Price Action Trading with Indicators! The Freebie System | Page 309 | Forex Factory

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Price Action Trading with Indicators! The Freebie System

  • #6,161
  • Jan 12, 2012 7:44pm Jan 12, 2012 7:44pm
please still posting your chart very interesting we learn a lot from it
keep up the good work many do not reply cause too lazy lol
keep up the good work
  • #6,162
  • Jan 13, 2012 7:08am Jan 13, 2012 7:08am
Two trades that stopped out--What did I miss? These were taken mid day so volume was not the highest. Perhaps that is it. Or I just goofed on something else.
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  • #6,163
  • Jan 13, 2012 8:30am Jan 13, 2012 8:30am
Here are my 2 trades for today....200+ pips combined......EASY MONEY!

Reduced risk on both trades by closing a % of my lots then moved SL to just below the enter to lock in even more profit even if small but now both are RISK FREE TRADES...and BOTH have gave me a nice daily gain.
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  • #6,164
  • Jan 13, 2012 8:42am Jan 13, 2012 8:42am
Quoting MattFromWa
Two trades that stopped out--What did I miss? These were taken mid day so volume was not the highest. Perhaps that is it. Or I just goofed on something else.
I only have a two word answer for you.......TREND & ADR.
  • #6,165
  • Jan 13, 2012 9:48am Jan 13, 2012 9:48am
I want the ADR on my chart but it is not loading at all.Is there another link for it apart from page 1?
With God all things are possible.
  • #6,166
  • Jan 13, 2012 10:06am Jan 13, 2012 10:06am
Thanks Dred. As you can see I am still working on fully grasping this system. I look forward to being able to pm you so I can request the indi's I am missing. Have a good weekend.

Matt
  • #6,167
  • Jan 13, 2012 10:28am Jan 13, 2012 10:28am
Very nice system Dred. Lots of different ways to confirm trends and entries. The thread is filled with loads of sage wisdom for trading in general, yet combined with the Freebie sys it can be a real powerhouse against a very unforgiving market.
I've had my share of "brain enemas" while reading along, and trading gold is getting a little simpler because of it.
I'm really lucky to have found this thread, and thanks Dred for making it free to us.
May you be the Sun of your days, and the Star of your nights
  • #6,168
  • Jan 15, 2012 1:53pm Jan 15, 2012 1:53pm
Hi guys, just started trading(well i'm playing with the simulator right now)

This method doesn't seem to work for me, i don't know why

Here's a chart, hope i can get some feedback.
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  • #6,169
  • Jan 15, 2012 3:39pm Jan 15, 2012 3:39pm
It's kind of hard to see what trend is doing since you are looking at a 5-minute chart but from what I can tell trend is moving up. I've noticed Higher High's and Lower Low's throughout the chart. Now long term trend could be down since you're trading historical data in February and I have no clue which year you are trading. Where is your trend indicator and/or how are you identifying trend.

Looks to me you kept trying to pick tops and bottoms and got burned out. Far as I can tell...you traded against the trend.

This will come with practice. Keep trading demo and keep trading in the simulator. I've been trading in the simulator all this weekend and just having a blast practicing and studying price action. (Thanks Udine for the email)

It will come young grasshopper.

EDIT: I see now that it's 2011 chart.
  • #6,170
  • Jan 15, 2012 4:15pm Jan 15, 2012 4:15pm
@Trashpip

I went back and traded it on the 15 minute as that is what I'm comfortable with. Took two trades. The first one got stopped out for 15 pips, the second one went into profit at 63 pips. I didn't cheat..I didn't look ahead and I always trade/practice honestly. There's no point in cheating in this game because I'd only be cheating myself out of real money and a very real future for myself.

Both trades were short, got in too early on the first one and second one bought me a brand new car!! LoL.

I prefer using this system with higher time frames. Reduces out the noise. You were trying to trade in the proper direction long term but you were fighting what looked like a retracement. Here's my trade below:
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  • #6,171
  • Jan 15, 2012 5:06pm Jan 15, 2012 5:06pm
Thanks for the reply Mustang.

Yeah, the long term trend was down.

Your trade in the last chart seems strange to me, can't understand it,it didn't fail at pivot and the stop loss was not placed just above the top of the zigzag, my stop loss would have been hit if i took the same trade.
  • #6,172
  • Jan 15, 2012 5:28pm Jan 15, 2012 5:28pm
Quoting trashPIP
Thanks for the reply Mustang.

Yeah, the long term trend was down.

Your trade in the last chart seems strange to me, can't understand it,it didn't fail at pivot and the stop loss was not placed just above the top of the zigzag, my stop loss would have been hit if i took the same trade.
Sorry about the confusion. For some reason when I use the strategy tester it will not show the physical trade line closed or open after I place the very first trade. The only way I can get it to redraw my entries and exit is to pause the trade, refresh it, and then press continue. I know that looks confusing. The first entry that shows my short was stopped out. I placed a second short right after the red HA that followed the 3 semafor.

The first trade to me was a fail at pivot. I don't follow the rule so much as price "kissing" the pivot line and then moving mainly because different brokers have differing price action, time zones, calculations, etc..etc..etc. One thing I have taken away from this system with PIVOT points is that they look different on everybody else's charts. Some day's basic pivots points look like the holy grail of picking tops and bottoms, the next day it's fib pivots, then the next it's woodie pivots..etc..etc..etc. They all seem to be within a certain "range" of each other and that's what I'm shooting for. I could have plopped a different pivot indicator on that chart and it would have probably given you the "fail at pivot" you were expecting to see.

The second re-entry was based off RGH. Price had reached its average daily high...the long term trend was still going down and the signal candle had a major price breakout. I saw the perfect time to short. Sometimes it's hard to explain why I've taken a trade except for summing it all up as years of experience. I know there's not much merit in that statement considering we're talking about a simulated trade that I could have easily lied about.

I hope this helps you out.
  • #6,173
  • Jan 15, 2012 5:39pm Jan 15, 2012 5:39pm
I am really looking forward to useing your system this week! I will continue to read entire thread also. Thank you for what I know will be a great week and future trading for years to come.
  • #6,174
  • Jan 17, 2012 10:11am Jan 17, 2012 10:11am
Good way to start your morning...hot cup of coffee and pips in the bank. These trades are still open. My stop loss is moved to break even and half my order has been closed...risk free trade, just letting it run.

Maybe I'll be making money while eating tacos..who knows..lol
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  • #6,175
  • Jan 17, 2012 8:43pm Jan 17, 2012 8:43pm
This should make it easy for everyone to see how valuable Hiekn ashi is, simple stuff.
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  • #6,176
  • Jan 18, 2012 1:27am Jan 18, 2012 1:27am
Quoting mustangzs
Good way to start your morning...hot cup of coffee and pips in the bank. These trades are still open. My stop loss is moved to break even and half my order has been closed...risk free trade, just letting it run.

Maybe I'll be making money while eating tacos..who knows..lol
Hey Mustangzs

Im a little confused with your entries. On the EU chart and the UC chart it seems you went against the trend. Looks like higher highs and lower lows (vice versa on the UC chart). what made you short EU and long UC?

Thanks
  • #6,177
  • Jan 18, 2012 2:17am Jan 18, 2012 2:17am
Quoting pp22
Hey Mustangzs

Im a little confused with your entries. On the EU chart and the UC chart it seems you went against the trend. Looks like higher highs and lower lows (vice versa on the UC chart). what made you short EU and long UC?

Thanks
ZOOM OUT OF YOUR CHART............Look at the Higher Time Frame.......Do you still think what you said was right?
  • #6,178
  • Jan 18, 2012 2:27am Jan 18, 2012 2:27am
Quoting Dredding82
ZOOM OUT OF YOUR CHART............Look at the Higher Time Frame.......Do you still think what you said was right?
Ya its true I didnt zoom out when I said that, I guess I was just basing it on the H4 and D1 green HA bars at his sell candle.

I gotta learn to zoom out more
  • #6,179
  • Edited 11:59pm Jan 21, 2012 6:15pm | Edited 11:59pm
Dear Dredding82 and other colleagues,
I am a scientist in UCLA and very interested in this system, which contains logical thinking way. I am trying it. However, I have to trade with Daily chart becasue my time is awkward. I am sleeping at London/NY session and awake at Tokyo session. So I have to place pending order before going to bed (1:00 AM EST=11:00 PM my local time) and check up next morning (the end stage of NY session).
Do you have any suggestions for determining or predicting the trend at my sleeping time based on the info of the previous day?
Here, the most important thing is fib pivot setting. I use Dredding82's template that contains PivotsForFreebie. It is not necessary to change any parameters when switching the chart between M15, H4 and D1, right? If I use Live Charts Fib Pivots, I need to change "my peroid" to 10080 at dailt chart. My question is which way is more accurate---PivotsForFreebie or Live Charts Fib Pivots (10080) for daily chart? Thanks a lot!
  • #6,180
  • Jan 22, 2012 2:42am Jan 22, 2012 2:42am
theres been quite big debate on this thread about "which pivots" are most suitable and its a dead end and a complete waste of time.

dredd has provided a number of pivots and other use their own so the answer is there is no absolute set which you should use. However, in the zip file there are pivots for range of t/fs and it should be obvious those for D1 timeframes but i must admit i cant remember. In any event compare like with like and go from there. Arent the live charts manual wheres as MT4 as used by Dredd are autoplotters?

i use a set i had before i found dredd and they work really well but i trade m15 and it works really well.

test a set of pivots on the charts and observe price action with dredds indys and with the right application the pennies will drop

this is a time business and only hours of PA on charts will get you there, with consistency/persistency/good money management and disclipline

there are no shortcuts im afraid even for a scientist from UCLA lol

keep it simple and it will come

Speed

Quoting youngwood
Dear Dredding82 and other colleagues,
I am a scientist in UCLA and very interested in this system, which contains logical thinking way. I am trying it. However, I have to trade with Daily chart becasue my time is awkward. I am sleeping at London/NY session and awake at Tokyo session. So I have to place pending order before going to bed (1:00 AM EST=11:00 PM my local time) and check up next morning (the end stage of NY session).
Do you have any suggestions for determining or predicting the trend at my sleeping time based on the info of the previous...
" Dont wait for your boat to come in ..... swim out and meet it"
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