Indicator Free Trading - Skunny

Quoting Skunny

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Hey Everyone,

I'm not ignoring what's going on here. I've been working with Bo'bokus on some ideas we'll be posting soon.

You guys are having some good conversation I see. I'll be tied up for a few days, among other things I'm taking my mom a 1 day b-day vacation tomorrow.

Keep up the good work

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Quoting Skunny

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I'm not sure if he would approve of it being on the internet. But, I'll put it here just for you to view. EVERYBODY ELSE TURN AWAY.

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Quoting Skunny

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I'm not sure if he would approve of it being on the internet. But, I'll put it here just for you to view. EVERYBODY ELSE TURN AWAY.

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Quoting Bobokus

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Im gonna sue, youve exposed my naked belly

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Quoting 4X4EVER

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Ok Traders,
Sizz you and Brunite....because of the sense that I can read you are getting it...can you take a look at this chart. Ok...it has fullfilled the lower 138 (Sunday) but it has not fullfilled the upper one, as I eluded to earlier. Now, I am long this pair and down around 13 pips or so. Can I feel "confident"?+:"#$^&*(&........it makes me a little ansy and that's why I need support NPI
Can you guys give me some FB?
Thanks much

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Quoting macbow

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Don't do it to him Bo. You look so cuuuute!

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Quoting SedonaPipper

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Ok skunny - my first trade using what I have learned so far from your guidance – I have been involved with this thread from day one and for the most part have just absorbed the material drawing a few fibs and watching what happens. Not wanting new information to get in the way of my regular trading plays I didn’t take any trades using what I have learned until today. One of my set-ups worked like a charm this morning when I combined what I have learned on this thread with what I already do. I was profitable on 5 currencies using the same set-up and could have used it on a couple of more. Some days that will happen and some days like yesterday, I don’t get an entry. Today was the first use of what I have learned so far to trade perfectly, which is the primary focus of this thread – I made a commitment to share with the thread if I had something that was of value so here goes.
My play is pretty simple and is based on an article I read about how the market will retrace 23% from the day low or high over 90% of the time. The problem is figuring out the day high or low. Because of where I live, my best times to trade are either the Asian market or the New York market. Honestly, I used to hate the New York market and its volatility until I figured this play out. The play is quite simple – if a currency is making a new high or low around 14:00 gmt during the New York market – take the counter trend trade to the 23% retracement. The difference today was that I used the fibs extensions of the last price swing on the 1 hour charts to figure out the where the high and low for the day would be and was ready when price hit the extensions. Your input helped take the guess work out of the set – up. Look at the aud/jpy for an example.
Looking at the chart now, I see that I could have taken the trend trade first and then the reversal. At the time all I could see was the set-up for the reversal trade. So maybe I didn’t trade perfectly after all. The second guessing never ends does it.

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Quoting Bobokus

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We'll hes gonna have to give up his chair or sumthin.
Postin my nakedness like that.

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Quoting SedonaPipper

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Ok skunny - my first trade using what I have learned so far from your guidance – I have been involved with this thread from day one and for the most part have just absorbed the material drawing a few fibs and watching what happens. Not wanting new information to get in the way of my regular trading plays I didn’t take any trades using what I have learned until today. One of my set-ups worked like a charm this morning when I combined what I have learned on this thread with what I already do. I was profitable on 5 currencies using the same set-up and could have used it on a couple of more. Some days that will happen and some days like yesterday, I don’t get an entry. Today was the first use of what I have learned so far to trade perfectly, which is the primary focus of this thread – I made a commitment to share with the thread if I had something that was of value so here goes.
My play is pretty simple and is based on an article I read about how the market will retrace 23% from the day low or high over 90% of the time. The problem is figuring out the day high or low. Because of where I live, my best times to trade are either the Asian market or the New York market. Honestly, I used to hate the New York market and its volatility until I figured this play out. The play is quite simple – if a currency is making a new high or low around 14:00 gmt during the New York market – take the counter trend trade to the 23% retracement. The difference today was that I used the fibs extensions of the last price swing on the 1 hour charts to figure out the where the high and low for the day would be and was ready when price hit the extensions. Your input helped take the guess work out of the set – up. Look at the aud/jpy for an example.
Looking at the chart now, I see that I could have taken the trend trade first and then the reversal. At the time all I could see was the set-up for the reversal trade. So maybe I didn’t trade perfectly after all. The second guessing never ends does it.

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Quoting ianf0ster

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Hi guys,

My view on cable is a little different, since I am still waiting for the last 138.2 extension down to complete. It came within 8 pips, but I am still in that trade since 4th January, because it did not retrace all the way an take out my stop.
I may be stubborn, but I may be right.

Ian
P.S. I just wish I could see good smaller swings, because I hate being in these loooong trades that go against me for days on end.

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Quoting Bobokus

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Im gonna sue, youve exposed my naked belly

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Quoting sizzler

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you know what.. just today I switched to larger lot sizes and smaller swings and it is like magic. SO FAR... one of these days I will just listen to Skunny without question... hehehe I am banging out 15M on majors right now. having a blast. less pips tighter stop but more $ per pip. durrrrrrr I put the FUN in fundamental and MENTAL I guess..

Sizz

EDIT: also PA is so important SO important. SOOOO important. candles or bars really tell you whats up in the context of the fib IMO.

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Quoting Espere

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Hi sizz,

i have the same feeling bout the smaller TF. i've been testing the Vhands with TF 15 min on the GU and having very good result. will do some more testing.
Thanks Sizz for the confirmation. And a big thanks to Skunny to have started this threath and to all you guys for the wonderful input. Makes me really look different at the charts. PA isn't that random after all. I'm learning a lot.

LL

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Quoting sizzler

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Mee Tooooo I am learning my face off. Why go ahead and look for that 200 pip spread when 20 is fine. I think I am done with my beloved 4HD1 charts;( oh wait I mean . Pound out 4-5 hours a day and get back to enjoying my family and my life..

Oh man.. Oh man oh man I am pysched. too early to tell though. couplamore confirmations and some vhands should do the trick.

Sizz.

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Quoting Brunite

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Enjoy the time with your Mom......time that can't be better spent.

BTW....noticed the new blurb at the bottom of your posts. Being someone who has always believed in tithing.....rest assured that your "favorite" charity will certainly be added to my list......that is the least I can do to repay for your sharing in this thread.

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Quoting Skunny

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Hey, thanks Brunite I really appreciate it.

We have a foundation called the Stephen Raymond Foundation(named after my son that has passed), it is supported by the Minnesota Community Foundation. It was an idea of mine for sometime now, to get a group of traders together that donate 3-5 pips per hundred I help them make. Something obviously voluntary. But I appreciate you putting us on your list. PM me if you need any detailed info. We need all the help we can get. You will need a tax deduction from all your pips anyway.

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Quoting 4X4EVER

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OK,
You traders are making a believer out of me...trading the break of the high....except for one thing. Show me where do I place my stop?????? I am sorry, but if I am trading a 100 pip range break I cannot stand the though of placing my stop below or above that range and placing it inside the range, in my opinion is ...well...the same ole thing. I have heard several of you say, like Brunite." I now have a logical out of reach place for my stops" and not being sarcastic, but good for you. Please show us dummies that so we dont have the worry of getting into a trade with big drawdown. My nerves can't take it anymore. Please don't take offense, this is meant with sincerety.

Daniel

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Quoting Brunite

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...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 4X4EVER

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OK,
You traders are making a believer out of me...trading the break of the high....except for one thing. Show me where do I place my stop?????? I am sorry, but if I am trading a 100 pip range break I cannot stand the though of placing my stop below or above that range and placing it inside the range, in my opinion is ...well...the same ole thing. I have heard several of you say, like Brunite." I now have a logical out of reach place for my stops" and not being sarcastic, but good for you. Please show us dummies that so we dont have the worry of getting into a trade with big drawdown. My nerves can't take it anymore. Please don't take offense, this is meant with sincerety.

Daniel

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Quote

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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.