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Price Action Trading with Indicators! The Freebie System

  • #4,101
  • Jul 28, 2011 8:08am Jul 28, 2011 8:08am
Quoting pradeep22
13 trades for the day so far

12 loss
1 trade below save my ass
all the above 12 trades were in profit when they started out waited for the market to reach the profit target but it hit the stop before resuming the direction of my trades...
does anyone also experiences the same??
is there any thing that can be done or this is going to happen??
any suggestions welcome

eurcad hit profit
eurusd hit stop
Pradeep22.

1. show your charts, so we can help.
2. did you write down all in your tradejournal/log ?? If yes: take your time to analyze each and every trade. If no: shame on you... forex is a business not a hobby. If you want to make money in this business you have to take full responsibility. You are the CEO of Me Inc. Start the trade log/journal and check at the end of the day each and every trade. Otherwise there is no way to improve your trading. You learn the most from your mistakes.

Slow down. the markets will be there also next week.

Udine
Sleep less, live fast, as it aint gonna last
  • #4,102
  • Jul 28, 2011 8:10am Jul 28, 2011 8:10am
Quoting pradeep22
13 trades for the day so far

12 loss
1 trade below save my ass
all the above 12 trades were in profit when they started out waited for the market to reach the profit target but it hit the stop before resuming the direction of my trades...
does anyone also experiences the same??
is there any thing that can be done or this is going to happen??
any suggestions welcome

eurcad hit profit
eurusd hit stop
Change your pivot setting to FALSE...................you should have not had 12 trades today....

**EDIT**.....What happened yesterday? A HUGE move....so what is more then likey going to happen today? RANGE then a BREAKOUT......You just need more chart time to understand the simple things you should already know.
  • #4,103
  • Jul 28, 2011 8:43am Jul 28, 2011 8:43am
Quoting Udine
Pradeep22.

1. show your charts, so we can help.
2. did you write down all in your tradejournal/log ?? If yes: take your time to analyze each and every trade. If no: shame on you... forex is a business not a hobby. If you want to make money in this business you have to take full responsibility. You are the CEO of Me Inc. Start the trade log/journal and check at the end of the day each and every trade. Otherwise there is no way to improve your trading. You learn the most from your mistakes.

Slow down. the markets will be there also next week....

Quoting Dredding82
Change your pivot setting to FALSE...................you should have not had 12 trades today....

**EDIT**.....What happened yesterday? A HUGE move....so what is more then likey going to happen today? RANGE then a BREAKOUT......You just need more chart time to understand the simple things you should already know.
thank you for the replies..
i was merely being mechanical.. otherwise emotions starts creeping in..
predicting the markets has been the worst thing for me..
so whether it is going to be range or trend i dont want to think..
signal is a signal..

rules i look out for
4H HA should confirm with 15min HA
Stochs should confirm
Fail of pivots

yesterday was trend so had 6 wins 1 loss 1 breakeven
today asian session was range so had these losses
then london was volatile prices travelled distance so had two winners which 70% recovered my loss..

one of the trades that lost
Attached Image (click to enlarge)
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  • #4,104
  • Jul 28, 2011 9:01am Jul 28, 2011 9:01am
Quoting pradeep22
thank you for the replies..
i was merely being mechanical.. otherwise emotions starts creeping in..
predicting the markets has been the worst thing for me..
so whether it is going to be range or trend i dont want to think..
signal is a signal..

rules i look out for
4H HA should confirm with 15min HA
Stochs should confirm
Fail of pivots

yesterday was trend so had 6 wins 1 loss 1 breakeven
today asian session was range so had these losses
then london was volatile prices travelled distance so had two winners which 70% recovered my loss..

one of...
If your stop loss had been behind the swing high on that one, it would have won.
  • #4,105
  • Jul 28, 2011 9:03am Jul 28, 2011 9:03am
That is great advice. The wider the pivots the more likely we will see a range.

Quoting Dredding82
What happened yesterday? A HUGE move....so what is more then likey going to happen today? RANGE then a BREAKOUT......You just need more chart time to understand the simple things you should already know.
Found a way to detect where the market will turn.
  • #4,106
  • Edited 11:31pm Jul 28, 2011 2:23pm | Edited 11:31pm
Quoting Dredding82
Change your pivot setting to FALSE...................you should have not had 12 trades today....

**EDIT**.....What happened yesterday? A HUGE move....so what is more then likey going to happen today? RANGE then a BREAKOUT......You just need more chart time to understand the simple things you should already know.
heard sir dred and changed the pivot settings to false also removed the mid pivots... and the result is 4 trades 3 profit hit
cadjpy
usdcad
usdjpy

wow!!
sir dred you have a great power of observation
thank you very much for the help sir

yesterdays four trades
eurgbp would have won if i was not sleeping

http://i1178.photobucket.com/albums/...usdjpy7_28.gif
http://i1178.photobucket.com/albums/...cadjpy7_28.gif
http://i1178.photobucket.com/albums/...usdcad7_28.gif
http://i1178.photobucket.com/albums/...eurgbp7_28.gif
  • #4,107
  • Jul 28, 2011 7:13pm Jul 28, 2011 7:13pm
Took these on the daily during yesterday's session...

EUGBP - SL 87 pips. Took first trade at +50 pips with the second moved to B/E and still running.

EURJPY - SL 147 pips. Took first trade at +75 pips with second moved to B/E and still running.

GBPJPY - SL 102 pips. Took first trade at +50 pips with second hitting B/E.

CADJPY - SL 157 pips. First trade has not hit target yet (50 pip target). Moved sl of both trades to 64 pips instead of the original 157 pip sl.

Daily pip total... +175 with four pending orders still working.
  • #4,108
  • Jul 28, 2011 7:21pm Jul 28, 2011 7:21pm
Looks good for a daily setup...

Sl about 95 pips.
Attached Image (click to enlarge)
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  • #4,109
  • Jul 28, 2011 8:03pm Jul 28, 2011 8:03pm
Quoting prof8t
Took these on the daily during yesterday's session...

EUGBP - SL 87 pips. Took first trade at +50 pips with the second moved to B/E and still running.

EURJPY - SL 147 pips. Took first trade at +75 pips with second moved to B/E and still running.

GBPJPY - SL 102 pips. Took first trade at +50 pips with second hitting B/E.

CADJPY - SL 157 pips. First trade has not hit target yet (50 pip target). Moved sl of both trades to 64 pips instead of the original 157 pip sl.

Daily pip total... +175 with four pending...
Do you take 2 lots trades and close one after 50 - 75 pips profit or 2 trades at different prices? What rule are you using for this?
Thx for reply, you did make pretty pile of pips.
  • #4,110
  • Jul 29, 2011 1:42am Jul 29, 2011 1:42am
Quoting morris1
Do you take 2 lots trades and close one after 50 - 75 pips profit or 2 trades at different prices? What rule are you using for this?
Thx for reply, you did make pretty pile of pips.
I trade two lots and close one at half the 1:1 ratio, while bringing the other to B/E at thie point. I only do this on the daily charts because the target pips are usually pretty significant.

I use the same concept on all other timeframes, except I close the first at 1:1 and bring the second to B/E and manage the trade for maximum pips at that point. Much like Dred is already doing.
  • #4,111
  • Jul 29, 2011 1:51am Jul 29, 2011 1:51am
Quoting pradeep22
heard sir dred and changed the pivot settings to false also removed the mid pivots... and the result is 4 trades 3 profit hit
cadjpy
usdcad
usdjpy

wow!!
sir dred you have a great power of observation
thank you very much for the help sir

yesterdays four trades
eurgbp would have won if i was not sleeping
You could leave the mid pivots...since they are also good levels for S&R, If ever you see a day that the Fib pivots look tight or close together just change that setting on the pivot indicator and it will make the pivots wider which will give you less signals.
  • #4,112
  • Jul 29, 2011 1:52am Jul 29, 2011 1:52am
Quoting prof8t
Took these on the daily during yesterday's session...

EUGBP - SL 87 pips. Took first trade at +50 pips with the second moved to B/E and still running.

EURJPY - SL 147 pips. Took first trade at +75 pips with second moved to B/E and still running.

GBPJPY - SL 102 pips. Took first trade at +50 pips with second hitting B/E.

CADJPY - SL 157 pips. First trade has not hit target yet (50 pip target). Moved sl of both trades to 64 pips instead of the original 157 pip sl.

Daily pip total... +175 with four pending...
Killer TRADING! Ive been done with trying to increase my account right now just taking trades to try and make extra but i have to becareful to limit my risk so i can keep what i have made so far.
  • #4,113
  • Jul 29, 2011 2:08am Jul 29, 2011 2:08am
Took this one a little while ago....SL is like 70 pips so this will be a weekly trade more, will move my SL when i hit a 1:1 and may close a % of my lot size as well.
Attached Image (click to enlarge)
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  • #4,114
  • Jul 29, 2011 2:35am Jul 29, 2011 2:35am
Took this trade on the daily at session open even though it was not 100 percent confirmed by the MTF HA indy. Looked good enough for at least leaving it open for the day and closing at the end of day.

Sl is about 210 and the trade is already up over +50. I'll bag the +50 with the first trade and set remaining trade with 75 pip sl. Have every intention of not holding this trade over the weekend with the uncertainty in the U.S. regarding the debt ceiling.
Attached Image (click to enlarge)
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  • #4,115
  • Jul 29, 2011 2:44am Jul 29, 2011 2:44am
Quoting prof8t
Took this trade on the daily at session open even though it was not 100 percent confirmed by the MTF HA indy. Looked good enough for at least leaving it open for the day and closing at the end of day.

Sl is about 210 and the trade is already up over +50. I'll bag the +50 with the first trade and set remaining trade with 75 pip sl. Have every intention of not holding this trade over the weekend with the uncertainty in the U.S. regarding the debt ceiling.
Check your PMs.....
  • #4,116
  • Jul 29, 2011 4:54am Jul 29, 2011 4:54am
I got in on the H4 sell entry that came later. Put TP at 120 pips near support area. But I see the daily range has been drying up, so may cut back on the TP.

Quoting Dredding82
Took this one a little while ago....SL is like 70 pips so this will be a weekly trade more, will move my SL when i hit a 1:1 and may close a % of my lot size as well.
To free Gazans of Hamas, use whatever it takes.
  • #4,117
  • Jul 29, 2011 4:56am Jul 29, 2011 4:56am
Good morning,

I only had one winner this morning on the GU, which now has reached its ADR, so I will not trade this one anymore.

The EU is not moving and I don't trade friday afternoon, so it seems I am done for the week.

Green pips and a great weekend to all of you.

Udine
Sleep less, live fast, as it aint gonna last
  • #4,118
  • Jul 29, 2011 5:16am Jul 29, 2011 5:16am
Hey Udine,

Don't they say that a fortune is made one winner at a time? LOL

What do you mean EU isn't moving? It's moving down. OK, so at the moment it is in a slow rally. But that will finish.

DrDave
Quoting Udine
Good morning,

I only had one winner this morning on the GU, which now has reached its ADR, so I will not trade this one anymore.

The EU is not moving and I don't trade friday afternoon, so it seems I am done for the week.

Green pips and a great weekend to all of you.

Udine
To free Gazans of Hamas, use whatever it takes.
  • #4,119
  • Jul 29, 2011 5:58am Jul 29, 2011 5:58am
Well, was that 30 pip drop in one minute that just happened enough down action for you?

(Handing off the control stick to a rookie now...)

Quoting Whistlepips
So it looks like you have the controls on eu.
Could you please make it go down another 500 pips so I could short that one also
To free Gazans of Hamas, use whatever it takes.
  • #4,120
  • Jul 29, 2011 6:32am Jul 29, 2011 6:32am
Quoting DrDave
Hey Udine,

Don't they say that a fortune is made one winner at a time? LOL

What do you mean EU isn't moving? It's moving down. OK, so at the moment it is in a slow rally. But that will finish.

DrDave

If you control the EU, just let me know. Next time I will tell you when I go for lunch. So I can get the pips before and let the pips pay for my lunch.

For sure fortune is made one winner at the time. Every winner I get is +2.5 %, that is more than a bank gives me for one year. So I dont complain.

Green pips to all.

Udine
Sleep less, live fast, as it aint gonna last
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