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DislikedI think I get why Skunny placed the blue fibs where they are and why he placed 0.0 red fib where it is but does anyone understand the reasoning behind the placement of the 100.0 red fib? Why that candle and not the previous short term high?Ignored
DislikedHey Skunny, Sizz,
I just grabbed 95 live pips TP was 223.93! I had picked a bottom @ 223.67 (Resistance from one of the last big drops) but chickened out and ran with my money!
I opened after 2 double tops in 5 min @ in my fib within a fib!!
It is becoming clearer!!Ignored
DislikedJust had to say THANKS.
Sure seems to be working. For me.
I got into a trade last week on demo and it is still going.
My problem has been stop loss.
I move it down and have been working below that. Sorry for not putting a T/P but been using S/L as T/P.
I think I can see how you never have to get out of the market.
Still more to learn.
Thanks again I just love it.Ignored
DislikedSkunny, I'd send this in a PM but I don't have access to it yet.
First of all thank you for creating this thread. I joined FF because of it. That's how powerful I think some of these idea's are.
I'm a new trader and I trade based off S/R only (which is the primary reason why I'm so attracted to this thread). IMO support/resistance is the best b/c it's not a price, but more of a region, and it's something every trader can see and it's a living/breathing animal like the market. It's not an indicator with different settings and based off different feeds. However, I must admit, I use one indicator, Stoch RSI, but don't base trades off it. It will just confirm overbought/oversold levels at S/R. I try to keep things as simple as possible, and as clean as possible.
Anyhow, I don't use Metatrader for charting so I don't have the same Fib levels as you. My levels are 38.2, 61.8, 78.6, 86.0, and extensions are 1.18, 1.27, and 1.618. Can what you're teaching be applied to those levels? I'm also thinking, if I don't have those levels, how can I learn this method and trade it? Will I not be able to trade Forex like you without Metatrader?
Also price action - VHands Trading Simulator. Can this be used on other charting platforms besides Metatrader?
It seems like 3 of the most important things are S/R, fibs, and PA. The last two are giving me some trouble.
I really appreciate this thread and thank you for the education! Just trying to incorporate some of your teachings with what I'm already using.
Thanks and Happy Holidays!Ignored
DislikedIs there a concensus as to the following items:
1. Which is more important....plotting fibs from single candles of a higher TF or plotting them from "areas" of S/R on a lower TF? Or do we use them together?
2. What are the general rules of expected PA when fibo levels are breached/broken? Can someone summarize what's been observed thus far?
3. Realizing there are smaller price cycles on lower TF's that are working within larger cycles on higher TF's, how do we determine when any particular cycle is over and where a new one has begun?
I'm just not totally clear on how to practically interpret all this yet. I need more time on VHands for sure, but I'd prefer to have a better handle on what I need to look for. I feel like I'm looking into the pitch black and hoping to see a light. Sometimes your eyes play tricks on you and you begin to see lights that aren't really there...
A mild note of concern:
I see several folks already confident enough to begin picking trades. I realize those who are doing this likely have their own trading methodology already worked out, but I wonder if perhaps we're not still getting ahead of the cart? Seems like Skunny has only revealed the tip of the iceberg. Surely don't wanna be a wet blanket, just offering my 2 pips.Ignored
Dislikedseriously? are you kidding?
I trade for a living. Using s/r and price action. No indicators if I need to check the wind I wils drop a rsi or stoch on. sue me.
I have never been in a professional trading room so I wouldn't know, but from what I can gather with forex..
RSI, maybe stoch and fibs are all that is pretty much used in said rooms.
There are exceptions to every rule though and I know nothing about anything. I met a guy who runs a hedge and I gathered he ran an algo box trading system so... if that counts..
IMO which is coming from nobody the issue here is :
Skunny is a reformed indicator addict who had a big "aha" moment and is trying to help fellow traders and I guess a lot of people use indicators from reading this forum and it(IMO) really obscures the essence of trading.
Learn to trade then if you want smack some indicators on there to help out at that point in time you can prolly make them yourself.
I think the issue is blindly using indicators with no clue as to why things work. NOT that indicators don;t work and are for newbies.
it all boils down to knowing the fundamentals and putting in the work to learn.
Saying you are a trader and blindly using Indicators (to me) is like calling yourself a mathmetician because you know how to use a super fancy calculator . Both individuals have little concept as to why things are the way they are and are prolly going to lead a confusing and middling career path.
Seriously look at the people who invented the indicators it was an articulation of they way they already traded and saw the market and used as a tool of a mastercraftsman for efficiency.
I hypothesize, that if you know HOW to trade you can trade anything with no indicators. I am confidant I could trade mongolian yak snot futures if I wanted.
This thread (to me) is the snip snap snurr because I never really looked at indicators or Fibs( it looked like guesstimation)
I always keep a traders mind about things though and I stumbled on to this thread having never really been exposed to Fibs in practice and I just went with the flow.
It was serendipitous and came at the right time in my trading and for that I am grateful. It might be the articulation/confirmation of theories on had on this market from my own work
I am in the theoretical phase but if it works my trading will become sharper with the addition. If not my trading will still be sharp and I will have gotten out of my box for a second. Win win.
Do you really think if people learned how to trade there would be this horrendeous attrition level? Trading is as easy as falling off a log if you let be again... IMO. I thank god I never learned using indicators NOT that there is anything wrong with them IF you know how and why they work.
just one sizz's opinion.
SizzIgnored