" Dont wait for your boat to come in ..... swim out and meet it"
Price Action Trading with Indicators! The Freebie System
- #3,722
- Jul 11, 2011 10:33am Jul 11, 2011 10:33am
- | Joined Apr 2010 | Status: Trader | 1,404 Posts
Yuppers...there it goes...Reversed..........lol
Im telling you guys...USE the Daily Range......it will help you keep more profit and keep you from trying to trade a pair when it has no room left to go.
I mean just look at today...EurUsd,GbpUsd,UsdCad,AudUsd all hit there Daily Range..Euro is being a FREAK TODAY lol 220+ pip downward move...and UsdJpy came really close to the Daily Range but hasnt hit it yet
So if rules are ok, I trade, and Iīm right. Then the market says profit or loss, but I donīt have to change anything if rules are met.....
- #3,723
- Jul 11, 2011 10:34am Jul 11, 2011 10:34am
- | Commercial User | Joined Jun 2010 | 2,022 Posts
My first day in front of candles after holiday. Looked a bit distracting for a moment after 3 weeks break, but Im getting a hang of it.
I slept late today and almost all the pairs were already within their daily range limits so no trades for me today.
A question to you Dredd. If you feel like trading or if youre not able to trade at a proper time, do you always wait until the new day begins (and new daily ranges) with your broker or is there some other way of dealing them if they get exceeded. I was thinking of beginning of new sessions...
I just wait for the next day to trade that pair most times unless i see a good setup off of past S&R but i wont intraday trade after the range has been hit...if i do take a trade after that it will be a longer term trade with hopes the current higher TF trend will continue and i just got a jump on the next days price movement for the week or month.
- #3,724
- Jul 11, 2011 10:35am Jul 11, 2011 10:35am
- | Commercial User | Joined Jun 2010 | 2,022 Posts
My first day in front of candles after holiday. Looked a bit distracting for a moment after 3 weeks break
I slept late today and almost all the pairs were already within their daily range limits so no trades for me today.
A question to you Dredd. If you feel like trading or if youre not able to trade at a proper time, do you always wait until the new day begins (and new daily ranges) with your broker or is there some other way of dealing them if they get exceeded. I was thinking of beginning of new sessions...
If i get a late start on the day i will still trade aslong as the range has not been hit and there is a good trade with a good Risk:Reward....This is for intraday trading
- #3,728
- Jul 11, 2011 10:39am Jul 11, 2011 10:39am
- | Commercial User | Joined Jun 2010 | 2,022 Posts
My USD/CAD was away 20 pips for ADR, but no problem, we will have losses, always, forex is a probability game, I think we donīt have to always look for a mistake in our trades, if rules were ok, we trade. We must look for profitability in a sequence of trades, and not in a single trade.
So if rules are ok, I trade, and Iīm right. Then the market says profit or loss, but I donīt have to change anything if rules are met.....
- #3,732
- Jul 11, 2011 10:58am Jul 11, 2011 10:58am
Hell no
_____________________
Numpty
Scottish usage:
a) Someone who (sometimes unwittingly) by speech or action demonstrates a lack of knowledge or misconception of a particular subject or situation to the amusement of others.
- #3,733
- Jul 11, 2011 11:01am Jul 11, 2011 11:01am
i didnt realise the scottish connatations but i feel it was quite apt given the situation
speed
speed
My bad. Just hear the word numpty used in the streets of Scotland here often and thought you a local
_____________________
Numpty
Scottish usage:
a) Someone who (sometimes unwittingly) by speech or action demonstrates a lack of knowledge or misconception of a particular subject or situation to the amusement of others.
" Dont wait for your boat to come in ..... swim out and meet it"
- #3,734
- Jul 11, 2011 11:02am Jul 11, 2011 11:02am
- Joined Jul 2008 | Status: Trader | 5,763 Posts
Sleep less, live fast, as it aint gonna last 
- #3,736
- Jul 11, 2011 11:18am Jul 11, 2011 11:18am
- Joined Jul 2008 | Status: Trader | 5,763 Posts
Sleep less, live fast, as it aint gonna last
- #3,738
- Edited 12:28pm Jul 11, 2011 11:23am | Edited 12:28pm
- | Membership Revoked | Joined Jun 2011 | 9,885 Posts
With all due respect Dr D, what's this got to do with this method. Surely you've just counter trend traded before the close of the 5m candle and without HA turning bullish. Hoping your TP is hit obviously but its a bit of a gamble.
If I wanted to be even MORE confident, I COULD have waited for the pullback that came a few bars later (that made a higher low) and the stoch to cross up and still made nice pips (that entry was just 10 pips above my actual entry.)
(Actually, for my entry, I checked the M1 chart and there was a little pullback on that one near my entry.
)I actually banked 29 pips.
The "correct" Freebie System trade was the short that came later off the high near where my TP was. But I was on the way home from work during that run.
EDIT Let me add that considering we hit the daily range, my TP should have been more conservative AND the smart thing to do would be to stay at the screen and monitor the trade in case it went into a narrow range.
I'll also add that with the long run down we had, there would be some profit takers when it swung back down near the low again. And so the traders that were anticipating a reversal would be jumping in with some buys that MIGHT make a decent run up (which it did).
DrDave
To free Gazans of Hamas, use whatever it takes.
