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Price Action Trading with Indicators! The Freebie System

  • #3,101
  • Jun 22, 2011 7:59pm Jun 22, 2011 7:59pm
I just made 49 pips on this easy one hr trade.
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  • #3,102
  • Edited 10:51pm Jun 22, 2011 9:57pm | Edited 10:51pm
Hi, all. I updated the PivotsForFreebie by allowing an option to run the lines full screen (showing prices in the margin) or just run them from the current bar (no prices) if you want to keep you charts clean. I've seen several other indies that do the same.

Ok, bug fixed.
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File Type: mq4 PivotsForFreebie.mq4   8 KB | 466 downloads
  • #3,103
  • Jun 22, 2011 10:44pm Jun 22, 2011 10:44pm
Quoting DrDave
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...
Hanovers recent s/r indy is good for this also
We are all One. Be present. Be the Observer
  • #3,104
  • Edited 11:19pm Jun 22, 2011 11:07pm | Edited 11:19pm
The first pivot indicator which i did give out drew the current pivots on the past days so you could see the past price action but everyone was crying over not being able to see the past days pivots so i told everyone to pick there own pivot indicator.
You could just use the PivotsForFreebie indicator that ericjschroed modified that draws the lines over the past days and look for it...instead of adding more indicators then needed....it even changes adjusts the pivots when you change TFs and like days like today when UsdGbp moved so much yesterday you can just change the pivots to fib pivots for tighter pivots...just a thought though
  • #3,105
  • Jun 23, 2011 12:43am Jun 23, 2011 12:43am
Quoting Lizardman
It's just 20 pip, but for me it's awsome!
I went back to your post#3097 and looked at that pic again. (See attached pic.) I think the same as before--it shows an uptrend, so you should have been buying; maybe at the arrow I added. (I didn't look closely to see if the down leg stopped close to a pivot line or not.)

So your short entry was actually a counter-trend trade.

But as I said in my post about your second trade, maybe you don't consider the trend direction as one of your rules.

But in any case. you got some nice pips! And at the end of the day, that's what counts.

DrDave
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To free Gazans of Hamas, use whatever it takes.
  • #3,106
  • Jun 23, 2011 3:39am Jun 23, 2011 3:39am
Dread, I am using TradeStation. Is it possible to get TradeStation indicators for the Freebie System?

Even if not, I have really got a great kick from your thread. I picked up a link here from Kreslik. I can't tell you how much I appreciate your generosity. You have renewed my confidence not only in trading but in humanity. Not every person is totally selfish.

Thanks'

Jakamore
  • #3,107
  • Edited 4:50am Jun 23, 2011 4:30am | Edited 4:50am
Quoting Paulus
This has been one of the busiest and toughest days for a long time..small movement means lots of signals close together and has been very difficult for me to control considering I do not place my trades within MT4

I am now going to bed as I feel very tired ...lols

I will do a break down tomorrow but the results are

16 signals for a gain of 8% ROC

Its been a tough one

hope you all done well

P
Fair play Paulus..

A question for you if I may, in the attached chart I was looking at an entry on the au but got nervous of it. Distance from pivot and semafor on top. Would you have taken this as a valid entry or am I just thinking too damn hard?

Balrog.

Update: it would have been a losing trade but that's not to say I should not have taken it in the first place.
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  • #3,108
  • Jun 23, 2011 5:52am Jun 23, 2011 5:52am
just took a short trade on usd/cad m15... it isnīt with the trend, but we have tripple top, so i think this could be a good one...
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  • #3,109
  • Jun 23, 2011 6:02am Jun 23, 2011 6:02am
Shorted NYMEX
Moved stop to BE@+25
Stopped out by 1 pip
Hit TP point +50 and now approaching +100 move

oh well
" Dont wait for your boat to come in ..... swim out and meet it"
  • #3,110
  • Jun 23, 2011 8:12am Jun 23, 2011 8:12am
yummy yummy

Got +50 here (didnt get stopped this time). Unf only trade 1 lot on this in error.

Still happy with this though

ST
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" Dont wait for your boat to come in ..... swim out and meet it"
  • #3,111
  • Jun 23, 2011 8:36am Jun 23, 2011 8:36am
Quoting balrog
Fair play Paulus..

A question for you if I may, in the attached chart I was looking at an entry on the au but got nervous of it. Distance from pivot and semafor on top. Would you have taken this as a valid entry or am I just thinking too damn hard?

Balrog.

Update: it would have been a losing trade but that's not to say I should not have taken it in the first place.
I take them all as they are all calculated at 5% so if I have a 3 pip candle or a 30 pip candle the risk to my account will be the same ie 5%

Thats the beauty of trading a %..and not going for a pip gain

Cheers

P
  • #3,112
  • Jun 23, 2011 8:39am Jun 23, 2011 8:39am
Some help on these please.

Chart of Dow today.

You can see price failing both 12000 and FIB2 here. I wasnt watching so did not see the semaphor and switched back to see BIG 3 making LLS.

I presume that the BIG3 would have been at the position on last number 1 which you can see at top of the laast swing high, and has since moved to new position below.

Thx

ST
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" Dont wait for your boat to come in ..... swim out and meet it"
  • #3,113
  • Jun 23, 2011 9:40am Jun 23, 2011 9:40am
Quoting Paulus
I take them all as they are all calculated at 5% so if I have a 3 pip candle or a 30 pip candle the risk to my account will be the same ie 5%

Thats the beauty of trading a %..and not going for a pip gain

Cheers

P
I hear you..

Regarding your 5% risk, do you find that when working out the pip value it doesn't exactly work out at 5% when you look at your result after the trade? I find that when I try and risk 1% it works out invariably a small bit higher or lower and that in turn affects the profits (albeit not by much). I guess it's because of the way that I am working it out as well as the delay in candle close and putting trade on along with using a different platform/company for trade execution and charting. I suppose it's never going to be exact.

Balrog.
  • #3,114
  • Jun 23, 2011 10:08am Jun 23, 2011 10:08am
Quoting AndreyBecker
just took a short trade on usd/cad m15... it isnīt with the trend, but we have tripple top, so i think this could be a good one...

SL was hit: -5%

a possible trade on usd/jpy m15
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  • #3,115
  • Jun 23, 2011 10:27am Jun 23, 2011 10:27am
Quoting AndreyBecker
SL was hit: -5%

a possible trade on usd/jpy m15

Are all your MTF HA lined up? TREND IS YOUR FRIEND...trend changes suck but that is part of trading!
  • #3,116
  • Jun 23, 2011 10:37am Jun 23, 2011 10:37am
Quoting balrog
I hear you..

Regarding your 5% risk, do you find that when working out the pip value it doesn't exactly work out at 5% when you look at your result after the trade? I find that when I try and risk 1% it works out invariably a small bit higher or lower and that in turn affects the profits (albeit not by much). I guess it's because of the way that I am working it out as well as the delay in candle close and putting trade on along with using a different platform/company for trade execution and charting. I suppose it's never going to be exact.

Balrog....

Yes all the time..but then I often make 7.6% or 5.4% etc etc

I always round down my actual % figures otherwise Il be posting -4.85% or +12.76 %

It works out the same roughly over a month or so

P
  • #3,117
  • Jun 23, 2011 10:43am Jun 23, 2011 10:43am
better day today

GU +7%
UC +5% long from 0.9799
EU -5% +15% short from 1.4165
AU +9% short from 1.0477

ROC 31%

P
  • #3,118
  • Jun 23, 2011 3:42pm Jun 23, 2011 3:42pm
Quoting Paulus
better day today

GU +7%
UC +5% long from 0.9799
EU -5% +15% short from 1.4165
AU +9% short from 1.0477

ROC 31%

P
Great Job TRADING! like always Paulus
  • #3,119
  • Jun 23, 2011 3:44pm Jun 23, 2011 3:44pm
Quoting jakamore
Dread, I am using TradeStation. Is it possible to get TradeStation indicators for the Freebie System?

Even if not, I have really got a great kick from your thread. I picked up a link here from Kreslik. I can't tell you how much I appreciate your generosity. You have renewed my confidence not only in trading but in humanity. Not every person is totally selfish.

Thanks'

Jakamore
I dont use TradeStation....i know TRO used to code a bunch of stuff for them and im sure he has TradeStation indicators on that site for it. If not msg him and ask him.
  • #3,120
  • Jun 23, 2011 3:47pm Jun 23, 2011 3:47pm
Quoting speedtrip
Some help on these please.

Chart of Dow today.

You can see price failing both 12000 and FIB2 here. I wasnt watching so did not see the semaphor and switched back to see BIG 3 making LLS.

I presume that the BIG3 would have been at the position on last number 1 which you can see at top of the laast swing high, and has since moved to new position below.

Thx

ST
Not to sure what your REAL question is but.................................
Im pretty sure the 3 would have been at the 1 ZZ dot and once it made a LL it switched....which as i have said you dont CARE about the number...your just using the indicator to see the swings. The TREND was down from the MAs you have on your chart and the ZZ dots making LL....so you should have been looking for shorts not longs.
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