Price Action Trading with Indicators! The Freebie System | Page 258 | Forex Factory

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Price Action Trading with Indicators! The Freebie System

  • #5,141
  • Sep 9, 2011 2:33am Sep 9, 2011 2:33am
Udine, this is very nice explenation of FX buisness.
But there will be lot of people that mean that is easy to earn money with fx and then try for a month or two and get nothing or blow up their account and then critisize all around. There must be a lot of patience, knowledge and time that you win all this things together.
And the best of all is that you don't need a even cent to study all the things with demo account.

Sandi
  • #5,142
  • Sep 9, 2011 2:40am Sep 9, 2011 2:40am
First 2 in the bag +20, +20
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  • #5,143
  • Sep 9, 2011 2:46am Sep 9, 2011 2:46am
Quoting kolesar007
Udine, this is very nice explenation of FX buisness.
But there will be lot of people that mean that is easy to earn money with fx and then try for a month or two and get nothing or blow up their account and then critisize all around. There must be a lot of patience, knowledge and time that you win all this things together.
And the best of all is that you don't need a even cent to study all the things with demo account.

Sandi

Hi Sandi,

"But there will be lot of people that mean that is easy to earn money with fx and then try for a month or two and get nothing or blow up their account and then critisize all around"

These are the people who dont see the fx as a business, but get rich quick !!

If you treat it like a business, you will be taking their money like taking candy from a baby

If you want to start a regular business, you just try for a month or two ???

Udine
Sleep less, live fast, as it aint gonna last
  • #5,144
  • Sep 9, 2011 2:58am Sep 9, 2011 2:58am
Quoting ohammond
First 2 in the bag +20, +20

GREAT TRADING

Udine
Sleep less, live fast, as it aint gonna last
  • #5,145
  • Sep 9, 2011 3:10am Sep 9, 2011 3:10am
Quoting Udine
Hi Sandi,
These are the people who dont see the fx as a business, but get rich quick !!

If you treat it like a business, you will be taking their money like taking candy from a baby

If you want to start a regular business, you just try for a month or two ???

Udine
Yes you need lot of chart time and a lot of paitence for this buisness.
  • #5,146
  • Sep 9, 2011 3:18am Sep 9, 2011 3:18am
Quoting kolesar007
Yes you need lot of chart time and a lot of paitence for this buisness.
And a set of rules you stick by, whatever those rules are, find the ones that work for you and stick to them. If then you place a trade that goes to a loss but was by your rules, then you won't feel bad about it, just one of those things, as Udine says, the cost of doing business.

I tend to agree with Paulus and others also, that say, find your trading times and take every signal you get in that time, you never know which ones are going to work and which will fail. I don't stop after a certain amount of pips or a certain amount of loss, I keep going until my trading day is finished.
  • #5,147
  • Sep 9, 2011 4:31am Sep 9, 2011 4:31am
LOL wish GU would move, had my breakeven +1 taken 3 times now, still pips is pips.
  • #5,148
  • Sep 9, 2011 4:40am Sep 9, 2011 4:40am
UC long on H1 timeframe

1) Refusal of pivot
2) mtf ha turned green
3) Just wondering whether close at x2 or x3
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  • #5,149
  • Sep 9, 2011 5:10am Sep 9, 2011 5:10am
Quoting ohammond
LOL wish GU would move, had my breakeven +1 taken 3 times now, still pips is pips.
Somebody must have been listening wasn't taken out for +1 this time +58 closed it when it looked to be running out of steam near the pivot.
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  • #5,150
  • Sep 9, 2011 5:44am Sep 9, 2011 5:44am
AU trade, there was a fail at the pivot just above the trendline I have on the chart but when it triggered it was right on top of the next pivot so I waited until the bearish inside bar that closed below the pivot was broken (the bar before I entered). Taken out at the same time as GU. +46
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  • #5,151
  • Sep 9, 2011 5:51am Sep 9, 2011 5:51am
exc post but unfortunately we are talking people and we are not always logical.

People have to find there own way on the trading journey, a bit like life, they will dump their baggage and egos eventually, and accept things for what they are and all will be well

or they wont

Speed

Quoting Udine
It is clear that a some people have not given this business any serious thought. They see the fx business as a "get rich quick scheme".

You should look at it from a different angle (at least in my opinion), as the fx business and the "Freebie" system could build a very bright future for you.

One question: do you know how what percentage your bank gives you per year ??

Here in Italy it is a little over 3% / year at the moment.

Let us say, you have a full-time job and only are able to trade "Freebie" on the D1 timeframe.
Do you think...
" Dont wait for your boat to come in ..... swim out and meet it"
  • #5,152
  • Sep 9, 2011 6:30am Sep 9, 2011 6:30am
EJ trade, failed to make the next pivot then made a nice higher low, targeted 1:1 just below the next pivot as we are in such a strong down trend and moved to breakeven +1 very quickly. +18 pips
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  • #5,153
  • Sep 9, 2011 6:47am Sep 9, 2011 6:47am
I won't be posting anymore charts now - starting to get boring and interfering with trading too much I think I've posted enough to show those who've pm'd me what my rules are on the 5min.

1. Must fail at pivot
2. For a buy price must have made a recent higher low, or for a sell a lower high.
3. Preferably 2 or more of the HA's agree including the 5min.
4. If price has moved too far from the 30ema on the 5min chart (15 to 20 pips or more under when I'm looking for a sell, or above if I'm looking for a buy) then I wait for a retrace to it, if I miss it then I miss it and wait for the next setup.

Practically the same as Dred's, just tweaked a bit for the 5min chart.

EDIT: Forgot to add that Dred is dead right when he says any pivots will do, because I've been playing around with the fibonacci settings on True and False this morning and they've both been working
  • #5,154
  • Sep 9, 2011 8:19am Sep 9, 2011 8:19am
Took this one, 42 pips SL. Since I have to go to work, setting it up for 1:1.
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Damn The Torpedoes, Full Speed Ahead!
  • #5,155
  • Sep 9, 2011 8:20am Sep 9, 2011 8:20am
TP hit. Already a good day!
Damn The Torpedoes, Full Speed Ahead!
  • #5,156
  • Edited 9:16am Sep 9, 2011 8:52am | Edited 9:16am
Quoting ohammond
AU trade, there was a fail at the pivot just above the trendline I have on the chart but when it triggered it was right on top of the next pivot so I waited until the bearish inside bar that closed below the pivot was broken (the bar before I entered). Taken out at the same time as GU. +46
What settings do you use on your MTF has, i entered just before the previous fail at pivot and got whipsawed. I noticed your MTF M5 & M15 was still bullish, mine was bearish.

I know the colours are inverted, chart and MTF, bit confusing maybe.

Sorry looks like your chart has it bearish there also, bit hard to see with your colours. Any reason why you did'nt take the that fail at pivot, was it because of stoch still going up?
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  • #5,157
  • Sep 9, 2011 9:42am Sep 9, 2011 9:42am
Quoting neil324
What settings do you use on your MTF has, i entered just before the previous fail at pivot and got whipsawed. I noticed your MTF M5 & M15 was still bullish, mine was bearish.

I know the colours are inverted, chart and MTF, bit confusing maybe.

Sorry looks like your chart has it bearish there also, bit hard to see with your colours. Any reason why you did'nt take the that fail at pivot, was it because of stoch still going up?
The mtf has is set at M5, M15, H1 and H4. If you mean the red line on your chart, I didn't take that one is because I don't class that as a fail, its still trying to go up and would have needed to see a decent bearish bar to convince me it was coming down, not just the ha's, but also if I had been in it I would have had to place the stop at the last decent swing high which is right at the top and too large a stop loss for me I just leave them to see if I can get a better entry which the lower swing high gave me afterwards.
  • #5,158
  • Sep 9, 2011 9:44am Sep 9, 2011 9:44am
I just wanted to drop a line and say hello to everyone. I've been following this thread as a guest since May and have been using this system live for almost two months now and have been absolutely enthralled by the results. Hopefully I can contribute to the thread and learn something from the masters.
  • #5,159
  • Sep 9, 2011 10:14am Sep 9, 2011 10:14am
Quoting mustangzs
I just wanted to drop a line and say hello to everyone. I've been following this thread as a guest since May and have been using this system live for almost two months now and have been absolutely enthralled by the results. Hopefully I can contribute to the thread and learn something from the masters.
Thats great Post some charts, we'd all love to see how you're getting on.
  • #5,160
  • Edited 10:35am Sep 9, 2011 10:20am | Edited 10:35am
Quoting ohammond
The mtf has is set at M5, M15, H1 and H4. If you mean the red line on your chart, I didn't take that one is because I don't class that as a fail, its still trying to go up and would have needed to see a decent bearish bar to convince me it was coming down, not just the ha's, but also if I had been in it I would have had to place the stop at the last decent swing high which is right at the top and too large a stop loss for me I just leave them to see if I can get a better entry which the lower swing high gave me afterwards.
There was a semafor also, which repainted, that was my SL placement. But you dont use semafor. So you use candle type as a guide also.

Just trying to understand why to your eyes without using the semafor it wasnt a LH.
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