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Price Action Trading with Indicators! The Freebie System

  • #4,641
  • Aug 17, 2011 6:25pm Aug 17, 2011 6:25pm
Quoting timo
Trade by the book gone wrong.

First picture entry. Second picture SL.

-55 pips

That's interesting.... my chart shows the candles a little differently. That trade would have resulted in about a 27 pip profit on my chart (entry at candle close of blue line).
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  • #4,642
  • Aug 17, 2011 6:37pm Aug 17, 2011 6:37pm
Quoting prof8t
That's interesting.... my chart shows the candles a little differently. That trade would have resulted in about a 27 pip profit on my chart (entry at candle close of blue line).
He would have also been up 27+ but entered to late. looks like he entered at the bottom of the second candle close. Otherwise everything looks right.
Think Outside the Box.....
  • #4,643
  • Aug 17, 2011 6:52pm Aug 17, 2011 6:52pm
Quoting e-trader
He would have also been up 27+ but entered to late. looks like he entered at the bottom of the second candle close. Otherwise everything looks right.

Yeah, I agree with you on that one. That's what I was thinking when I looked at it as well. Victim of a late entry probably.
  • #4,644
  • Aug 17, 2011 7:09pm Aug 17, 2011 7:09pm
This was my trading on yesterday's Dow chart. As you can see, the behavior of the Dow during the US Session (Gray box) is extremely volatile, however, pips can still be made in a few different ways. I marked my four entries by Dred's strategy with blue lines.

One thing I have noticed is that you need to pay attention to the behavior of the pair you trade. Learning how it behaves puts you that much further ahead of the game.

Trade 1 - (Long) The first trade on the chart could have been considered counter trade, however, I entered because I liked the position of the stochastic. It paid off. I opened two trades and both closed with +20 and +40 pips profit.

Trade 2 - (Short) Scary immediate reversal, but once again, liked the position of the stochastic. Because of the big reversal here, I only entered with one position and closed it prematurely at a support line for less than 1:1. Still made +72 pips on it. Also could have been considered counter trend.

Trade 3 - (Long) Pretty textbook by Dred's strategy. Everything in order so opened two positions. First closed +40, and second at B/E.

Trade 4 - (Short) Right at the close of the US session, so wasn't expecting much here. went into this one with the one position and the intention of only collecting 20 pips which is what happened.

Overall, using Dred's strategy, the Dow session yesterday netted +192 pips.

I used a secondary strategy utilizing Dred's Bolo strategy with a more aggresive entry that also netted an additional +193 pips.

Grand total for the day... +395 pips. Not a bad session...
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  • #4,645
  • Aug 17, 2011 7:24pm Aug 17, 2011 7:24pm
Today's Dow chart didn't fail to please...

Trade 1- (Long) Textbook by the strategy... Two positions of +20 and +40 pips.

Trade 2 - (Short) Counter by the HA indy but liked the position of the stochastic. Two positions of +60 and +120 pips.

Trade 3 - (Long) Could have been considered counter but once again liked the position of the stochastic. Bailed out of this one early as the direction changed. Target was 56 but bailed out at +4 pips on two positions.

Trade 4 - (Short) Well what do you know... As I write this it just hit my target of +20 pips. End of day trade and volume drops significantly. Only one position here and if I get anything out of it, I'm happy.

Total for the US Session using the strategy... +268 pips.

Secondary strategy using an aggresive Freebie Bolo entry... +130 pips.

Total for today's session... +398 pips. Another nice day.
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  • #4,646
  • Aug 17, 2011 7:45pm Aug 17, 2011 7:45pm
Quoting prof8t
Today's Dow chart didn't fail to please...

Trade 1- (Long) Textbook by the strategy... Two positions of +20 and +40 pips.

Trade 2 - (Short) Counter by the HA indy but liked the position of the stochastic. Two positions of +60 and +120 pips.

Trade 3 - (Long) Could have been considered counter but once again liked the position of the stochastic. Bailed out of this one early as the direction changed. Target was 56 but bailed out at +4 pips on two positions.

Trade 4 - (Short) Well what do you know... As I write this it just hit my target of...
Uh......I don't even know what to say about your trading for the last 2 days, other than, Holy Crap! Hopefully one day (like within the next 3 years) Im trading in yours and Dredd's league! Absolutely AMAZING trading!
Damn The Torpedoes, Full Speed Ahead!
  • #4,647
  • Aug 17, 2011 10:49pm Aug 17, 2011 10:49pm
Quoting prof8t
Today's Dow chart didn't fail to please...

Trade 1- (Long) Textbook by the strategy... Two positions of +20 and +40 pips.

Trade 2 - (Short) Counter by the HA indy but liked the position of the stochastic. Two positions of +60 and +120 pips.

Trade 3 - (Long) Could have been considered counter but once again liked the position of the stochastic. Bailed out of this one early as the direction changed. Target was 56 but bailed out at +4 pips on two positions.

Trade 4 - (Short) Well what do you know... As I write this it just hit my target of...
I'll say amazing...amazing.....WTG prof8t!!
Think Outside the Box.....
  • #4,648
  • Aug 18, 2011 12:13am Aug 18, 2011 12:13am
Just simply awesome, awesome. WTG. Hopefully i could trade like that someday
Quoting prof8t
Today's Dow chart didn't fail to please...
.Trade 1- (Long) Textbook by the strategy... Two positions of +20 and +40 pips.

Trade 2 - (Short) Counter by the HA indy but liked the position of the stochastic. Two positions of +60 and +120 pips.

Trade 3 - (Long) Could have been considered counter but once again liked the position of the stochastic. Bailed out of this one early as the direction changed. Target was 56 but bailed out at +4 pips on two positions.

Trade 4 - (Short) Well what do you know... As I write this it just hit my target...
  • #4,649
  • Aug 18, 2011 12:39am Aug 18, 2011 12:39am
Quoting prof8t
This was my trading on yesterday's Dow chart. As you can see, the behavior of the Dow during the US Session (Gray box) is extremely volatile, however, pips can still be made in a few different ways. I marked my four entries by Dred's strategy with blue lines.

One thing I have noticed is that you need to pay attention to the behavior of the pair you trade. Learning how it behaves puts you that much further ahead of the game.

Trade 1 - (Long) The first trade on the chart could have been considered counter trade, however, I entered because I liked...
I think someone is starting to see why i like the lower TFs for weekly "FUN" money...lol Killer trading on both days man!
  • #4,650
  • Aug 18, 2011 1:09am Aug 18, 2011 1:09am
I noticed that the agressive entry I was using for the Bolo trades is actually more closely related to being more agressive trading entries to this strategy.
  • #4,651
  • Aug 18, 2011 1:21am Aug 18, 2011 1:21am
Quoting prof8t
I noticed that the agressive entry I was using for the Bolo trades is actually more closely related to being more agressive trading entries to this strategy.
LMAO....
  • #4,652
  • Aug 18, 2011 1:35am Aug 18, 2011 1:35am
A little late to the party on this one, but not too late to trade it. Taking a small risk on this one. All looks good, however, I decided set a pending order to buy 3 pips above the pivot.
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  • #4,653
  • Aug 18, 2011 1:41am Aug 18, 2011 1:41am
Well i have been busy all week so havent traded to much on the smaller TFs...But here is a gold trade i took on Monday...up 5145 pips right now and the SL was around 962 pips. I have already locked in a 1:2 Risk:Reward, would you call that Risk:Reward or what?. So that just shows letting your WINNERS RUN...DOES WORK...you just have to have the balls to do so.

**Freebie Trend Arrow Testers**
The Blue line in the stoch window is the same thing i use for the Freebie Trend Arrows..Just incase the testers wanted to see a line on the chart instead of the arrows lol so when ever the line starts going up...arrow is up..when going down arrow is down..when equal to the last....X
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  • #4,654
  • Aug 18, 2011 1:47am Aug 18, 2011 1:47am
Quoting Dredding82
Well i have been busy all week so havent traded to much on the smaller TFs...But here is a gold trade i took on Monday...up 5145 pips right now and the SL was around 962 pips. I have already locked in a 1:2 Risk:Reward, would you call that Risk:Reward or what?. So that just shows letting your WINNERS RUN...DOES WORK...you just have to have the balls to do so.

**Freebie Trend Arrow Testers**
The Blue line in the stoch window is the same thing i use for the Freebie Trend Arrows..Just incase the testers wanted to see a line on the chart instead...
And the answer to the questions to come is.........NO! its not a MTF RSI,MTF Stoch, MTF MA or anything like those indicators...it is a MTF indicator YES because i made it into one......but i have EVER seen anyone use it and the funny thing is....IT COMES ON YOUR MT4 PLATFORM! lmao
  • #4,655
  • Aug 18, 2011 1:51am Aug 18, 2011 1:51am
Quoting prof8t
That's interesting.... my chart shows the candles a little differently. That trade would have resulted in about a 27 pip profit on my chart (entry at candle close of blue line).
Man you are in flames. Impressive trading .

You are right with that one, but I think that it takes some skill to trade against the longer trend. Maybe not for us newbies or what do you think? Would be nice to hear you way of taking them anyways especially the way you make your exit. Do you go for ADR or 1:1 or close them manually, etc?

Generally speaking, could it be so that being able to take also counter-trades is the end result of a learning & development process. Perhaps one should concentrate first on making consistent profit with freebie and building confidency and gradually work ones way in the ladders of becoming an excellent trader. I may be wrong here, but this way of thinking seems to work on other areas of life. Would be nice to hear what do you guys think of this.

Status report: my longer tf-trading is going pretty good so I may be doing them live also after a while. Despite a lot of trading my M5 is not profitable yet. Maybe I have to re-evaluate that one.
  • #4,656
  • Aug 18, 2011 2:03am Aug 18, 2011 2:03am
Quoting Whistlepips
Man you are in flames. Impressive trading .

You are right with that one, but I think that it takes some skill to trade against the longer trend. Maybe not for us newbies or what do you think? Would be nice to hear you way of taking them anyways especially the way you make your exit. Do you go for ADR or 1:1 or close them manually, etc?

Generally speaking, could it be so that being able to take also counter-trades is the end result of a learning & development process. Perhaps one should concentrate first on making consistent profit...
I would say that newbies should definitely stick with trading with the trend for starters until they are comfortable enough with the strategy to make consistent profits with it. After that, continue to make those profits trading with the trend, but you may want to start watching the counter trend behavior of whatever pairs you trade most.

The way in which I counter trade basically depends on the pair traded. remember, I started out only taking counter trades on the daily charts until I discovered and watched the behavior if the Dow. It usally moves in one direction for a while before it changes direction and moves in the other for a while. Hardly does it seem to stagnate (especially during the US session). So, it made perfect sense to look for trades both ways on this trading instrument.

Study the behavior of the pairs before you counter trade. By the way, Under normal conditions I do shoot for 1:1 ratio on counter trades.
  • #4,657
  • Aug 18, 2011 2:21am Aug 18, 2011 2:21am
Quoting prof8t
I would say that newbies should definitely stick with trading with the trend for starters until they are comfortable enough with the strategy to make consistent profits with it. After that, continue to make those profits trading with the trend, but you may want to start watching the counter trend behavior of whatever pairs you trade most.

The way in which I counter trade basically depends on the pair traded. remember, I started out only taking counter trades on the daily charts until I discovered and watched the behavior if the Dow. It usally...
Good points. Thanks for help man.
  • #4,658
  • Aug 18, 2011 2:23am Aug 18, 2011 2:23am
Since the week is almost over...Got to hear the SONG! lol

http://www.youtube.com/watch?v=LiE1VgWdcQM
  • #4,659
  • Aug 18, 2011 3:01am Aug 18, 2011 3:01am

Hi Dred & Guys, just finished reading the whole thread. Can't add any charts yet but thought I would contribute by adding one of my favourite poems. I have this framed and hanging right over my monitor.


I am your constant companion,
I am your greatest helper or your heaviest burden.
I will push you onward or drag you down to failure.
I am at your command.

Half of the tasks that you do you might just as well
Turn over to me and I will do them quickly and correctly.

I am easily managed; you must merely be firm with me.
Show me exactly how you want something done.
After a few lessons, I will do it automatically.

I am the servant of all great people
And the regret of all failures as well.
Those who are great, I have made great.
Those who are failures, I have made failures.

I am not a machine but I will work with all its precision
Plus the intelligence of a person.

Now you may run me for profit or you may run me for ruin.
It makes no difference to me.

Take me, train me, be firm with me and
I will lay the world at your feet.
Be easy with me and I will destroy you.

I am called Habit!

Your Attitude Determines Your Altitude
  • #4,660
  • Aug 18, 2011 3:12am Aug 18, 2011 3:12am
Took this one just a few candles go....(YAWN!) Next setup please....lol
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