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Price Action Trading with Indicators! The Freebie System

  • #4,561
  • Edited 2:56am Aug 12, 2011 2:30am | Edited 2:56am
http://www.youtube.com/watch?v=8CPlF-IEkXQ&feature=related

&

http://www.youtube.com/watch?v=gAEapKFYApU
  • #4,562
  • Aug 12, 2011 3:09am Aug 12, 2011 3:09am
could trade only 4 hours a day this week... 9 winners and 0 losers.. it´s funny
  • #4,563
  • Aug 12, 2011 3:17am Aug 12, 2011 3:17am
Quoting AndreyBecker
could trade only 4 hours a day this week... 9 winners and 0 losers.. it´s funny
Dont tell anyone the "SECRET"....LMAO!jk

Great trading man....hopefully soon you can be a full time trader.
  • #4,564
  • Aug 12, 2011 3:22am Aug 12, 2011 3:22am
Quoting Dredding82
Dont tell anyone the "SECRET"....LMAO!jk

Great trading man....hopefully soon you can be a full time trader.
thank you, dred! my anticipation is great!
  • #4,565
  • Aug 12, 2011 3:26am Aug 12, 2011 3:26am
PS: the 80% on the poll are back! and we have about 300 pages... i´m happy about being a part of this thread!
  • #4,566
  • Aug 12, 2011 4:04am Aug 12, 2011 4:04am
Quoting AndreyBecker
PS: the 80% on the poll are back! and we have about 300 pages... i´m happy about being a part of this thread!
I couldnt agree more

You guys have a great weekend.
  • #4,567
  • Aug 12, 2011 4:13am Aug 12, 2011 4:13am
Hey,

Sorry haven't been an active member of this thread. Been doing a lot of trading by myself. Though I do like to come for help when I need it. I have been have some trouble with my TP.

I know my TP should be atleast 1:1 and not more than 1:3 but how do I know which one to choose. I bought GBP/USD and set my TP around 35 pips which was about 1:2 because the next pivot was too far.

Though unfortunently it went up 30 pips then dropped another 40 to hit my SL. Please help me by suggesting how this can be avoided. I have posted a chart of the trade I took also.
Attached Image (click to enlarge)
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  • #4,568
  • Aug 12, 2011 4:35am Aug 12, 2011 4:35am
Quoting jibjib210
Hey,

Sorry haven't been an active member of this thread. Been doing a lot of trading by myself. Though I do like to come for help when I need it. I have been have some trouble with my TP.

I know my TP should be atleast 1:1 and not more than 1:3 but how do I know which one to choose. I bought GBP/USD and set my TP around 35 pips which was about 1:2 because the next pivot was too far.

Though unfortunently it went up 30 pips then dropped another 40 to hit my SL. Please help me by suggesting how this can be avoided. I have posted a chart of...

Start with setting a reasonable goal for yourself of what you would be satisfied with as far as profit. For example, I a satisfierd with making 20 pips a day. This is my personal goal and all I need to reach my financial goals. Once you establish your personal level of satisfaction, you will get a better idea of what you need to do to achieve it. In my case, I am satisfied with 1:1 ratio on all my trades regardless of how much they move after my TP. This week and last week alone has made the rest of my yearly pip goal.
  • #4,569
  • Aug 12, 2011 4:44am Aug 12, 2011 4:44am
Quoting jibjib210
Hey,

Sorry haven't been an active member of this thread. Been doing a lot of trading by myself. Though I do like to come for help when I need it. I have been have some trouble with my TP.

I know my TP should be atleast 1:1 and not more than 1:3 but how do I know which one to choose. I bought GBP/USD and set my TP around 35 pips which was about 1:2 because the next pivot was too far.

Though unfortunently it went up 30 pips then dropped another 40 to hit my SL. Please help me by suggesting how this can be avoided. I have posted a chart of...

READ....Post #1 then re read it again and again...


BTW...R:R is not capped at 1:3...
  • #4,570
  • Aug 12, 2011 4:47am Aug 12, 2011 4:47am
Quoting jibjib210
Hey,

Sorry haven't been an active member of this thread. Been doing a lot of trading by myself. Though I do like to come for help when I need it. I have been have some trouble with my TP.

I know my TP should be atleast 1:1 and not more than 1:3 but how do I know which one to choose. I bought GBP/USD and set my TP around 35 pips which was about 1:2 because the next pivot was too far.

Though unfortunently it went up 30 pips then dropped another 40 to hit my SL. Please help me by suggesting how this can be avoided. I have posted a chart of...
And you shouldnt have been looking for LONGS>....It was makeing LL....USE THE TEMPLATE I ADDED!

After all the crying about having to PM me for the indicators and template when i do add it to make it EASY for people they still do not use it...GO FIGURE! lmao
  • #4,571
  • Aug 12, 2011 4:54am Aug 12, 2011 4:54am
Quoting jibjib210
Hey,

Sorry haven't been an active member of this thread. Been doing a lot of trading by myself. Though I do like to come for help when I need it. I have been have some trouble with my TP.

I know my TP should be atleast 1:1 and not more than 1:3 but how do I know which one to choose. I bought GBP/USD and set my TP around 35 pips which was about 1:2 because the next pivot was too far.

Though unfortunently it went up 30 pips then dropped another 40 to hit my SL. Please help me by suggesting how this can be avoided. I have posted a chart of...
According to my experiences M5 is a bit tricky to trade. If I were you, I would collect all the posts Paulus has made in this thread (starting around page 100), collect them in a single doc and go through them several times (and study the charts also). Then I would make a trading journal and keep track of all my entrys and evaluate them, eg. are all the rules met, etc. It takes time, but I think that may be the only way to really get the insides of the M5. Its so easy to make misjudgments and the journal will develop your discipline with the system.

The answer to your question has been answered before, but it may be difficult to find. Paulus makes his TP to next pivot and in case the pivot is further away than RR 1:3, he takes TP with RR 1:3. You should also stick with the system, accept the losses and take every signal, because you never know which one of them will be the one that hits the target.

I think that it would be easier for you to start with those longer TF´s. M5 looks easy and systematic, but it is far from that.

Added: Well it looks like its my 300 post celebration on FF today
  • #4,572
  • Edited 7:13am Aug 12, 2011 5:01am | Edited 7:13am
Ok so i was bored and modified the HA-OHLC indicator which means i can rename it! lol...i added an Email alert but it will only work if you have the sound and email both set to TRUE and you MUST have email setup in your platform. I also added that stoch has to be heading up for a buy signal and down for a sell signal at the time of the HA candle change if it is not it will NOT send an alert or email.. I have tested it and it seems to work...so if you download it and it is not working PM me about the problem. I have also added the regular HA-OHLC indicator with the Email added.

The email will say "Freebie Candle Alert" in the subject line and the message will look like this "USDJPY (15) -- Possible BUY" What ever is in the () is the period...so 15 would be M15,60 would be H1...etc....

Indicators attached

P.S. Both will be added to the #1 post zip file
Attached File(s)
File Type: ex4 #OHLC - HA.ex4   5 KB | 680 downloads
File Type: ex4 Freebie Candles.ex4   6 KB | 738 downloads
  • #4,573
  • Aug 12, 2011 5:09am Aug 12, 2011 5:09am
Quoting prof8t
Start with setting a reasonable goal for yourself of what you would be satisfied with as far as profit. For example, I a satisfierd with making 20 pips a day. This is my personal goal and all I need to reach my financial goals. Once you establish your personal level of satisfaction, you will get a better idea of what you need to do to achieve it. In my case, I am satisfied with 1:1 ratio on all my trades regardless of how much they move after my TP. This week and last week alone has made the rest of my yearly pip goal.
I do not have any financial goals. I am 16 years old and I am in the learning process. Sorry but I also do not believe in daily goals. I feel that if you restrict yourself to just a certain number then when there is bad trading days you will be forced to take trades to meet your daily goal. I would rather just take every trade that I feel best fits my rules. As long as at the end of the day I am in profit I am satisfied.

Thanks for the advice.
  • #4,574
  • Aug 12, 2011 5:20am Aug 12, 2011 5:20am
Quoting Whistlepips
According to my experiences M5 is a bit tricky to trade. If I were you, I would collect all the posts Paulus has made in this thread (starting around page 100), collect them in a single doc and go through them several times (and study the charts also). Then I would make a trading journal and keep track of all my entrys and evaluate them, eg. are all the rules met, etc. It takes time, but I think that may be the only way to really get the insides of the M5. Its so easy to make misjudgments and the journal will develop your discipline with the system....

LOL it is a little bit too late for that I think. I started a small live account 2 days ago :s.

I do not know if it was the right move or not having only played with Forex demo accounts for a couple months. Though I could never take demo seriously knowing that no matter how much I made or lost at the end of the day it would not affect me in any way. Therefore I invested $100 and I am willing to lose the money for the cost of learning somthing in Forex.

Over the past 2 days I have pulled of all nighters and been able to take 4 trades which leaves me at break even at the moment. I have seen Paulus' rules and think I am satisfied with the way I am trading M5. I think I am getting the hang of it. Out of the 4 trades I took one was my mistake of taking the trade in the afternoon when the market was dead and the second loss was just the way Forex goes. I guesss you are right. I should follow the rules of 1:3 or next pivot and accept my losses.

Thanks

PS: Couldnt capitalize on my first live trade ever which ran 54 pips and hit my TP. Only made 1% because I messed up on the lot size or it was a gareented 15% ROC
  • #4,575
  • Aug 12, 2011 5:25am Aug 12, 2011 5:25am
Quoting jibjib210
LOL it is a little bit too late for that I think. I started a small live account 2 days ago :s.

I do not know if it was the right move or not having only played with Forex demo accounts for a couple months. Though I could never take demo seriously knowing that no matter how much I made or lost at the end of the day it would not affect me in any way. Therefore I invested $100 and I am willing to lose the money for the cost of learning somthing in Forex.

Over the past 2 days I have pulled of all nighters and been able to take 4 trades which leaves...
You would be best listening to those around you. In Paulus' rules he would look for higher highs and higher lows before taking a long trade. The trade you showed on the chart as Dred has already said, was showing lower highs and lower lows so have another read of Paulus posts.
  • #4,576
  • Aug 12, 2011 5:28am Aug 12, 2011 5:28am
Quoting ohammond
You would be best listening to those around you. In Paulus' rules he would look for higher highs and higher lows before taking a long trade. The trade you showed on the chart as Dred has already said, was showing lower highs and lower lows so have another read of Paulus posts.
Yea I realized once Dred corrected me . I shall have another look at Paulus' posts.

Thanks
  • #4,577
  • Aug 12, 2011 5:41am Aug 12, 2011 5:41am
Quoting jibjib210
LOL it is a little bit too late for that I think. I started a small live account 2 days ago :s.

I do not know if it was the right move or not having only played with Forex demo accounts for a couple months. Though I could never take demo seriously knowing that no matter how much I made or lost at the end of the day it would not affect me in any way. Therefore I invested $100 and I am willing to lose the money for the cost of learning somthing in Forex.

Over the past 2 days I have pulled of all nighters and been able to take 4 trades which leaves...
Lol, good luck to ya man .
About that 1:3 rule. I think Paulus has tweaked it into his way of trading so that the probabilities are in his advance. All the things in how you trade (your personality, skills, system, money management, etc) are effecting into the probabilities of your trading system. (Took me quite awhile to figure that one out, LOL). I dont know, how do you trade with your approach, but I think that you should evaluate how well does it suite your way of trading by backtesting it with currencies you trade. Go and check eg. a month or so back and check out how often you get 1:1, 1:2, 1:3 or even more if you take the setups that your system tells you to take. I think that after that you should see where you should be aiming. We have been discussing about money management here lately and I think many of us are using the rules presented by Dredd within the last couple of days (or something similar to them). Maybe it could be worthwhile to check out how well they would suite your way of trading.....

.......or then just change your plan and start to trade with freebie way (on longer tf´s), which has already been "optimised"
  • #4,578
  • Aug 12, 2011 5:55am Aug 12, 2011 5:55am
Once i get some feed back that the modified indicators(Freebie Candles) work like they should i will(MIGHT) release the even more modified one i just finished that has a built in trend filter....which i am testing now...
  • #4,579
  • Aug 12, 2011 5:59am Aug 12, 2011 5:59am
I just thought about it....I never wanted to learn to code or even learn how to modify codes....DAMN IT....IM LEARNING NEW THINGS!
  • #4,580
  • Aug 12, 2011 6:03am Aug 12, 2011 6:03am
Quoting Whistlepips
Lol, good luck to ya man .
About that 1:3 rule. I think Paulus has tweaked it into his way of trading so that the probabilities are in his advance. All the things in how you trade (your personality, skills, system, money management, etc) are effecting into the probabilities of your trading system. (Took me quite awhile to figure that one out, LOL). I dont know, how do you trade with your approach, but I think that you should evaluate how well does it suite your way of trading by backtesting it with currencies you trade. Go and check eg....
LOL yea i just went back and checked Paulus' and Dreds charts and strategies. I was way off in my trading strategy this couple of days. I was soo focused on just picking out HH HL that I didn't realize the other trades I could have taken. You cannot back test Paulus' system the lines change everyday? I refuse to go to higher TF. I am to ignorant to feel that I wasted my time with M5. I want to suceed on M5 trading and also lack patience to see a candle every 15 mins or more .

Thanks for the advice
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