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Indicator Free Trading - Skunny

  • #961
  • Jan 2, 2008 12:09pm Jan 2, 2008 12:09pm
Quoting jcarrier
Hi all I am wondering if anyone has come to a conclusion about what Skunny said about trying to figure out why some dont make it to the extensions/targets. I believe this is very important. He said we need may need to drop down a time frame to figure it out, so I am thinking if we are trading hourly charts we are dropping from the daily to the one hour to see why the daily might not hit the 138 Extension/Target. Any thoughts team?? Joe
Ok, cool. We seem to both have the same target area for the GJ daily...sweet!

I'm with Brunite...I don't even want to pretend I know with ANY certainty what's going on here within the framework Skunny's laid down. That being said, it seems to me that perhaps....we also need to go UP a TF or at least zoom OUT on the one we're looking at in order to see the greater cycle(s) that is(are) engulfing and ultimately trumping the smaller ones that go sour.

Skunny's answer to 4X4ever's post very nicely showed this need to zoom out to the bigger moves and really helped me see the cycle within a cycle thing much better.
  • #962
  • Jan 2, 2008 12:34pm Jan 2, 2008 12:34pm
Just wanted to say thank you skunny! I hope we can get some ea computer programmers in here to make better fib tools eh...(HINT HINT HINT TO ALL OF YOU TO ASK AROUND) that would be sweeeeeeeetttttttttttttt!!! Skunny might even wapprecisate the effort all as maybe it could help him by saving hime the effort of drawing them manually each time.......hhmmmmmmmmmm

just a thought.....


skunny writes: "E/J is G/J in training. Beginners should stick with E/J."


YOU ARE SUCH A SOFTIE!!!!!! LOL YOU RULE
  • #963
  • Jan 2, 2008 12:36pm Jan 2, 2008 12:36pm
There is no question as to what Skunny knows and when to use it.
I have spent hours reading this thread and pondering on it.

Every traders aspiration is to develop a feel for the market, and the ones that have developed that feel ...can turn on the charts and start trading.

From the Greek culture, once one knows how to dance, one can cut in the line while the dance is in progress and pick up the beat. ( http://www.greekdancemonterey.org/dances.htm )

Now to become an expert trader (or Dancer ) is a horse of a different color, and each individual is different and their way to perfection invariably takes a different road.

As for me I have found great value in the indicators you have modified and posted on this thread.

And in closing I would still like to know the thread to look up who it is you were refering too.

BTW as of this post g/j has developed into a runaway train.

FxGreek


Quoting blueruby
Who it was doesn't reinforce my point, which was that good traders cannot tell you what they really do, and most probably don't always know.

Skunny spent "a million hours" on the charts, establishing his system. He has mentioned how hard it would be to tell "all he knows". Now we're getting a few posts along the lines of 'sometimes I might do this, sometimes a little of that'.....

Profitable traders have a developed "feel" for the market, an instinct. They know to zig when others zag.

Skunny could spell out his rules for us to the letter, the only problem (for us) being that HE knows when to follow them and when to break them, and that's my point.
  • #964
  • Jan 2, 2008 12:49pm Jan 2, 2008 12:49pm
The first trade I took for 2008 was with NO indicators....using price action and fibs...and I KNEW where it was going when I pulled the trigger.

+113 pips... Now THAT'S the way to ring in the new year, baby!

Thanks to the Candle Whisperer for letting us eavesdrop on a few of his "conversations" with the candles...
  • #965
  • Jan 2, 2008 1:51pm Jan 2, 2008 1:51pm
I second that motion!!!!
  • #966
  • Jan 2, 2008 2:01pm Jan 2, 2008 2:01pm
i see the light! woohoo anyone with a few months full time expereince or enough hours on vhands...can see how invaluable this info is and how easily it can be incorporated and used with any system... or dare i say it in place of any system (eventually, maybe, hopefully) but i still am cautious as skunny has warned us that this is only 5% of the picture (BUT WHAT AN AMAZING 5%!!!!!) you really must be a genius




ps heres a chart ... waiting to possibly enter
Attached Image (click to enlarge)
Click to Enlarge Name: gu chart.gif Size: 20 KB
  • #967
  • Jan 2, 2008 2:01pm Jan 2, 2008 2:01pm
I have thanked Skunny, now I would like to also thank each of you traders for your contributions. This thread had been a gift from God and each of you have contributed to my learning process. Blue, pipskateer, Lowell,Sizz, Bo,
Walt....well, you get the point and if I left anyone out, be sure I read your post and that's what counts. Thanks for the positive posts, the ones that got me thinking a little more, and the laughs.

This is the best thread I think I have ever read.

Daniel
  • #968
  • Jan 2, 2008 2:13pm Jan 2, 2008 2:13pm
I will throw a third in there.


This thread is starting get jumping.

Looks like the market has hit 3 oclock shut down as has my brain as evidenced by a nice boner on the pound chf sigh it happens. I just see a lot of counter trend corrections right now.


Sl/TP in place nap time till asia! What a great day back to work.


Sizz
  • #969
  • Jan 2, 2008 2:19pm Jan 2, 2008 2:19pm
3rd it!
Awesome learning with everyone. Made a few, gave a few back. But I know why! That is the greatest!
Take care!

Edit: 4th it! Shucks, Sizz beat me. :
  • #970
  • Jan 2, 2008 2:23pm Jan 2, 2008 2:23pm
Doesn't that look berry niiice?

I have been staring down sterling for the last 4 5 hours waiting for more breakdown. C'mon sterling... you know you aren't sweet. just rollover already You KNOW you are the USD of 08! c'mon

I have two good entries for this..again we will see, I will feel a lot better once the 1.98 gets taken out. stupid logical numbers. Whatever it will happen when/if it happens

Sizz.


Quoting dagoods
i see the light! woohoo anyone with a few months full time expereince or enough hours on vhands...can see how invaluable this info is and how easily it can be incorporated and used with any system... or dare i say it in place of any system (eventually, maybe, hopefully) but i still am cautious as skunny has warned us that this is only 5% of the picture (BUT WHAT AN AMAZING 5%!!!!!) you really must be a genius


ps heres a chart ... waiting to possibly enter
  • #971
  • Jan 2, 2008 2:49pm Jan 2, 2008 2:49pm
Quoting lowell
3rd it!
Awesome learning with everyone. Made a few, gave a few back. But I know why! That is the greatest!
Take care!

Edit: 4th it! Shucks, Sizz beat me. :
I know Lowell I am prrrrrrrrreeetty fast watch it! I thank vitamin caffeine and years of screen time...clicking and tapping

.I was so zonked during london this morning I just kept falling asleep and waking up to make sure all was still right with the world check the charts and gas out.

Hey also what do you have on USD/CAD(is this cheating??) I am long on PAS/R to about 1.02 and my dbl fib pull show we just bounced and I have two tps final one right in that 1.02 range aw... man I am not going to go to get a nap..

anywho I feel good ABOOT(so witty so witty hehe) a 150 pip of of a mini 38 bounce. plus yesterday d1 is setting this up. So I am actually late to the party but they are some good entries to stack this trade What do you see?

... now if sterling would finish burning I could look at other pairs


Sizz
  • #972
  • Jan 2, 2008 3:02pm Jan 2, 2008 3:02pm
Quoting Skunny
Skunny..do you change your fibs each time you pull them to indicate buy/sell and take profit? or is there some type of automation that does that?
  • #973
  • Jan 2, 2008 3:12pm Jan 2, 2008 3:12pm
Hi Piphitman, I was looking at this as well. So we are pretty accurate to say that if we are inside a daily cycle that has not been completed and trading in the same direction on the one hour tf that if we get penetration in that direction that we will see the 138 extension hit...can I say 100% of the time? We also know that we have a hi probability that the trade will continue in that direction until it completes the larger daily cycle. I know we need to KISS from what Skunny says, back to testing!


Quoting piphitman
WOW!!!!!

skunnys latest 1hr chart tells it all
http://www.forexfactory.com/showpost...&postcount=825

just made 21 pips long from the 100 fib break(1.9998) to 138 fib (2.0019) on gbp/usd

also long gbp/jpy 31 pips from the 100 fib (224.13) to 138 fib (224.44)

still in Eur/jpy short already at break even from 50 fib (165.01) waiting for tp at -138 fib (164.53)
  • #974
  • Jan 2, 2008 4:04pm Jan 2, 2008 4:04pm
Quoting tourderob
Bravo! I am a two month old trader. I blew my first account following indicators and having poor money management.

I am 30% away from recovering the 1st account with my 2nd. Up until recently I was that person switching from system to system looking to find some indicator that let's me off easy. Intrinsically I knew that trading - real trading had to be more than just following an indicator. A monkey could do that.

When I profit, I am not following indicators - only previous day hi\low, weekly, monthly trend and S/R... which really aren't indicators at all in my opinion as there really is nothing predictive about them - rather only represents what is really there without the ability to manipulate the periods or numbers to fit my bias. A week ago I had 9 different indicators at once not even knowing what each one did. I was just looking for an easy buck without having to think... alert goes off, trade no matter what. I lost and lost big this way.

I am not saying I have "arrived." On the contrary, I need to be schooled and I need to be taught. I haven't figured it out at all, but I feel like I have eliminated one more way not to trade. We are intelligent people and I wonder what would happen if we trusted our intelligence rather than punting it for an indicator - or in my case, 9 indicators. I am excited to see what is going to happen in this new year.

I have learned so much from ForexFactory and you all. Thanks!
2 months old..you must be a genius..I've been at this for 2 years this month and I'm still looking for the "moley quail"..I think I smell it though.
  • #975
  • Jan 2, 2008 4:04pm Jan 2, 2008 4:04pm
Quoting ianf0ster
Hi Blueruby,
Did you really get your answer?
Only for today's chart, after it broke out. I dun good today.
  • #976
  • Jan 2, 2008 4:55pm Jan 2, 2008 4:55pm
cONFUUSED AGAIN

Skunny, in a previous post you said you use only 4 fib lines,
0 - 100 - 38 - 38
Your latest G/J uses more lines and named, Buy, Sell, Target.
Do these names refer to the same fib numbers, and which is which number?
Thanking you for all your help.
  • #977
  • Jan 2, 2008 5:00pm Jan 2, 2008 5:00pm
Quoting webfoot
cONFUUSED AGAIN

Skunny, in a previous post you said you use only 4 fib lines,
0 - 100 - 38 - 38
Your latest G/J uses more lines and named, Buy, Sell, Target.
Do these names refer to the same fib numbers, and which is which number?
Thanking you for all your help.
I'm guessing that the 0 and 100% are the buy and sell levels, depending which direction the fib is drawn and if 0% is on top or bottom, and each 38% level beyond the 0% and 100% are targets, so if price breaks below the bottom level (0 or 100 depending), sell, and exit at 38%. If price breaks above the top level, buy there and sell at the 38% extension above that.
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #978
  • Jan 2, 2008 5:10pm Jan 2, 2008 5:10pm
Hi there, I believe Skunny and most of the other traders use more than just those 4 fib lines ( please correct me if I am wrong). This was just another exercise from Skunny to point us in the right direction...the internal fibs I believe also play a very important part. The 0 and 100 were buy and sell levels at the hi's and lo's of a swing with the targets being the 138 after the penetration of those levels. I hope this helps...Joe
  • #979
  • Jan 2, 2008 5:34pm Jan 2, 2008 5:34pm
http://i18.tinypic.com/8b9o8dw.gif

Seems like the price just finds those fib projections like magic.

The ones from the previous Sup/Res channel, seem to get touched after a new support or resistance level is established.
  • #980
  • Jan 2, 2008 5:42pm Jan 2, 2008 5:42pm
please excuse my bad grammer, as english is my primary language.

I agree with mr ruby that fib real time placement is crucial.... a few previous chart examples shows a fib pulled where price retraces/corrects not even to an "eyeball of 23" let alone 38. then price hangs on zero line (support) i presume then blasts thru to 38 tp. Now obviously it worked out great who jumped in for ride of the breakout... Somewhere I had this misconception(??) that until retrace/correction happens, then you pull fibs from swings....then prepare for entry on 0/100 break for 38 ext tp...

of course it could be the mad cow....

"all we need is just a little patience" axel rose

denny crane
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