Indicator Free Trading - Skunny

Quoting piphitman

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OMG!!!!!!! Mr. Bass, Capt. Morgan and Lord Patron.........I can hardly wait for the "Traders Gone Wild" video to surface from that one.

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Quoting dagoods

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"Da goods did you even at my chart?"

well i had to get my magnigying glass and then i had to try to decipher all the overlapping fibs...but i guess i didnt see a clean break of that zero on your chart...did u think it was a break/penetration? guess i am confused sorry.... but to me it looks way to close to call it a break OR a penetration ???? pinbars broker data etc..... i could be wrong..... matter of fact i usually am...

love your charts and your humor!

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Quoting webfoot

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Don't know if this sheds any light or not
http://www.traderslog.com/fibonacci-tricks.htm

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Quoting MickD

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Thanks webfoot! well worth the read, particularly the last tip.
cheers,
Mick

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Quoting sizzler

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2 fibs? really? j/k I have been using multi fibs for a while. It Does help alot. IN fact you can drown your chart in active fibs if you aren;t careful

I think my chart has 3 fibs? Of course I think you can forecast price as sometimes... your target 132 with break a greater fibs 0 or 100... and you can tell that by a pierce of the mini 100 or zero that all assumes your fibs are right and this method works of course.

I guess the proof will be in the pudding so to speak if my tps get hit and my supply levels get respected. If not... back to the drawing board... again.')

Sizz.

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Quoting 4X4EVER

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Hellooooo naked traders

I am posting a chart...(hopefully Skunny will chime in) on a trade that I actually took this morning. I wasn't soley trading on the 138 as skunny has asked us to practice and I am trading live anyway but I wanted to note how the 138 can help get into a good trade going the opposite way as well as "knowing" where it will go. I got on the charts this morning and knew the gbp/usd was trying to rally. It had broken a trendline (see attached chart) and last week had breached a previous high it has not yet fullfilled. I know that it made a new low this week, but I feel that the flow will fulfill the higher target first. I have not drawn this out as you can go back to last week and do it if you wish. But, I did wait on the 138 to be fullfilled on a smaller range at the 50% retracment of the move up and the backside of a shorter term but flatter trendline. I am anticipating this going to 2.0170 ish . If you wish, I can post a chart based on the projection but if you know what skunny has been showing us, you already have this plotted. Skunny, what do you think?

THX

Daniel

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Quoting sizzler

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Nice little gold trade setup methinks? TP at 877.31 ish and sl @ 870.93 ish bought at 873.00

We have a pierce of the 100 and entered on the bounce off established resistance. This is not a real trade just a demo before anyone flips Messing around with other markets.

From what I can tell just a gorgeous trade setup I am using all my restraint to not enter for real. Looks to be A + what do you guys think? great risk reward. A real looker I would frame this set up and put it on the wall. if it completes


Sizz

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Quoting Brunite

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Sizz,

I think I am moving in the same direction as you; if I am understanding what you are saying and showing over your last several posts.

In fact, I am going to throw out a few theories I am working on and hope that Skunny can let me know if I am moving in the right direction (getting colder or warmer as my kids like to say!)

In any event, my application of what I am seeing here has actually given me my most profitable week (percentage-wise) in 1 year of trading. Yes.....I know that we know just enough to be "dangerous" with real money but I have a small "real money" account that I prefer to use for testing rather than demo.....simulates real trading, prices, emotions better for me than on a demo.

A few things Skunny mentioned keep sticking in my mind. I paraphrase and/or quote his points/ concepts (correctly, I hope!):

1) Price goes up, then down, then up, then down, then up, then down.....

2) ...you should have at least 2 fibs running on your chart at all times. There are other active fibs from smaller moves.

3) You must be aware of previous movements and where they might end...

4) If you are asking me what you should be concerned with I would say the 138ext.

5) I haven't told anyone how to trade this sequence of ranges/cycles, but I've offered a few examples. What you say is true and has been mentioned before (I think). There are many different ways to use the information I've given (that's the beauty of it). Once you realize what you can do, then you need to realize why you can do it. When you realize why you are able to do it, you will have your own ATM machine at your disposal.

6) Yes, they ultimately become useless after this fact. They will not apply to the next swing. You will draw new ones on each swing.

7)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. ....You will get comfortable once you realize where price is likely to go.

8) Keeping it simple means to stay off long term trades, you don't need to know where it might end up in 3 weeks.When you create a fib range price can retrace anywhere in that range, this could be hundreds to thousands of pips. You would need to enter the market in "hedge fashion" if you are going to concentrate on getting a large move.


Here is an example of support and resistance setting up on 2 hourly candles. Each candle marked clearly shows that one candle found support while the other found resistance.

If you want to know where price is heading start small. Hourly charts are the most accurate throughout the world time table. 4hr/daily can start at different times giving you different candles depending on your broker's start time. So, I trade 1 hour most often.


Attached Thumbnails http://www.forexfactory.com/attachme...1&d=1199057522

http://www.forexfactory.com/images/buttons/quote.gif

This chart really got me thinking.....

I seemed to notice, even after playing around with time frames down to 1M........something that leads me to offer the following theory for Skunny's review:

I am going to go out on a limb and suggest the following:


It seems that almost any price swing.....on any time frame..... between a high and low that suggests some S&R can be fibbed and once price breaks out of that range (0-100), it will eventually get to the 138 extension ( and 162 on a real strong move).


I may be all wet here but this phenomenon has seemed to hold out more often than not....has anyone else seen this?....

I seems to hold pretty close even on 1M chart swings....pretty cool.

Again....not sure if this is where Skunny is pointing us but I'm throwing this against the wall to see if anything sticks.

If this continues to hold (or not).....I am also wondering is there is some point (identifiable or not) that these fib levels will eventually meet or line up on top of each other indicating some sort of change in direction?....sequence?....

Skunny......am I on to something here?

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Quoting Brunite

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With my limited knowledge....and without looking at any other TF's.....I would concur with your analysis.....since you asked!

Let's see how it unfolds.

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Quoting Brunite

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Sizz,

I think I am moving in the same direction as you; if I am understanding what you are saying and showing over your last several posts.

In fact, I am going to throw out a few theories I am working on and hope that Skunny can let me know if I am moving in the right direction (getting colder or warmer as my kids like to say!)

In any event, my application of what I am seeing here has actually given me my most profitable week (percentage-wise) in 1 year of trading. Yes.....I know that we know just enough to be "dangerous" with real money but I have a small "real money" account that I prefer to use for testing rather than demo.....simulates real trading, prices, emotions better for me than on a demo.

A few things Skunny mentioned keep sticking in my mind. I paraphrase and/or quote his points/ concepts (correctly, I hope!):

1) Price goes up, then down, then up, then down, then up, then down.....

2) ...you should have at least 2 fibs running on your chart at all times. There are other active fibs from smaller moves.

3) You must be aware of previous movements and where they might end...

4) If you are asking me what you should be concerned with I would say the 138ext.

5) I haven't told anyone how to trade this sequence of ranges/cycles, but I've offered a few examples. What you say is true and has been mentioned before (I think). There are many different ways to use the information I've given (that's the beauty of it). Once you realize what you can do, then you need to realize why you can do it. When you realize why you are able to do it, you will have your own ATM machine at your disposal.

6) Yes, they ultimately become useless after this fact. They will not apply to the next swing. You will draw new ones on each swing.

7)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. ....You will get comfortable once you realize where price is likely to go.

8) Keeping it simple means to stay off long term trades, you don't need to know where it might end up in 3 weeks.When you create a fib range price can retrace anywhere in that range, this could be hundreds to thousands of pips. You would need to enter the market in "hedge fashion" if you are going to concentrate on getting a large move.


Here is an example of support and resistance setting up on 2 hourly candles. Each candle marked clearly shows that one candle found support while the other found resistance.

If you want to know where price is heading start small. Hourly charts are the most accurate throughout the world time table. 4hr/daily can start at different times giving you different candles depending on your broker's start time. So, I trade 1 hour most often.


Attached Thumbnails http://www.forexfactory.com/attachme...1&d=1199057522

http://www.forexfactory.com/images/buttons/quote.gif

This chart really got me thinking.....

I seemed to notice, even after playing around with time frames down to 1M........something that leads me to offer the following theory for Skunny's review:

I am going to go out on a limb and suggest the following:


It seems that almost any price swing.....on any time frame..... between a high and low that suggests some S&R can be fibbed and once price breaks out of that range (0-100), it will eventually get to the 138 extension ( and 162 on a real strong move).


I may be all wet here but this phenomenon has seemed to hold out more often than not....has anyone else seen this?....

I seems to hold pretty close even on 1M chart swings....pretty cool.

Again....not sure if this is where Skunny is pointing us but I'm throwing this against the wall to see if anything sticks.

If this continues to hold (or not).....I am also wondering is there is some point (identifiable or not) that these fib levels will eventually meet or line up on top of each other indicating some sort of change in direction?....sequence?....

Skunny......am I on to something here?

Ignored