Indicator Free Trading - Skunny

Quoting Skunny

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Don't get lippy mate.....I know where you live and your sheila is on my side

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Quoting Pipskateer

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Sounds like you know a tad bit more of the Queen's English than you were lettin' on.

Hope you're feeling much better.

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Quoting Skunny

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Funny, I was deleting old FF bookmarks and saw this post I made (never got any response from the thread starter..lol) apparently he just wanted to state his opinion.

here is the post http://forexfactory.com/showthread.php?t=59721 I think this was back on the 12th of Dec.

In this larger example, if you didn't hedge you missed out on a few trades (if you got in at penetration). There were a number of trades (long and short) while waiting for this trade to reach it's target.

My hedge definition : a trade executed opposite to a preexisting open position with specific targets. (not to "save" your previous position or appease your anxiety.)

You should only hedge when a trade develops in the opposite direction. Seriously, you can have many trades going on at the same time.

When you have a larger range you should enter a very small position and add to it when/if it retraces. Many times I've entered a position and 5 candles later I'm in the opposite direction making pips against my original trade. This way, if you screwed up your fib/targets you can still trade to the positive. If you enter a trade with a 100 + pip target you will likely have at least one nice trade in the opposite direction (if you want it).


I'm not really sure if I know what I'm saying today, I'm still a little foggy.

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Quoting Skunny

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Funny, I was deleting old FF bookmarks and saw this post I made (never got any response from the thread starter..lol) apparently he just wanted to state his opinion.

here is the post http://forexfactory.com/showthread.php?t=59721 I think this was back on the 12th of Dec.

In this larger example, if you didn't hedge you missed out on a few trades (if you got in at penetration). There were a number of trades (long and short) while waiting for this trade to reach it's target.

My hedge definition : a trade executed opposite to a preexisting open position with specific targets. (not to "save" your previous position or appease your anxiety.)

You should only hedge when a trade develops in the opposite direction. Seriously, you can have many trades going on at the same time.

When you have a larger range you should enter a very small position and add to it when/if it retraces. Many times I've entered a position and 5 candles later I'm in the opposite direction making pips against my original trade. This way, if you screwed up your fib/targets you can still trade to the positive. If you enter a trade with a 100 + pip target you will likely have at least one nice trade in the opposite direction (if you want it).


I'm not really sure if I know what I'm saying today, I'm still a little foggy.

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Quoting Skunny

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My thoughts on money management.


#1. Good money management is successful trades.

#1b. Cutting losses by pips is a losing idea.

#2. The worse your system is... the better money management you will need.

#2a. Learn how to win first then build your money management with what you've learned.

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Quoting Pipskateer

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Can you expand a bit on 1b please?

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Quoting youalreadykn

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1. Assuming 100% accuracy this method still only predicts an endpoint/destination, not the exact timing of the market reaching that endpoint. Your S/L could be hit whether it's 1 pip behind or 10 pips behind depending on the pair. I believe what Skunny referred to at the start of this thread was that a pair can be in many cycles at once and if price moves against your profit target then you may have missed a cycle. Given 100% accuracy and 100% preparation in this case, I still don't believe you could prevent someone from taking your stop loss out if it were only 1 pip away.

2. As for as plotting out the major movements, my goal is to not trade into known S/R on the smaller timeframes. While I watch 30sec/1min for entry/exit timing, my signals for trades come from the 1hr/1day chart and the breach of S/R levels.

I'm not sure how far this is diverging from the thread's topic, so I'll leave it there unless you want to start a separate thread about money management and stop losses.

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Quoting Pipskateer

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Can you expand a bit on 1b please?

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Quoting Pipskateer

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Can you expand a bit on 1b please?

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Quoting Skunny

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I miss understood your post, sorry

A certain number of pips say 50 isn't a stop loss it's a way to lose and stop (trading).

If you want to set stops tighter you need to drop down in time frames and find weaker s/r areas from which you are prepared to enter as you exit. Make sense?

If you cant find that area due to a big move then you shouldn't trade it and wait for the "perfect set up".

The "perfect set up" is something you will determine based on your own trading mentality and confidence over time.

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Quoting 4X4EVER

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Ok Skunny,

Now I know why you trade cycles....because you talk in cycles...LOL

Am I the only one here that is getting about 50% but the other is like trying to see the Big Ben in London on a foggy morning? No negativity meant, I am willing to continue to learn here but if you are going to trade without stop losses as being hinted at, then you better be right about where you place your trade..no? Skunny, if you can be 100% confident in your trades then there are absolutes and in trading even the best say there are no absolutes.
Now if you disagree, then you truly have found the moley qauil. I hate stop losses and always have. It's nothing more than accepting failure of that trade that probably would go your way anyway, but to be brutally honest, I have also been margined out twice!!! And I think that is a lot more demoralizing than the previous. If there are absolutes, like the 138 then I am sure skunny, you will reveal them to us here. I am not looking for a system, but rules of behavior by the market, which evidently have been taught to us in error.

I will pose this question....the head and shoulders has a top that sometimes is not fulfilled at the 138 by the swing that went from the neck to form the left shoulder. How then, could you place a trade expecting it to reach the 138 ext of which it never does and then plummits from extreme highs at the head to lows that bankrupt your account all because you were saying it has to go to the 138? I am probably missing something here but the only way I know to learn is ask the questions.

Skunny thanks for getting us thinking....but can you give us some more "hints" or even some absolute answers? No offense

Daniel

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Quoting Pipskateer

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I have mainly been looking at H1 and daily charts, but I decided to pull up an EJ M15 chart to see how the S/R points looked on that TF. I began to see several cycles on this one chart and decided to fib them and see if this was the right way to "walk" the fibs over PA.

These weren't actual "trades" that I took, this is just chart analysis of "what might have been". I counted +243 pips conservatively with an additional +64 if I took the retrace entry on the final trade, but this is all "what if" for analysis purposes only.

I think it's getting clearer to me, but this is the main area I've had trouble with, so please let me know what you think. Thanks!

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Quoting 4X4EVER

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Ok Skunny,

Now I know why you trade cycles....because you talk in cycles...LOL

Am I the only one here that is getting about 50% but the other is like trying to see the Big Ben in London on a foggy morning? No negativity meant, I am willing to continue to learn here but if you are going to trade without stop losses as being hinted at, then you better be right about where you place your trade..no? Skunny, if you can be 100% confident in your trades then there are absolutes and in trading even the best say there are no absolutes.
Now if you disagree, then you truly have found the moley qauil. I hate stop losses and always have. It's nothing more than accepting failure of that trade that probably would go your way anyway, but to be brutally honest, I have also been margined out twice!!! And I think that is a lot more demoralizing than the previous. If there are absolutes, like the 138 then I am sure skunny, you will reveal them to us here. I am not looking for a system, but rules of behavior by the market, which evidently have been taught to us in error.

I will pose this question....the head and shoulders has a top that sometimes is not fulfilled at the 138 by the swing that went from the neck to form the left shoulder. How then, could you place a trade expecting it to reach the 138 ext of which it never does and then plummits from extreme highs at the head to lows that bankrupt your account all because you were saying it has to go to the 138? I am probably missing something here but the only way I know to learn is ask the questions.

Skunny thanks for getting us thinking....but can you give us some more "hints" or even some absolute answers? No offense

Daniel

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