Price Action Trading with Indicators! The Freebie System | Page 314 | Forex Factory

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Price Action Trading with Indicators! The Freebie System

  • #6,261
  • Feb 13, 2012 11:27am Feb 13, 2012 11:27am
any setups coming today?
  • #6,262
  • Feb 13, 2012 3:02pm Feb 13, 2012 3:02pm
can anyone confirm if my pivots are correct. I have them placed on my charts and have been looking pivots up and nothing seems to match up with whats online. I did DL the ones on here and set them so they reset at 5pm NY time so i am hoping they are finally correct. as of today:

M2 1.3176
pivot 1.3214
M3 1.3244

im sure if these are correct the rest on my charts will all line up correctly.

attached is a pic. thanks
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  • #6,263
  • Feb 13, 2012 3:08pm Feb 13, 2012 3:08pm
also I wanted to verify if this would have been a valid short entry, Even the 1 hour HA cande turned Red so it looked good to me assuming it would make a higher low on the M15 and failing at the pivot.

Dredd, if it is valid would you have set your SL above the high and taken a short entry, or no because we are coming off a fresh high?

i didnt pull the trigger because i am trying to learn the setups first.

I also attached a 1 hour chart with the white arrow being the entry time where the H1 HA candle turned red.
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  • #6,264
  • Feb 14, 2012 4:41am Feb 14, 2012 4:41am
Quoting publicjud
any setups coming today?
This is not a signal service....there were some killer setups...Get chart time and you will see just how many! PIPS PIPS PIPS ...........
  • #6,265
  • Feb 14, 2012 10:16am Feb 14, 2012 10:16am
Hi all

Screenshot of a trade I took on Friday last week. This was using the LH on the 4hr chart but taken entry from the LH on the 15m chart. R:R was huge from the entry taken from the 15m chart. Decided to TP here - I reckon we need a LH on the daily chart to confirm the bears are back in control. Dredd if your ever over in the UK IM BUYING THE BEERS..

D
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  • #6,266
  • Feb 14, 2012 10:30am Feb 14, 2012 10:30am
is this a possible short setup coming up on the USDJPY?



Thanks for the help. trying to learn the system.
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  • #6,267
  • Feb 14, 2012 10:38am Feb 14, 2012 10:38am
Quoting publicjud
is this a possible short setup coming up on the USDJPY?



Thanks for the help. trying to learn the system.
Not that I would bother with UJ but for me there is no short signal on that partiular TF. I dont like selling or buying after a 3 ball but some do. I prefer to wait for a LH AND have the momentum of a higher TF behind you too for extra pippage!

D
  • #6,268
  • Feb 14, 2012 10:42am Feb 14, 2012 10:42am
Quoting rossobonks
Not that I would bother with UJ but for me there is no short signal on that partiular TF. I dont like selling or buying after a 3 ball but some do. I prefer to wait for a LH AND have the momentum of a higher TF behind you too for extra pippage!

D
Thanks for your reply. It makes sense!
  • #6,269
  • Feb 14, 2012 12:20pm Feb 14, 2012 12:20pm
One of three of my trades today. Here's one for the newbies in the thread. Join us in the chat-room guys/gals. You can see where I closed half of my trade and let the other half ride with the trend. Stop loss was moved to breakeven. TP was set rather close because I am not at home for most of the day today and trailing stops just never work well with me. Got +80 for today total. Here ya guys go. Enjoy.
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  • #6,270
  • Feb 15, 2012 2:20am Feb 15, 2012 2:20am
i have not finished reading but already started getting pips more than my system thanks dredding thats great thread
  • #6,271
  • Feb 15, 2012 7:20am Feb 15, 2012 7:20am
Trade still open, closed half my position and moved SL to breakeven. Trading with the banks money now.
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  • #6,272
  • Feb 15, 2012 12:03pm Feb 15, 2012 12:03pm
Been working wonderfully past couple days, managed to snag ~400 pips while still maintaining proper MM/position sizing
  • #6,273
  • Feb 15, 2012 12:21pm Feb 15, 2012 12:21pm
Quoting neuron
Been working wonderfully past couple days, managed to snag ~400 pips while still maintaining proper MM/position sizing
HOW do you DEAL with SIDE WAYS market or RANGING MARKET? will you mind sharing your strategy?
  • #6,274
  • Edited 12:59pm Feb 15, 2012 12:32pm | Edited 12:59pm
My strategy is this system, I still consider myself a little too emotional for fast TF trading so Ive been looking at the 1H chart, waiting for HA candle to close in opposite direction with stoich confirmation

I place my stop below/above the previous semaphor and/or significant line (I.e. pivot, S1-3, or R1-3) and adjust my position size such that whatever my SL level is, I'm only risking 2%. Remember to add to your SL your brokers spread! If you don't you'll see bars spiking just enough to stop you out.

If the previous semaphor or line is too far away for a realistic R:R of 1:1.5 I don't enter

One strategy that I've started to employ which has helped greatly is that after my trades have moved enough for me to comfortably move my SL to break even, I re enter the trade if I can see a reconfirmation of trend on M15 (HH HL or LL LH). Each time I move SL to BE, my risk returns to 0% thus allowing me to increase my position size

After I realize a 1:2 R:R I place a trailing stop. Still haven't worked out all the details yet


MM is so crucial, remember statistically, you can be profitable with 40% accuracy using 1:2 -- actually you can be profitable with 30% accuracy using a 1:3 ratio.

(http://www.straightforex.com/advanced-course/mod/resource/view.php?id=417)


Oh yeah, stay away from the interactive trading forum or reading the comments on news announcements like the plague. Think for yourself. If you think you don't enough about economics, don't worry, the price action/color of the HA candle will tell you.

Things I find challenging: trying to jump the gun to enter a trade, I've even considered printing out the rules with checkboxes on paper to physically check off and confirm signals before placing

As always, thanks Dred! I'm still very new to this but have learned so so much from this thread
  • #6,275
  • Feb 15, 2012 1:36pm Feb 15, 2012 1:36pm
Neuron

Nice to see you are making progress.

I believe I myself have started to make progress too with this game. Here is my take on the system so far...

While observing the trend ( LH,HL etc etc) on the 4hr chart I try to get entry at the beginning of each cycle by dropping down to the lower TF chart (15m ) and taking the LH or HL after a 3 semafore. If you look back in past data the 15m 3 semfore is generally the swing high or low on the 4hr TF. SO taking entry from the 15m chart gets you a cracking low risk small Stop entry at the START of each 4hr swing. The only problem with just trading with the higher TF heiken colour is that it can only change colour midway through its cycle. If you look at my 15m EU LH entry point today the 4hr Heiken colour was green and technically not indicating a short trade entry.

I am still working on refinements especially the TP levels.

Regards to all

D
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  • #6,276
  • Edited 8:16pm Feb 15, 2012 7:53pm | Edited 8:16pm
Quoting fxpunk2011
HI SIR thanks for sharing your system just quick question :
HOW do you DEAL with SIDE WAYS market or RANGING MARKET?

There should only be 2 answers for that question for ANY trader.....

1. Stay out..wait for a trend.

2. Buy low, Sell high..........


"Trading is not hard, Learning to STOP over thinking is"
  • #6,277
  • Feb 15, 2012 7:53pm Feb 15, 2012 7:53pm
Quoting neuron
Been working wonderfully past couple days, managed to snag ~400 pips while still maintaining proper MM/position sizing
Killer trading Neuron!
  • #6,278
  • Feb 15, 2012 7:57pm Feb 15, 2012 7:57pm
Quoting neuron
My strategy is this system, I still consider myself a little too emotional for fast TF trading so Ive been looking at the 1H chart, waiting for HA candle to close in opposite direction with stoich confirmation

I place my stop below/above the previous semaphor and/or significant line (I.e. pivot, S1-3, or R1-3) and adjust my position size such that whatever my SL level is, I'm only risking 2%. Remember to add to your SL your brokers spread! If you don't you'll see bars spiking just enough to stop you out.

If the previous semaphor or line is...
Just stick with it. As i said at the start of the thread, CHART TIME makes a trader. You will never just find something and upload a few indicators then start being profitable. Take what you read and research into it....do some back testing on charts and do the math on paper to see if you can make it work. What works for one might not work for another....but it could be modified to work for that person and how they think or trade.
  • #6,279
  • Edited 8:12pm Feb 15, 2012 8:00pm | Edited 8:12pm
Quoting rossobonks
Neuron

Nice to see you are making progress.

I believe I myself have started to make progress too with this game. Here is my take on the system so far...

While observing the trend ( LH,HL etc etc) on the 4hr chart I try to get entry at the beginning of each cycle by dropping down to the lower TF chart (15m ) and taking the LH or HL after a 3 semafore. If you look back in past data the 15m 3 semfore is generally the swing high or low on the 4hr TF. SO taking entry from the 15m chart gets you a cracking low risk small Stop entry at the START...
TP levels are easy...determine how long before you place the trade that you will want to say in that trade. Then go to that TF and look at the pivots and ADR . Either use the ADR or a pivot close to it. Learning to not use emotions is very hard for most because they are trading small accounts and risking to much on each trade so when they do lose on a trade the DD makes them feel like they have just lost half of the account even if it was only 10%. Which is why it makes it a bit easier when you reduce risk so you pull all your capital out of the trade and just have an open trade off of your brokers money they let you "borrow".....which is called leverage.......So having a higher then 1:1 and not taking advantage of it...kinda dumb if you think about it right?
  • #6,280
  • Feb 15, 2012 8:19pm Feb 15, 2012 8:19pm
If you guys/gals have not done so please remember to rate my threads and also vote on the poll.

Please do not just vote to vote....there has been a few that have voted before they have even tried the system or understand it and now if they could they would vote in favor of this system because from what most have told me it has really changed there trading and made them profitable.

I have them there so new traders can see how many others find this thread and my others useful.

Thanks
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