Price Action Trading with Indicators! The Freebie System | Page 171 | Forex Factory

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Price Action Trading with Indicators! The Freebie System

  • #3,401
  • Jun 30, 2011 9:37am Jun 30, 2011 9:37am
Quoting Gyro
Hey Dredd,

Your gbp trade is looking very good.
more pocket money for you lol.
nice trading.

Gyro
SHHHH...or people might really LEARN TO TRADE.....lol
  • #3,402
  • Jun 30, 2011 9:39am Jun 30, 2011 9:39am
LOL
  • #3,403
  • Jun 30, 2011 10:07am Jun 30, 2011 10:07am
Quoting Dredding82
Took this one about an hour ago....as you can see the price is moving from the bottom left to the top right on the chart so SCREAMS UPTREND even though the higher TF HA did not confirm it yet....then if you look at the last set of ZZ dots you see the LL yellow dot followed by a LH,HH then the HL which in my eyes told me to PULL the trigger...its already reached a 1:1 plus a little bit Risk:Reward.
(Is this another little gem that leaked out of the Pro System?)

DrDave
To free Gazans of Hamas, use whatever it takes.
  • #3,404
  • Jun 30, 2011 10:08am Jun 30, 2011 10:08am
Hi Dredd and thanks for your post

Seemed one step behind today, but its been a good 3 weeks as im well up on my account and very pleased indeed.

I dont usually trade that much, three today but +1.28% up.

1 loss
1 BE
1 Winner

I seemed to be missing buses today and getting off too early but it felt like a challenging day TBH.

Gonna sit in the sun now.

ST

Quoting Dredding82
Control your emotions....call it a day and just start fresh tomorrow. Your still in profit for the day so dont let your emotions and greed let you make bad trades by trying to make the profit you could have made.
" Dont wait for your boat to come in ..... swim out and meet it"
  • #3,405
  • Jun 30, 2011 12:09pm Jun 30, 2011 12:09pm
Took this short entry on 1 hour chart, trading live. I will let the TP run till HA changes color, or opposite signal. Any comments?
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  • #3,406
  • Jun 30, 2011 1:00pm Jun 30, 2011 1:00pm
I hope them to be well soon.

Quoting Paulus
3 good swaps 1 bad

20 year Son who is ill with glandular fever and my daughter broke her wrist today...hmmmm they say things come in threes I may just hit my thumb with a hammer and get it over with !
  • #3,407
  • Jun 30, 2011 1:02pm Jun 30, 2011 1:02pm
Quoting DrDave
(Is this another little gem that leaked out of the Pro System?)

DrDave
NO....thats just using the good ole Freebie System with nothing but my eyes for TREND..........
  • #3,408
  • Jun 30, 2011 1:03pm Jun 30, 2011 1:03pm
Quoting The7
Took this short entry on 1 hour chart, trading live. I will let the TP run till HA changes color, or opposite signal. Any comments?
Trend is up....You had a LL but then it made a HH....i would wait for a break to the downside and a retrace up before a start selling.
  • #3,409
  • Jun 30, 2011 2:04pm Jun 30, 2011 2:04pm
Hi Dredding. Very interesting thread. I would like to get the zig zag indicator you posted in Post 3424. I have been through the thread indicators and didn't find it. It is not nearly as cluttered as the zig zag or 3 Z indicators that I am now using to follow your great thread so I would greatly appreciate it if you would post it or PM it to me. Thanks!
Roger

P.S. I have run the attachments but am only about a quarter way through the thread. For your info the link to your old thread in Post 1 doesn't work
  • #3,410
  • Jun 30, 2011 3:21pm Jun 30, 2011 3:21pm
Before the TP is hit, what other signals should we use to close the trade earlier? I am assuming change in HA color?
  • #3,411
  • Jun 30, 2011 3:42pm Jun 30, 2011 3:42pm
Quoting DizzleFX
Im looking into it. Hopefully i can get some better trades. Any tips or suggestions?

Patience. Wait for the right setup.

The choice of screen time during the day be it 5 hours or 20 mins is a matter of personal preference.

Yesterday I took only two trades. GBPCHF already hit the TP of 1.3500 but EURCHF is still running.
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Forex is boring but profitable with patience and discipline
  • #3,412
  • Jun 30, 2011 3:48pm Jun 30, 2011 3:48pm
Sometimes, day doesn't have enough hours....
Last night, 2 trades:

USD/CHF
went with the trend on H1 chart only and for 1:1 R/R and got it.

NZD/USD
Again, went with the trend on H1 only and for 2:1 R/R, but trade was getting weaker, so I took it out on 13:00 candle(EST).
Still 1:1 R/R, better, than I had last weekend in Las Vegas!
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  • #3,413
  • Jun 30, 2011 9:21pm Jun 30, 2011 9:21pm
Didn't take copy until trade was over.
Entry 80.58
SL 80.39
TP 80.78 - at MR1 pivot at that time(80.81)

1, 2, 3 formation
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  • #3,414
  • Jun 30, 2011 11:19pm Jun 30, 2011 11:19pm
Took the long trade, planning to stay in the trade till HA changes to red. SL is set to where the green arrow is. Any comments?
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  • #3,415
  • Jun 30, 2011 11:25pm Jun 30, 2011 11:25pm
Quoting The7
Took the long trade, planning to stay in the trade till HA changes to red. SL is set to where the green arrow is. Any comments?

You do not use the HA candles for exits.....if you did then most times you would not make much profit if any at all unless it was a HUGE MOVE.....USE PIVOTS for TP areas. Either use the daily range,ATR or other S&R levels that are close to pivots to MAX PROFITS.
  • #3,416
  • Jun 30, 2011 11:29pm Jun 30, 2011 11:29pm
Quoting Dredding82
You do not use the HA candles for exits.....if you did then most times you would not make much profit if any at all unless it was a HUGE MOVE.....USE PIVOTS for TP areas. Either use the daily range,ATR or other S&R levels that are close to pivots to MAX PROFITS.
Aye aye captain. I will exit at the Pivot Line, which is the daily...Comments?
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  • #3,417
  • Jun 30, 2011 11:35pm Jun 30, 2011 11:35pm
Quoting The7
Aye aye captain. I will exit at the Pivot Line, which is the daily...Comments?

Do you have atleast a 1:1 Risk:Reward? Is there signs of S&R from past days or the higher TFs?.....To use a system and make profits it does take time watching the charts to see how price acts around these levels. Once you see a setup happen hundreds if not thousands of times over and over again it becomes second nature. That is when trading becomes easy.
  • #3,418
  • Jun 30, 2011 11:39pm Jun 30, 2011 11:39pm
Quoting Dredding82
Do you have atleast a 1:1 Risk:Reward? Is there signs of S&R from past days or the higher TFs?.....To use a system and make profits it does take time watching the charts to see how price acts around these levels. Once you see a setup happen hundreds if not thousands of times over and over again it becomes second nature. That is when trading becomes easy.
TP is the pivot point, which brings my R:R to 1:1.6
  • #3,419
  • Jun 30, 2011 11:53pm Jun 30, 2011 11:53pm
Quoting The7
TP is the pivot point, which brings my R:R to 1:1.6

Then your set.......just dont be upset when if it ends up a loser...just wait for the next trade and take it.
  • #3,420
  • Jun 30, 2011 11:59pm Jun 30, 2011 11:59pm
Quoting Dredding82
Then your set.......just dont be upset when if it ends up a loser...just wait for the next trade and take it.
Dredding...You changed my way of thinking in trading..Things make more sense, the more I learn from you...We owe you big...
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