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Price Action Trading with Indicators! The Freebie System

  • #5,001
  • Sep 2, 2011 5:56am Sep 2, 2011 5:56am
Quoting prof8t
By the rules... above the swing high...
So quite a big stop of over 200pips?
  • #5,002
  • Sep 2, 2011 6:00am Sep 2, 2011 6:00am
Quoting FxHancock
I'll be quick to move my stop if it goes my way.
Closed -10, don't like the look of H1!
  • #5,003
  • Sep 2, 2011 6:11am Sep 2, 2011 6:11am
Quoting FxHancock
So quite a big stop of over 200pips?
if he is trading off the daily time frame that's around the ball park your stops will be in...so its fine in my opinion as he is still placing stops per system rules in that case...
No man is free who is not a master of himself. -P.M.-
  • #5,004
  • Sep 2, 2011 6:12am Sep 2, 2011 6:12am
Quoting FxHancock
Closed -10, don't like the look of H1!
Don't forget NFP is just over an hour away, be careful.
  • #5,005
  • Sep 2, 2011 6:13am Sep 2, 2011 6:13am
Quoting pmullin86
if he is trading off the daily time frame that's around the ball park your stops will be in...so its fine in my opinion as he is still placing stops per system rules in that case...
Agreed - my account smallest lot is 10,000 ($1 per pip), seeing as I'm new to this method I'll stick with M15 for the time being.

I feel a $200-300 stop is quite large when 'learning'.
  • #5,006
  • Sep 2, 2011 6:14am Sep 2, 2011 6:14am
Quoting ohammond
Don't forget NFP is just over an hour away, be careful.
Fully aware of that, have quite a few retracements on my indices lined up but FX is quite different... everything appears to grind to a halt in anticipation!

I know many people think if you can trade 'stocks' you can trade FX but there are quite a few subtle differences, or at least that's what I'm discovering.
  • #5,007
  • Sep 2, 2011 6:22am Sep 2, 2011 6:22am
Yeah and I won't lie and act like I know about other markets because I don't but that's why most people I know who trade forex and many in this thread I believe...observe money management to a point where they are risking a certain percent as opposed to looking at the dollar amount being risked....what I mean by that is I might trade the fifteen and stop may be twenty pips but I only risk two percent per trade so lot sizes will reflect that two percent of my account and than I might go to the daily where stop is two hundred pips but I'm still just risking two percent because lot size will be adjusted accordingly....and so 1:1 r:r or 1:2 r:r or whatever will give the same amount of profits but the daily is usually just safer from what dredding suggests to everyone to start on higher time frames as opposed to the five minute charts and so on and so forth...
Quoting FxHancock
Fully aware of that, have quite a few retracements on my indices lined up but FX is quite different... everything appears to grind to a halt in anticipation!

I know many people think if you can trade 'stocks' you can trade FX but there are quite a few subtle differences, or at least that's what I'm discovering.
No man is free who is not a master of himself. -P.M.-
  • #5,008
  • Sep 2, 2011 7:45am Sep 2, 2011 7:45am
Quoting FxHancock
Closed -10, don't like the look of H1!
Would have easily hit TP if I'd stayed in even with NFP release see-saw.
  • #5,009
  • Sep 2, 2011 8:06am Sep 2, 2011 8:06am
Quoting FxHancock
Would have easily hit TP if I'd stayed in even with NFP release see-saw.

Dont mess with your trades because "doesnt look right" it looked right to enter so leave it only close a % or move your SL to reduce risk...never close a trade because you second guess yourself!
  • #5,010
  • Sep 2, 2011 8:13am Sep 2, 2011 8:13am
Quoting Dredding82
Dont mess with your trades because "doesnt look right" it looked right to enter so leave it only close a % or move your SL to reduce risk...never close a trade because you second guess yourself!
Agreed - I turned a winner in to a loser.
  • #5,011
  • Sep 2, 2011 8:16am Sep 2, 2011 8:16am
Quoting FxHancock
Agreed - I turned a winner in to a loser.

"Never let a winning trade turn into a losing trade" lol i have said it before some where in this thread.
  • #5,012
  • Sep 2, 2011 8:19am Sep 2, 2011 8:19am
Quoting Dredding82
"Never let a winning trade turn into a losing trade" lol i have said it before some where in this thread.


Damn NFP has made a mess of pivots, widened them up on M15 - might be best to take the afternoon off.
  • #5,013
  • Sep 2, 2011 8:21am Sep 2, 2011 8:21am
Quoting FxHancock


Damn NFP has made a mess of pivots, widened them up on M15 - might be best to take the afternoon off.

The pivots should not move till the start of a new day unless you are not using the ones i attached.
  • #5,014
  • Sep 2, 2011 8:28am Sep 2, 2011 8:28am
Quoting Dredding82
The pivots should not move till the start of a new day unless you are not using the ones i attached.
Sorry I'm using the wrong terminology, I meant where the ZZ pivots (the dots).
  • #5,015
  • Sep 2, 2011 8:39am Sep 2, 2011 8:39am
Hi Dredding,

Great system you have here, my pip count is improving each day, many thanks for sharing this trading method.

Noel.
  • #5,016
  • Sep 2, 2011 8:54am Sep 2, 2011 8:54am
Quoting Noel
Hi Dredding,

Great system you have here, my pip count is improving each day, many thanks for sharing this trading method.

Noel.

Killer! Just take your time....Soon enough you will be your own boss banking hundreds of pips a day or week!
  • #5,017
  • Sep 2, 2011 8:55am Sep 2, 2011 8:55am
Quoting FxHancock
Sorry I'm using the wrong terminology, I meant where the ZZ pivots (the dots).

They shouldnt move either once a different one forms, If there is a low zz dot then a higher one forms the lower one should say at that low.
  • #5,018
  • Sep 2, 2011 9:48am Sep 2, 2011 9:48am
Quoting Paulus
The GU trade reached +5% then dumped for -5..

ROC +25% London now closed

cheers

P
Paulus,

Would you mind giving an update on how the MTF HA qualifier is working for you? Any of your charts would be a great aid as well.

Thanks!
  • #5,019
  • Sep 2, 2011 10:21am Sep 2, 2011 10:21am
I'm virtually break even after two days, but they are my first two days... 1 win 3 losses yesterday, 1 win and 1 loss today, should have been 2 wins but I interfered.

Day before I made a premature entry and another questionable entry - all in the learning.
  • #5,020
  • Sep 2, 2011 10:45am Sep 2, 2011 10:45am
Hi guys,

who is buying at the bar today ??

I have not been trading: have been busy opening a live account to get the show on the road.

But it made me in urgent need of some beer )

Have a great weekend all and if you feel bored, check out screenprints of the trades you made this week and see what you can learn.

green pips next week.

Udine
Sleep less, live fast, as it aint gonna last
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