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Indicator Free Trading - Skunny

  • #61
  • Dec 13, 2007 9:48am Dec 13, 2007 9:48am
Hi Skunny,
You are doing an excellent job. Although, i might never follow your system, i still appreciate your efforts to give hope to others. There are a lot of very frustrated traders out there. People like yourself and Bobokus amongst others are helping the struggling majority to have hope and see the light at the end of the tunnel. Whats more admirable about you guys is that there is no hidden agenda, ie. paid services or books to sell.
It takes a lot of time and effort to help others by running a thread. I hope the doubters and cynics lay off this thread so that those who want to benefit from your knowledge have the opportunity to do so and your valuable time is not taken by negative cynics.
As for myself.
Beggar that I am, I am even poor in thanks.
I think it is from Hamlet.
  • #62
  • Dec 13, 2007 9:59am Dec 13, 2007 9:59am
Quoting blueruby
Wow! Off to a great start!

I buckled down to make a day of it, so I went back and started at the Jan 2, 2000 candle, intending to go from there up to the present.

Maybe I just picked a lucky candle to start on, but I am absolutely, totally blown away by what I'm seeing.

If anyone else wants to look, I'm talking about GBP/JPY.

Also, if anyone can't make their fibs look like skunny's speak up, I'll hijack the thread for one post to show it and save skunny the trubble.
I would love to know more. Somehow I missed the post where Skunny talks about the fib on candles of the weekly chart. Any help would be appreciated!!
PipHunter
  • #63
  • Dec 13, 2007 10:07am Dec 13, 2007 10:07am
But I would love to heard your thoughts. I plan to really get involved in learning from Skunny! I loved his comments in the holy grail thread.

Thanks!
PipHunter
  • #64
  • Dec 13, 2007 10:11am Dec 13, 2007 10:11am
Do you know how to adjust the fib to include the 138 level for mt4 platforms?
PipHunter
  • #65
  • Dec 13, 2007 10:20am Dec 13, 2007 10:20am
Quoting Pip Hunter
Do you know how to adjust the fib to include the 138 level for mt4 platforms?
Put a fib on the chart.
Click on the dotted red line so that the white squares appear which means it is selected.
Right click on it and click on fibo properties
Go to the Fibo levels tab
click Add

put "1.382" into the levels column
put "138.2 %$" in the description column.

For the lower ones like on skunny's, add these:

level ---description
-0.382 138.2 %$
-0.618 161.8 %$

The editor takes my spaces out. Hope it is clear on what to do.

Once you do this, your fibs will always be like this, you don't have to do it every time. If there are any others you need, play around with it, you'll figure it out.
  • #66
  • Dec 13, 2007 10:22am Dec 13, 2007 10:22am
Hope he doesnt mind but I will post a template with the fib set up on it, for MT4 platforms
This way you dont have to worry about how to reprogram the fib tool
Attached Image (click to enlarge)
Click to Enlarge Name: skunnyexample1.gif Size: 19 KB
Attached File(s)
File Type: tpl skunny.tpl   1 KB | 1,914 downloads
  • #67
  • Dec 13, 2007 10:28am Dec 13, 2007 10:28am
Where on this wonderful globe of ours do you reside? I'm in the western US near San Francisco.
PipHunter
  • #68
  • Dec 13, 2007 10:32am Dec 13, 2007 10:32am
OK, so here's my first one.

The G/J, 1/2/2000 weekly candle. Skunny wasn't kidding when he said we could figure it out in a few minutes.

See how the candle high was breached. But, neither the 138 nor the 162 extension was hit - that's the condition he said to look at.

THEN, for the next 5 WEEKS, price pulled back to the 38 and rallied up again. Each week there were 400 - 600 pips movement.

Then price pulled back to the 23 only. That would have been a clue. That week price breached the 138, then the next week pulled back some, and went right up to the 162.

Once that was hit, price goes right back down to the low of the original candle.

The money quail is singing.
Attached Image (click to enlarge)
Click to Enlarge Name: 1 02 2000.gif Size: 11 KB
  • #69
  • Dec 13, 2007 10:32am Dec 13, 2007 10:32am
changed the 0 to proper setting, lol shoulda checked it first.
Attached Image (click to enlarge)
Click to Enlarge Name: skunnyexample2.gif Size: 19 KB
Attached File(s)
File Type: tpl skunny2.tpl   1 KB | 1,804 downloads
  • #70
  • Dec 13, 2007 10:38am Dec 13, 2007 10:38am
How will I use this?

I just went to my E/U chart, set it to weekly and put the fibs on the latest long candle.

What do you know? I already had S/R lines drawn at most of the major levels that had already been hit.
  • #71
  • Dec 13, 2007 10:51am Dec 13, 2007 10:51am
Quoting blueruby
How will I use this?

I just went to my E/U chart, set it to weekly and put the fibs on the latest long candle.

What do you know? I already had S/R lines drawn at most of the major levels that had already been hit.
Great job! So it's important that the first candle which penetrates but doesn't reach the 138 mark? Is it something you figured out or is it in Skunny's comments somewhere in the thread? If in thread, do you recall? Any thoughts on what the entry criterial might be like, and from what sort of lower TF?
PipHunter
  • #72
  • Dec 13, 2007 10:52am Dec 13, 2007 10:52am
Hi All

Something to think about.

How many traders would have to use this method before 'Trader effects' takes place.

I know Forex is a vast market and for every buyer there is a seller, but if everone wants to buy at the same time, the method would not work.

Or would its Fibonacci fate still lead it to its destination over a longer period.

This is a great method as long as you have marked out your swings correctly and taken note of different session activity.

The 95% feed the 5% very well. What happens when the ratio heads towards a balance.

Just a thought, by all means tell me if I am talking crap

Frank
  • #73
  • Dec 13, 2007 11:09am Dec 13, 2007 11:09am
Can anyone please tell why skunny2 fib indicator appears in windows explorer/c drive/program files/interbank fx/experts/indicators, but when opening my trading station it is nowhere to be found. I have restarted but still nothing...
Never Ever Give Up!
  • #74
  • Dec 13, 2007 11:13am Dec 13, 2007 11:13am
Quoting Pip Hunter
Great job! So it's important that the first candle which penetrates but doesn't reach the 138 mark? Is it something you figured out or is it in Skunny's comments somewhere in the thread? If in thread, do you recall? Any thoughts on what the entry criterial might be like, and from what sort of lower TF?
Slow down, calm down. We're not going to learn it all today!

This is just ONE example. Note I said I plan to look from 1/2/2000 until the present. By the time I'm done studying, I'll maybe have an idea of how to trade with this.

You should do the same. There's no substitute for chart time.

I thought price action on that instance was amazing. But remember, a lot can happen during a week.
  • #75
  • Dec 13, 2007 11:16am Dec 13, 2007 11:16am
Quoting Cobra
Can anyone please tell why skunny2 fib indicator appears in windows explorer/c drive/program files/interbank fx/experts/indicators, but when opening my trading station it is nowhere to be found. I have restarted but still nothing...
If you're talking about the template that Bo posted, it goes in
...interbankfx/templates

I don't think you'll need to restart if I remember correctly.
  • #76
  • Dec 13, 2007 11:20am Dec 13, 2007 11:20am
Quoting Gknarf
Hi All

Something to think about.

How many traders would have to use this method before 'Trader effects' takes place.

I know Forex is a vast market and for every buyer there is a seller, but if everone wants to buy at the same time, the method would not work.

Or would its Fibonacci fate still lead it to its destination over a longer period.

This is a great method as long as you have marked out your swings correctly and taken note of different session activity.

The 95% feed the 5% very well. What happens when the ratio heads towards a balance.

Just a thought, by all means tell me if I am talking crap

Frank
There's a lot that can happen during the week, especially on the G/J.

A guru who is always 100% right could post his "holy grail" calls, and every trader will trade them differently. Everyone will have different confidence levels in the info, different styles and targets, different amounts of patience and tolerance for wide swings.... thus all different entries and exits.

No, you're not talking crap. The market is alive, it learns, it is a collective organism made up of all participants, who change behavior over time. I think some techniques become less effective as the market becomes more efficient.
  • #77
  • Dec 13, 2007 11:21am Dec 13, 2007 11:21am
Quoting Cobra
Can anyone please tell why skunny2 fib indicator appears in windows explorer/c drive/program files/interbank fx/experts/indicators, but when opening my trading station it is nowhere to be found. I have restarted but still nothing...
If your talking about the template posted earlier it doesnt go in the Indicators folder, it goes into the templates folder.
  • #78
  • Dec 13, 2007 11:30am Dec 13, 2007 11:30am
Quoting blueruby
Slow down, calm down. We're not going to learn it all today!

This is just ONE example. Note I said I plan to look from 1/2/2000 until the present. By the time I'm done studying, I'll maybe have an idea of how to trade with this.

You should do the same. There's no substitute for chart time.

I thought price action on that instance was amazing. But remember, a lot can happen during a week.
It's just that I've been struggling so long. Like a lot of traders have. And to come across something this good gets me going. I have looked at some things. I attached a 1hr chart were the retracement pulled back to the 23 mark. The assumption is that perhaps it's a key retracement required prior to any further sustained move back with the direction of the original breach? I have a lot of charts to study but it would be nice to get a feel for what others are observing aswell.
Attached Image (click to enlarge)
Click to Enlarge Name: skunny.gif Size: 47 KB
PipHunter
  • #79
  • Dec 13, 2007 11:45am Dec 13, 2007 11:45am
Quoting Bobokus
If your talking about the template posted earlier it doesnt go in the Indicators folder, it goes into the templates folder.

Thank you.
C.
Never Ever Give Up!
  • #80
  • Dec 13, 2007 12:23pm Dec 13, 2007 12:23pm
First and foremost, Skunny... in response to your post #49, and to second the comments of doubledutch, we most certainly do find your wisdom, advice and first excercise very useful and handy. Please continue. I think those of us who are hungry, patient and willing to take onboard with an open mind what you have to offer deserve to benefit from this thread and whats to come

I've been following this and JohnW's threads since they began (discretely as a guest) and am very excited to see BlueRuby and the others posting and participating in your excercise. Keep it up guys!

As you mentioned previously, those of us with persistance and commitment will find our trading style (dare I say it, 'H.G' lol) and we would be very greatful to learn from those like you who are allready trading with confidence and success.

I'll take your excercises as subtle hints of the bigger picture that is your trading style/method. Thanks for taking the time to post and I look forward to learning and discovering from the rest of this thread
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