Price Action Trading with Indicators! The Freebie System | Page 234 | Forex Factory

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Price Action Trading with Indicators! The Freebie System

  • #4,661
  • Aug 18, 2011 3:51am Aug 18, 2011 3:51am
Just placed a buy order on the 1hr chart
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  • #4,662
  • Aug 18, 2011 4:24am Aug 18, 2011 4:24am
Well my stop loss got hit. oh well.
  • #4,663
  • Aug 18, 2011 6:05am Aug 18, 2011 6:05am
Quoting Dredding82
Took this one just a few candles go....(YAWN!) Next setup please....lol
Dred you got to SL too?
  • #4,664
  • Edited 7:09am Aug 18, 2011 6:58am | Edited 7:09am
Quoting timo
Dred you got to SL too?
Looks like daily trend may be turning. Looks awfully lot like inside & outside bars forming atleast on EU, GU & AU at D1. Semafor on top yesterdays D1 bar. Stochs coming together on D1. H1 failed to make a new higher high. Its of course too early to tell, but atm looks like it.

What do ya think DrDave? Are they reversing?

Added: After saying that just thinking that tomorrow may turn out to be a good day to open some longer tf trades.
  • #4,665
  • Aug 18, 2011 9:21am Aug 18, 2011 9:21am
Sorry for the long dealy for the reply, but YES, they are reversing LOL.

In fact, i just snatched 24 pips on the M5 after making the rally to the D1 swinging down. SL of 16 was set above prior high.

(Actually, I used Intrinsic Market Timing of M1 to M5 to determine an earlier entry than the M5 gives)


Quoting Whistlepips
Looks like daily trend may be turning. Looks awfully lot like inside & outside bars forming atleast on EU, GU & AU at D1. Semafor on top yesterdays D1 bar. Stochs coming together on D1. H1 failed to make a new higher high. Its of course too early to tell, but atm looks like it.

What do ya think DrDave? Are they reversing?

Added: After saying that just thinking that tomorrow may turn out to be a good day to open some longer tf trades.
To free Gazans of Hamas, use whatever it takes.
  • #4,666
  • Aug 18, 2011 9:26am Aug 18, 2011 9:26am
The next M1 rally failed to swing up M5, so this is a condition to put on a BOLOSO short if M1 breaks below that low. But with caution, because M1 already made its rally to the D1 down swing.

Quoting DrDave
Sorry for the long dealy for the reply, but YES, they are reversing LOL.

In fact, i just snatched 24 pips on the M5 after making the rally to the D1 swinging down. SL of 16 was set above prior high.

(Actually, I used Intrinsic Market Timing of M1 to M5 to determine an earlier entry than the M5 gives)
To free Gazans of Hamas, use whatever it takes.
  • #4,667
  • Aug 18, 2011 9:27am Aug 18, 2011 9:27am
Quoting timo
Dred you got to SL too?

Yuppers...but guess what? 1:1 WAS HIT...so i closed out 1/2 my lots.....so doesnt hurt when its a free trade......

BTW...DAMN LOVING GOLD! 7,900+ PIPS now lol, well on just that one trade
  • #4,668
  • Aug 18, 2011 9:35am Aug 18, 2011 9:35am
King Midas, MOVE OUT! Dredding's in town!

Quoting Dredding82
Yuppers...but guess what? 1:1 WAS HIT...so i closed out 1/2 my lots.....so doesnt hurt when its a free trade......

BTW...DAMN LOVING GOLD! 7,900+ PIPS now lol, well on just that one trade
To free Gazans of Hamas, use whatever it takes.
  • #4,669
  • Aug 18, 2011 9:36am Aug 18, 2011 9:36am
Quoting Dredding82
Yuppers...but guess what? 1:1 WAS HIT...so i closed out 1/2 my lots.....so doesnt hurt when its a free trade......

BTW...DAMN LOVING GOLD! 7,900+ PIPS now lol, well on just that one trade
Wow. Thats not even great. Thats just plain insane
There will be some rally, when it comes down from the highs. I quess thats going to take some time though present economic conditions being what they are.

My GBP/CAD D1 long just hit my tp on +350 and I thought that was great.
  • #4,670
  • Aug 18, 2011 10:19am Aug 18, 2011 10:19am
Quoting Whistlepips
My GBP/CAD D1 long just hit my tp on +350 and I thought that was great.
IT IS GREAT!!! You're buying!

DrDave
To free Gazans of Hamas, use whatever it takes.
  • #4,671
  • Aug 18, 2011 11:12am Aug 18, 2011 11:12am
Yo, Whistlepips, the rallies only got through M30. Now ALL charts back down. You know what that means.... look out below.

Actually, I didn't check the daily range. Are we near the bottom of it?

DrDave
To free Gazans of Hamas, use whatever it takes.
  • #4,672
  • Aug 18, 2011 11:38am Aug 18, 2011 11:38am
Quoting DrDave
Yo, Whistlepips, the rallies only got through M30. Now ALL charts back down. You know what that means.... look out below.

Actually, I didn't check the daily range. Are we near the bottom of it?

DrDave
Yo Dave. About 70 pips from the bottom. Nasty lookin zzdot on the down side on about 1,4270 on H1 and even on H4. Dont think it will pass that one?
  • #4,673
  • Edited 12:12pm Aug 18, 2011 11:54am | Edited 12:12pm
Ok guys. Be prepared to shoot down my preliminary trade & money management rules for freebie (maybe with PMīs so we dont mess the thread). I will go live with these in case you dont stop me doing so

- position size 1-2% (depending from the nature of the setup and/or day eg. lower size on NFP days, etc). I will keep my position size fixed with about those percentages as the account size grows. I will re-evaluate the size of my positions in after 6 months or so
- weekly goal about 8% (with maybe around 160 pips). I will gradually increase my weekly goal to 25%, which will be possible via longer trades. I make adjustments to my weekly goals after 3 month periods by evaluating my success and "head"
- I go for atleast 1:1 RR and close half positions after I have achieved that. I will then move my stop to BE and let the rest run atleast to the daily/weekly/monthly range and even further.
- Drawdown management rules: If I lose 6 % of my account, I will cut my position size to 1%. If I lose 10% of my account, I will cut my position size to 0,5%. I raise my position size only after I have achieved those previous levels. If I lose 30% of my account, I will go demoing again (or just stick to my dayjob, in which Im even more lousy )
- I will open max two trades from a single swing in order to deviate my trades (risk) in time
- I will not have more that 3 positions open at a time (unless they are free trades)
  • #4,674
  • Aug 18, 2011 1:01pm Aug 18, 2011 1:01pm
Quoting Dredding82
Yuppers...but guess what? 1:1 WAS HIT...so i closed out 1/2 my lots.....so doesnt hurt when its a free trade......

BTW...DAMN LOVING GOLD! 7,900+ PIPS now lol, well on just that one trade
7900 pips...........i could only dream of that many! Nice job Dredd!
Damn The Torpedoes, Full Speed Ahead!
  • #4,675
  • Aug 18, 2011 1:17pm Aug 18, 2011 1:17pm
Quoting DizzleFX
7900 pips...........i could only dream of that many! Nice job Dredd!
Keep dreaming, DizzieFX. After all, once upon a time, man dreamed of walking on the moon.

DrDave
To free Gazans of Hamas, use whatever it takes.
  • #4,676
  • Aug 18, 2011 1:35pm Aug 18, 2011 1:35pm
Quoting DrDave
Keep dreaming, DizzieFX. After all, once upon a time, man dreamed of walking on the moon.

DrDave
I like the way you think! I better hit the sack! Lol!
Damn The Torpedoes, Full Speed Ahead!
  • #4,677
  • Aug 18, 2011 4:25pm Aug 18, 2011 4:25pm
I know now is not the best time to trade, but the setup looks good. Correct if I am wrong. Is this a good setup?


Thanks. Many pips to all of yall,
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  • #4,678
  • Aug 18, 2011 7:30pm Aug 18, 2011 7:30pm
Quoting Paulus
GU now closed for 15% as per rules

Return on account + 32%
Why weren't you long at around 12:10 and stopped out?
Found a way to detect where the market will turn.
  • #4,679
  • Aug 18, 2011 7:52pm Aug 18, 2011 7:52pm
I traded live today with Paulus' 5M system across four pairs.

 

  1. AUD/USD
  2. GBP/USD
  3. EUR/USD
  4. USD/CAD

I was risking .5% per trade and ended the night down nearly 1% after placing 9 trades. It seems as though it was a rough night of trading. However, I was hoping Paulus might be able to go over my charts and point out the things I did correctly and the things I did incorrectly.

First I will post the images of my trades as they happened.

The GU trade below took off to quickly. I then placed an order for entry. The take profit was never reached, so when priced reversed I entered. It was eventually stopped out.

I'm also missing one EU trade.

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Found a way to detect where the market will turn.
  • #4,680
  • Aug 18, 2011 8:23pm Aug 18, 2011 8:23pm
These are my questions Paulus.
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Found a way to detect where the market will turn.
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