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Price Action Trading with Indicators! The Freebie System

  • #4,501
  • Aug 10, 2011 3:58am Aug 10, 2011 3:58am
Quoting Goldmember
I see - your talking targets, not actuals. OK

Im sure you have heard this saying "Never Let a Winning Trade Become a Losing Trade" & "Let Your Profits Run" right?

Well with what i just told you IS HOW you do it.
  • #4,502
  • Aug 10, 2011 4:20am Aug 10, 2011 4:20am
  • #4,503
  • Aug 10, 2011 5:29am Aug 10, 2011 5:29am
Im done for the week

Third week in a row.
  • #4,504
  • Edited 11:45am Aug 10, 2011 5:31am | Edited 11:45am
Quoting Dredding82
Read #1 post.........ANSWERED.
Hey man, you're slipping. You forgot IGNORE!

DrDave
To free Gazans of Hamas, use whatever it takes.
  • #4,505
  • Aug 10, 2011 6:34am Aug 10, 2011 6:34am
Hi

A question re the HA candles. Does your success rate improve by waiting for the HA to show a candle with no higher wick (for shorts) or lower wick (for longs). ie you pass on trades with wicks either side, even if they have changed colour?
  • #4,506
  • Aug 10, 2011 7:10am Aug 10, 2011 7:10am
To illustrate my question above I attach two charts. The first one shows, via the black arrows, the type of candle I mean. It has no upper wick in a down trend and shows momentum to carry on down. The second, is one illustration from yesterday's whipsaws, where entering on a candle with upper and lower wicks would not have been wise.

This isn't meant as a discussion of levels, pivots, trend etc, just that the best trades ie those with momentum, often have candles which are like those in example one.

Any thoughts?
Attached Image(s) (click to enlarge)
Click to Enlarge Name: EUHAa.JPG Size: 94 KB
Click to Enlarge Name: EUHAb.JPG Size: 48 KB
  • #4,507
  • Aug 10, 2011 7:28am Aug 10, 2011 7:28am
Quoting Delite
To illustrate my question above I attach two charts. The first one shows, via the black arrows, the type of candle I mean. It has no upper wick in a down trend and shows momentum to carry on down. The second, is one illustration from yesterday's whipsaws, where entering on a candle with upper and lower wicks would not have been wise.

This isn't meant as a discussion of levels, pivots, trend etc, just that the best trades ie those with momentum, often have candles which are like those in example one.

Any thoughts?
Either link should answer your question..And if you would please add the pair for your pictures and the TFs.

http://www.investopedia.com/articles/technical/04/092204.asp#axzz1UbRkQVAi

http://www.investopedia.com/articles/forex/07/heikinashi.asp#axzz1UbRkQVAi
  • #4,508
  • Aug 10, 2011 7:38am Aug 10, 2011 7:38am
Quoting Dredding82
Either link should answer your question..And if you would please add the pair for your pictures and the TFs.

http://www.investopedia.com/articles/technical/04/092204.asp#axzz1UbRkQVAi

http://www.investopedia.com/articles/forex/07/heikinashi.asp#axzz1UbRkQVAi
Thanks. Sorry for not specifying - I just used them as illustrations. However the charts are EU M5.
  • #4,509
  • Aug 10, 2011 7:52am Aug 10, 2011 7:52am
Quoting Delite
Thanks. Sorry for not specifying - I just used them as illustrations. However the charts are EU M5.
EurUsd is not any where around 14,400..........so want to try your pair again? Unless your broker is retarded and uses that instead of 1.4400
  • #4,510
  • Aug 10, 2011 7:57am Aug 10, 2011 7:57am
Quoting Dredding82
EurUsd is not any where around 14,400..........so want to try your pair again? Unless your broker is retarded and uses that instead of 1.4400

Nope. My broker is a UK spreadbetting company. Those numbers are right.
  • #4,511
  • Aug 10, 2011 8:04am Aug 10, 2011 8:04am
Quoting Delite
Nope. My broker is a UK spreadbetting company. Those numbers are right.

I dont do spread betting but that quote does not look right to me.
  • #4,512
  • Aug 10, 2011 8:07am Aug 10, 2011 8:07am
Quoting Dredding82
I dont do spread betting but that quote does not look right to me.
Its just a 5 figure quote, not a six figure. Doesn't really matter, I can work it okay.
  • #4,513
  • Aug 10, 2011 9:32am Aug 10, 2011 9:32am
Quoting Delite
Hi

A question re the HA candles. Does your success rate improve by waiting for the HA to show a candle with no higher wick (for shorts) or lower wick (for longs). ie you pass on trades with wicks either side, even if they have changed colour?
I want to comment here just because it touches on something I have mentioned. I don't think you'll find any discussion here of specific candle appearance or patterns but it can only help your trading if it makes sense to you. There are probably successful traders here that unconsciously consider the "look" of the candles when trading but don't think about it or even mention it when discussing trades. Why? Because I believe it is just one more example of the seasoned, successful trader whose brain has been conditioned to spot good trades and doesn't always even know all the reasons why. It's like Dredd taking a trade that "doesn't quite" fit the exact rules but he understands trading and price action (way better than me) and so understands the risk and the likely outcome of the trade.

Some days, I feel like Pinocchio, dreaming of becoming a "real" boy (trader)! I have all this knowledge but have trouble getting it to work for me consistently. Oh, well, back to Page 1 (again)!!
  • #4,514
  • Aug 10, 2011 9:54am Aug 10, 2011 9:54am
Quoting ericjschroed
I want to comment here just because it touches on something I have mentioned. I don't think you'll find any discussion here of specific candle appearance or patterns but it can only help your trading if it makes sense to you. There are probably successful traders here that unconsciously consider the "look" of the candles when trading but don't think about it or even mention it when discussing trades. Why? Because I believe it is just one more example of the seasoned, successful trader whose brain has been conditioned to spot good trades and...
You are right - it is all about getting a 'feel'. Think about it another way. Put a normal candle chart on your screen. See the zigzag place its mark. Now, if you are going long, look at the candle which makes the swing south. Wait until a candle has broken and closed above the high of that candle and then enter, the same is true for a short.

If you look at the HA candles, the entries will be much the same.
  • #4,515
  • Aug 10, 2011 11:27am Aug 10, 2011 11:27am
Quoting ericjschroed
I want to comment here just because it touches on something I have mentioned. I don't think you'll find any discussion here of specific candle appearance or patterns but it can only help your trading if it makes sense to you. There are probably successful traders here that unconsciously consider the "look" of the candles when trading but don't think about it or even mention it when discussing trades. Why? Because I believe it is just one more example of the seasoned, successful trader whose brain has been conditioned to spot good trades and doesn't...
Stick with it man you will get it and make returns like this in just 2 days(pic below) if you keep learning Of course your going to have to trade like a MAD MAN! and drink about a pot of coffee an hour! lmao
Attached Image (click to enlarge)
Click to Enlarge Name: Capture.GIF Size: 20 KB
  • #4,516
  • Aug 10, 2011 1:38pm Aug 10, 2011 1:38pm
All these candles mean is that price never retraced enough to create a lower wick when averaged. Sure, this shows greater momentum in one direction. However, 9 times out of 10 you are going to get a later entry which will cut profits short and increase your losses. I don't think it will increase your hit rate enough to dramatically, or even positively, affect your returns. You won't be able to overcome the later entries.

Quoting Delite
To illustrate my question above I attach two charts. The first one shows, via the black arrows, the type of candle I mean. It has no upper wick in a down trend and shows momentum to carry on down. The second, is one illustration from yesterday's whipsaws, where entering on a candle with upper and lower wicks would not have been wise.

This isn't meant as a discussion of levels, pivots, trend etc, just that the best trades ie those with momentum, often have candles which are like those in example one.

Any thoughts?
Found a way to detect where the market will turn.
  • #4,517
  • Aug 10, 2011 1:39pm Aug 10, 2011 1:39pm
Great trading my friend. These last few days have been too easy. Is it always like this?

Quoting Dredding82
Stick with it man you will get it and make returns like this in just 2 days(pic below) if you keep learning Of course your going to have to trade like a MAD MAN! and drink about a pot of coffee an hour! lmao
Found a way to detect where the market will turn.
  • #4,518
  • Aug 10, 2011 1:40pm Aug 10, 2011 1:40pm
Can I ask what your weekly target is? I'm trying to determine mine now. Great trading my friend.

Quoting Whistlepips
Im done for the week

Third week in a row.
Found a way to detect where the market will turn.
  • #4,519
  • Aug 10, 2011 1:45pm Aug 10, 2011 1:45pm
Great trade. Again, a full 3:1 RR with very little DD.

I'm liking the GBP/JPY, I used to be scared of it.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpjpy3.gif Size: 20 KB
Found a way to detect where the market will turn.
  • #4,520
  • Aug 10, 2011 2:06pm Aug 10, 2011 2:06pm
Quoting jpdwilson
Can I ask what your weekly target is? I'm trying to determine mine now. Great trading my friend.
Thanks. Im targetting low at the moment, because Im still learning much. My target is 150 pips per week, position sizes adjusted to around 1% risk or so per trade. I do it mostly on M15 now, but also aiming to take trades from longer tf´s as my days at the office are getting busier.
I been thinking that I will gradually increase my target in the amount of pips as well as position size as my trading, money management skills as well as confidence improves. At the moment Im satisfied with this amount. I make money and sleep at night (as in the whipsaw song ).

It is approachable and I dont need to worry about it too much and Im having good experiences about being able to do consistent profit. That feels important for me at the moment also. I have had much more time now to analyze my trades now also and that has been very good.
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