Price Action Trading with Indicators! The Freebie System | Page 295 | Forex Factory

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Price Action Trading with Indicators! The Freebie System

  • #5,881
  • Oct 31, 2011 12:39am Oct 31, 2011 12:39am
Quoting fratelli
Hi Thanks for your work on the document.

have read it once.

will go over again


thanks

Peter

You're welcome

Udine
Sleep less, live fast, as it aint gonna last
  • #5,882
  • Oct 31, 2011 1:25am Oct 31, 2011 1:25am
Quoting ericjschroed
Ok, so you wake up to start your day and you see this! What do you do? Go back to bed? Look for pullback/countertrend trades?
i'd definitely like to hear input from some more experienced traders on this, i myself don't think i'm going to trade for a few hours to see how things unfold

i've always gotten my ass bitten trying to go for retrace or pullback

one idea would be to trade conservatively at 1:1 risk:reward although this may require drawing more pivot lines (which i'm not sure how to do) to see which semaphors are valid entry points

the new freebie indicator is painting arrows still going by the HA and stoich action, i've taken a few demo trades off these signals out of curiousity
  • #5,883
  • Oct 31, 2011 4:40am Oct 31, 2011 4:40am
Quoting ericjschroed
Ok, so you wake up to start your day and you see this! What do you do? Go back to bed? Look for pullback/countertrend trades?

Ericjschored,
If you don't mind me answering this question, I would say that the daily range has already been hit and that it is beter to look at another pair if you want to trade today.

Have a nice day,
Mel
  • #5,884
  • Oct 31, 2011 6:26am Oct 31, 2011 6:26am
So you woke up and you saw that the BOJ intervened on the USD/JPY trade values. What do you do?
Well....If you listened to me around post......#5792 you would have woken up to see over 250 pips in your account!!!!!

Now lets see what other trades are available this morning
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  • #5,885
  • Oct 31, 2011 6:56am Oct 31, 2011 6:56am
Quoting mustangzs
So you woke up and you saw that the BOJ intervened on the USD/JPY trade values. What do you do?
Well....If you listened to me around post......#5792 you would have woken up to see over 250 pips in your account!!!!!

Now lets see what other trades are available this morning
Mustangzs,

well done !!



Udine
Sleep less, live fast, as it aint gonna last
  • #5,886
  • Oct 31, 2011 6:59am Oct 31, 2011 6:59am
Agreed Mustangz! Killer!!
Simplicity is the ultimate in sophistication ~ Leonardo Da Vinci
  • #5,887
  • Oct 31, 2011 7:06am Oct 31, 2011 7:06am
Anyone can help me with what I am doing wrong on this one?
Trend: Swinging up, higher high lower low for ZZ
-fail on pivot R1
-bar closed green HA
-Stoch crossed
-within 3 bars of bottom semafor

Am I following the rules correctly here?
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  • #5,888
  • Oct 31, 2011 7:12am Oct 31, 2011 7:12am
Quoting johnjwong
Anyone can help me with what I am doing wrong on this one?
Trend: Swinging up, higher high lower low for ZZ
-fail on pivot R1
-bar closed green HA
-Stoch crossed
-within 3 bars of bottom semafor

Am I following the rules correctly here?
Can you move your chart over to the center so that way I can see what you're looking at? There's too much text covering the chart on the right side...really can't see anything. Also, did you take a long or short on the trade? I'm assuming you went long?
  • #5,889
  • Oct 31, 2011 7:20am Oct 31, 2011 7:20am
Quoting johnjwong
Anyone can help me with what I am doing wrong on this one?
Trend: Swinging up, higher high lower low for ZZ
-fail on pivot R1
-bar closed green HA
-Stoch crossed
-within 3 bars of bottom semafor

Am I following the rules correctly here?

Mustangsz is right.

but you are also trading against the Moving averages you have on your chart. use them or lose them

Udine
Sleep less, live fast, as it aint gonna last
  • #5,890
  • Oct 31, 2011 7:34am Oct 31, 2011 7:34am
Another 27 pips to the pile. I didn't want to hold this for very long, I felt like I was shorting at a bottom. I could be wrong, but I trade off my experience and I trust my judgement. Find yourself, find the trader you are, and you'll be successful.
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  • #5,891
  • Oct 31, 2011 7:39am Oct 31, 2011 7:39am
I took a long trade, from the blue arrow and hit stop loss at the yellow arrow. I have attached another picture that may be more clear and also deleted the EMAs as I am not using it anyways.
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  • #5,892
  • Oct 31, 2011 7:42am Oct 31, 2011 7:42am
First trade of the week.

Good trading all!
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  • #5,893
  • Oct 31, 2011 7:45am Oct 31, 2011 7:45am
compare your chart with the one from Dynel, what is missing on yours ??

Udine
Sleep less, live fast, as it aint gonna last
  • #5,894
  • Oct 31, 2011 8:35am Oct 31, 2011 8:35am
Udine, I added MTF HAs to my charts now. However, as Dredding mentioned, everyone can use their own trend indicator, I use the ZZ: higher high, higher low defining a up trend after the long downtrend previously, I was confidence when I made the trade and it seemed like a good time for a swing trade. I was wrong but would like to see where I made a mistake.
  • #5,895
  • Oct 31, 2011 8:48am Oct 31, 2011 8:48am
Quoting johnjwong
Udine, I added MTF HAs to my charts now. However, as Dredding mentioned, everyone can use their own trend indicator, I use the ZZ: higher high, higher low defining a up trend after the long downtrend previously, I was confidence when I made the trade and it seemed like a good time for a swing trade. I was wrong but would like to see where I made a mistake.
Where do you see HH or LH on this chart? The long term trend is DOWN. You took a counter trend trade and you got beat out. You need to PHYSICALLY look at higher time frames for trend. Remember, you are NOT trading the 15 minute chart, you are trading the 4-hour chart while using the 15-minute for entry.

4HA was RED, 4H Stochastic was DOWN, ZZ Semafor Trend tops/bottoms...DOWN......

"THE TREND IS YOUR FRIEND UNTIL IT BEGINS TO BEND"
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  • #5,896
  • Edited 10:23am Oct 31, 2011 9:00am | Edited 10:23am
Udine: continuing on our discussion on the chat, I have attached the following 2 pictures.
The first one is to indicate how I define the trend, higher high and higher low on ZZ.
The 2nd one I took the trade again... following all Dredding's 4 rules: pivot failed on M3, green HA, trend up, crossed stoch and a low semafor (within 3 bars).
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  • #5,897
  • Oct 31, 2011 9:51am Oct 31, 2011 9:51am
Quoting mustangzs
Where do you see HH or LH on this chart? The long term trend is DOWN. You took a counter trend trade and you got beat out. You need to PHYSICALLY look at higher time frames for trend. Remember, you are NOT trading the 15 minute chart, you are trading the 4-hour chart while using the 15-minute for entry.

4HA was RED, 4H Stochastic was DOWN, ZZ Semafor Trend tops/bottoms...DOWN......

"THE TREND IS YOUR FRIEND UNTIL IT BEGINS TO BEND"
Everything else being right, he may have different broker feed, mine 04:00 EST 4HA was green, not red as yours, but LH, LL
  • #5,898
  • Oct 31, 2011 9:59am Oct 31, 2011 9:59am
Quoting morris1
Everything else being right, he may have different broker feed, mine 04:00 EST 4HA was green, not red as yours, but LH, LL
True...I keep forgetting about differing brokers.
  • #5,899
  • Edited 11:41am Oct 31, 2011 11:26am | Edited 11:41am
I'm out for the day with +97 pips. Thanks to whom ever it was a few weeks ago that posted their trades on the EUR/CAD pair. I never thought to trade that currency pair and I've been trading it for 2 weeks with much success. Large swing highs and lows, nice volume, very easy to trade with this system.

EUR/CAD +27
EUR/AUD +70

Did anyone take my advice on the USD/JPY?
  • #5,900
  • Oct 31, 2011 12:16pm Oct 31, 2011 12:16pm
what was wrong with this trade

i got a fail at pivot there WAS a semafor marked where i put the red X symbol.

lower lows and lower highs formed, red ha on higher tf's

trade took me out on next candle didnt even gimme a chance
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