will catchup later tonight

ST
" Dont wait for your boat to come in ..... swim out and meet it"
  • #3,019
  • Jun 21, 2011 9:17am Jun 21, 2011 9:17am
Quoting piphat
thanks Paulus. by the way, are you care about news at all?
no I have won and lost about the same on news so ignore it..but thats just me

P
  • #3,020
  • Jun 21, 2011 9:20am Jun 21, 2011 9:20am
Quoting frontline141
a off-topic issue caught my eyes....

Paulus , u have change yr broker ? : )
Yes i dont fund my mt4 so they run out I use spread betting companies to trade with ..MT4 to look at charts ..as spread betting companies software is not so flexible

P
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