Indicator Free Trading - Skunny | Page 34 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

How to free indicator resources? indicator called from EA 7 replies

COT trading system with free indicator 297 replies

No Free Lunch but all the Free Coffee you can drink 736 replies

SWAP free, rollover free Broker? 15 replies

Attachments: Indicator Free Trading - Skunny
Exit Attachments

Indicator Free Trading - Skunny

  • #661
  • Dec 24, 2007 9:55am Dec 24, 2007 9:55am
Quoting Pip Hunter
If I had pulled my fib at "A" rather than where you drew yours at "B", Then I would have had a penetration signal at candle "B" for a long trade. By definition, "A" with 2 candles both left and right with lower lows indicates a peak/swing right?
Hunter,

I looked at Bobo's chart and it made sense to me, but yeah I guess in retrospect ..I would have done it your way and be signalled long too if I went from low to high.. but..look farther backwards to see where we are at in relation

sooooo I went backkkk in time on the chart and did some fib walking and I would have my 100 level at the 14:00 candle and still be in that cycle so neither of those canldes would be anything more then a break of the 61.8.

again I THINK... what are your thoughts on that?

Sizz
  • #662
  • Dec 24, 2007 9:57am Dec 24, 2007 9:57am
Quoting Pip Hunter
If I had pulled my fib at "A" rather than where you drew yours at "B", Then I would have had a penetration signal at candle "B" for a long trade. By definition, "A" with 2 candles both left and right with lower lows indicates a peak/swing right?

This is similar to what I posted for Sizz, look at the fib levels drawn from the day before (thursday)at that time during friday, I would be watching the levels from the previous day, in a down trend I look to sell rally's and the trade for that (Friday) would have been short once price moved down out of thursdays fib levels, but time of day and it being friday I would have treated that as a scaliping trade and close it before the day ended.
The difference in the 2 highs is that there was no retrace after the first high price just floated around until it made the second high and the reason i picked it.The thing to remeber is the bigger picture...which way are we trending ? It would take price breaking a resistance level to consider longs (or switching to buying dips) unless you are a scalper for just a few pips.
  • #663
  • Dec 24, 2007 10:01am Dec 24, 2007 10:01am
If you take the high at point A and pull your fib to the lower low you reference its a 38.2 extension to B on my chart.

Thats how I read it anyway.




Quoting Pip Hunter
If I had pulled my fib at "A" rather than where you drew yours at "B", Then I would have had a penetration signal at candle "B" for a long trade. By definition, "A" with 2 candles both left and right with lower lows indicates a peak/swing right?
  • #664
  • Dec 24, 2007 10:14am Dec 24, 2007 10:14am
Quoting Bobokus
Actually the way I look at what I do is trade the Daily chart from the 1 hour timeframe.What I watch for now is too sell rally's since we are in a correction move down...I dont consider longs until we break certain fib levels going long.
And yes I was thinking 2.0740/2.0700, (possible last leg down measured from the high and low of last thursday)if we dont reach those levels we could see price consolidate now or range a couple of days then try the topside resistance levels.....But its the holiday season and its best to stay away from it..the market isnt going anywhere and if you trade live its not worth the risk.
You use daily trend and trade the 1 hour accordingly I assume.

I think this is the last downward move for a while as well for other reasons as well and we are going to find hungry bulls around that level 1.9650 if not bye bye g/u!, but that is all conjecture until the market signals, but it is fun to speculate eh?

So wait whoa slowdown...eventhough you said it was a green light dont trade it?? uh oh..
next I bet you will tell me that doubling my risk is ALSO a bad idea on this trade. ha can;t fool me you want all the good trades to yourself! I am no fool! sheesh!!

.

hehehehehehe


all my trades are already locked and loaded and I am just putzing around charting and planning 08 for after these complete. nothing happening on the trading side for me really

Sizz
  • #665
  • Dec 24, 2007 10:17am Dec 24, 2007 10:17am
Quoting Bobokus
This is similar to what I posted for Sizz, look at the fib levels drawn from the day before (thursday)at that time during friday, I would be watching the levels from the previous day, in a down trend I look to sell rally's and the trade for that (Friday) would have been short once price moved down out of thursdays fib levels, but time of day and it being friday I would have treated that as a scaliping trade and close it before the day ended.
The difference in the 2 highs is that there was no retrace after the first high price just floated around until it made the second high and the reason i picked it.The thing to remeber is the bigger picture...which way are we trending ? It would take price breaking a resistance level to consider longs (or switching to buying dips) unless you are a scalper for just a few pips.
Sizz...yeah I see what your saying.
Bo....so when comparing the two peaks, i see what your saying. The pullback from B's peak was much greater and substanial. Which is what you learn more about with the experience of watching PA right? So you would have noticed that as it was happening? That it wasn't reacting enough to the resistance it hit to pull a fib there. If you weren't already following a fib from days prior.

Hopefully I'm making some kind of sense.
PipHunter
  • #666
  • Dec 24, 2007 10:22am Dec 24, 2007 10:22am
Quoting sizzler
You use daily trend and trade the 1 hour accordingly I assume.

I think this is the last downward move for a while as well for other reasons as well and we are going to find hungry bulls around that level 1.9650 if not bye bye g/u!, but that is all conjecture until the market signals, but it is fun to speculate eh?

So wait whoa slowdown...eventhough you said it was a green light dont trade it?? uh oh..
next I bet you will tell me that doubling my risk is ALSO a bad idea on this trade. ha can;t fool me you want all the good trades to yourself! I am no fool! sheesh!!

.

hehehehehehe


all my trades are already locked and loaded and I am just putzing around charting and planning 08 for after these complete. nothing happening on the trading side for me really

Sizz
LOL, its about 9 hours too late to enter this one. But yes I draw my fibs on the Daily and switch to the 1 hour to watch the action and trade.
And doubling your risk is a bad idea.
  • #667
  • Dec 24, 2007 10:30am Dec 24, 2007 10:30am
Quoting Bobokus
LOL, its about 9 hours too late to enter this one. But yes I draw my fibs on the Daily and switch to the 1 hour to watch the action and trade.
And doubling your risk is a bad idea.

9 hours more like a week or so ! hehehe

doubling risk bad? What could ever go wrong???

Sizz
  • #668
  • Dec 24, 2007 10:37am Dec 24, 2007 10:37am
Quoting Pip Hunter
Sizz...yeah I see what your saying.
Bo....so when comparing the two peaks, i see what your saying. The pullback from B's peak was much greater and substanial. Which is what you learn more about with the experience of watching PA right? So you would have noticed that as it was happening? That it wasn't reacting enough to the resistance it hit to pull a fib there. If you weren't already following a fib from days prior.

Hopefully I'm making some kind of sense.

At the time the 2 highs occured you dont know what will happen after... only follow the price action...higher highs and lows or lower highs and lows. The information you do have at the time the 2 highs were made is that you see it was only a retrace to the previous days 50fib ( a common retrace point for cable). But yes there was enough to pull another fib there from the low to the point it tested the previous days 50 fib...its what i call a swing fib that i use to measure each wave that forms.
What I watch from it is how price reacts when it tries to go short again after the rejection from the previous days 50 fib level.(hence selling the rally). If the levels of the swing fib pulled on the smaller move up are not broken you may be in a bad trade.
Honestly I shouldnt be teaching in Skunny's thread , he is a friend of mine but he may not like me advancing you too far too fast, there is alot to learn and he wants you to discover some of these things on your own..so you can have that Eureka moment, when you do its the first step in developing your own style.
  • #669
  • Dec 24, 2007 10:41am Dec 24, 2007 10:41am
What!? Nobody trying to sell anything on this thread! Thanks Skunny for all the GREAT information. I look forward to sharpening my skills, and hopefully offering some positive input into this forum.

Gary
  • #670
  • Dec 24, 2007 10:43am Dec 24, 2007 10:43am
Quoting Bobokus
At the time the 2 highs occured you dont know what will happen after... only follow the price action...higher highs and lows or lower highs and lows. The information you do have at the time the 2 highs were made is that you see it was only a retrace to the previous days 50fib ( a common retrace point for cable). But yes there was enough to pull another fib there from the low to the point it tested the previous days 50 fib...its what i call a swing fib that i use to measure each wave that forms.
What I watch from it is how price reacts when it tries to go short again after the rejection from the previous days 50 fib level.(hence selling the rally). If the levels of the swing fib pulled on the smaller move up are not broken you may be in a bad trade.
Honestly I shouldnt be teaching in Skunny's thread , he is a friend of mine but he may not like me advancing you too far too fast, there is alot to learn and he wants you to discover some of these things on your own..so you can have that Eureka moment, when you do its the first step in developing your own style.
I can appreciate that. That's why I wasn't trying to ask to big of a question of you. Thanks again.
PipHunter
  • #671
  • Dec 24, 2007 10:45am Dec 24, 2007 10:45am
http://i16.tinypic.com/6t0vjo4.gif

GBPUSD hitting the lower fib projections. Breaks through support(blue) and hits fib projection(yellow/salmon).

It seems to hold true on the daily chart too.

http://i3.tinypic.com/73nngbr.gif
  • #672
  • Dec 24, 2007 10:58am Dec 24, 2007 10:58am
Quoting Skunny
Don't worry about anything other than trying to capture the movement......Just worry about the tool and follow the price around......Practicing over and over will build your confidence to pull the trigger when the timing is right. TIMING IS EVERYTHING.

I know it sounds like I just said nothing, but that's my point, KISS


A great big thanks to all who are actively contributing to this thread.....lots of good ideas to think about. I've been very busy as of late but with 2 weeks to play around with Vhands and digest the contents of the thread, I hope to get to the same level of practice and understanding that you guys are at!

BTW....I really like this post of Skunny's. I think it really catches the essence of what he has been trying to say so far!
  • #673
  • Dec 24, 2007 10:58am Dec 24, 2007 10:58am
Can it really be this simple?

http://i17.tinypic.com/8eaxdua.gif

1) Price breaks through resistance(red) and after it closes above resistance.

2) Price moves to fib projections(yellow/salmon).

A one-two punch
  • #674
  • Dec 24, 2007 11:04am Dec 24, 2007 11:04am
Quoting SBrickman
Can it really be this simple?

http://i17.tinypic.com/8eaxdua.gif

1) Price breaks through resistance(red) and after it closes above resistance.

2) Price moves to fib projections(yellow/salmon).

A one-two punch
Its a thing of beauty to watch it unfold is it not ?
  • #675
  • Dec 24, 2007 11:08am Dec 24, 2007 11:08am
If I understand correctly...

http://i12.tinypic.com/6o26650.gif
  • #676
  • Edited 11:53am Dec 24, 2007 11:39am | Edited 11:53am
Sbrick,

thats my USD/JPY tp 115.80 so I would say yessir.

Sizz

edit:

It seems like it would be possible for you to program your EA to indiacte monthly weekly daily 4 hour and hourly right?

That being said, I am noticing from my testing that sometime say monthly breaks signalling short , but maybe it take like 2 months to actually break the short 0 level in the mean time you are going through a different say weekly bull cycle with the other tf's ...

so if you follow that could you program something that would pop up a say "hey our daily target is this our weekly is this and our monthly is this?

It seems like you are pretty good at programming EA's so I figured I would ask. I think that would be stellar for so many reasons, but I don;t know if it is possible or if my logic on fibs is 100% wrong and it is a one day at a time thing. at any rate that is what I am trying to do manually on the charts and how I got 106.5 from 115.8 on usd/jpy
  • #677
  • Dec 24, 2007 1:02pm Dec 24, 2007 1:02pm
Quoting sizzler
Sbrick,

thats my USD/JPY tp 115.80 so I would say yessir.

Sizz

edit:

It seems like it would be possible for you to program your EA to indiacte monthly weekly daily 4 hour and hourly right?

That being said, I am noticing from my testing that sometime say monthly breaks signalling short , but maybe it take like 2 months to actually break the short 0 level in the mean time you are going through a different say weekly bull cycle with the other tf's ...

so if you follow that could you program something that would pop up a say "hey our daily target is this our weekly is this and our monthly is this?

It seems like you are pretty good at programming EA's so I figured I would ask. I think that would be stellar for so many reasons, but I don;t know if it is possible or if my logic on fibs is 100% wrong and it is a one day at a time thing. at any rate that is what I am trying to do manually on the charts and how I got 106.5 from 115.8 on usd/jpy
Are you asking me to program MT4 code? All I have done is searched forums all over the net to find fib programs and then I made a MINOR MODIFICATION to plot the projections. Simple stuff like FibProj = High + (High * .618)

I can't code MT4 from scratch. But you have given me an idea. And if I can do it, it should be a killer app.
  • #678
  • Dec 24, 2007 3:14pm Dec 24, 2007 3:14pm
http://i14.tinypic.com/6ov3alc.gif


Is this what you had in mind? If price above the value then the value is red, if price below the value, then value green.
  • #679
  • Dec 24, 2007 4:12pm Dec 24, 2007 4:12pm
i like what you did on the chart? could you post your inidicator/script?

Quoting SBrickman
If I understand correctly...

http://i12.tinypic.com/6o26650.gif
  • #680
  • Dec 24, 2007 4:20pm Dec 24, 2007 4:20pm
Quoting mpurdy1973
i like what you did on the chart? could you post your inidicator/script?
I PMed another reader of this thread and asked for an indicator. I was refused. Another reader of this thread posted and asked for the same indicator and it hasn't been posted. I have already shared code. When others start sharing, I will share more.
0 traders viewing now