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Indicator Free Trading - Skunny

  • #201
  • Dec 14, 2007 3:45pm Dec 14, 2007 3:45pm
I spent a year trying to trade and I was always looking for the perfect indicator, you know the one that no one else has found and works 100% on every market.

Well forget it that indicator is not there! It never will be as long as indicators are backward looking they will always fail. I can't drive my car by looking in the rear view mirror so why does anyone think it works in trading.

I now know how to trade and it does not mean I am always right! I now use a combination of pattern recognition, support and resistance and I only trade the 1 hour charts. I use a MACD as something pretty on the bottom of my chart and the only trade I use it for is a trend confirmation together with some other affirmation that agrees with it see James16 as he will show you the way to do it.

Pull up a 4 hour chart look at the previous support and resistance and then go to the hour chart. Watch how the market bounces off or through. Price action is real time analysis it rocks.

Smalldog
  • #202
  • Edited 4:04pm Dec 14, 2007 3:50pm | Edited 4:04pm
OK, I've started a thread on vHands simulator. Anyone not up and running can go over here and get grooved in on it. Also, there are jokes and pizza.

http://www.forexfactory.com/showthre...=1#post1760591
  • #203
  • Dec 14, 2007 3:54pm Dec 14, 2007 3:54pm
Quoting Skunny
No, first was a short then 2 longs.
So #2 had over 200 pips drawdown?
  • #204
  • Dec 14, 2007 3:57pm Dec 14, 2007 3:57pm
Quoting blueruby
OK, I've started a thread on vHands simulator. Anyone not up and running can go over here and get grooved in on it. Also, there are jokes and pizza.

http://www.forexfactory.com/showthre...=1#post1760591
pizza is fine...
  • #205
  • Edited 4:04pm Dec 14, 2007 3:57pm | Edited 4:04pm
okay i had learned trading like this... sorry but i must post it...


Sorry for the indicators
Attached Image(s) (click to enlarge)
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  • #206
  • Dec 14, 2007 4:02pm Dec 14, 2007 4:02pm
Quoting Skunny
correction!
You lost me, it looks like it found the 38 to be support. (?)

Just trying to get on the same page.
  • #207
  • Dec 14, 2007 4:18pm Dec 14, 2007 4:18pm
Quoting blueruby
You lost me, it looks like it found the 38 to be support. (?)

Just trying to get on the same page.

Ok, it is the 62, but the chart says 38, the fib was drawn upside down. When ever price pulls down from any high it is the percentage of the retrace. So, when it retraces 62 % like it did it's the 62.

My confusion was a result of the tool itself. I use a customized fib and I don't have the 38 or 62 on it. I just want everyone to use this for now. We will soon call them upper/lower support/resistance instead.
Robonacci com
  • #208
  • Dec 14, 2007 4:19pm Dec 14, 2007 4:19pm
Quoting Iqtrading
okay i had learned trading like this... sorry but i must post it...


Sorry for the indicators
PENALTY 5min misconduct for posting crap
Robonacci com
  • #209
  • Dec 14, 2007 4:19pm Dec 14, 2007 4:19pm
a nice forex strategy is not the one with the lowest percentage of loss but one with the most strict rules to follow

it may or may not include indicators but you would certainly need to be sure when to enter and when to exit the market. i use 3 indis just simple MAs, i watch all the big S/R and small S/Rs, play with 30% margin, open up to 6 positions during long trend, never regret when my 300 profit turn only into 10 pips profit as i never use trailing, but also not become too confident when the 300 turn into 1500 pips profit.

based on my experience the most difficult part of trading forex is to believe in your system 100%, put aside finding the 100% system.
  • #210
  • Dec 14, 2007 4:20pm Dec 14, 2007 4:20pm
Quoting blueruby
So #2 had over 200 pips drawdown?
Yes but that's ok.
Robonacci com
  • #211
  • Dec 14, 2007 4:23pm Dec 14, 2007 4:23pm
Quoting Skunny
PENALTY 5min misconduct for posting crap
  • #212
  • Dec 14, 2007 4:25pm Dec 14, 2007 4:25pm
Nice thread you have going on here. Keeping it simple...I have been furiously studying EW as of late. I'll have to agree, a couple of blown accounts will happen...I've done more than 2, and it hurts, so have learned many lessons. I keep coming back though, and that is all that matters. I'll be following along. Talk to you soon, Mud.
  • #213
  • Dec 14, 2007 4:26pm Dec 14, 2007 4:26pm
Quoting Gift_Art
based on my experience the most difficult part of trading forex is to believe in your system 100%, put aside finding the 100% system.

my biggest problem if i get a false trade, because it is not mine, i didn't believe sometimes... quote: "Sorry James"

sorry 5 min from now: 23:27
  • #214
  • Dec 14, 2007 4:26pm Dec 14, 2007 4:26pm
Quoting mudskipper
Nice thread you have going on here. Keeping it simple...I have been furiously studying EW as of late. I'll have to agree, a couple of blown accounts will happen...I've done more than 2, and it hurts, so have learned many lessons. I keep coming back though, and that is all that matters. I'll be following along. Talk to you soon, Mud.
Hey mud great to hear from ya!
Robonacci com
  • #215
  • Dec 14, 2007 4:46pm Dec 14, 2007 4:46pm
Correct me if I'm wrong. Your saying that your confident in entering at almost any point after you got the signal at #2 (penetration) because you know price will reach the 138 level at least before it ever would drop below the 0.0 level at the bottom of the fib channel, right?

That's pretty sweet, you dah man if that's the case!
PipHunter
  • #216
  • Dec 14, 2007 4:47pm Dec 14, 2007 4:47pm
If you have any problems with Vhands Ill try and help ive been using it over a year now so ive ran into just about every problem.
  • #217
  • Dec 14, 2007 4:58pm Dec 14, 2007 4:58pm
Quoting Pip Hunter
Correct me if I'm wrong. Your saying that your confident in entering at almost any point after you got the signal at #2 (penetration) because you know price will reach the 138 level at least before it ever would drop below the 0.0 level at the bottom of the fib channel, right?

That's pretty sweet, you dah man if that's the case!
I am saying that I can in this case. You can't...lol, you don't have my permission to trade this way yet.
Robonacci com
  • #218
  • Dec 14, 2007 5:00pm Dec 14, 2007 5:00pm
Quoting Skunny
I am saying that I can in this case. You can't...lol, you don't have my permission to trade this way yet.
No Problem, I am your slave master!
PipHunter
  • #219
  • Dec 14, 2007 5:03pm Dec 14, 2007 5:03pm
Quoting Pip Hunter
Correct me if I'm wrong. Your saying that your confident in entering at almost any point after you got the signal at #2 (penetration) because you know price will reach the 138 level at least before it ever would drop below the 0.0 level at the bottom of the fib channel, right?

That's pretty sweet, you dah man if that's the case!
Humor aside, you need to trade a couple years worth of data before you know if you are going to trade like that.

But yes, this is the early signal I was talking about, as long as your fib is drawn correctly.

This is why I said before (and was challenged for it) that when I have a bad trade it's my fault. Meaning I mechanically missed something or fibbed wrong.
Robonacci com
  • #220
  • Dec 14, 2007 5:04pm Dec 14, 2007 5:04pm
Quoting Pip Hunter
No Problem, I am your slave master!
LOL
Robonacci com
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