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Indicator Free Trading - Skunny

  • #381
  • Dec 17, 2007 1:18pm Dec 17, 2007 1:18pm
Quoting Bobokus
LOL, thats only a few miles from me where they were looking for him. Dont tell me that made national news.
LOL.... were you out there looking for'em? I can see you running through the trees with your jug of moonshine, houndog, a banjo while your wife is outrunning ya with the muzzle loader.
Robonacci com
  • #382
  • Dec 17, 2007 1:24pm Dec 17, 2007 1:24pm
Quoting Skunny
LOL.... were you out there looking for'em? I can see you running through the trees with your jug of moonshine, houndog, a banjo while your wife is outrunning ya with the muzzle loader.

I have to play the background music for her, and her weapon of choice is a Remington 700, 300WBY magnum,26"bull barrel on a thumbhole stock, she keep it in the gunrack of her truck...just in case she needs it in a hurry.
  • #383
  • Dec 17, 2007 1:31pm Dec 17, 2007 1:31pm
Quoting Skunny
Is there anyone here brave enough to post a chart with support areas only. G/U 4 hr starting from the low on oct 22 to current. You should have a farmers dozen or so. The more the merrier
Howzat?
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  • #384
  • Edited 2:04pm Dec 17, 2007 1:52pm | Edited 2:04pm
Here's my shot at it. It's a little different than blueruby's prolly 'cause I used a line chart to plot it then converted it back to candlesticks.
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Is your SL my TP?
  • #385
  • Dec 17, 2007 1:56pm Dec 17, 2007 1:56pm
Quoting ubeee
Leo9, just an humble suggestion. There is only one way for you not to blow your second account at this moment: stop trading now, go to manual backtesting for now, just that. Until you are not able to make money consistently on every single backtesting session from at least 6 years of historic data, there is no way at all you can avoid to blow your second account. Been there, done that, burned two HUGE accounts, suffered A LOT. Hope you don't do what I did.

Thanks a lot. I think I should definately do that. I already started now hope it pays off.
  • #386
  • Dec 17, 2007 2:10pm Dec 17, 2007 2:10pm
Quoting blueruby
Howzat?
Great job Blue,Ken.

Here is mine. Now try to find the significance of this. Have fun:
Attached Image (click to enlarge)
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  • #387
  • Dec 17, 2007 2:22pm Dec 17, 2007 2:22pm
Quoting Skunny
Great job Blue,Ken.

Here is mine. Now try to find the significance of this. Have fun:
When price is going up, you're concerned with resistance.
Going down, support is important.

Makes sense. Is that what you're asking?
  • #388
  • Dec 17, 2007 2:24pm Dec 17, 2007 2:24pm
Hey Skunny,
Swing 1 support levels were assassinated by swing 2 price action on the way down.
Tom
  • #389
  • Dec 17, 2007 2:34pm Dec 17, 2007 2:34pm
Quoting blueruby
When price is going up, you're concerned with resistance.
Going down, support is important.

Makes sense. Is that what you're asking?
Yes, some people know this but I see charts by experienced traders with lines all over the place. It's confusing to me and confusing to new traders. Now the significance we are looking for is ...how do you trade it? This is your quest. You could probable teach a monkey to draw support lines at some point, but what do you do when price gets there. What happens to the PA during this time. What do you do with your fibs to accommodate for the new advancement?
Robonacci com
  • #390
  • Dec 17, 2007 2:36pm Dec 17, 2007 2:36pm
Quoting hunter6774
Hey Skunny,
Swing 1 support levels were assassinated by swing 2 price action on the way down.
Tom
Yes, they ultimately become useless after this fact. They will not apply to the next swing. You will draw new ones on each swing.
Robonacci com
  • #391
  • Dec 17, 2007 2:45pm Dec 17, 2007 2:45pm
This is how i think you are drawing your fibs. You draw from right to left and from top to bottom of the resistance and supports. so in the chart here you are drawing from 2 to 1 and then looking for the retrace of point 3 and so on. This walks your fib up the swing 1 and so on for each of the new S and R points
Attached Image
  • #392
  • Dec 17, 2007 2:55pm Dec 17, 2007 2:55pm
Quoting Skunny
Great job Blue,Ken.

Here is mine. Now try to find the significance of this. Have fun:
That is what I would call drawing lines from swing lows. Not necessarily showing support - for example swing#2 half the time price kept on going.
  • #393
  • Dec 17, 2007 3:25pm Dec 17, 2007 3:25pm
Here is mine. Now try to find the significance of this. Have fun:[/quote]


When price goes down after completing the upswing you draw the Fibs on previous supportlines as price is breaking them.
  • #394
  • Dec 17, 2007 3:44pm Dec 17, 2007 3:44pm
Quoting SunTrader
That is what I would call drawing lines from swing lows. Not necessarily showing support - for example swing#2 half the time price kept on going.
You may call it whatever you want to. But you didn't see the support break, did you? It's a four hour candle. Support doesn't mean it can't be penetrated easily either. It is a reference point, giving you valuable information.
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  • #395
  • Dec 17, 2007 3:45pm Dec 17, 2007 3:45pm
Quoting smjones
This is how i think you are drawing your fibs. You draw from right to left and from top to bottom of the resistance and supports. so in the chart here you are drawing from 2 to 1 and then looking for the retrace of point 3 and so on. This walks your fib up the swing 1 and so on for each of the new S and R points
Get out of here
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  • #396
  • Dec 17, 2007 3:47pm Dec 17, 2007 3:47pm
Quoting smjones
This is how i think you are drawing your fibs. You draw from right to left and from top to bottom of the resistance and supports. so in the chart here you are drawing from 2 to 1 and then looking for the retrace of point 3 and so on. This walks your fib up the swing 1 and so on for each of the new S and R points
Hey Scott, we are having company over tonight for spaghetti. Now would be a good time to PM your secret.
Robonacci com
  • #397
  • Dec 17, 2007 3:48pm Dec 17, 2007 3:48pm
Quoting smjones
This is how i think you are drawing your fibs. You draw from right to left and from top to bottom of the resistance and supports. so in the chart here you are drawing from 2 to 1 and then looking for the retrace of point 3 and so on. This walks your fib up the swing 1 and so on for each of the new S and R points
You're getting closer.
Robonacci com
  • #398
  • Dec 17, 2007 4:00pm Dec 17, 2007 4:00pm
Alright man I was all pumped to put up a chart , but I am a tad slow eh?.. stupid cheap real estate under powerlines... anywho...

would you stretch the support lines of the swing highs across a range and trade between them? the swing 1 lines appear to have validity later in the chart.

using the "if it is pierced it is going to the next logical line eventually dictating market flow. It may take time but it is going there.? great it is going to xyz but I might have a 400 pip draw down in the mean time but rest assured that is where we are going.


as far as the fibster

i am using some eyeing and also the geppy 1h example which, I assume was a fib that was dictated by market flow and allowed you to trade until preset range was broken in which case a new rage or range durrrr madcow sorry! was formed.

this would seem to invalidate drawing fibs on every support line as the price moves as you had only one fib on the gepster no? the redrawing of a f1b would be triggered by something else that would form a new range. swing low swing high...

have you ever thought about something so much it didn''t make sense anymore? for my first post I hope I am not too far off base. I guess Iffin I am I can go apply as a sauce stirrer for smjones sheesh !

Sizz
  • #399
  • Dec 17, 2007 4:06pm Dec 17, 2007 4:06pm
Hi Skunny,

I'm enjoying your thread, been going over it the whole week end and there are many thought provoking ideas here from you and many of the other traders. Right now I'm trying to absorb and trying to understand everything you've stated. That means getting rid of a lot of bad trading habits I've accumulated.

I'm a Minnesota guy too from just south of St.Cloud. Originally from Canada, I played minor league hockey in the early 70"s for the Edmonton Oil Kings{ Right Wing } but I didn't see any signs of BigFoot up there

Anyway, glad I'm here and looking forward to learning more. Thanks! ...T-Wolf
  • #400
  • Dec 17, 2007 4:10pm Dec 17, 2007 4:10pm
Remember we are only on S/R and price action. It's more important to go back to Vhands and watch these areas before jumping to conclusions on how I trade because you won't figure it out with the info I've given. You probably won't ever:. But by trying you will find something that works for you.
Robonacci com
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