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Price Action Trading with Indicators! The Freebie System

  • #7,801
  • Mar 5, 2016 3:10am Mar 5, 2016 3:10am
OK before I make the modification I need some input on which way do we go on the opposite trade idea:

1. What should the stoploss be? Last 3sema dot? Original stoploss? Same as buffer? Totally different stop loss?

2. If the new opposite trade fails do we open another opposite trade? How many failures do we keep trying the opposite trade?


Suggestions please.
Our AWESOME IMAGINATION is the true holy grail!
  • #7,802
  • Edited 7:52am Mar 5, 2016 3:40am | Edited 7:52am
Quoting xmess7
OK before I make the modification I need some input on which way do we go on the opposite trade idea: 1. What should the stoploss be? Last 3sema dot? Original stoploss? Same as buffer? Totally different stop loss? 2. If the new opposite trade fails do we open another opposite trade? How many failures do we keep trying the opposite trade? Suggestions please.
I suggest that this process be manually tried for a couple of days to get a feel in how it works. I had just come up with it on Friday.

I think also that the purpose of the opposite trade is to correct the prior trade after it is closed in the buffer. This would be a continuation of the closure due to opposite dot. In looking back at the hrly TF I didn,t find an instance where the opposite trade would have to be closed and reversed, the exception could be in rather close consolidation. So this set up may only apply to Hrly time frame. It doesn't seem to be needed in the higher time frames.

One other detail, the reverse trade would need to go in at the same size as the one that was closed.
  • #7,803
  • Mar 5, 2016 12:13pm Mar 5, 2016 12:13pm
Quoting keysharp
{quote} I suggest that this process be manually tried for a couple of days to get a feel in how it works. I had just come up with it on Friday. I think also that the purpose of the opposite trade is to correct the prior trade after it is closed in the buffer. This would be a continuation of the closure due to opposite dot. In looking back at the hrly TF I didn,t find an instance where the opposite trade would have to be closed and reversed, the exception could be in rather close consolidation. So this set up may only apply to Hrly time frame. It...

I agree, good idea. Les see what your results bring about and then I'll incorporate them into the EA.

I also agree that this is more for the lower TFs. There are less trades on the higher TFs and the stops are larger.
Our AWESOME IMAGINATION is the true holy grail!
  • #7,804
  • Mar 5, 2016 12:18pm Mar 5, 2016 12:18pm
Quoting xmess7
{quote} I agree, good idea. Les see what your results bring about and then I'll incorporate them into the EA. I also agree that this is more for the lower TFs. There are less trades on the higher TFs and the stops are larger.
The problem I had on the Daily last week was that my stops were set too narrow. Can't use the same ones on Daily that are used on Hrly. I know that two of the losses were because of that reason.
  • #7,805
  • Mar 5, 2016 4:30pm Mar 5, 2016 4:30pm
Quoting keysharp
{quote} The problem I had on the Daily last week was that my stops were set too narrow. Can't use the same ones on Daily that are used on Hrly. I know that two of the losses were because of that reason.

You can set the SL and TP manually in the inputs to test your idea.
Use an average of what the Daily sees as a stop loss and place that number on the StopLoss input.
For example if on average on the daily you see 60 pips SL
Place your EA on the H1 and set the StopLoss input to 60 pips.
The Ea will calculate the lotsize based on that and the risk u entered
Our AWESOME IMAGINATION is the true holy grail!
  • #7,806
  • Mar 5, 2016 6:39pm Mar 5, 2016 6:39pm
Thanks for the reply. I have put in the SL manually for USDJPY and GBPUSD. Those two seem to be the problem.
  • #7,807
  • Mar 5, 2016 7:12pm Mar 5, 2016 7:12pm
Quoting keysharp
Thanks for the reply. I have put in the SL manually for USDJPY and GBPUSD. Those two seem to be the problem.
What do you mean by problem? Is the EA not working with the manual SL??
Our AWESOME IMAGINATION is the true holy grail!
  • #7,808
  • Mar 5, 2016 8:58pm Mar 5, 2016 8:58pm
Quoting xmess7
{quote} What do you mean by problem? Is the EA not working with the manual SL??
I meant that I had to adjust the SL. I will have to wait until next week to see if all is ok. I really don't expect any problems. The problem was that the SL pips were too close to entry and the PA had no room to move.
  • #7,809
  • Mar 6, 2016 12:51am Mar 6, 2016 12:51am
Quoting keysharp
{quote} I meant that I had to adjust the SL. I will have to wait until next week to see if all is ok. I really don't expect any problems. The problem was that the SL pips were too close to entry and the PA had no room to move.

keysharp:
I forsee a great week .... this is when we break out of whatever is holding us back.

I will continue with the scenario I mentioned earlier.
On Oanda Demo account:
1. remove opposite 3sema dot detection
2. place EA on 15min only 1 pair

On the Oanda Live account:
1. Candles=Patterns
2. H1 TF

I will keep the other demos at 15min, Change to Candles=patterns

Looking forward to the results.
Our AWESOME IMAGINATION is the true holy grail!
  • #7,810
  • Mar 6, 2016 12:56am Mar 6, 2016 12:56am
Folks:
One more idea before I head out to play (Saturday nite in California LOL).

I was thinking that perhaps another option would be to have the EA take the AutoTrend input manually.
What I mean is that YOU would look at the upper TF and determine with your EYES which way the trend it,
then in that AutoTend input you would select a new pull down option, something like Manual Long/Manual Short.

You could do this at the beginning of each session (day, H4, week, month etc).

As you know our EYES have a better way of determining higher highs, higher lows support/resistance etc etc etc
Our AWESOME IMAGINATION is the true holy grail!
  • #7,811
  • Mar 6, 2016 3:07am Mar 6, 2016 3:07am
Jess,

Am I correct in assuming that the latest version will work on brokers with no Sunday candle?
  • #7,812
  • Mar 6, 2016 11:53am Mar 6, 2016 11:53am
Quoting Superpmf
Jess, Am I correct in assuming that the latest version will work on brokers with no Sunday candle?

Superpmf:
Definitely yes, the fix was updated with EA v13.4 (http://www.forexfactory.com/showthre...48#post8784948) . So it has been tested several times.
I conducted forward testing and monitoring of the pivot levels for each candle close and they matched the the right pivot levels. But, if for any reason you see a discrepancy let me know. Just give me the data that shows it to be so... babee.. LOL
Our AWESOME IMAGINATION is the true holy grail!
  • #7,813
  • Mar 6, 2016 1:53pm Mar 6, 2016 1:53pm
@xmess
i am new to forex, even installed mt4 demo account 3 days back and watching your thread for 3 days, learning basics now, hope i understood few things from your thread.

i have it take me sometime for me to understand and setup needed for your system, reading from first post


Offtopic:
i saw your updating and fixing your sytem, i am sure it eat lot of hour hardwork, you will surely earn its reward may be not now but i am sure you will, because yours ambition to fix the system and helping others is really inspiring.
  • #7,814
  • Edited Mar 7, 2016 5:22am Mar 6, 2016 5:31pm | Edited Mar 7, 2016 5:22am
Quoting burfi
@xmess i am new to forex, even installed mt4 demo account 3 days back and watching your thread for 3 days, learning basics now, hope i understood few things from your thread. i have it take me sometime for me to understand and setup needed for your system, reading from first post Offtopic: i saw your updating and fixing your sytem, i am sure it eat lot of hour hardwork, you will surely earn its reward may be not now but i am sure you will, because yours ambition to fix the system and helping others is really inspiring.
burfi:
Welcome. You have arrived just about at the week where I think we will see this EA become profitable as it should be.
I recommend u read pages 1-2, first page has to core rules and the second has a section where Dredding talks about Candle Stick Patterns.
Read those pages to get familiar with WHAT the approach is about. But at most you can read pgs 1-8 so u can see all the examples that Dredding posted.
Dredding is the originator of this approach and I know that this EA can be profitable cause HE was profitable.

Once you have read those pages and have a grasp of what the approach is about then go to about pg 332. That's where I started posting. If you want you can read from there. The main idea is that u understand that there is an indicator and an EA for this approach. The indicator does not need to be on the chart for the EA to work. The EA and the indicator each can operate on their own without the need of the other. The indicator is useful for determining if the EA is taking the correct trades. You just compare the signal arrows on the indicator to the trade arrows that the EA produces.

In reality you can just start from here just make sure to download EA v13.7 and Freebie Indicator v11
You can find all of the latest files on this thread (of course) or on this site http://xm7.info/ea/freebie
All the indicators and EA are there.

The core approach is intact and will not be changed. What we are now doing is working the EA to handle Live trades. We need to control the amount of losses so that that we can get to the runners. A runners is when a trade is set to BE and allowed to continue growing in profit.

So you don't have to run around figuring out where to start. I recommend leave the EA defaults.
Open the chart to 5 pairs and place them in the H1 TimeFrame. Start the EA on each chart.

This is just to get u started. Later as you read thru the posts you will see what the inputs mean.

Good luck.
Our AWESOME IMAGINATION is the true holy grail!
  • #7,815
  • Mar 7, 2016 2:52am Mar 7, 2016 2:52am
Hey Jess...I was just about to download v13.7 and when I went back to your post about the update...the file was not posted.

When you have a minute, would you please post it?

Thanks in advance
  • #7,816
  • Mar 7, 2016 4:38am Mar 7, 2016 4:38am
Hey Jess
I hate to ask for another input to the EA, but I remember one time being in the chatzy chat room with dredding and mentioning to him that there was a failed pivot and all criteria was met and that maybe it was time to enter. He had told me that he doesnt enter in every set up that occurs and at that particular time he was waiting for the price to reach a certain support/resistance level before looking for setups.

So with that in mind and in trying to keep trades entered to a minimum, I was thinking maybe if we all can agree on one support/resistance indicator to add to the EA.

Anyhow it was just something I was thinking about in bed last night lol along with trying to squeeze more profit from the small winners (like moving the close half leave rest at BE to close half leave rest at %20 profit but close half would be at lets say %90 of 1to1 as opposed to at %50).

Phil
  • #7,817
  • Mar 7, 2016 5:06am Mar 7, 2016 5:06am
EA v13.7

sorry I forgot to upload file in post 7800

here' a repeat with uploaded file

EA Update v13.7

This update includes the following:
-New input that controls buffer size for opposite 3sema dot detection. (See image)
You can now relax or tighten the amount of pips that price can move before it is closed due to an opposite 3sema dot appearing
The input value is percentage. The default is 20 percent. The percentage applied to the stop loss range.
If you enter -1 then the opposite 3sema detection is ignored by the EA

-Added a fix to avoid the "Divide by zero" error

-Added a fix so GetTarget defaults to Next Pivot Line (Keysharp recently had an error where the EA acted as if
he had selected the get profit target to be the Daily Average)

-Placed the calculation of pivots back to original spot. The prior fix did the job, all of last week on all
brokers the right pivots were being seen by the EA.
Attached Image (click to enlarge)
Click to Enlarge Name: Freebe_v13.7_Inputs.jpg Size: 186 KB
Attached File(s)
File Type: ex4 xm7_Freebie_EA_v13.7.ex4   124 KB | 193 downloads
Our AWESOME IMAGINATION is the true holy grail!
  • #7,818
  • Mar 7, 2016 5:19am Mar 7, 2016 5:19am
Quoting Superpmf
.......Can you also add the code that takes into account the daily moving average ? You spoke of doing this earlier.
That input is already available. Test Tradeon_AverageRange
Our AWESOME IMAGINATION is the true holy grail!
  • #7,819
  • Mar 7, 2016 5:24am Mar 7, 2016 5:24am
Quoting burfi
@xmess i am new to forex, even installed mt4 demo account 3 days back and watching your thread for 3 days, learning basics now, hope i understood few things from your thread. i have it take me sometime for me to understand and setup needed for your system, reading from first post Offtopic: i saw your updating and fixing your sytem, i am sure it eat lot of hour hardwork, you will surely earn its reward may be not now but i am sure you will, because yours ambition to fix the system and helping others is really inspiring.
burfi:
I meant to say that I started to post on page pg 332.
Our AWESOME IMAGINATION is the true holy grail!
  • #7,820
  • Mar 7, 2016 5:27am Mar 7, 2016 5:27am
Quoting pp22
Hey Jess I hate to ask for another input to the EA, but I remember one time being in the chatzy chat room with dredding and mentioning to him that there was a failed pivot and all criteria was met and that maybe it was time to enter. He had told me that he doesnt enter in every set up that occurs and at that particular time he was waiting for the price to reach a certain support/resistance level before looking for setups. So with that in mind and in trying to keep trades entered to a minimum, I was thinking maybe if we all can agree on one support/resistance...

phil:
yep, We r looking into the support/resistance thing. . We'll gt to that soon...remind me if we dont see something by the end of next week.
Our AWESOME IMAGINATION is the true holy grail!
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