Price Action Trading with Indicators! The Freebie System | Page 172 | Forex Factory

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Price Action Trading with Indicators! The Freebie System

  • #3,421
  • Jul 1, 2011 2:01am Jul 1, 2011 2:01am
Quoting The7
Dredding...You changed my way of thinking in trading..Things make more sense, the more I learn from you...We owe you big...

Well like i keep telling everyone....when you make a million bucks you owe me a trip to VEGAS.......lol
  • #3,422
  • Jul 1, 2011 4:50am Jul 1, 2011 4:50am
Hi Dredding, please can you take a look at this trade to see if I did anything wrong or was it just a regular loosing trade.

All conditions I believe were met.

Thanks
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  • #3,423
  • Jul 1, 2011 6:04am Jul 1, 2011 6:04am
I found this remark on another thread.

Any method and any timeframes are difficult and fast on the 5-15 min charts. That's where most traders get taken to the slaughter and the dealers know it which puts the odds in their favor...

Hmmmm... So traders of the Freebie System, is it REALLY DIFFICULT and FAST on the M15 chart? I've found it rather fast--Yeah! A rather fast way to take some PIPS! And as far as making entries, it's really stress-free and takes just a few seconds to look for a failed pivot, an HA candle change color, and the stoch crossed in the correct direction.

Thanks again, Dreddings, for your UN-difficult and UN-fast Freebie System.

DrDave
To free Gazans of Hamas, use whatever it takes.
  • #3,424
  • Jul 1, 2011 7:10am Jul 1, 2011 7:10am
Quoting Ultimatus
Hi Dredding, please can you take a look at this trade to see if I did anything wrong or was it just a regular loosing trade.

All conditions I believe were met.

Thanks
Nothing wrong...its just Friday..
  • #3,425
  • Jul 1, 2011 7:12am Jul 1, 2011 7:12am
Quoting DrDave
I found this remark on another thread.

Any method and any timeframes are difficult and fast on the 5-15 min charts. That's where most traders get taken to the slaughter and the dealers know it which puts the odds in their favor...

Hmmmm... So traders of the Freebie System, is it REALLY DIFFICULT and FAST on the M15 chart? I've found it rather fast--Yeah! A rather fast way to take some PIPS! And as far as making entries, it's really stress-free and takes just a...
I would say whom every posted that remark uses more then 3 indicators on there charts ....

NP DrDave.......
  • #3,426
  • Jul 1, 2011 9:15am Jul 1, 2011 9:15am
Sorry, no pic for this. I was just in a PM with Ultimus and told him I was short EURUSD M15 (but I used M5 for actual entry), R:R 1:1. Then 10 seconds after I finished the PM, KA-CHING! That was a 30 pip win, so I've met my goal for the day. That was WAY too hard, Dreddings! After I put on the trade, I fixed a sandwich, took out the garbage, and replied to a PM. Tough trading..yeah..right. Not everyone could handle such stress. LOL

DrDave
To free Gazans of Hamas, use whatever it takes.
  • #3,427
  • Jul 1, 2011 10:19am Jul 1, 2011 10:19am
Here is my live trade. SL is 1.3926, TP is at the Pivot Point, 1.3981.Risk Reward is 1:2 Please comment...
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  • #3,428
  • Jul 1, 2011 10:42am Jul 1, 2011 10:42am
EURUSD this week has been a machine, printing FSA Signals at round figures (00's and 50's) that lined up as prior highs/lows with amazing accuracy.

The post ISM pop down to S1 pivot (4430's) but failure to hold below 4450 was another classic FSA signal (3 semafor 5m/15m) during a HIGHLY LIQUID TIME OF DAY.

"It's not even fair, it's like fishing with dynamite". Chazz, Wedding Crashers
  • #3,429
  • Jul 1, 2011 4:06pm Jul 1, 2011 4:06pm
Damn, its been like a ghost town in here...guess everyone is calling it quits for the weekend. Hope everyone got lots of pips this week. As for me, time to get the cases of beer and bottle of Red Stag, it will be a liquid filled weekend. Cuz thats how I roll!
Damn The Torpedoes, Full Speed Ahead!
  • #3,430
  • Jul 1, 2011 4:15pm Jul 1, 2011 4:15pm
Quoting The7
Here is my live trade. SL is 1.3926, TP is at the Pivot Point, 1.3981.Risk Reward is 1:2 Please comment...
My last trade for the week turned to be a loser. Well I guess, its Friday...
  • #3,431
  • Jul 1, 2011 4:54pm Jul 1, 2011 4:54pm
Unless I'm smack in the middle of a trend, where there is no question at all which direction it's going, I still seem to get confused so I wrote this indicator to tell me what's going on on higher TF(s) without switching TFs back and forth. I started looking at the next higher TF in series (not counting M30) but when I talked to Dredd he said to use the higher TF like the Pivots and the chart separator lines do, so I used both. The left icon shows next TF, the right shows bigger picture. I have based the decision of strong or weak trend on my interpretation of ZZ 3 but need to handle one exception and would like input but not here. Please PM me if you would like to help me finish this and we can discuss what I'm thinking. thanks.
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  • #3,432
  • Jul 2, 2011 3:56am Jul 2, 2011 3:56am
This week was tough from a forex and personl point of view to many things going on and things slipped

Friday

Will try to post charts later as cam lines wont have changed

GU +5-5-5+1 = -4%
UC +15+10= +25%
EU -5+6-5= -4%
AU -5+5+12 = +12%

ROC + 29%

P
  • #3,433
  • Jul 2, 2011 2:14pm Jul 2, 2011 2:14pm
Quoting Paulus
This week was tough from a forex and personl point of view to many things going on and things slipped

Friday

Will try to post charts later as cam lines wont have changed

GU +5-5-5+1 = -4%
UC +15+10= +25%
EU -5+6-5= -4%
AU -5+5+12 = +12%

ROC + 29%

P
Sorry for your personal challenges, but I wish I had a forex week as "bad" as +29%!!
  • #3,434
  • Jul 2, 2011 3:15pm Jul 2, 2011 3:15pm
Quoting ericjschroed
Sorry for your personal challenges, but I wish I had a forex week as "bad" as +29%!!
I also wish it, but I think that 29% is only friday his result...
  • #3,435
  • Jul 2, 2011 4:01pm Jul 2, 2011 4:01pm
Quoting FreddieTradr
EURUSD this week has been a machine, printing FSA Signals at round figures (00's and 50's) that lined up as prior highs/lows with amazing accuracy.

The post ISM pop down to S1 pivot (4430's) but failure to hold below 4450 was another classic FSA signal (3 semafor 5m/15m) during a HIGHLY LIQUID TIME OF DAY.

"It's not even fair, it's like fishing with dynamite". Chazz, Wedding Crashers
Not sure what "FSA" stands for? Anyway, you are so right about EURUSD lining up between and through 00's and 50's in fact there is a trading system that specifically using these levels for making pips - still demoing it!!

rgds
  • #3,436
  • Jul 2, 2011 9:03pm Jul 2, 2011 9:03pm
Taking Profit on Pivot and S/R points is something new to me,and I am focused on this for the last week or so. With this system I understand we look for at least R.R of 1.1. In the pic attached,what would be our TP levels of these different sell scenarios?
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  • #3,437
  • Jul 3, 2011 3:43am Jul 3, 2011 3:43am
My own personal rules are

Depends on where the candle closes and what your risk per trade is

I use 5% risk so no matter what the distance fom SL to entry its 5% of account..so if my sl is 8pips or 68pips I only risk 5% and my lot size is changed accordingly..

If it closes just below the pivot and the next pivot down is 5% or more then that your TP... if it closes below a pivot but closer than 5% to the next pivot then its set to 5% as the next pivot down may be to far for this move without a retracement breaking your SL

Max TP set to 15%

hope that helps

P
  • #3,438
  • Jul 3, 2011 3:45am Jul 3, 2011 3:45am
Quoting ericjschroed
Sorry for your personal challenges, but I wish I had a forex week as "bad" as +29%!!
sorry that sounds flippant didn't mean it to ..just meant had 2 losing days this week 10 %and 12%..market was frustrating very thin with no eal guts to push into decent trading moves.

Obviously the lower the time frame the more of the small whip saw moves you will see..overall still a winning week

P
  • #3,439
  • Jul 3, 2011 3:54am Jul 3, 2011 3:54am
Friday charts

Please be aware

If I have an open trade and London closes I will hold that trade until either

 

  1. Market closes and I close just before
  2. I hit my tp
  3. I hit my sl

 

  1. I do not open trades before London market open or after London market close
  2. I do not reverse my position ..ever
  3. The actual SL and TP is set on my spread betting account and can differ slightly from the charts on MT4

Cheers

P

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  • #3,440
  • Jul 3, 2011 8:34am Jul 3, 2011 8:34am
Quoting Paulus
Friday charts

Please be aware

If I have an open trade and London closes I will hold that trade until either

 

  1. Market closes and I close just before
  2. I hit my tp
  3. I hit my sl

 

  1. I do not open trades before London market open or after London market close
  2. I do not reverse my position ..ever
  3. The actual SL and TP is set on my spread betting account and can differ slightly from the charts on MT4

Cheers

P

thanks for the charts and for the clarification paulus!
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