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Attachments: Indicator Free Trading - Skunny
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Indicator Free Trading - Skunny

I'd be interested to know how any of the original posters in this thread are getting on. Was Skunny's guidance useful? Have you all developed your own trading style derived from this thread? Dagoods, I know you are still lurking are, you was a keen tutor of this thread, how has your trading developed? Oh and where is Sizzler, he had a fantastic sense of humour.

Just interested, Darren.
Keep smiling
Quoting Misterdaz
I'd be interested to know how any of the original posters in this thread are getting on. Was Skunny's guidance useful? Have you all developed your own trading style derived from this thread? Dagoods, I know you are still lurking are, you was a keen tutor of this thread, how has your trading developed? Oh and where is Sizzler, he had a fantastic sense of humour.

Just interested, Darren.
It is great to see that this thread never quite goes away; there is much to be gained by anyone reading through from the beginning, if they are patient enough.

I do not trade fibs directly. The big thing I gained from this thread, also from those by Bobokus and Islander is this: support and resistance levels either hold or they break. If they break, s/r give us an idea where they might go. If they hold, they show us where the market might challenge the next level.

I am involved in trading relative strength; this is merely s/r in another guise.

Quoting SteveHopwood
It is great to see that this thread never quite goes away; there is much to be gained by anyone reading through from the beginning, if they are patient enough.

I do not trade fibs directly. The big thing I gained from this thread, also from those by Bobokus and Islander is this: support and resistance levels either hold or they break. If they break, s/r give us an idea where they might go. If they hold, they show us where the market might challenge the next level.

I am involved in trading relative strength; this is merely s/r in another guise....
Thanks for your thoughts. It is interesting to see the amount of people appear viewing this thread once a post is made, there are plenty still watching, kinda waiting for the return of christ I suppose... (I would put a winking smilie thing here but haven't figured that one out yet!)

Well I finished scanning over the rest of the thread, sad to say it all got a bit sour at one point but was nice to see Scotty B tried to revive things and add his own tilt on the whole fib thing.

I agree with SteveHopwood, the basics of price action is support (demand) and resistance (supply), the whole fib thing was hung off of these important points in the price action. I'm sure Skunny and Bobokus would agree with me. The post I mentioned earlier #3892 I believe on page 260 points to another site where the guy there is teaching trading purely on support and resitance, it's simple and effective. After messing around with indicators the last 3 years this is a breath of fresh air. The only lines I draw on my chart are where support and resistance sit. I traded on it over the last 2 days, no losers yet and no fibs either (another smilie winky thing). I have also tested in Forex Tester (a more expensive version of vHands) with very promising results. Go have a look at his videos, they're so simple.

Darren.
Keep smiling
Darren et al, do a google of "Free download Technical Analysis of the Currency Market by Boris Schossberg". I would simply place a link here but am unsure of how this would relate to copyright laws. Simply copying the search will take you to the right place.

I am busy with a couple of projects right now and have not read all of the document. I have read up to and including Schossberg's description of range trading - this is going to be my next trading robot. The next chapter includes advice about how to use fibs - I haven't read it yet but am sure it will be useful.

Cheers

Thanks Steve, will have a gander at it. Off to BBC I Player now to watch the next installent of the Life program.

Be lucky!
Keep smiling
i have followed this thread from day one.. never posting ,only watching and learning. my trading partner dunkan would post alot , im sure yall remember him. ever since skunny left i have carried on trying to figure out what it is he found (the miricle thing ,he called it) but must admit ive never found it. i have worked virtually around the clock for what has become years now trying to discover what skunny said he found , but to no avail. I always come back to this thread, periodically, to see if anyone posted anything new... then i got to thinking "i cant be the only one who has been going through this!".. so i thought what if all of us come togther share what weve learned ...posted charts and see who was right and when and where maybe we could finally peice this thing together and finish what we started. this site changed the way i looked at trading and most of my fibs do complete...but ill admit there are aspects of my system that dont always jive with everthing skunny said.. it seems i always find myself saying " if only i had drawn my fib from here instead of here"... does this sound famaliar to anyone else???? so again iask is anyone interested in finishing what we started?
Quoting Trader_X
i have followed this thread from day one.. never posting ,only watching and learning. my trading partner dunkan would post alot , im sure yall remember him....

Lets do it here is a trade I took today that touched the 61.8% to the pip then dropped like a rock. I always set my orders to open at the 61.8% and the 76.4% fib even though skunny never talked about the 76.4% fib. What do you guys think? Price action pierced the 0% fib so I drew a secondary fib but price seems to respect the green more than the red.
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Sorry double post
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cool thanks for posting dan... i failed to mention i only follow the G/U .. its about all my limited mind can keep up with..but i looked at your chart...heres my thing - it looks like a great trade but what i dont understand ( and this discussion has been brought up before, several times) is the importance of PA on the inner fibs...there are those that say skunny never said that it had to react to them and there are those that say he said a fib had to be validated (which could mean several things i guess) So this is the reason for firing up this thread again ... i know there are a bunch of the old crowd out there who have put in a ton of work on this subject and have made some amazing discovers..at the same time i know those same people are missing at least one piece of the puzzle as well... maybe i have that piece! maybe you have the piece im missing! so we need to get an answer on this inner fib thing ... i will begin searching the archives for where it is skunny talks about inner fib reactions..., in the mean time can someone tell me how to post screenshot (LOL) i have some interesting fibs id like some feedback on! AKDAN...you may be on to something it looks like your trade is a good one .. i never payed attention to inner fib reactions but maybe i should start...
Before finding this thread the conventional way of trading with Fibs, for me anyway was as follows.

You would pull a fib from the last major swing high to low. In a downtrend you would then look for a pullback to the 38% level and then sell. Your stop would go above the 61.8% and you target the 138% downward ext for a profit take. Any other intermediate fib levels were ignore as intermediate and not as significant. On akdan's example I would have been stopped out using this method even though I would have been right eventually.

There is an earlier move on akdan's chart where this would have worked but I can't show you now as I'm on my iPhone typing this. If anyone is interested I'll try to post a chart when I'm home tonight. This is getting away from skunny's method but it may be educational.

Darren.
Keep smiling
Yeah masterdaz, absoulty...post away ...any contribution is benificial! I can not find any post where Skunny mentions that price must react to inner fibs...can anyone post where Skunny says such a thing..it is very important that we figure out if this is gonna be part of our new overall trading system
As promised I've uploaded a couple of charts to hopefully exhibit how I would have used Fibs in a traditional sense. I've used Ak's chart to try to highlight this. The first chart using AK's original fib would have seen me spanked and then watching my profit target hit while I kicked my PC in. On the second chart I pulled the fib on the earlier swing which would have had me bouncing on the sofa celebrating. I think this just typifies the subjectiveness of fibs. I know skunny seemed to have a pinpoint method of drawing them but everyone is going to draw them differently. Hey if they suit you use them. I'm going to concentrate on supply and demand, similar but no fibs, still thats another story.

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Keep smiling
that works misterdaz...the only thing that comes to mind is skunny definately said you cant just pull from anywhere..a cycle must end before you can begin the next one so i wonder if ak47 walked his fib to where he had it or if it just looked like a good place to put one?! any of them would be great cause they all worked but i am personally trying to uncover what ever it was that skunny was drawing from. i need them to work evertime...that may not be a realistic goal but skunny sure seem to think he had found it...( im not sure where you got the stop loss at a 61.8 retracement level..i dont ever remember that being mentioned.. was that just part of your own personal system?) once again can someone explain how to post a screnshot so i can give some examples of my take on these fibs..any info would be much appreciated
Trader X, in my earlier post I mentioned how I was taught to draw and trade fibs before I came accross this thread. I just gave some examples of how this is applied.

I know Skunny wait's for cycles to complete before walking on and from what I can see some of the early posters here use them for a breakout system from the 100 to the 138 extension in either direction. From what I can see works quite often, I believe Scotty B was doing something similar.

Anyway getting late here, time for bed.
Keep smiling
Quoting Trader_X
that works misterdaz...the only thing that comes to mind is skunny definately said you cant just pull from anywhere..a cycle must end before you can begin the next one so i wonder if ak47 walked his fib to where he had it or if it just looked like a good place to put one?!...
Hey guys I don't know if this is allowed or not but here is a link to another forum that I have shown my interpretation of what skunny taught and it seems to be working very well. I was able to trade the month before 100% but even though that sounds great I only took 4 or 5 trades.
http://www.indo-investasi.com/viewtopic.php?f=8&t=3154
yes i understood that your post wasnt a skunny based system...not sure why i asked about stopping out at61.8 retracement...you made that clear before you posted..sorry! any i liked the fib you pulled it executed perfectly and was more to what i would have drawn....but both of ak47 worked so id like to know what prompted you to draw ther ak47? did you walk that fib there or was it more of an impulse? did you take that trade live?
Quoting Trader_X
yes i understood that your post wasnt a skunny based system...not sure why i asked about stopping out at61.8 retracement...you made that clear before you posted..sorry! any i liked the fib you pulled it executed perfectly and was more to what i would have drawn....but both of ak47 worked so id like to know what prompted you to draw ther ak47? did you walk that fib there or was it more of an impulse? did you take that trade live?
I don't think skunny ever talked about the zig zag indicator but it has helped me and that is why I pulled the fib where I did. Here is an example of the zig zag indicator in the 4 hr and look how it is matching up and kind of letting me know what might happen next. I only look at swings for the zig zag in the 1 and 4hr because anything higher gives you swings that are too large and might give you stop losses of 190-300 pips. I always put my stop loss at the 100% fib but that is just me.
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Quoting Trader_X
yes i understood that your post wasnt a skunny based system...not sure why i asked about stopping out at61.8 retracement...you made that clear before you posted..sorry! any i liked the fib you pulled it executed perfectly and was more to what i would have drawn....but both of ak47 worked so id like to know what prompted you to draw ther ak47? did you walk that fib there or was it more of an impulse? did you take that trade live?
Oh yeah I almost forgot to answer your other question. Yes I did take this live and here is the outcome of the trade. I exited at the 138.2% of the inner fib(red fib) for +170 pips. The reason I did this is because I remebered when skunny said it almost always hits the 138.2% extension so I figured since I entered according to the red fib I might as well exit it there also. Thanx to everyone that is going to post here to keep this thread going I look forward to it.
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yes i have looked at the zig zag before .... it seemed to remove some of the noise...but your right i dont think skunny mentioned zz anywhere..but my hat is off to you on the 170 pip live trade... that is an excellant trade...i am going back through skunnys notes, line by line , and am determined to solve the riddle peice by peice( but i need as much help as possible) collectively i know we can do this...question???? why wont anyone explain to me how to post a screenshot?? is it some kinda gaurded secret im not supposed to know about??(LOL)
Quoting Trader_X
yes i have looked at the zig zag before .... it seemed to remove some of the noise...but your right i dont think skunny mentioned zz anywhere..but my hat is off to you on the 170 pip live trade... that is an excellant trade...i am going back through skunnys notes, line by line , and am determined to solve the riddle peice by peice( but i need as much help as possible) collectively i know we can do this...question???? why wont anyone explain to me how to post a screenshot?? is it some kinda gaurded secret im not supposed to know about??(LOL)
To post a screen shot you click reply then type whatever you are going to type then go down to manage attachments and then browse afeter you find the file you want to attach you click upload file then submit your post.
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