Indicator Free Trading - Skunny

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Have to love those fib projections.

Pardon me if this was already covered and I missed it, but how does one determine when a cycle has started and when it is completed?

Being new myself take this with a grain of salt because I could be wrong, I think that I am gathering that one is always in a cycle... it doesn't end or complete. You need to determine which part of the cycle you are in to make a good trade.

Ok, how do you determine which part cycle you are in (and thus know where to place/leave/adjust fibs)?

Anybody fibing a big turn around for the yen?
It's been up in every pair - can this last?

So last night I'm sitting in my hotel room on vacation, open my lap top, pull up no less than "10" 1 hr. charts (cuz I'm jonesin for forex) and lo and behold I stumble on the EUR/GBP??? I don't think I've EVER traded this pair EVER. IMO this pair was just begging to be traded, this was a relatively easy fib to pull. the Daily chart showed this pair has been trending up up up. Price broke through, I placed the trade and went to bed.

I Also placed one on the USD/JPY which broke through for a short trade which netted 40 pips.

Once i get back from Holiday I'm going to have to establish new hrs for sleeping so I can be awake in London or New York markets to watch these trades to bag more pips.

Once again............Thanks SKUNNY!!!!!!!!!!!!!

Current set-up on GU

Sell@ 1.9797....tp....1.9777

[email protected]

Lets see what happens...

Its not very often that you want high speed Cable to go down, but this may be one of those times :

On my way for a weekend getaway in the smokies with my family and on the way I had pondered a few questions that I am sure will lead to more so I will ask any of our more experienced "indicator free" traders and hopefully skunny will chime in as well...

 

1. Why is it that I am seeing most trading break outs to the 138 and not pull backs? The reason I ask is I am not really comfortable trading break outs because of the very likely hood of a draw down, ESPECIALLY with the volitile pairs. Not good for my nerves.
2. where does the 162 Extension and Retracement come into this whole picture? The currency stops and reverses at that level too much to be ignored which is why I use it but is that the extremes of the cycle.

This is a great feeling to be breaking away from indicators. Like taking the training wheels off.

Daniel

This seems like the key question. I'll be interested to see if you get a clear answer.

Current set-up
97 pips, and more ready for bagging

My bad. My chart has bad data on it. Please ignore

I think some light is coming my way.

I went to bo's thread very glad you sent us there and I did mention your name ok.

Price action, Price action I think this is the key.

Thank you.

Thats ok bronxterp my brain has some bad data in it to. Thanks to Skuuny and Bo maybe I'll get rid of it soon I hope. LOL

Edit: Removed extraneous content

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It seems to be working.

Did you use OCO orders or just trade in one direction? Charts, please! Thank you.

wow , fibs actually work ... and im lookin at 1m chart , my fav tf ...

NIce chart marshy I tapped out at 160 with 121 ...sooo could you go ahead and post these charts earlier?? Sheesh hehehe

London session was again awesomeo 9000. Only regret was missing that painfully obvious E/U pop up ...dur... dur hurts to miss the lay ups, but my blotter was deep enough in long yen and short sterling trades to keep me busy.

My fave was short the pound swiss.. I think I love this pair. A lot of my fav trade are pound franc Two Grande Dames of the currency markets. So nice to work with

It was such a clean, telegrapahed trade on a breakout from the retracement of the pierce after bumping..not slamming, into support . Just gorgeous. In no way did that trade not make sense in fact... early candidate for trade of the month. IMO

In stark contrast to the slobbering mess the Geppy was')

I always hear the tasmianian devil's voice in my head when she starts selling off. riggumfraggumrazzleyum!burpsnort!

Stay classy Pound Franc!

I don;t see much setting up for NY but lets check the charts and see what the yanks have in store.. yawns and more yawns ? hmm anyone see anything?

Also does anyone trade anything but currency here? Just wondering. MIght be fun to start charting something other then currency.. or not.. or maybe... I mean... NY IS slow..... just a thought. I would also imagine
that fibs ( to stay on task) do work with other things so why not trade them? or why bother
Sizz.

A perfect trade. thanks skunny.