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Price Action Trading with Indicators! The Freebie System

  • #3,221
  • Jun 26, 2011 10:39pm Jun 26, 2011 10:39pm
Hi Dredding82

I have PMed you yesterday about the indies hope it went through....

many pips to you

Cheers

Ali Raza
Raza
  • #3,222
  • Jun 26, 2011 10:41pm Jun 26, 2011 10:41pm
Thanx brotha man!
Quoting ericjschroed
The answer is NO, but I can't find the post where he answered this either so I'll let you off the hook, just once . It's just this amazing memory I have (see signature).
Damn The Torpedoes, Full Speed Ahead!
  • #3,223
  • Jun 26, 2011 11:26pm Jun 26, 2011 11:26pm
Quoting DizzleFX
Alright Dredd, so i have added the Daily Range Indicator, how do I use it to help determine were my TP is going to be? Im assuming I just look at the Daily High or Daily Low depending on the trend, subtract that from the current price and then take that answer and subtract it from the Daily Average.

I.E. (Down Trend)

Daily High 1.43050
Price - 1.41790
----------
= 126 <---- then subtract that from the Daily Average of 178 = 52. So I can expect it to continue
down about 52 more pips?
Attachment
This is a very good ATR indicator, it places lines on the chart where the projection up and down are, you will probably have to change the colours if you have a black chart because they are grey and black so change them to something brighter in properties. Sorry I don't have the mq4.
Attached File(s)
File Type: ex4 LFL-ATRprojections.ex4   6 KB | 494 downloads
  • #3,224
  • Jun 27, 2011 12:39am Jun 27, 2011 12:39am
Hi Ohammond,
Thanks for sharing the indy. Could you explain what is the use of the level lines which are between the projection up and projection down (Level 1)? Many thanks.
  • #3,225
  • Jun 27, 2011 12:51am Jun 27, 2011 12:51am
Quoting FFJason
Hi Ohammond,
Thanks for sharing the indy. Could you explain what is the use of the level lines which are between the projection up and projection down (Level 1)? Many thanks.
As far as I can tell it would be a first TP, price seems to use that as support/resistance, very often it will bounce there on its way to the projection and sometimes it will turn there altogether. Well thats what I use it for anyway.
  • #3,226
  • Edited 2:10am Jun 27, 2011 1:39am | Edited 2:10am
Entered on LH Long.

1)Refuse pivot
2)ZZ semafor (LH)
3)Green HA

Tp reached
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  • #3,227
  • Jun 27, 2011 2:22am Jun 27, 2011 2:22am
I have 2 trades live atm..both triggered on the 8am bar so I guess that complies with my rules of trade UK session

I have drawn trend line to show count of semaphore indicates short term up trend with HH and HL


They look good but could easily fail your guess is as good as mine all we have done here is stack the odds in our favour 51% to 49% will do me

Pivot line or 15% seems a long way off but its a valid signal so we take

cheers

P
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  • #3,228
  • Jun 27, 2011 2:52am Jun 27, 2011 2:52am
not that I do or take into account this type of thing with trend lines but critical time for the AU trade right now reacting to existing drawn TL

P
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  • #3,229
  • Edited 3:01am Jun 27, 2011 2:55am | Edited 3:01am
I can't agree more on the fact that this system can be very mechanical.



1)Refusal of midpivot
2)ZZ semafor behind
3)Ha switched from red to green
4)LH

Update: SL
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  • #3,230
  • Jun 27, 2011 2:56am Jun 27, 2011 2:56am
Quoting Paulus
not that I do or take into account this type of thing with trend lines but critical time for the AU trade right now reacting to existing drawn TL

P
I took that trade too, failed
  • #3,231
  • Jun 27, 2011 3:06am Jun 27, 2011 3:06am
Quoting frontline141
I took that trade too, failed
Yes both failed but MM in place so just keep trading..

I had a gain of 4% on 1 and 6% on the other to close early is not the way forward

P
  • #3,232
  • Jun 27, 2011 3:09am Jun 27, 2011 3:09am
Quoting Paulus
Yes both failed but MM in place so just keep trading..

I had a gain of 4% on 1 and 6% on the other to close early is not the way forward

P
I missed the Eur trade as I was day dreaming

but I may exit the one with profit as I consider the ""daily open" position as a resistance too
  • #3,233
  • Jun 27, 2011 3:10am Jun 27, 2011 3:10am
Quoting Paulus
I have 2 trades live atm..both triggered on the 8am bar so I guess that complies with my rules of trade UK session

I have drawn trend line to show count of semaphore indicates short term up trend with HH and HL


They look good but could easily fail your guess is as good as mine all we have done here is stack the odds in our favour 51% to 49% will do me

Pivot line or 15% seems a long way off but its a valid signal so we take

cheers

P
Thanks Paulus & Dred, I take your advices serious and try to stay calm and disciplined... ATM I'm also in the E$-Trade, but my pivots give me a go for the $Cad. Let's see...

Paulus, before I go life - I wanted to ask 2 Questions:
1) If we trade the freebie-system on 5min TF, the spread seems to me a big issue. ATM I have a spread from 2-3.5 pips. This seems to me very high. Is it better to take a broker who has lower spreads but pay commission instead? I'm looking for the best broker for this system. Do you have a hint? Paulus, which Broker do you use, if i may ask?

2) Sometimes the changed HA-Candle give a "late" (it's still early) entry for the trade. But I learned from another system, that the price-break of the reversal candle is also a good sign for the reversal... this is often earlier than waiting for the close of the HA. In the last two weeks this entry would have worked well. Has anybody experience with that idea?

By the way: I lost my two trades... but no problem, waiting for the next setup
  • #3,234
  • Jun 27, 2011 3:11am Jun 27, 2011 3:11am
Maybe someone can help me on this.


As per the rules (more by Paulus approach) I am wondering whether the last semafor (2) can be considered a LH.

Or maybe should wait a sequence of lh hh on brown semafor first?
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  • #3,235
  • Jun 27, 2011 3:31am Jun 27, 2011 3:31am
Quoting Wido24
Thanks Paulus & Dred, I take your advices serious and try to stay calm and disciplined... ATM I'm also in the E$-Trade, but my pivots give me a go for the $Cad. Let's see...

Paulus, before I go life - I wanted to ask 2 Questions:
1) If we trade the freebie-system on 5min TF, the spread seems to me a big issue. ATM I have a spread from 2-3.5 pips. This seems to me very high. Is it better to take a broker who has lower spreads but pay commission instead? I'm looking for the best broker for this system. Do you have a hint? Paulus, which Broker do...
I use a spread better service here in the UK.. I dont use MT4 brokers
and the spread just has to be dealt with as a trading expense.. I dont really see 3 pips the make and break of a system when some times I get 30 40 pips ie 15% wins

Your 2nd point is far to subjective for me..if I get the right colour HA at signal time I enter simple as that

hope that helps

P
  • #3,236
  • Jun 27, 2011 3:33am Jun 27, 2011 3:33am
Quoting oblo
Maybe someone can help me on this.


As per the rules (more by Paulus approach) I am wondering whether the last semafor (2) can be considered a LH.

Or maybe should wait a sequence of lh hh on brown semafor first?
LH Im confused the last semaphor looks like a Lower low

cheers

P
  • #3,237
  • Jun 27, 2011 3:49am Jun 27, 2011 3:49am
Quoting Paulus
I use a spread better service here in the UK.. I dont use MT4 brokers
and the spread just has to be dealt with as a trading expense.. I dont really see 3 pips the make and break of a system when some times I get 30 40 pips ie 15% wins

Your 2nd point is far to subjective for me..if I get the right colour HA at signal time I enter simple as that

hope that helps

P
Thx, Paulus... Your are right... I will stay to the clear rules... I think I'm too enthusastic after the good last week.
  • #3,238
  • Jun 27, 2011 4:10am Jun 27, 2011 4:10am
Well, something wrong and can't make attachments.

EU M5 in up trend. I show a retracement downn to M1. Bought 1.4155 the next white HA candle with stoch crossed up. TP was the pivot line at 1.4166. Had to leave, so took just 10 pips.

I see that the first leg up only got just above my exit. After a retracement, the upmove continued beyond the pivot and even over R1 at 1.4185 and has made a new 3 high.

DrDave
To free Gazans of Hamas, use whatever it takes.
  • #3,239
  • Jun 27, 2011 4:38am Jun 27, 2011 4:38am
GBP 5min , TP at daily open instead of H3


so my profit is limited at 5% from 10%


Is daily open / weekly open a resistance?

Sometimes its does sometimes it doesnt

so confusing ~_~
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  • #3,240
  • Jun 27, 2011 5:00am Jun 27, 2011 5:00am
Quoting Paulus
LH Im confused the last semaphor looks like a Lower low

cheers

P
I mean, if we take into the count the pink and yellow semafors only. Please look the pic below. Otherwise I cannot see the point of a zz semafor instead of a normal zigzag indi.
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