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Price Action Trading with Indicators! The Freebie System

  • #5,981
  • Nov 4, 2011 5:44pm Nov 4, 2011 5:44pm
Quoting KingKhan
Hi Dredd

I've been reading this thread on and off for many months and a few days ago made the decision to re-read it from the beginning and make notes.

I finished this morning & just wanted to thank you for providing such a simple and stress free system that as a newbie, I believe I can follow without being confused.

All the best for tomorrow as it is one of your favourite days for trading

Thanks KingKhan..just take your time with demo. Once you make profits for more then a few months then go live if you feel you can keep up with the big boys lol. And yes i LOVE NFP!
  • #5,982
  • Nov 4, 2011 5:47pm Nov 4, 2011 5:47pm
On FF calendar the number for NFP came out red...which is funny because it was smaller then a "forecast" ...but here is the real deal!

"Nonfarm payroll employment continued to trend up in October (+80,000),
and the unemployment rate was little changed at 9.0 percent, the U.S.
Bureau of Labor Statistics reported today. Employment in the private
sector rose, with modest job growth continuing in professional and
businesses services, leisure and hospitality, health care, and mining.
Government employment continued to trend down."

And that quote is straight from the horses mouth!

BTW...my personal "forecast" was 84k....lol
  • #5,983
  • Nov 4, 2011 7:51pm Nov 4, 2011 7:51pm
Hi, does anyone else get this crash report when trying to load the template from the first post ? Any idea how to fix it ?

Attached Image (click to enlarge)
Click to Enlarge Name: 05-11-2011 00-49-31.png Size: 85 KB


Cheers
Dan
  • #5,984
  • Nov 5, 2011 12:54am Nov 5, 2011 12:54am
Quoting dan89
Hi, does anyone else get this crash report when trying to load the template from the first post ? Any idea how to fix it ?

Attachment

Cheers
Dan


Yes i had the same problem. It took me days to figure it out. I re downloaded the zip several times and extracted it using different software. The problem persisted so i re installed mt4 and even switched brokers but that didnt help. I also tried adding the indi's individually but i think some may be corrupted. I worked out which indis were giving me trouble (pivots in my case) so i found different pivots and customized the template. What i suggest is installing all the indicators and template accept the pivots. Then find another pivot indicator and add it seperately. Attached is a pivot indi that should be sufficient.
Attached File(s)
File Type: mq4 vS PivotsD.mq4   38 KB | 492 downloads
  • #5,985
  • Nov 5, 2011 4:40am Nov 5, 2011 4:40am
Thanks Udine


Quoting Udine
The ADR indy I use

Udine
  • #5,986
  • Nov 5, 2011 4:08pm Nov 5, 2011 4:08pm
Quoting mustangzs
Sooooo...how did everyone do this week?
STALINGRAD
  • #5,987
  • Nov 5, 2011 5:10pm Nov 5, 2011 5:10pm
Quoting mustangzs
Sooooo...how did everyone do this week?
Finally had a decent profitable week, all in one day! Indecisive on Monday, profit on Tue, indecisive on Wed, power outage on Thur, no trades during my wake time on Friday. Hoping for even more profit next week, less indecision. Backtesting now. Still 2.7% profit in one week is nothing to sneer at; WAAAYY better than the 1.1% ANNUAL my bank wants to give me on a savings account!
  • #5,988
  • Nov 5, 2011 5:21pm Nov 5, 2011 5:21pm
I thought I'd toss this out too. I also like to see history on the pivots unlike my Pivotsforfreebie which only shows current day but could be adjusted for GMT offset if desired. Here is the pivots I'm using now which requires one for main lines and one for mids and currently does not allow GMT shifting but starts at your broker's start of day. However, it DOES include my autoFib option so if prior day ADR is > total ADR (calculated by 1day+5+10+20 / 4 like many do which gives more weight to current ADR), by a percent you choose (20% for me, just because, not tested or any other reason), it automatically switches to Fib pivots. Set both of them the same. They will also switch to higher TFs for higher charts (dwm = day week month),
Attached File(s)
File Type: mq4 Pivot Plotter-dwm.mq4   8 KB | 581 downloads
File Type: mq4 Pivot Plotter-mids-dwm.mq4   9 KB | 486 downloads
  • #5,989
  • Nov 5, 2011 5:25pm Nov 5, 2011 5:25pm
Quoting ericjschroed
I thought I'd toss this out too. I also like to see history on the pivots unlike my Pivotsforfreebie which only shows current day but could be adjusted for GMT offset if desired. Here is the pivots I'm using now which requires one for main lines and one for mids and currently does not allow GMT shifting but starts at your broker's start of day. However, it DOES include my autoFib option so if prior day ADR is > total ADR (calculated by 1day+5+10+20 / 4 like many do which gives more weight to current ADR), by a percent you choose (20% for me, just...
Nice one Eric. Cheers. Will try them out tomorrow (too busy watching Jaws on TV lol) and see how they look as still trying to decide on what pivot indi to use for my backtesting.

  • #5,990
  • Nov 5, 2011 11:16pm Nov 5, 2011 11:16pm
Quoting morris1
STALINGRAD

Meaning? lol


Only thing i know by that name is a bloody battle in World War II ........http://en.wikipedia.org/wiki/Battle_of_Stalingrad
  • #5,991
  • Edited 7:07am Nov 6, 2011 6:07am | Edited 7:07am
Quoting Dredding82
Meaning? lol

Only thing i know by that name is a bloody battle in World War II ........http://en.wikipedia.org/wiki/Battle_of_Stalingrad
May be he meant the major struggle. As the end of the week was all that with the fundamental announces and Greece situation.

Speaking of losses due to raging market and choppy PA..how to filter those conditions and to know when to stay away from trading for good? View of longer TF..1H, 4H and off course being aware of upcoming news events? From my beginner's experience, the most difficult part is to recognize the proper market conditions (before applying the rules) and also to be able to just stay out, when market is "untradable"..not anticipating/hoping and rushing in for potentially loosing trades.

I've also noticed that the lower risk setups for profitable steady moves (less choppy PA) usually start during early morning (GMT) before London open and then through the evening after NY open. Any thoughts on this?
  • #5,992
  • Nov 6, 2011 9:24am Nov 6, 2011 9:24am
When price gets choppy like this i pay close attention to fundamentals. Because the market is uncertain, any small release yields strong moves and indicators usually go haywire. I made 300 pips last week off the euro drama alone. The coming week looks like it will be just as troublesome however pivots always make for good entry areas regardless.
  • #5,993
  • Nov 6, 2011 11:31am Nov 6, 2011 11:31am
Quoting Dredding82
Meaning? lol


Only thing i know by that name is a bloody battle in World War II ........http://en.wikipedia.org/wiki/Battle_of_Stalingrad

yes, and I was one of the losers...
But, there are another weeks coming and we will prevail!
  • #5,994
  • Nov 7, 2011 1:58am Nov 7, 2011 1:58am
Here is an EU trade i missed this morning but i would have liked to have been in it. TP hit 1:1.
Attached Image (click to enlarge)
Click to Enlarge Name: eu.JPG Size: 183 KB
  • #5,995
  • Nov 7, 2011 2:15am Nov 7, 2011 2:15am
I was asked to show a picture of the ADR I use and posted on the thread before.

So here it is:



it on the left bottom corner, if you haven't figured it out

So what does it show??

ATR 5 & ATR 25.
room up & down of the ADR
today's range
Average ADR
1 day ADR
5 day ADR
10 day ADR
20 day ADR.

So no more excuses of not knowing the ADR has been reached....

If you only trade when the ATR is green and the room up & down is green you have a higher probability of success. But that is one for you to find out .....


Udine
Attached Image (click to enlarge)
Click to Enlarge Name: xADR.gif Size: 86 KB
Sleep less, live fast, as it aint gonna last
  • #5,996
  • Nov 7, 2011 4:44pm Nov 7, 2011 4:44pm
Udine
Just trade the pullback you idiot!
  • #5,997
  • Nov 8, 2011 1:08am Nov 8, 2011 1:08am
Quoting ericjschroed
I thought I'd toss this out too. I also like to see history on the pivots unlike my Pivotsforfreebie which only shows current day but could be adjusted for GMT offset if desired. Here is the pivots I'm using now which requires one for main lines and one for mids and currently does not allow GMT shifting but starts at your broker's start of day. However, it DOES include my autoFib option so if prior day ADR is > total ADR (calculated by 1day+5+10+20 / 4 like many do which gives more weight to current ADR), by a percent you choose (20% for me, just...
I forgot about short Sundays on this but I'm trying to fix it.
  • #5,998
  • Nov 8, 2011 1:52am Nov 8, 2011 1:52am
Quoting A-game
When price gets choppy like this i pay close attention to fundamentals. Because the market is uncertain, any small release yields strong moves and indicators usually go haywire. I made 300 pips last week off the euro drama alone. The coming week looks like it will be just as troublesome however pivots always make for good entry areas regardless.

choppiness can be a killer, in stocks you can diversify so that other wins can overcome the chopiness but for forex, it is a different story altogether
  • #5,999
  • Nov 8, 2011 1:55am Nov 8, 2011 1:55am
Quoting jennywonda35
choppiness can be a killer, in stocks you can diversify so that other wins can overcome the chopiness but for forex, it is a different story altogether

Which is why you can use other INDICATORS....that will tell you when to trade and when not to trade. Well that is if your eyes cant see the pair is just ranging. One good reason you should REDUCE RISK and let your WINNERS run...helps smooth out the losers when there is a b*tch of a range lol.
  • #6,000
  • Nov 8, 2011 2:48am Nov 8, 2011 2:48am
Attached Image (click to enlarge)
Click to Enlarge Name: EU.jpg Size: 75 KB
Hi Dredding82,

I took this trade a few hours ago- and it went up- pure bad luck. Does anyone trade before London open or should it be best to trade during LDN/NY hours only? Did i do something wrong?

Appreciate any feedback thanks!!
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