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Price Action Trading with Indicators! The Freebie System

  • #5,021
  • Sep 2, 2011 11:04am Sep 2, 2011 11:04am
Quoting FxHancock
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.
I literally have a check list and go through it for each trade and then use it as a journal for the trade, screen shot and so on. I am sure the more screen time the less the check list is required but for me I need to do it to prevent any other influences right now.

I just cover the 4 simple rules. Pivot, ZZ, HA, Stoch. Stop Placement behind the last Sem and look for an opportunity for 1:1 to 1:3 RR on my capital.

I will say for me the real challenge comes in managing the trade as well.

I do review the charts I have printed from the forum (which is the majority of them) daily. Best use of a complete pack of paper and printer toner I have ever made.
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  • #5,022
  • Sep 2, 2011 11:13am Sep 2, 2011 11:13am
I made over $2k on my FTSE trades this week, so I'm definitely heading to the bar!

Just hope I can turn similar profits in FX, of course.
  • #5,023
  • Sep 2, 2011 12:21pm Sep 2, 2011 12:21pm
Quoting FxHancock
I made over $2k on my FTSE trades this week, so I'm definitely heading to the bar!

Just hope I can turn similar profits in FX, of course.
You will be in no time! Just stick to the rules and the pips will keep coming!
Damn The Torpedoes, Full Speed Ahead!
  • #5,024
  • Sep 3, 2011 12:02am Sep 3, 2011 12:02am
Quoting Evestor
I literally have a check list and go through it for each trade and then use it as a journal for the trade, screen shot and so on. I am sure the more screen time the less the check list is required but for me I need to do it to prevent any other influences right now.

I just cover the 4 simple rules. Pivot, ZZ, HA, Stoch. Stop Placement behind the last Sem and look for an opportunity for 1:1 to 1:3 RR on my capital.

[color=black][font=Verdana]I will say for me...
Evestor,

very good; you are treating it like a business and if you keep following the rules you'll be fine. I have beside my screen a plastified print of a perfect long and short entry just to remind me not to jump in at every occasion.

How are the result so far??

Udine
Sleep less, live fast, as it aint gonna last
  • #5,025
  • Sep 3, 2011 8:44am Sep 3, 2011 8:44am
Quoting Udine
Evestor,

very good; you are treating it like a business and if you keep following the rules you'll be fine. I have beside my screen a plastified print of a perfect long and short entry just to remind me not to jump in at every occasion.

How are the result so far??

Udine

If you have those screen shots of your perfect setups I would like to see them post or email your choice.

ROC this week was 20%

Looking forward to next week.
  • #5,026
  • Edited Sep 5, 2011 1:00am Sep 4, 2011 11:57pm | Edited Sep 5, 2011 1:00am
Quoting Evestor
If you have those screen shots of your perfect setups I would like to see them post or email your choice.

ROC this week was 20%

Looking forward to next week.

Evestor,

as you probably know, as you have read the thread, I trade slightly different than Dred, therefore you dont soo any charts from me (on Dred's request). So I will not show you my screenshots of perfect entries in the thread. Otherwise send me a PM.

BTW: 20 % per week: FAntastic !!!!

Green pips

Udine
Sleep less, live fast, as it aint gonna last
  • #5,027
  • Sep 5, 2011 1:33am Sep 5, 2011 1:33am
Quoting FxHancock
So quite a big stop of over 200pips?

Daily chart warrants a larger stop loss in relation to the potential targets while remaining within the confines of the strategy rules.

Basically, you can't run with the big dogs if you're going to pee like a puppy...
  • #5,028
  • Sep 5, 2011 2:09am Sep 5, 2011 2:09am
Quoting prof8t
Daily chart warrants a larger stop loss in relation to the potential targets while remaining within the confines of the strategy rules.

Basically, you can't run with the big dogs if you're going to pee like a puppy...
I agree. Takes guts but pays bucks.

Adjust your position size accordingly.
  • #5,029
  • Sep 5, 2011 3:55am Sep 5, 2011 3:55am
I often read something like: "Never let a winner turn into a looser".

Up to now I tried to avoid to interfere with open positions (I analysed the pair and set TP/SL). That is my approach to trade as emotionless as possible (you cannot grow fear or greed on a position you already forgot :-) )

How do you decide if a position is a winning one? Is it winning if it moved up a certain % up to the TP? Or if it made a certain # of pips? Or...?

I guess there is no holy grail, but some ideas/concepts are appreciated.
  • #5,030
  • Sep 5, 2011 4:30am Sep 5, 2011 4:30am
Quoting willauch
I often read something like: "Never let a winner turn into a looser".

Up to now I tried to avoid to interfere with open positions (I analysed the pair and set TP/SL). That is my approach to trade as emotionless as possible (you cannot grow fear or greed on a position you already forgot :-) )

How do you decide if a position is a winning one? Is it winning if it moved up a certain % up to the TP? Or if it made a certain # of pips? Or...?

I guess there is no holy grail, but some ideas/concepts are appreciated.
Really good question. Been thinking the same thing. One way of seeing it is RR 1:1 + appropriate money management (eg. Dredds version). Maybe also pivots, adr, important SR levels, round numbers, FA, etc should be considered. I think this is the experience part of the system. Maybe just requires chart time. Atleast I havent found ways to simplify these.
  • #5,031
  • Sep 5, 2011 4:46am Sep 5, 2011 4:46am
EURJPY short (M15).

All rules met but taking some time to move in my favour!
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  • #5,032
  • Sep 5, 2011 4:58am Sep 5, 2011 4:58am
just woke up to 28+ demo pips lol lol
i attached my chart ,

how do i get the little dots next to the 123 zz semafor
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  • #5,033
  • Sep 5, 2011 5:46am Sep 5, 2011 5:46am
FX markets are very slow today!
  • #5,034
  • Sep 5, 2011 5:50am Sep 5, 2011 5:50am
Quoting FxHancock
FX markets are very slow today!

U.S. and Canadian bank holiday today.
  • #5,035
  • Sep 5, 2011 7:18am Sep 5, 2011 7:18am
Quoting Noel
U.S. and Canadian bank holiday today.

That is why no trading for me today
Udine
Sleep less, live fast, as it aint gonna last
  • #5,036
  • Sep 5, 2011 7:43am Sep 5, 2011 7:43am
Quoting Noel
U.S. and Canadian bank holiday today.
good to know
  • #5,037
  • Sep 5, 2011 7:54am Sep 5, 2011 7:54am
Quoting FxHancock
EURJPY short (M15).

All rules met but taking some time to move in my favour!
Market went +10, moved stop to above new LH.

Stop originally 24pips, now down to just 10 pips.
  • #5,038
  • Sep 5, 2011 8:30am Sep 5, 2011 8:30am
4 trades today, 3 BE and 1 Loss -10 pips.

I think it's time to step away, markets are dead because of the bank holiday!
  • #5,039
  • Sep 5, 2011 9:03am Sep 5, 2011 9:03am
Quoting FxHancock
4 trades today, 3 BE and 1 Loss -10 pips.

I think it's time to step away, markets are dead because of the bank holiday!
Typical now two of the BE have hit their targets and -10 hit it's target, so if I hadn't moved stops I'd be up quite a lot!
  • #5,040
  • Sep 5, 2011 9:15am Sep 5, 2011 9:15am
I loked at some H1-charts. Most of the HA-candles are touching or breaking through some pivot-lines. That canīt be useful, right? Do I need different settings for higher timeframes?
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