Price Action Trading with Indicators! The Freebie System

thats all pips I can get today..........may be I should be more aggressive.. but over 5% anyway !!

yawn !! lol.l.............

Here you go newbies. Another Chart, Fail at pivot, ZZ Semafor and ZigZag on top. I already closed half my lot size and moved SL to breakeven. Risk free trade. Thanks for the Christmas present Dred.

*Sorry I dropped out of chat, flash player kept crashing Google Chrome. By the time I got it fixed, I just decided to post my charts on the thread and go enjoy Christmas holiday with my family.*

Here are the failed trades of today

-20%

The only conclusion I can made is, today is a ranged market.


And yes, I dont care the "volatility indicator"

Morning

Attached is pic of AU trade from this morning. I am really liking AU it seems to trend nice with clear 15m entries.

Got a serious business plan in the making for 2012.

Cheers y`all

D

Merry Christmas Dredding82!!!!!

I would like to wish all of you Marry Christmass exspecially Dred.

I had many loss trades one by one about month ago. I decided to gave up Dred's system for a couple of weeks to rest, to take a chance to look at this sytem from another point of view, take deep breath.
Now i think i am ready to come back to figure out what i dont understand.
Maybe it would be better to trade on higher TF's ie H1?

Thanks Dred for all knowledge.

http://www.youtube.com/watch?v=5BXK0L_x94w

Hope everyone has a wonderful Christmas

Merry Christmas to you as well Dredd and all of the other Freebie System thread participants. I hope Santa brings you guys/gals everything you wished for! lol

hello forex master congratulations your system hes a gold mine
anywhere did my first trade has a winner 25 pips i did enter at the vertical red line please if anyone can comment if all okay
many thanks

Another day...another dollar. Took three trades this morning. Shorted the EU, GU and the USD/CAD. I didn't like how the EU was moving after I placed my trade so I closed that out for -3 pips. GU got me a solid 100 pips and USD/CAD got stopped out by trailing stop loss at 35 pips. Total pips for today 132 pips. All trades had a 1:1 or greater risk/reward ratio.

Came in with the mentality this morning that I would be lucky to squeeze out of this market 20 pips being that it's the last week of the year and in between holidays. Just goes to show you that you never know what the market will bring you and take everything you can get..lol.

Afternoon People

Afternoon Mustang!

First day back and bang....

Took the short on AU from the Lower High on the 5TF.

Happy Days.

D

Because of flat market in the morning i was too shy to open trades. What a pitty.

woww i follown your trade you seem too be a master well you should post the soon you enter a trade so we will learn a lot from you
many thanks

Not even close. One of the best trading instructions I have recieved was Dred telling me to let your winners run. All I did was move my stop loss to break even and close half my order. That's risk-free trading my friend. I put down some egregious TP based off of RGL on all my charts. I did not know about Italy bond yields dropping or the auction not going the way Italy was expecting. (There's been so much speculation and information coming my way on what caused this big move I can't keep up with it nor do I really care.)

In my opinion..I got lucky, but my money management/risk management is what puts 'luck' in my favor. By closing half my order and moving a stop loss to break-even..I literally am not losing any money in the trade. I made a profit and took some of those profits off the table, the unrecognized profits that I reinvested is like trading with someone else's money.

Best advice anyone has given me. Granted, I've read a thousand times in dozens of books on investing and trading that you should let your winners run and cut your losses....but how? Every book I read kept regurgitating that phrase repeatedly without any insight into its meaning. Dredding had the best advice for me which allowed me to understand what all these 'professionals' meant. On average I get about 25-50 pips a day, but with Dredding's advice, once in a while, I get those 200-300 pip days.

Good advice Mustang. I do the same these days and i'm sure it was because of what was advised/ mentioned in this thread by Dredd and others. I generally move my SL to break even and remove half once I hit 1:1 RR. Do you do the same or do you target a different initial TP before you 'adjust'?

T

It varies from trade to trade. I usually have two targets in mind. The first being a target to close half the order; which usually coincides with either a RR of 1:1 OR a nearby pivot point. The second target is set by just letting the trade run until I can visually tell it's lost momentum. I usually will set a TP line about 10 pips above/below the RGH/RGL lines.

I didn't know to enter or not because i can't see fail at pivot. Other conditions were met.
Finally i didnt enter.

Took entry from the break of this candle on the 15m chart. Price had taken support from DP and I had DR1 as TP for a 2:1 shot.

Price now reached 3:1 - just go`s to show you should allways leave abit in the market.

D

Way to go Rossobonks.