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Price Action Trading with Indicators! The Freebie System

  • #4,221
  • Aug 2, 2011 1:25am Aug 2, 2011 1:25am
Here are my first 3 trades on M15 charts i put in before going to bed last night - been doing M1 and M5 until now. Have not posted those as they did not strictly follow Dred's system.

Any comments & criticisms on the setup would be appreciated as I am still very much on the learning curve. One thing I know I forgot to check was the Daily Range.

EUR-USD - SL @ 1.41700 then moved up to 1.42095. TP at 1.42980. Closed trade at 1.42584
GBP-USD - SL @ 1.62300. TP at 1.63500. Closed trade at 1.63093
AUD-USD - [email protected] TP at 1.10000. Closed trade at 1.09833

Closed the trades as I had to go out. Only the AUD-USD would have hit TP.

All the trades were probably against the daily trend but H4 and D1 were still showing uptrend (I think).

I have to say that it was a great way to wake and a whole lot less stressful than trading M1.

Thanks for reading
Attached Image(s) (click to enlarge)
Click to Enlarge Name: m15-01.gif Size: 57 KB
Click to Enlarge Name: m15-02.gif Size: 73 KB
Click to Enlarge Name: m15-03.gif Size: 81 KB
  • #4,222
  • Aug 2, 2011 1:29am Aug 2, 2011 1:29am
Quoting jasjit
Here are my first 3 trades on M15 charts i put in before going to bed last night - been doing M1 and M5 until now. Have not posted those as they did not strictly follow Dred's system.

Any comments & criticisms on the setup would be appreciated as I am still very much on the learning curve. One thing I know I forgot to check was the Daily Range.

EUR-USD - SL @ 1.41700 then moved up to 1.42095. TP at 1.42980. Closed trade at 1.42584
GBP-USD - SL @ 1.62300. TP at 1.63500. Closed trade at 1.63093
AUD-USD - [email protected] TP at 1.10000. Closed trade...
They are all counter trend so just becareful and dont hope for HUGE pip counts....
  • #4,223
  • Aug 2, 2011 1:29am Aug 2, 2011 1:29am
Sorry Dred, forgot to say thank you for your great system in my last post .

We should nominate you for the Nobel Economics Prize - world GDP is going to spike with all the new toys we will be buying .

Thanks again

Jasjit
  • #4,224
  • Aug 2, 2011 1:34am Aug 2, 2011 1:34am
Quoting Dredding82
They are all counter trend so just becareful and dont hope for HUGE pip counts....

Thanks for your comment Dred - I will keep that in mind for future trades.

Just to clarify - do mean the immediate preceeding trend or the overall trend. I did look at the H4 and D1 charts and I thought they were still showing an uptrend. Looks like I misread it - back to the 'drawing board' for me. Having traded mostly M1 until now, I have only had to look at the immediate trend.

Thanks

Jasjit
  • #4,225
  • Aug 2, 2011 1:51am Aug 2, 2011 1:51am
Quoting jasjit
Sorry Dred, forgot to say thank you for your great system in my last post .

We should nominate you for the Nobel Economics Prize - world GDP is going to spike with all the new toys we will be buying .

Thanks again

Jasjit
Thanks
  • #4,226
  • Aug 2, 2011 1:52am Aug 2, 2011 1:52am
Quoting jasjit
Thanks for your comment Dred - I will keep that in mind for future trades.

Just to clarify - do mean the immediate preceeding trend or the overall trend. I did look at the H4 and D1 charts and I thought they were still showing an uptrend. Looks like I misread it - back to the 'drawing board' for me. Having traded mostly M1 until now, I have only had to look at the immediate trend.

Thanks

Jasjit
Your OVER thinking...just look at the higher TFs HA color its the easy way to see trend...If on the M15 look at the H4 or D1...If red.....SELL if GREEN BUY....EASY.......Then its all about Risk:Reward and proper Money Management.
  • #4,227
  • Edited 2:21am Aug 2, 2011 2:03am | Edited 2:21am
Took these just a while ago....The pivots are stanard but if i switched to Fib Pivots they would have had a FAIL at a pivot..."Trades Took...Profits Booked!" lol

I add spreadx2 to all my trades so that is why i was not stopped out when GbpUsd went alittle higher then my enter and changed the ZZ dot. On the EurUsd Trade my SL was at the last ZZ Dot with spread added but once it moved so far i moved my SL to a ZZ Dot on the M15 to reduce my risk if the trade reverses...i will move it again once it has moved more .
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eur.jpg Size: 140 KB
Click to Enlarge Name: gbp.jpg Size: 120 KB
  • #4,228
  • Aug 2, 2011 2:04am Aug 2, 2011 2:04am
Quoting Dredding82
Your OVER thinking...just look at the higher TFs HA color its the easy way to see trend...If on the M15 look at the H4 or D1...If red.....SELL if GREEN BUY....EASY.......Then its all about Risk:Reward and proper Money Management.

OK Dred - got it now (Duh)! As you keep telling us - 'keep it simple stupid'. I think its finally sinking into my thick head.

Thanks for all your time - i know you have your own trading to do.

Jasjit
  • #4,229
  • Aug 2, 2011 2:05am Aug 2, 2011 2:05am
Quoting Dredding82
Took these just a while ago....The pivots are stanard but if i switched to Fib Pivots they would have had a FAIL at a pivot...Takes Took...Profits Booked! lol

I add spreadx2 to all my trades so that is why i was not stopped out when GbpUsd went alittle higher then my enter and changed the ZZ dot. On the EurUsd Trade my SL was at the last ZZ Dot with spread added but once it moved so far i moved my SL to a ZZ Dot on the M15 to reduce my risk if the trade reverses...i will move it again once it has moved more .



Udine
Sleep less, live fast, as it aint gonna last
  • #4,230
  • Aug 2, 2011 2:14am Aug 2, 2011 2:14am
I think i am going to post it atleast twice a week lol

http://www.youtube.com/watch?v=LiE1VgWdcQM
  • #4,231
  • Aug 2, 2011 2:20am Aug 2, 2011 2:20am
Done for the day.

Green pips to all.

L8r

Udine
Sleep less, live fast, as it aint gonna last
  • #4,232
  • Aug 2, 2011 2:22am Aug 2, 2011 2:22am
Quoting Udine
Done for the day.

Green pips to all.

L8r

Udine
Great Trading! Have a good rest of the day OFF! lol I will still be around most of the sessions just to monitor my current positions. But i have hit my Weekly goal already in only 2 days of trading....YAWN (what will i do with all this free time? lol)
  • #4,233
  • Aug 2, 2011 2:51am Aug 2, 2011 2:51am
Quoting Dredding82
Great Trading! Have a good rest of the day OFF! lol I will still be around most of the sessions just to monitor my current positions. But i have hit my Weekly goal already in only 2 days of trading....YAWN (what will i do with all this free time? lol)

You're getting to the point where trading gets boring !!!

Thats exactly where you want to be !!

Job well done

Udine
Sleep less, live fast, as it aint gonna last
  • #4,234
  • Aug 2, 2011 2:51am Aug 2, 2011 2:51am
Quoting pradeep22
16 pairs sir

Hi Pradeep,

Can you please tell me what is the set up you have to watch the 16 pairs.

I am having trouble watching just 4 pairs . Thanks

Jasjit
  • #4,235
  • Aug 2, 2011 2:55am Aug 2, 2011 2:55am
Quoting jasjit
Hi Pradeep,

Can you please tell me what is the set up you have to watch the 16 pairs.

I am having trouble watching just 4 pairs . Thanks

Jasjit
Dont worry about how many pairs OTHERS can watch...just focus on YOURSELF.......If 4 is a bit much for you cut down to 3 or even just 2. It should not be that hard to trade 4 pairs or the majors if your trading the M15 or higher. The tpl i loaded came with the #HA-OHLC that has an ALERT so it will play a sound and give you a POPUP when there is a change in HA color....Then you just have to check to see if it looks like a good trade or not.
  • #4,236
  • Aug 2, 2011 2:58am Aug 2, 2011 2:58am
Quoting jasjit
Hi Pradeep,

Can you please tell me what is the set up you have to watch the 16 pairs.

I am having trouble watching just 4 pairs . Thanks

Jasjit

Why you need to watch 16 pairs. I just watch 2: EU & GU thats all I need to get my daily target. It is better to have a life besides trading

Udine
Sleep less, live fast, as it aint gonna last
  • #4,237
  • Aug 2, 2011 2:59am Aug 2, 2011 2:59am
Quoting Dredding82
Dont worry about how many pairs OTHERS can watch...just focus on YOURSELF.......If 4 is a bit much for you cut down to 3 or even just 2. It should not be that hard to trade 4 pairs or the majors if your trading the M15 or higher. The tpl i loaded came with the #HA-OHLC that has an ALERT so it will play a sound and give you a POPUP when there is a change in HA color....Then you just have to check to see if it looks like a good trade or not.
Dred, I understand what you are saying and I don't think I would do more than 4 - 6 pairs. I was just curious how Pradeep manages to do it - that's an awful lot of data to absorb. Always good to keep an open mind to new things. Take care

Jasjit
  • #4,238
  • Aug 2, 2011 3:17am Aug 2, 2011 3:17am
Just found this interesting quote:

What have we learned in 2,066 years?

"The budget should be balanced, the Treasury should be refilled, public debt should be reduced, the arrogance of officialdom should be tempered and controlled, and the assistance to foreign lands should be curtailed lest Rome become bankrupt. People must again learn to work, instead of living on public assistance."

Cicero - 55 BC

Evidently nothing...

Udine
Sleep less, live fast, as it aint gonna last
  • #4,239
  • Aug 2, 2011 3:37am Aug 2, 2011 3:37am
Jasjit,
Turn on HA candles. Look on any chart where it is OBVIOUS that price is moving from the lower left of the screen to the upper right. Now find any swing low. After the swing low, count how many consecutive up bars there are. Do this for 10-100 examples on that time frame. What is the smallest number, the largest number, and the average number? Does this tell you something?
Repeat but count the counter-trend down bars.
Any difference in the statistics between up (with the trend) bars and down (counter trend) bars?
Now consider this. Pick ANY bar at random on that chart. Record its color. What color is the very next bar? Do this for about 100 samples. What percentage of your results have the SAME color candle for both? Does this give you a clue about why you can just look at the latest closed HA bar color to determine trend direction?
DrDave
Quoting Dredding82
They are all counter trend so just becareful and dont hope for HUGE pip counts....
To free Gazans of Hamas, use whatever it takes.
  • #4,240
  • Aug 2, 2011 3:44am Aug 2, 2011 3:44am
Quoting Udine
Why you need to watch 16 pairs. I just watch 2: EU & GU thats all I need to get my daily target. It is better to have a life besides trading

Udine
Man, did you forget that he is trying to turn his $10,000 account to 1 million in 2 weeks??
DrDave
To free Gazans of Hamas, use whatever it takes.
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