Price Action Trading with Indicators! The Freebie System | Page 193 | Forex Factory

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Price Action Trading with Indicators! The Freebie System

  • #3,841
  • Jul 13, 2011 9:53pm Jul 13, 2011 9:53pm
Quoting jibjib210
Hello

I am a 16 year old looking to get into this Forex business. I have been interested for a few months now and have just been trying different systems on demo. I have been following this thread for a couple weeks now and I'm overwhelmed to hear the ROC you guys are making. After a week of trading I am down 15 percent in my account. I have been following the rules but out of 14 trades I have lost 9. Any advice would be much appreciated.

PS: I play London time though live in Canada. Any affect to me just getting unlucky and picking up slow...
I admire you for getting started at 16. If you are able to "get" this, you might be able to have a life without a stupid job working for someone else, unless you want to. I'm starting much later and really hoping to retire myself long before the "suggested" retirement age, when you're usually too old to really enjoy life. HOWEVER, first I hope your account is a demo, otherwise WHY the H*** are you risking 1% or more on each trade before you have some history of success??? If you have been following this for several weeks, I hope you have read and re-read this thread and start making notes about what fits the style of trading you have chosen.
  • #3,842
  • Jul 14, 2011 1:41am Jul 14, 2011 1:41am
I wish you all green pips today.

Be patient, disciplined, focussed & only 100% ironclad trades then all will be fine.

Udine
Sleep less, live fast, as it aint gonna last
  • #3,843
  • Jul 14, 2011 3:36am Jul 14, 2011 3:36am
Took this one on gbp/usd. Long @ 1.6113, SL 1.6089, Targetting 1.6186
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  • #3,844
  • Edited 4:34am Jul 14, 2011 4:20am | Edited 4:34am
EU Buy at last semafor . No arrow on pic

Edit. Made it to R1 for 1.73R
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Simplicity is the ultimate in sophistication ~ Leonardo Da Vinci
  • #3,845
  • Jul 14, 2011 4:38am Jul 14, 2011 4:38am
Quoting BlueGas
Took this one on gbp/usd. Long @ 1.6113, SL 1.6089, Targetting 1.6186

Is GbpUsd making HH or LL? what color are the MTF HA's in the subwindow?
  • #3,846
  • Jul 14, 2011 4:39am Jul 14, 2011 4:39am
Quoting fisheggs
EU Buy at last semafor . No arrow on pic

Edit. Made it to R1 for 1.73R

Great Trade!!
  • #3,847
  • Jul 14, 2011 4:47am Jul 14, 2011 4:47am
Thanks Dredding ! All down to yourself and Paulus and the contributors to this thread with your generosity.
Simplicity is the ultimate in sophistication ~ Leonardo Da Vinci
  • #3,848
  • Jul 14, 2011 5:21am Jul 14, 2011 5:21am
Quoting Dredding82
Is GbpUsd making HH or LL? what color are the MTF HA's in the subwindow?
Was looking at 30 min price action, but did close it on breakeven it would pop already if my analisys were correct...Im short on eur/usd currently, took it off from 5min chart,after new lower high. Also if you look at 30 min there is a nice inverted hammer.
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  • #3,849
  • Edited 7:28am Jul 14, 2011 6:56am | Edited 7:28am
Just short M5 EURUSD @1.4190 SL 1.4206 (prior swing bbar + 4pips) TP 1.4174 (Just above pivot) R:R 1:1

Failed pivot at 1.4200
Stoch crossed down
Rallied in a downtrend

DrDave
EDIT: Stopped out. Can't win 'em all!
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To free Gazans of Hamas, use whatever it takes.
  • #3,850
  • Edited 7:46am Jul 14, 2011 7:28am | Edited 7:46am
EURUSD M5
short @1.4198 SL 1.4217 (at prior swing bar +4 pips) TP 1.4176 (just above pivot) R:R 1:1

stoch crossed down
failed rally in down trend
EDIT: also stopped out
Shall we try again? No, because now therw is a definite higher low on M5.
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To free Gazans of Hamas, use whatever it takes.
  • #3,851
  • Jul 14, 2011 7:32am Jul 14, 2011 7:32am
Quoting DrDave
EURUSD M5
short @1.4198 SL 1.4217 (at prior swing bar +4 pips) TP 1.4176 (just above pivot) R:R 1:1

stoch crossed down
failed rally in down trend

Is this not a super risky countertrend trade to place another position into...???
No man is free who is not a master of himself. -P.M.-
  • #3,852
  • Jul 14, 2011 7:40am Jul 14, 2011 7:40am
Quoting pmullin86
Is this not a super risky countertrend trade to place another position into...???
I understood DrDave's reasoning differently:

In my opinion he was still convinced that his general decision was right: but probably a bit unlucky with a too tight SL
__Thanks__ MJ
  • #3,853
  • Jul 14, 2011 7:45am Jul 14, 2011 7:45am
Quoting M_j
I understood DrDave's reasoning differently:

In my opinion he was still convinced that his general decision was right: but probably a bit unlucky with a too tight SL
I think the news being so close was what made that so risky.
  • #3,854
  • Jul 14, 2011 8:29am Jul 14, 2011 8:29am
Keeping an eye on this for a short.
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Simplicity is the ultimate in sophistication ~ Leonardo Da Vinci
  • #3,855
  • Jul 14, 2011 8:30am Jul 14, 2011 8:30am
Quoting pmullin86
Is this not a super risky countertrend trade to place another position into...???
First, you need to define your reference for the trend before I can tell you if it is a counter trend trade.

Looking only at the M5 chart, if you scroll back, you'll see at the level 3 semaphores a lower low that was preceded by a lower high. That's a down trend to me. Same for M15. Even at this moment, M5 has painted a new LOWER HIGH level 3 semaphore. So it is now possibly going into a contracting triangle.

After my first failed short, I did not consider the 2 small down bars good enough to call a higher low. So I had no evidence on this chart that the downtrend was reversed. Hence, I took the next sell setup, which was in the trend direction, as determined above.

Note that when the level 2 dot painted for a higher low, I did consider exiting the trade right then, because a higher low is a warning sign that the trend may have reversed.

DrDave

EDIT: M__J, my stop loss was the prior swing high bar's high + 2X my spread. I think that is quite a reasonable SL, not a tight one.
To free Gazans of Hamas, use whatever it takes.
  • #3,856
  • Jul 14, 2011 8:43am Jul 14, 2011 8:43am
Quoting DrDave
First, you need to define your reference for the trend before I can tell you if it is a counter trend trade.

Looking only at the M5 chart, if you scroll back, you'll see at the level 3 semaphores a lower low that was preceded by a lower high. That's a down trend to me. Same for M15. Even at this moment, M5 has painted a new LOWER HIGH level 3 semaphore. So it is now possibly going into a contracting triangle.

After my first failed short, I did not consider the 2 small down bars good enough to call a higher low. So I had no evidence on this chart...

Ok understood I was just curious as to your reasoning for the position....
No man is free who is not a master of himself. -P.M.-
  • #3,857
  • Jul 14, 2011 8:53am Jul 14, 2011 8:53am
Took it for better or worse. 3 green lights and I'm in
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Simplicity is the ultimate in sophistication ~ Leonardo Da Vinci
  • #3,858
  • Jul 14, 2011 9:04am Jul 14, 2011 9:04am
Quoting pmullin86
Ok understood I was just curious as to your reasoning for the position....
And I'm still curious as to your logic for seeing this as a counter trend trade.

On another note, I was watching GBPUSD many hours ago for a long setup. Finally entered 1.6139, TP 1.6188 R:R 1:1 The retracement was rejected at the 1.6100 line, stoch crossed up, one up candle closed, entered near open of next candle. (Also, was monitoring M15 and it had a higher low level 2 dot.)
H4 has been in long upswing that ended in a hjigher high level 3 dot. the couple of down bars after the dot are just showing the H1 retracment leg, so H4 is in an uptrend.

DrDave
To free Gazans of Hamas, use whatever it takes.
  • #3,859
  • Jul 14, 2011 9:12am Jul 14, 2011 9:12am
Quoting fisheggs
Took it for better or worse. 3 green lights and I'm in
Using the rules that you have, I would take that short, too. What are your SL and TP?

But using some other info that I have, I would just scalp the short, expecting to see another up leg before it makes the next good down move.

DrDave
To free Gazans of Hamas, use whatever it takes.
  • #3,860
  • Edited 9:38am Jul 14, 2011 9:26am | Edited 9:38am
SL at 0.9584
TP is 0.95553

Edit: Stopped out, what other info were you referring to?
Simplicity is the ultimate in sophistication ~ Leonardo Da Vinci
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