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Indicator Free Trading - Skunny

  • #1,381
  • Jan 9, 2008 10:29am Jan 9, 2008 10:29am
Quoting Islander

Obviously, the lower the time frame, the more often a breakout of a trading range will happen, BUT I am looking for a pull back to an internal fibo level and a reaction around that level to give me an entry to continue with the trend from the higher TF. By definition, when the trend continues there will be a breakout of the lower TF and so one up through the TFs that I'm watching.
Nice concept!

......to amplify on it.......the idea pops into my head to look at entering with multiple positions (low risk territory) and start peeling them off as price moves out into the longer TF's (extending the position with some of the house's money).........hmmmm.......more for me to start looking at!

Thanks for stimulating more thought!
  • #1,382
  • Jan 9, 2008 10:57am Jan 9, 2008 10:57am
Quoting Brunite
Nice concept!

......to amplify on it.......the idea pops into my head to look at entering with multiple positions (low risk territory) and start peeling them off as price moves out into the longer TF's (extending the position with some of the house's money).........hmmmm.......more for me to start looking at!

Thanks for stimulating more thought!

hehehe that is one of my new favorite ways to use fibs...asa defined trading range with definite trend ,starting point and end point. It is wild.


Sizz
  • #1,383
  • Jan 9, 2008 11:21am Jan 9, 2008 11:21am
Here is some recent action on the Geppy. The arrows and check marks are what I consider as complete cycles. They are color coded by each cycle. The question is which of my currently running fibs on right side of screen is the current move following, that is to say which 138% to use for immediate future. All three have had their 0 or 100 level broken through, so we'll know which one soon (relatively speaking of course, with NY only right now I'm not getting too excited).
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  • #1,384
  • Jan 9, 2008 12:38pm Jan 9, 2008 12:38pm
Quoting 24HourTrader
Here is some recent action on the Geppy. The arrows and check marks are what I consider as complete cycles. They are color coded by each cycle. The question is which of my currently running fibs on right side of screen is the current move following, that is to say which 138% to use for immediate future. All three have had their 0 or 100 level broken through, so we'll know which one soon (relatively speaking of course, with NY only right now I'm not getting too excited).


Thank you, thank you, thank you!!!!!!!!!!!! nufsaid LOL
  • #1,385
  • Jan 9, 2008 12:40pm Jan 9, 2008 12:40pm
Quoting 24HourTrader
Here is some recent action on the Geppy. The arrows and check marks are what I consider as complete cycles. They are color coded by each cycle. The question is which of my currently running fibs on right side of screen is the current move following, that is to say which 138% to use for immediate future. All three have had their 0 or 100 level broken through, so we'll know which one soon (relatively speaking of course, with NY only right now I'm not getting too excited).

I know I have to imagine there is a way to chart time of cycles too , but it is inconsequential if you know where it is going and can sit on your clicking finger. Time just doesn;t matter unlessyou are really anal.

I got short around 216 ish off of that peak in the controlling range and rode it down but I ended up getting to a happy spot and got out. Pigs hogs what not.

one thing that was kind of sweet is I took my tp off and real time charted on the smaller times frames all a manual trail with fibs. It was a blast

here is how I see the dragon right now I have a lower lower target of 212.10 on the alrge view but I would have to be nuts to play that range right now. wait..SOLD! j/k

all for fun though right? and as always who knows if I am right. I will say EUR/AUD last night just pop hit my tp and did the bounce.. I didn;t even realize it was done I was looking at my terminal like wha..?? where?? AAHH

oh nvrmnd! it was like the price just popped into to get my tp and went on it merry way like a skipping school girl. Thanks price!

Other then that IMO. Gy is FIYAHD! much more sweet charts out there. I am really getting into TRYING to do equities if this is the year i THINK it is it will be a blue light special on all your favorites. plus hello did someone say time to start buying US real estate this year?

you will have to pay cash though hehehe


Sizz

also how pumped are you about those gann? line wedge charts??/ what is that all about!? more cool stuff. I have been staring at them a loot a lot alot.
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  • #1,386
  • Jan 9, 2008 12:43pm Jan 9, 2008 12:43pm
Quoting 24HourTrader
Here is some recent action on the Geppy. The arrows and check marks are what I consider as complete cycles. They are color coded by each cycle. The question is which of my currently running fibs on right side of screen is the current move following, that is to say which 138% to use for immediate future. All three have had their 0 or 100 level broken through, so we'll know which one soon (relatively speaking of course, with NY only right now I'm not getting too excited).

24HT, I do have a question about your fibs and I have seen others. On some candles you use wicks and others you use bodies or an average of the wicks...care to tell me why? THX again
  • #1,387
  • Jan 9, 2008 12:52pm Jan 9, 2008 12:52pm
Quoting Skunny
Just in case you think I discriminate against the E/U. I also added extra color this time for your viewing pleasure.

A THING OF BEAUTY! THANKS!
  • #1,388
  • Jan 9, 2008 12:56pm Jan 9, 2008 12:56pm
A few daily extensions hit today for those who trade them... GBP/USD hit 138.2 and 161.8, USD/CAD hit 138.2.
  • #1,389
  • Jan 9, 2008 1:05pm Jan 9, 2008 1:05pm
lol, its amaizing how difficult it is to follow someone else's work....this is what I'm working on from the 60 min chart...

First, the yellow swing is from the 213.48 low to the 217.35 high and is still an Internal Move - IF activated by new lows under the 213.48 level its 138 projection will be 212.00.

Then I fibbed the golden rod pull back and that gave a 138 projection close to the green low line of 213.48 - still active.

The bounce off the golden rod low - the orchid fibs - gave a 138 projection of 213.86, which has already been hit.

So now the question is will it retest the green lows for the third time?

I expect it to do so in the run up to tomorrows BOE announcement and, given the volatility of GJ, I'm also expecting a run towards the yellow 212 target.

IMO the question for further investigation is " does a longer swing have more importance than a shorter swing"? - in this case should we expect the golden rod swing to "over-ride" the orchid swing and in turn be over-ridden by the larger yellow swing?......the run up to the BOE announcement is probably not the best time to be considering this, but the concept may have some merit.
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Trading Levels with WRBs
  • #1,390
  • Jan 9, 2008 1:06pm Jan 9, 2008 1:06pm
Quoting bronxterp
Unfortunately I have to get going to my J.O.B. in a few minutes, but thought I would post a chart for comment. I posted one similar to this the other day. This is a daily on GBP/JPY. My first fibs pulled are in green from the 2nd wave/cycle decline in late July early August with target of 209.86. We have obviously broken below the "zero line" on this now. Given the severity of the down move in the last few weeks, I expected (a dangerous trading word!) a bigger retracement, at least to near the zero line before commencing down again. At this point we have yet to see much of a pullback...not even 38.2%. The 2nd set of fibs is the recent breakdown out of the months long trading range.

Normally, I'd like to look at a 1 hour chart, but again, the dang job is tying up my time right now so I am looking a little bigger picture...for now.
you are not alone! many of us did it aint over till its over ....rate cut news tommorow... i'm staying out of this beasts way myself....skunny warned us to stay away from the geppy!!!) ps. i just learned that there is a 97% correlation with gpb/chf on daily timeframe?! ..... maybe skunny will let us try that one??? skunny can correct me if i am wrong but there are BIG fibs from way in the past on some of these pairs possibly making them difficult to trade right now sometimes???? like cable (g/u) last night i had fibs....and they were wrong...then i saw soemone in another thread who had diffrent fibs pulled from months and months ago and HIS were correct?

there must be something to learn from this i think...... it seems to be a recurring theme i remember somewhre skunny talking about bigger fibs trump little ones or something like that...... anyway back to practicing for me!
  • #1,391
  • Jan 9, 2008 1:42pm Jan 9, 2008 1:42pm
many of us have been trying very hard to develop a reliable system...and trying to perfect this stuff.... but for a simpleton like me....maybe its better to keep it simple

seems to me skunny has already given us a pretty dang reliable atm! IF you use good MM and are patient for certain set up(s) and have good sl that is...(in case you are wrong like I was on cable last night)

anyway Thanks Skunny!

personally i like consolidations and love to try to trade breakouts....

this chart is a thing of beauty IMO..... good luck all!
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  • #1,392
  • Jan 9, 2008 1:45pm Jan 9, 2008 1:45pm
Quoting 4X4EVER
24HT, I do have a question about your fibs and I have seen others. On some candles you use wicks and others you use bodies or an average of the wicks...care to tell me why? THX again
I've always fibbed and drawn trendlines from wicks, as how can one be sure what timeframe to use when fibbing from bodies? I may be wrong here, maybe the big boys have an agreement to like use the 1 hr bodies exclusively, who knows. I know some advocate the use of bodies though. I also wonder about fibbing from sup/res areas as someone on here mentioned...seems so subjective, but if it works I'd love to try it out.

As for my chart, in some spots where it looks like I chose the candle I actually did use a wick, it is just off screen, as is the case in that red fib on the left side. So that is actually a tiny penetration there.
  • #1,393
  • Edited 2:35pm Jan 9, 2008 2:23pm | Edited 2:35pm
Hey I was charting around looking for potential things of interest and i charted NZD/JPY

I am seeing ( if come) a picture perfect short entry at @ 85.28-.3? Can any one check this out and counterpoint it and bust it up?

sometimes I think the best part about the carry unwind is that fact you get in on the rewind unless you don;t. Sigh My little carry basket trade.

I have wanted one for ever. like an iphone but waiting for the price to be right meh who knows ..not me.

Sizz.

Edit.. I am over analizing the pants off of this but can anyone see a sht target of 108.60 then boom pow up to 110.4? I ahveing issue with longs and I missed this initally.. I tend to only like to short..strange but true. I am a bear
  • #1,394
  • Jan 9, 2008 2:32pm Jan 9, 2008 2:32pm
Anyone who is having problems with where to draw your fibs, if you're using MT4, it has Bill Williams fractals in the inicator list(I know I know this is a indicator free environment) but if you'll draw your fibs on those it will be spot on.
  • #1,395
  • Jan 9, 2008 2:51pm Jan 9, 2008 2:51pm
Guys,

Slightly off topic,

My computer has been running low on hard disk memory whilst practicing trading using Vhands, to the point where my computer was about to crash.

On checking things out, found large amounts of Vhands downloaded log files in folder below, approx. 15 Gigs.

Program files
Meta trader program for example (Interbank FX Trader 4)
Logs – open this Folder
(Delete log files in this folder) as and when required.

Cheers.
“A setback is a setup for a comeback.”
  • #1,396
  • Jan 9, 2008 2:53pm Jan 9, 2008 2:53pm
I'm testing my bud off to try and find these cycles. Finding some clues though. Different pairs have different habbits it seems to me.

Rbing, maybe fractals can give some idea, will try it but keep it silent. Don't want to get a penalty from the "non indicator comission". I remember Skunny posting a Nonlag zigzag indicator. Maybe there is a clue there. The relavance of this indicator was never really disclosed or i must have mist it.
Could somebody please shine some light on it ?

Thanks,

LL
  • #1,397
  • Jan 9, 2008 3:12pm Jan 9, 2008 3:12pm
My UJ fib got blown away just now... but if it continus to 110.60 then I am a bigger mule then I thought... my fib was counter trend since I am short bias expecially there I missed it thank you sl .

er 110.50... if so . well worth it. I am going to have turn my monitor upside down.

We ARE in a peak and valleys uptrend... daily so dur... looking for the dominate price spike in a range..and play the pa off of that?

is there a way to flip my charts upside down?

Skunny what is your take on the UJ chart?
  • #1,398
  • Jan 9, 2008 3:23pm Jan 9, 2008 3:23pm
Quoting Skunny
Just a quick note before I shut down for the day. Bo just posted in his thread that we have been talking about how we can help newer/misguided traders get up to speed on their trading skills. We are going to start a new thread in the beginner section. This thread will simply explore the possibility of a trading skills workshop. From PM's and emails we've gotten, it seems there is a tremendous need for this and nobody is helping (that I know anyway) and it's a shame. Sure there are seminars that will charge you $4k and give you a heap of material to decipher, but we aren't talking about that.

We will let you know when it's up so you can give us some feedback. I just wanted to confirm Bo's post on his thread (before I leave).

See ya later tonight, if I survive my day
EXCELLENT idea guys...what a HUGE contribution to FX trading that will be at this forum...
  • #1,399
  • Jan 9, 2008 3:29pm Jan 9, 2008 3:29pm
sweet, i really need this!! Already learning from this thread!!!
  • #1,400
  • Jan 9, 2008 3:43pm Jan 9, 2008 3:43pm
Quoting Skunny

The beginning of the thread is just proof on how I got myself into this mess. The intent wasn't to spill the information you now hold in your sweaty little palms. Although I'm fine with it, it just wasn't the original intent. It was just to show the na sayers that you can learn how to trade, you don't need indicators. I think I've accomplished that to some degree. or maybe not...lol.
I woke up this afternoon, still pretty groggy after trading the UK session. I had 109 more pips in my account, my screens oddly had no indicators on them....and for some reason I had a HUGE wedgie. Dunno what THAT's all about...but....

I think MISSION ACCOMPLISHED, sir.


SICK 'em, FIBO!!! Grrrrrrrrr!!
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