Price Action Trading with Indicators! The Freebie System | Page 204 | Forex Factory

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Price Action Trading with Indicators! The Freebie System

  • #4,061
  • Jul 27, 2011 1:23am Jul 27, 2011 1:23am
Just entered this trade 23 pips profit and stop at breakeven
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  • #4,062
  • Jul 27, 2011 1:28am Jul 27, 2011 1:28am
Wish you all patience and discipline for hunting those green pips today

Udine
Sleep less, live fast, as it aint gonna last
  • #4,063
  • Jul 27, 2011 3:56am Jul 27, 2011 3:56am
Quoting jpdwilson
I'm decreasing risk to 2% per trade from now on. My broker doesn't offer enough leverage to risk 5% per trade on the 5M charts. That will make for about 8% exposure at any given time maximum.

I'm trading four pairs and projecting based on history an average of 3 trades per day per pair at a 50%-66% hit rate. Assuming I only win 50% that is 12 trades with 6 wins and 6 losses at a 3:1 RR. That should be about 24% a day on average.

That sounds absolutely ridiculous. But, oh well. My account is small, though with those numbers it won't be for long,...

Check your inbox....
  • #4,064
  • Jul 27, 2011 4:03am Jul 27, 2011 4:03am
Quoting Stumpy1
Hi,
I am new to this thread but would suggest with the chart you put up the trend is clearly sieways so I do not believe it is a good one if you are new perhaps you could look for a retracement in a trending market?
Maybe the old hands can shed more light

yes the trend is sideways on the current TF that he is looking to enter his trade. But that is why you need to confirm the trend or which way you wish to trade with a Higher TF.
  • #4,065
  • Jul 27, 2011 4:05am Jul 27, 2011 4:05am
Quoting Checkz
Just entered this trade 23 pips profit and stop at breakeven

Good Trade Checkz! Protect your capital once a profit has been made....Smart Money Management!
  • #4,066
  • Jul 27, 2011 4:06am Jul 27, 2011 4:06am
Quoting Udine
Wish you all patience and discipline for hunting those green pips today

Udine

May the Pips be with you as well Udine....lol
  • #4,067
  • Jul 27, 2011 4:13am Jul 27, 2011 4:13am
Quoting Dredding82
May the Pips be with you as well Udine....lol

And they did. Done for the day

Assume you're on schedule as well ??

Udine
Sleep less, live fast, as it aint gonna last
  • #4,068
  • Jul 27, 2011 4:13am Jul 27, 2011 4:13am
I dont really trade this pair but since a chart was posted about it i thought i would take a trade on it just for shits and giggles to make a profit on something other then the majors i trade.

Everything was good but the stoch but looking to the left of the chart you can see a CLEAR S&R level as price hit this level yesterday and FLEW up in price...so hoping this is where the SMART money is.
Attached Image (click to enlarge)
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  • #4,069
  • Edited 4:25am Jul 27, 2011 4:15am | Edited 4:25am
Quoting Udine
And they did. Done for the day

Assume you're on schedule as well ??

Udine
Go back to yesterdays post i made to Whistlepips about the kind of returns for H4 charts....look at the pairs i had open and still do have open at this moment....how much more PROFITS am i in? lol So YES

**EDIT** For got to add the "Song".........."RIDE THAT TREND RIGHT TO THE END!" lol

http://www.youtube.com/watch?v=LiE1VgWdcQM
  • #4,070
  • Jul 27, 2011 4:21am Jul 27, 2011 4:21am
Quoting Dredding82
Go back to yesterdays post i made to Whistlepips about the kind of returns for H4 charts....look at the pairs i had open and still do have open at this moment....how much more PROFITS am i in? lol So YES

**EDIT** For got to add the "Song"..........Ride the TREND TO THE END! lol

http://www.youtube.com/watch?v=LiE1VgWdcQM

then you must be going to the bank, not only with a big smile, but also with wheelbarrow and shovel

Udine
Sleep less, live fast, as it aint gonna last
  • #4,071
  • Jul 27, 2011 4:23am Jul 27, 2011 4:23am
Quoting Udine
then you must be going to the bank, not only with a big smile, but also with wheelbarrow and shovel

Udine
Nopes.....going to the STRIP CLUB! lol
  • #4,072
  • Jul 27, 2011 4:26am Jul 27, 2011 4:26am
Quoting Dredding82
Nopes.....going to the STRIP CLUB! lol



Where do you live?? I'll open up the best strip club in town !!

I'll just make my fortune on your spending LOL

Udine
Sleep less, live fast, as it aint gonna last
  • #4,073
  • Jul 27, 2011 4:30am Jul 27, 2011 4:30am
Quoting Dredding82
Good Trade Checkz! Protect your capital once a profit has been made....Smart Money Management!
Thanks for the encouragement
  • #4,074
  • Jul 27, 2011 5:27am Jul 27, 2011 5:27am
Quoting Dredding82
Nopes.....going to the STRIP CLUB! lol
Strip club = bank for Dredding. Well, at least he makes huge deposits there. LOL

DrDave
To free Gazans of Hamas, use whatever it takes.
  • #4,075
  • Jul 27, 2011 5:39am Jul 27, 2011 5:39am
Thank You Dred for the system
It is so easy to make money with this system
Two trades for the day..
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  • #4,076
  • Jul 27, 2011 6:12am Jul 27, 2011 6:12am
Great thread, Dreddings!

Can I ask a question for those who trade intraday. Do you pay any attention to the time of day? For instance, if you receive a signal around midday UK time would you take it? Or do you wait for the NY open?

Or is this just overthinking/complicating things?
  • #4,077
  • Jul 27, 2011 6:31am Jul 27, 2011 6:31am
Quoting pradeep22
Thank You Dred for the system
It is so easy to make money with this system
Two trades for the day..

Well done!! You dont have to complicate trading in order to make money !!

With regards to the GU trade I would have entered 3 bars earlier, but thats just me.

Anyway

Udine
Sleep less, live fast, as it aint gonna last
  • #4,078
  • Edited 7:01am Jul 27, 2011 6:50am | Edited 7:01am
Quoting Dredding82
I dont really trade this pair but since a chart was posted about it i thought i would take a trade on it just for shits and giggles to make a profit on something other then the majors i trade.

Everything was good but the stoch but looking to the left of the chart you can see a CLEAR S&R level as price hit this level yesterday and FLEW up in price...so hoping this is where the SMART money is.
I also took this at the demand level but treated it as a scalp due to euro hitting higher time frame supply against the dollar. When the euro starts weakening against the dollar and the JPY is stronger than the dollar, then this is usually reflected in the eurjpy with a weakening euro against the jpy as well. Nicely spotted though and I like how your method can be easily combined with trading supply and demand and the indicators provide a psychological tool for decision making at those levels for confirmation trades.
  • #4,079
  • Jul 27, 2011 9:24am Jul 27, 2011 9:24am
3 trades
usdcad - 10 pip stop 20 pip profit, stop hit, could have moved stop lower due to reluctance of price moving down but didnt do
audusd - 10 pip stop 20 pip profit, was in the money 17 pip moved stop to breakeven, stop hit, greed is not good
eurusd - 8 pip stop 16 pip profit, profit hit

such a great system this is!!
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  • #4,080
  • Jul 27, 2011 9:35am Jul 27, 2011 9:35am
Quoting Porkpie
I also took this at the demand level but treated it as a scalp due to euro hitting higher time frame supply against the dollar. When the euro starts weakening against the dollar and the JPY is stronger than the dollar, then this is usually reflected in the eurjpy with a weakening euro against the jpy as well. Nicely spotted though and I like how your method can be easily combined with trading supply and demand and the indicators provide a psychological tool for decision making at those levels for confirmation trades.

I got close to a 1:1 and thought about moving to BE but said "Ah Fu*K it" lol....so my SL was hit....Thats what i get for trading a pair i never did my research on......Oh well just another day of trading lol.
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