Price Action with Indicators! ~The Freebie Newbie BOLOSO System~

This thread has some great ideas for trading, and I would suggest that anyone learning to trade read it over. Like the man says: Follow the trend, find a few useful indicators that you trust and start trading. Its really that simple folks

Have fun HH

Hey Dredding!
Been Following your original "PA Trading With Indicators" thread! It is AWESOME!!!

I'm a super newb. A friend of mine introduced me to the exciting world of forex two weeks ago. Searched around the internet for a few days, found FF and then your PA trading thread and BAM! I'm making money on my demo account super-fast.

In fact I managed to triple a $50 demo account in just two days using your system with insanely high leverage (whatever its just a demo )!!! My friend went nuts!!!

Anyway you got me hooked.
I just turned 18 (fresh out of high school) and aim to be a good trader by the time I'm 23.

Currently, I have a very low understanding of the Forex market.
All I did with the demo account was wait for a 3 to show in the ZZ Semafor indicator and then open a position. Wait for another 3 and close the position. (Yes this system is THAT newb friendly!!!) Can't believe I made so pips using this!!! Needless to say, I really want to learn more and understand the market. Understanding the price alone is fascinating. I really don't want to chase after the perfect system and all that crap (BTW : your system seems to be the holy grail). I just want to learn to trade using Price Action. Not to make money fast and be rich fast but to become a Good Trader, a Competent Trader!!! It's the dream!
I did finish the BabyPips school and am reading Steve Nison's books along with Pring's.

I would like to request you and others in this thread to help me reach my goal to become a successful trader in 5 years! Your help would be really appreciated!!!

Starting off :

 

1. What are good books (or threads) to read on PA, relevant to your system? I couldn't understand anything in the Jim16's thread.
2. What the heck is the ZZ Semafor. Where is the best place to start? Googling "ZZ semafor" just brings up your thread and nothing else relevant.
3. Consistently trading with your system, how long do you think will it take a new trader to gain a good understanding of the market?
4. Since I'm using your system; can I post the charts of my trades here and ask what I am doing wrong or right? It would help other newbs too right?

Thanks in advance!
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Sorry for my irrelevant post in this thread. I couldn't PM you because of my Junior Member status. Starting a new thread would guarentee it would be moved to the rookie discussion thread and you probably would never happen to read it! Please reply!

1. Could not really tell you...Just google candle patterns or price action setups, then use the HA indicator to see and confirm the PA setup. When you have a HA change from one color to another there will be a PA setup...

2. ZZ Semafor is just a ZigZag indicator that is dressed up to show 3 different ZigZags at once...each set to different settings.

3. Once you understand how to find the trend....which could take a trader days,weeks, months or years.....it is very easy to find setups that will provide you with good profits. Two of the hardest things to over come are your emotions when placing trades and closing way too early when you are right. The other is using proper money management to keep your draw down low while increasing your account without stressing over every trade.

4. Yes you can post charts of your trades. Just do not post a chart before a trade asking if the trade is going to be good to take or not. Take the trade...then post the chart....You have to think for yourself, if others always have to confirm a trade before you enter it....how would it be you learning to trade and make money on you own?

BTW...check out GbpUsd H1........

And here is what happened.............

**NOTE** The position that is shown on the chart is not from this system but from my Freebie PRO system...which is why i got in alot sooner and did not take the BOLOSO trade.

Now i bet most can see the next possible setups.....

Dredding82: Watch AudUsd guys! 3:03 AM
Dredding82: 3:03 AM

Dredding82: Im lookin gto short @ 1.3260-1.3287 2:41 AM
Dredding82: 2:41 AM


**NOTE** If you do not think these were real msgs in chat...join the room and see for your self!

http://www.youtube.com/watch?v=I0dba1EeQ8s

I think that setup was pretty SIMPLE & STRESS FREE....Did you see it? did you catch it?

I did on H1 TF.

Killer Trading! Now just work on your money management and "Letting your winners RUN"...Trades on the H1 could go for days if not weeks...sometimes even months! and if you manage your position right, you can have HUGE returns with out risking any of your own personal money once the pair has moved so far.

Hi, Dredding92

I’d appreciate if you could confirm. Is this a “good” trade per the rule, pls ?

Time is 15:30 GMT
Pair is AUD/USD, by now I’m bearish (starting from TF=H1)
Sell Stop at 1.0605 …. Because last ZigZag AND Semafor,
StopLoss at 1.0653 (-48)…Because prior ZigZag High,
I intend to change this SL for 1.0646 …Because Last ZigZag High

TIA
Regards

BBF

Refer to POST #1....SL you set was too tight....Last ZigZag and ZZ Semafor together...once in trade you could move your SL to the high before the enter.

Hi Dredding82,

thanks for sharing your system. Its great!

HighLow

I am watching the Usd/Jpy 1 Hour possible BOLOSO setup, wish me luck!!

Just made an easy 32 pips on the Aud/Usd

Where do you downloaded the Trading station zz semafor?
Which settings are u using?

Sometime while I was sleeping this morning, 4 of my pending trades executed, all on the m15 chart:

long eurusd @ 1.2459
long eurgbp @ 0.8095
short usdchf @ 0.9674
long eurcad @ 1.29510

SL set as per rules, risking 1% of account on each trade. TP = 4x the SL. TS = SL. All TS are in profit right now but market seems to be reversing and I guess I will be stopped out of a few/all trades. Will post the charts as the trades start closing.

I hope the notes on the chart are self-explanatory.