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Indicator Free Trading - Skunny

  • #901
  • Jan 1, 2008 10:55am Jan 1, 2008 10:55am
Thanks Skunny,
I should have known to always look at the larger time frames...top down analysis is crucial and one of my rules for 08'
Moral of the story is.... larger fibs RULE!!!

HAPPY NEW YEAR TO ALL AND TO ALL MANY PIPS!!!

Daniel
  • #902
  • Jan 1, 2008 11:23am Jan 1, 2008 11:23am
Once your in a trade, are you in it until it hits the target or your SL at the oppositte end of the fib? I am assuming that you place your SL at the opposite end.

I realize it may or may not be a simple answer. Something tells me there's more to it than that like looking at possible inner fib etc.

Thanks!
PipHunter
  • #903
  • Jan 1, 2008 11:23am Jan 1, 2008 11:23am
Based where you want to go as a trader - the perfect trade is getting on the computer at say 8:30 am - putting on a trade by 9 am knowing you have a better than 90 % chance of success making 10 to 30 pips by 10 am and leaving for the day. In this scenario, the real skill then is learning how to handle the market if it moves against your position by having enough price movement awareness to get out with a small loss or even a possible profit by averaging your position with additional lots so a small retracement makes you whole. Does this wrap it up pretty well.
I make money anywhere in the world by taking orders
  • #904
  • Jan 1, 2008 11:33am Jan 1, 2008 11:33am
Skunny,
All I know is that a couple of weeks ago almost in a preminition fashion, I began to put retracements larger than 100...127 and 162 to be exact just to merely take a look to see if there was any significance. I looked at this with a very volitile pair (GBP/CAD) and knew I has stumbled onto something. Then a very good friend tells me about this thread. After reading and then applying with Vhands, I have to admit this is about as close to the moley quail as I think I can get. Of course I will have to improve on my fibs over time but just testing this is amazing to me. On behalf of all of us in this thread and chiming in with those who have already expressed it...thank you so much .This is information folks would pay thousands for and by getting us to think a little, you have helped us develope it with our own eyes. I am sure there is more to follow, I just don't know if I am worthy to receive anymore.


I truly feel blessed.
  • #905
  • Jan 1, 2008 11:43am Jan 1, 2008 11:43am
Quoting Pip Hunter
Once your in a trade, are you in it until it hits the target or your SL at the oppositte end of the fib? I am assuming that you place your SL at the opposite end.

I realize it may or may not be a simple answer. Something tells me there's more to it than that like looking at possible inner fib etc.

Thanks!
Typically yes, once I set a trade I expect it to get to my projected target. There are times I will bail on a trade temporarily when I see it setting up for a strong run in the opposite direction. I will re-enter the trade after it hits inner fib s/r. This relieves some draw down and gets me in a better position for the long ride to the target. If you have a 100 pip range and it retraces to the 61.8 inner fib thats -62pips but it's an opportunity to add or start a new position for the positive 62 pips on the way back to the target. I Don't get greedy however, if I get nice positive pips I bank'em regardless of the target and how right I am. I might only take a position at the 62 and ride it to the 38 and bail, if it runs back up to the 62 I enter again. You will get comfortable once you realize where price is likely to go.
Robonacci com
  • #906
  • Jan 1, 2008 12:06pm Jan 1, 2008 12:06pm
Quoting Skunny
Typically yes, once I set a trade I expect it to get to my projected target. There are times I will bail on a trade temporarily when I see it setting up for a strong run in the opposite direction. I will re-enter the trade after it hits inner fib s/r. This relieves some draw down and gets me in a better position for the long ride to the target. If you have a 100 pip range and it retraces to the 61.8 inner fib thats -62pips but it's an opportunity to add or start a new position for the positive 62 pips on the way back to the target. I Don't get greedy however, if I get nice positive pips I bank'em regardless of the target and how right I am. I might only take a position at the 62 and ride it to the 38 and bail, if it runs back up to the 62 I enter again. You will get comfortable once you realize where price is likely to go.
Are you able to find a quick chart that might illustrate what you've just said? Sound like if it pulls back to the 62 strongly enough, you will exit and then decide from PA which direction to enter trade? Do I have that right?

I feel the same way about the amount of pips gained. If you knew that a perfect setup gives 100% but only 3pip profit, well the rest is left up to the trader!!
PipHunter
  • #907
  • Edited 12:24pm Jan 1, 2008 12:15pm | Edited 12:24pm
Thanks Skunny for posting the eur/usd chart several pages back. It was one more confirmation for the targets on my own chart. You can not imagine the excitement it brings when I see one of your charts and the fib matches mine! I thank you for having pity on a poor soul like me that has been blinded by indicators and my own foolishness up to this point.

Yes, you are a softie!! May you be richly blessed for it!

P.S. - Guys, may I suggest that all who have not done so, go back in this thread and STUDY all the charts Skunny has posted and READ AGAIN everything he's posted up to this point. Most of the puzzle is in this thread. If you knew your financial future depended on it you would do most anything to secure it. 60 pages is a piece of cake, aye?
  • #908
  • Jan 1, 2008 12:39pm Jan 1, 2008 12:39pm
Quoting Pip Hunter
Are you able to find a quick chart that might illustrate what you've just said? Sound like if it pulls back to the 62 strongly enough, you will exit and then decide from PA which direction to enter trade? Do I have that right?

I feel the same way about the amount of pips gained. If you knew that a perfect setup gives 100% but only 3pip profit, well the rest is left up to the trader!!
You are making me work.

I didn't research this trade , I threw a dart and landed here. I'm not sure if this particular trade would be valid, but for example sakes it makes my point.
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Robonacci com
  • #909
  • Jan 1, 2008 12:46pm Jan 1, 2008 12:46pm
Quoting Skunny
You are making me work.

I didn't research this trade , I threw a dart and landed here. I'm not sure if this particular trade would be valid, but for example sakes it makes my point.
Thank you!
PipHunter
  • #910
  • Jan 1, 2008 2:27pm Jan 1, 2008 2:27pm
Quoting lowell
Thanks Skunny for posting the eur/usd chart several pages back. It was one more confirmation for the targets on my own chart. You can not imagine the excitement it brings when I see one of your charts and the fib matches mine! I thank you for having pity on a poor soul like me that has been blinded by indicators and my own foolishness up to this point.

Yes, you are a softie!! May you be richly blessed for it!

P.S. - Guys, may I suggest that all who have not done so, go back in this thread and STUDY all the charts Skunny has posted and READ AGAIN everything he's posted up to this point. Most of the puzzle is in this thread. If you knew your financial future depended on it you would do most anything to secure it. 60 pages is a piece of cake, aye?
Regarding that EUR/USD chart........

I wasn't following that E/U chart but If I was going to look at a new pair's chart I think zooming it out all the way that Skunny did on the 1hr chart to answer 4X4EVER's answer is the best way to set up a good S/R level to then set up all the preceding fib areas/cycles. Zooming it out all the way and looking at a big obvious swing area is what I would do to start fib walking on any pair.

On that E/U chart, after following 2 more fib cycles after that post it touched the 162 high perfectly at 1.4748 area on 12/31
trading naked.......
  • #911
  • Jan 1, 2008 4:19pm Jan 1, 2008 4:19pm
Quoting Skunny
You are making me work.

I didn't research this trade , I threw a dart and landed here. I'm not sure if this particular trade would be valid, but for example sakes it makes my point.
In this chart, the blue fib lines, how do we get 138 level above the 0 line. Is this Fib retracement tool or Fib expansion tool.

I am referring to post 908


Thanks
TradeStar
Haste not to Enter AND Haste not to Exit !-TradeStar
  • #912
  • Jan 1, 2008 4:39pm Jan 1, 2008 4:39pm
Just right click on the fib tool when it is selected and click "fibo properties" and then click "add" in the upper right column and then add -.382 and in the description type 138 EXT and then click add again and add 1.382 and then type 138 R in the description. NOw you have the 138retracement and the 138 extension added to your fib tool
  • #913
  • Jan 1, 2008 5:22pm Jan 1, 2008 5:22pm
Quoting Skunny
Who knows how to make something like this? Or can we get our hands on this one? I'm looking for something like this for training purposes.
I have uploaded the file, its the start of a good tool, perhaps we can send ideas to the developer to get further customization options. I have allready sent him an email asking if it would be possible to modify the prog to change the descriptions of individual fib levels.
Attached File(s)
File Type: ex4 Chin Fib Tool Beta.ex4   32 KB | 869 downloads
  • #914
  • Jan 1, 2008 5:29pm Jan 1, 2008 5:29pm
Hey, Skunny
I see on your G/J chart that you have 2 fib setups.
Are they different time frames?
Then you have 2 trend lines from 100 to 0. Are these used
to help predict PA?
I looked at danielcode and it stated that he uses earlier
trend lines to predict future PA.
Hope I'm not jumping ahead of the lessons.
  • #915
  • Jan 1, 2008 6:46pm Jan 1, 2008 6:46pm
I was a thinking GBPUSD might have flagged a 4h signal short off 9861.
Check Mate GAME OVER
  • #916
  • Jan 1, 2008 9:14pm Jan 1, 2008 9:14pm
Quoting Skunny
You are making me work.

I didn't research this trade , I threw a dart and landed here. I'm not sure if this particular trade would be valid, but for example sakes it makes my point.
Note to self: NEVER play darts with Skunny...
  • #917
  • Jan 1, 2008 9:24pm Jan 1, 2008 9:24pm
Hey Skunny

Great thread, you are a Master teacher.

I just want to say a big THANKS to you and the others that have participated in this thread.

It has been a very rewarding journey and insight into the predictability and order of the currency movements.
I was always under the false impression that currencies worked under the reign of chaos and his mates, not so!

Yes, i'm one of those, 3 banks later.

The Moley Quail still has a little flesh on its bones but without a doubt its truely possible to trade indicator free and 100% perfect.

May you have a great year.
Regards
Mike
Believing is seeing
  • #918
  • Jan 1, 2008 10:23pm Jan 1, 2008 10:23pm
Absolutely incredible...right under our noses...and I'm sure just the tip of the iceberg.

I was getting quite a bit "lost", feeling like I was totally missing it, yet sensing it was RIGHT THERE. But after seeing your last few posts, I now realize that, even though I didn't have it all put together, I really did have a few bits and pieces of it after all. I enjoy they way you are teaching this very much. Yes, it's been a tad frustrating, but worth every ulcer! :

Seriously and sincerely...thank you so much for what you've shared with us. Hopefully, someday soon I can PM you and share some details of just how great a thing you've done here for me.
  • #919
  • Edited Jan 2, 2008 1:49am Jan 1, 2008 11:36pm | Edited Jan 2, 2008 1:49am
Again it depends how you use the fibs. In this case i would have used the last DOWN swing for target setting because it exceeds the previous ones (a new higher high).

If a trendline had been drawn the first entry could have already been at 220.20 - notice that tl is broken, entry at next low which is higher than the previous one. Add position at the next low, which is again a new higher low. You could draw a new tl there to clarify things.

R

Attached Image (click to enlarge)
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Quoting Skunny
You are making me work.

I didn't research this trade , I threw a dart and landed here. I'm not sure if this particular trade would be valid, but for example sakes it makes my point.
  • #920
  • Jan 2, 2008 1:01am Jan 2, 2008 1:01am
HAPPY NEW YEAR everyone
can someone please help with configuring fibs on dealbook 360. I just can't seem to figure out how to add lower values.

thanks skunny and everyone for input great thread.
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