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Indicator Free Trading - Skunny

  • #681
  • Dec 24, 2007 5:14pm Dec 24, 2007 5:14pm
Quoting Bobokus
Me personally Im not trading today, but it turns out we did get a good short signal this morning.
Could you elaborate a bit on your annotations on the chart?

"Moved away from fib levels" - couldn't that have been just random drift which could easily have moved back up to the fib level?

"Reacts as expected to target levels" - why did you "expect" it to pause at 19769/70 and not say continue to 19743 or even 19650?

TIA
Darkness lies one inch ahead..
  • #682
  • Dec 24, 2007 7:46pm Dec 24, 2007 7:46pm
I get the feeling Skunny isn't trying to teach us how to trade using fibs, but use the fibs as a way to get us use to watching price action. When he feels we have watched pa enough to get an instinct for it he may give us the underlying reason for it: What possibly really motivates price to go where it is going.
  • #683
  • Dec 24, 2007 10:43pm Dec 24, 2007 10:43pm
http://i11.tinypic.com/6sgry3d.gif

But I think the action happens around the fibs.
  • #684
  • Dec 25, 2007 10:46am Dec 25, 2007 10:46am
Skunny's statements about being in the market all the time if you want to be there are very captivating... It just makes me think of a kid at the playground, swinging endlessly on the monkey bars, moving from one price cycle to the next, instinctively knowing exactly where to get in and where to get out. Likewise, I want to develop the ability to observe PA, discern where the cycles are, pick my entry spot, and get into the ongoing flow, letting price take me along where ever it decides/needs to go with me staying in (on the correct side!) until I'm ready to get out.

He speaks with total, unwavering confidence about being able to plot PA using fibs and S/R and that's how I hope to trade eventually. Combine that with proper money management and you have the formula for financial freedom.
  • #685
  • Dec 25, 2007 11:04am Dec 25, 2007 11:04am
Quoting forexlion
I wonder who is trading GBPUSD in a holiday session, approximately same # of buyers and sellers on daily, no wonder its not moving its butt.

Oh by the way, I used monthly fibs here to show how they work.
Forexlion, how do you get buyer/seller info from an MT4 terminal indicator? Is that data being retrieved externally or something cuz I've never heard of it coming from MT4?
  • #686
  • Edited 11:37am Dec 25, 2007 11:08am | Edited 11:37am
Quoting SBrickman
http://i11.tinypic.com/6sgry3d.gif

But I think the action happens around the fibs.
SBrickman, seems like you are making progress on this. Btw, your charts look much better, less cluttered, without the grid. Seems like you are making progress on this. Any thoughts on how you are using this predictively or does it just help you see the PA better? I like your approach to using automation for the tasks that are appropriate and useful without letting it take over the trading. Nice contribution here, thanks!
  • #687
  • Edited 7:02pm Dec 25, 2007 11:50am | Edited 7:02pm
Good article on support/resistance:

http://articles.mql4.com/360

ZUP - Universal ZigZag with Pesavento Patterns (fib indicators):

http://articles.mql4.com/376

http://articles.mql4.com/444
  • #688
  • Dec 25, 2007 12:12pm Dec 25, 2007 12:12pm
Quote
SBrickman, seems like you are making progress on this. Btw, your charts look much better, less cluttered, without the grid. Seems like you are making progress on this. Any thoughts on how you are using this predictively or does it just help you see the PA better? I like your approach to using automation for the tasks that are appropriate and useful without letting it take over the trading. Nice contribution here, thanks!

I am just using different S/R levels and then ploting the .382 and .618 fib projections. If understand what is being taught, the price should touch one of those. MT4 is not my first language, so it's on-the-job training.

http://i11.tinypic.com/6ozkn79.gif

Keeping it simple by using the Barry support and resistance indictor (from the fib thread) with the Waddah Fib indicator I modified to plot fib projections (I previously uploaded). A pattern emerges:

Price close below Support -> Price goes to Lower Fib Projection.

Price fails to close below Support -> Price goes to Fib Retracements.

Price close above Resistance -> Price goes to Fib Projection.

Price fails to close above Resistance -> Price goes to Fib Retracements.

The "key" seems to be the price action (PA) near the support and resistance areas.

Sorry if I am repeating myself or sounding like Trading 101.
  • #689
  • Dec 25, 2007 1:13pm Dec 25, 2007 1:13pm
http://i16.tinypic.com/82131c6.gif

Plotting the previous day's open, high, mid point, low, close along with support and resistance. Watching the PA. The mid point is also the 50% fib retrace.
  • #690
  • Dec 25, 2007 3:16pm Dec 25, 2007 3:16pm
http://i1.tinypic.com/6xl38yq.gif

Modified the Barry Support Resistance indicator to display the retrace/penetration in pips and percent.
  • #691
  • Dec 25, 2007 7:36pm Dec 25, 2007 7:36pm
http://i12.tinypic.com/6ypk85h.gif

Arrows indicate higher/lower high/lows.
  • #692
  • Dec 25, 2007 10:33pm Dec 25, 2007 10:33pm
http://i17.tinypic.com/7yoias6.gif

Modified the Barry Support Resistance to plot the fib projections.
  • #693
  • Dec 26, 2007 12:28am Dec 26, 2007 12:28am
http://i7.tinypic.com/6ldz800.gif

I like gauges.
  • #694
  • Dec 26, 2007 12:55am Dec 26, 2007 12:55am
Sbrick,

I'm impressed, this looks awesome. Have you been back testing? I've spent the last few days using vhands but still cant get the full grasp yet. I'll review the whole thread a few more times and then maybe the light bulb will go off or is it on...Which ever comes first. Anyway, great work on the charts. Lets us know how its going? Also since this is my first post here i would like to thank Skunny for this wonderful thread.

Cheers
  • #695
  • Dec 26, 2007 2:05am Dec 26, 2007 2:05am
Quoting Pipskateer
Forexlion, how do you get buyer/seller info from an MT4 terminal indicator? Is that data being retrieved externally or something cuz I've never heard of it coming from MT4?

i just used the functions present in metaeditor only.

mt4 programming is very powerful if you know how to do it.
  • #696
  • Dec 26, 2007 5:10am Dec 26, 2007 5:10am
Quoting Pipskateer
He speaks with total, unwavering confidence about being able to plot PA using fibs and S/R and that's how I hope to trade eventually.
This sent up a flag with me, I'll try to tell you why. Anytime I've tried to trade someone else's system, or trade "like" someone else, I lose very consistently.

When I trade the way that seems right for me, I win consistently. It's taken me a year of losing to figure this out, and I still make that mistake.

I believe a person has their own style, and that to deny it in trading is fatal. IMO a person has to trade the way they trade, let their system evolve, learn to eliminate mistakes, apply MM, and just trade it. I also believe that's when trading becomes easy, once a person stops "forcing" trades. (Fear of missing out).
  • #697
  • Dec 26, 2007 6:30am Dec 26, 2007 6:30am
Quoting blueruby
This sent up a flag with me, I'll try to tell you why. Anytime I've tried to trade someone else's system, or trade "like" someone else, I lose very consistently.

When I trade the way that seems right for me, I win consistently. It's taken me a year of losing to figure this out, and I still make that mistake.

I believe a person has their own style, and that to deny it in trading is fatal. IMO a person has to trade the way they trade, let their system evolve, learn to eliminate mistakes, apply MM, and just trade it. I also believe that's when trading becomes easy, once a person stops "forcing" trades. (Fear of missing out).

rightly said

self help is the best help.
  • #698
  • Dec 26, 2007 8:51am Dec 26, 2007 8:51am
Quoting forexlion
i just used the functions present in metaeditor only.

mt4 programming is very powerful if you know how to do it.
Some of us can code(hunt) but can't trade(fish).

Some of us can trade but can't code.

A few of us can do both. Some can't do either.

IMHO, people aren't here to learn to code, they are here to learn to trade.

If the coders help the traders, we'll move along faster.

But when ONE person doesn't share, it make some of us(ME) reluctant to share.

You are been asked by a few people to share something that's probably simple. I believe most are here to trade and not code. Coding can be very frustrating even to experienced programmers. We are not asking you to give us a fish, we are asking for a piece of meat.

I have created a bunch of indicators I will be happy to share when you post the buyers/sellers code.

The ball is in your court.
  • #699
  • Edited 10:39am Dec 26, 2007 10:28am | Edited 10:39am
http://i3.tinypic.com/87db7z6.gif

This display shows the candle colors on multiple time frames. I'll be working on displaying support resistances and fibs on multiple time frames.
  • #700
  • Edited 11:26am Dec 26, 2007 10:35am | Edited 11:26am
Quoting blueruby
This sent up a flag with me, I'll try to tell you why. Anytime I've tried to trade someone else's system, or trade "like" someone else, I lose very consistently.

When I trade the way that seems right for me, I win consistently. It's taken me a year of losing to figure this out, and I still make that mistake.

I believe a person has their own style, and that to deny it in trading is fatal. IMO a person has to trade the way they trade, let their system evolve, learn to eliminate mistakes, apply MM, and just trade it. I also believe that's when trading becomes easy, once a person stops "forcing" trades. (Fear of missing out).
I agree, but I also think this is precisely why Skunny is not giving us the nuts and bolts of his particular trading "system". He wants us to develop our own trading methods derived from the common threads of reading PA and plotting fibs. Therefore, I believe the end result, being able to read PA and plot fibs in a predictive manner, is achievable by anyone, provided they do the homework. If not, then Skunny's post turns out to be just a cruel joke for those who can never see but have the desire. It is my guess that you believe there is something valuable to learn from Skunny as well, otherwise you wouldn't be here, right?
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