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Indicator Free Trading - Skunny

  • #1,421
  • Jan 9, 2008 5:43pm Jan 9, 2008 5:43pm
OK, I am so confused, I don't even know which direction to place a trade once it breaches fib.

I thought that in this forum we were here to help each other, it seems that some that are getting it, are not prepared to disclose what they have learnt, just that they are onto something, and what is the point of that?

Seems there are many conflicting posts that is just gets confusing, Skunny could you possibly clarify which is the right direction and which areas we should be concentrating on?

As of yet I haven't "got it" as there are so many possibilites, and think that there are possibly others that may also be confused and would like a little direction.

Skunny and others thanks for your contributions so far, hopefully we can all learn this together.

TP
  • #1,422
  • Jan 9, 2008 5:46pm Jan 9, 2008 5:46pm
Quoting MarkDabid
Hello and thank you all. I am learning so much from all of you. I have a question regarding the chart showing completed cycles. I am wondering if the big move down after the first completed cycle was actually the beginning of a new cycle? Is there a reason to disregard that move? Thanks again for all your help!
Mark
It may be. I also have more fibs off screen that envelop all the visible stuff on that chart that I will evaluate once broken. I don't know enough yet of Master Skunny's mystical techniques to determine which one is right. However the 100% of that fib you are referring to has been breached and the 138% not hit, so either it was not a correct one to fib or it got held up by those other cycles and will get there eventually. That's my take anyway...
  • #1,423
  • Jan 9, 2008 5:51pm Jan 9, 2008 5:51pm
sizzleman writes:

"I should pull a costanza with my fibbing... fib it..then... do the exact opposite hehehe sheesh. "



If your fibs dont get better you can definitely do stand up or writie a humor column for sure! you are truly a gas! as for me i have nochoice but to learn all this here stuff to perfection I am not really that funny!
  • #1,424
  • Jan 9, 2008 6:42pm Jan 9, 2008 6:42pm
Quoting Islander
When you have fixed the first point of your fib and you get to your second level, the closer to vertical your red dashed line, the shorter horizontal lines - just move it around to pick up the level you need and then back towards the vertical to reduce its amplitude. http://www.forexfactory.com/images/icons/icon12.gif
Hi Islander,

Mine doesn't do the trick. It tends to have the reading on the right hand side no matter how vertical the fib I draw. BTW, I'm using FXDD. Could that be a difference?

Thnaks, Joyrider
  • #1,425
  • Edited 7:14pm Jan 9, 2008 6:54pm | Edited 7:14pm
Quoting dagoods
sizzleman writes:

"I should pull a costanza with my fibbing... fib it..then... do the exact opposite hehehe sheesh. "



If your fibs dont get better you can definitely do stand up or writie a humor column for sure! you are truly a gas! as for me i have nochoice but to learn all this here stuff to perfection I am not really that funny!

If were a gas i would be methane or cow air.


My humor column would be more of a call in talk show. I would name it : Margin Call j/k



I am only in that demo GY trade right now (which is going swimmingly hear that UJ??) so I have some free time you want to pick a pair and fib and compare notes? The more charts the better. I always say. well..just said. anywho.

Sizz.


Edit here is my chart the much beloved AUD/NZD . anywho

stop at 1.1437 and tp1 @ 1.1382 and tp 2 at 1.1354 not really a good trade but who really trades this? It is like throwing a EUR/MXN chart up.

Concerns on this would be: not so much we are in a bearish pennant on the d1 and and I think we are going down. I like it. We are in a W1 corrective bounce but we are bombs away on the M1. IMO

also I get an award for most hideous chart colors ever. I am going blind so I don;t care so much I use a zoomed out 15M generally.
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  • #1,426
  • Jan 9, 2008 7:10pm Jan 9, 2008 7:10pm
Quoting TripMagnet
OK, I am so confused, I don't even know which direction to place a trade once it breaches fib.

I thought that in this forum we were here to help each other, it seems that some that are getting it, are not prepared to disclose what they have learnt, just that they are onto something, and what is the point of that?

Seems there are many conflicting posts that is just gets confusing, Skunny could you possibly clarify which is the right direction and which areas we should be concentrating on?

As of yet I haven't "got it" as there are so many possibilites, and think that there are possibly others that may also be confused and would like a little direction.

Skunny and others thanks for your contributions so far, hopefully we can all learn this together.

TP
Do you need help understanding what a break of a fib level is ?
  • #1,427
  • Jan 9, 2008 7:15pm Jan 9, 2008 7:15pm
Quoting TripMagnet
OK, I am so confused, I don't even know which direction to place a trade once it breaches fib.

I thought that in this forum we were here to help each other, it seems that some that are getting it, are not prepared to disclose what they have learnt, just that they are onto something, and what is the point of that?

Seems there are many conflicting posts that is just gets confusing, Skunny could you possibly clarify which is the right direction and which areas we should be concentrating on?

As of yet I haven't "got it" as there are so many possibilites, and think that there are possibly others that may also be confused and would like a little direction.

Skunny and others thanks for your contributions so far, hopefully we can all learn this together.

TP
The hardest part to this is Skunny can't possibly teach you how 'he' sees it, you have to explore and learn the tool by your own experimentation. Try pulling a fib on a recent swing (any time frame), this will give you a S/R level at 0 and 100 with the extension levels all set up then sit back and watch, don't change it until it either breaks out above the ext's or completes/reverse to a lower fib level and you will get the idea

An example below -
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  • #1,428
  • Jan 9, 2008 7:37pm Jan 9, 2008 7:37pm
Thank you for your response.

I guess the problem is that I have been trying and the results have been inconsistent, not sure which particular element is incorrect.

Bo, I think I do need clarification on fibs as what I am doing doesn't seem to be working. If you could summarise the correct application, that would be great.

Not giving up, just wanting direction.

Thanks

TP
  • #1,429
  • Jan 9, 2008 7:42pm Jan 9, 2008 7:42pm
Quoting TripMagnet
Thank you for your response.

I guess the problem is that I have been trying and the results have been inconsistent, not sure which particular element is incorrect.

Bo, I think I do need clarification on fibs as what I am doing doesn't seem to be working. If you could summarise the correct application, that would be great.

Not giving up, just wanting direction.

Thanks

TP
Not to be flippant, I empathize I asked for help just today Here is what works well in my testing.. you keep you set of constants and just change one questionable thing at a time until you find the bug.

however, guidance isn;t cheating and I may not know what I am doing but if you have an easy enough question like pierces I might be able to help otherwise...test it. and then test it anywho.

man I am bored. hehehe

Sizz
  • #1,430
  • Jan 9, 2008 7:48pm Jan 9, 2008 7:48pm
Quoting TripMagnet
Thank you for your response.

I guess the problem is that I have been trying and the results have been inconsistent, not sure which particular element is incorrect.

Bo, I think I do need clarification on fibs as what I am doing doesn't seem to be working. If you could summarise the correct application, that would be great.

Not giving up, just wanting direction.

Thanks

TP
As sizz mentioned, you have to keep looking.

One method i use is I try to make the fib 'fit' the recent PA, the chart I posted is a good example, look closely at all the levels and see where price hit them and changed direction ,<edit> also note the S/R at the 0/100 levels. The trick is to make it fit so there is room for a movement in the desired direction using the fib as a 'leading' indicator so you can get an idea of what 'may' happen within the fib levels you just pulled.
hth.
Mick.
  • #1,431
  • Jan 9, 2008 7:51pm Jan 9, 2008 7:51pm
Yess Sizz,

I understand what you are saying, I have been trying different things for weeks now, and still find it confusing, thought I had it there, and then it fell apart. I guess I am still looking for consistency, which I haven't found.

Will keep testing
  • #1,432
  • Jan 9, 2008 7:52pm Jan 9, 2008 7:52pm
Quoting TripMagnet
Thank you for your response.

I guess the problem is that I have been trying and the results have been inconsistent, not sure which particular element is incorrect.

Bo, I think I do need clarification on fibs as what I am doing doesn't seem to be working. If you could summarise the correct application, that would be great.

Not giving up, just wanting direction.

Thanks


TP
Alot of it depends on which timeframe you want to trade from, anything less than the 1 hour is useless to a new trader trying to learn fibonacci. I would suggest trying this template with a fib on it already set to the settings I use as a swing fib to measure each waveform with.
The tempate is for GBP so it wont work correctly on any other pair (hehe mentioned that this time)
But what I want you to do with it is mark highs and lows with 2 horizontal lines, the move this fib to those 2 points.
There are 2 ways to trade from that

1. Wait for the High or low to be broken and target T1 for a quick in and out type trade.

2. Trade from the fib levels (38.2/50/61.8) i have them renamed (long/pivot/short) so there is no need to figure out which way to draw them (top to bottom or bottom to top)...its always top to bottom this way. All other fib levels have been removed since they are useless. To trade this way you wait for price to enter into these levels and trade the break or a candle opening outside of them and target the same T1 as an exit.

It doesnt necessarily have to be the high or low of each day you can do this from any point that you can pull a fib from a high to a low on.

practice doing this from any point in history on the chart of GBP
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  • #1,433
  • Jan 9, 2008 7:54pm Jan 9, 2008 7:54pm
A small caveat to my previous post, I went short at the 1.38 level just for kicks and would be looking to pull out at say the .61 level as the general trend is heading north.

Normally given the larger TF I'd be long this pair and I'd be looking at the .61 and .38 levels to scale in and I would have taken profits from the 1.38/1.61 level.
  • #1,434
  • Jan 9, 2008 7:58pm Jan 9, 2008 7:58pm
Quoting Bobokus
Alot of it depends on which timeframe you want to trade from, anything less than the 1 hour is useless to a new trader trying to learn fibonacci. I would suggest trying this template with a fib on it already set to the settings I use as a swing fib to measure each waveform with.
The tempate is for GBP so it wont work correctly on any other pair (hehe mentioned that this time)
But what I want you to do with it is mark highs and lows with 2 horizontal lines, the move this fib to those 2 points.
There are 2 ways to trade from that

1. Wait for the High or low to be broken and target T1 for a quick in and out type trade.

2. Trade from the fib levels (38.2/50/61.8) i have them renamed (long/pivot/short) so there is no need to figure out which way to draw them (top to bottom or bottom to top)...its always top to bottom this way. All other fib levels have been removed since they are useless. To trade this way you wait for price to enter into these levels and trade the break or a candle opening outside of them and target the same T1 as an exit.

It doesnt necessarily have to be the high or low of each day you can do this from any point that you can pull a fib from a high to a low on.

practice doing this from any point in history on the chart of GBP

BIG THANK YOU!

EVEN BIGGER THANK YOU!
  • #1,435
  • Jan 9, 2008 7:59pm Jan 9, 2008 7:59pm
Hi,

Can domeone direct me to Bo's thread please? Thank you.
  • #1,436
  • Jan 9, 2008 8:10pm Jan 9, 2008 8:10pm
Quoting dagoods
BIG THANK YOU!

EVEN BIGGER THANK YOU!

LOL
  • #1,437
  • Jan 9, 2008 8:14pm Jan 9, 2008 8:14pm
Alot of it depends on which timeframe you want to trade from, anything less than the 1 hour is useless to a new trader trying to learn fibonacci. I would suggest trying this template with a fib on it already set to the settings I use as a swing fib to measure each waveform with.
The tempate is for GBP so it wont work correctly on any other pair (hehe mentioned that this time) . . .

THANKS BO, that is so much better, much appreciated! Makes more sense to me now.

I will keep practising, just started your thread, will take some time to review.

TP
  • #1,438
  • Jan 9, 2008 8:19pm Jan 9, 2008 8:19pm
Quoting Bobokus
Alot of it depends on which timeframe you want to trade from, anything less than the 1 hour is useless to a new trader trying to learn fibonacci. I would suggest trying this template with a fib on it already set to the settings I use as a swing fib to measure each waveform with.
The tempate is for GBP so it wont work correctly on any other pair (hehe mentioned that this time)
But what I want you to do with it is mark highs and lows with 2 horizontal lines, the move this fib to those 2 points.
There are 2 ways to trade from that

1. Wait for the High or low to be broken and target T1 for a quick in and out type trade.

2. Trade from the fib levels (38.2/50/61.8) i have them renamed (long/pivot/short) so there is no need to figure out which way to draw them (top to bottom or bottom to top)...its always top to bottom this way. All other fib levels have been removed since they are useless. To trade this way you wait for price to enter into these levels and trade the break or a candle opening outside of them and target the same T1 as an exit.

It doesnt necessarily have to be the high or low of each day you can do this from any point that you can pull a fib from a high to a low on.

practice doing this from any point in history on the chart of GBP
Hi Bo,

Thanks for the indicator. Just wish it has been yesterday you posted cos I got caught on GU and lost big time - there was a daily bullish divergence and I based my trade on that but failed miserably.

Is there anyway we can adapt that template to each currency pair? I noted that you based your swing high & low on the daily bar. Once cycle is complete, do we re-fib the daily again today by moving your previous swing high & swing low to the latest 2 daily bars?

Can you pm me your thread?

Thanks.
  • #1,439
  • Jan 9, 2008 8:21pm Jan 9, 2008 8:21pm
I just had an AHA! moment.
Like skunny has been trying to teach - watch price action.
I really focused today, by just watching and trying to guess
where price would go. Watched all majors and guessed.
Suddenly I realized I wasn't watching candles I was watching traders - a light went off.
To make money, you've got to buy then you've got sell.
Don't know if this makes sense to any body, but I now
look at those candles in a different light.
  • #1,440
  • Jan 9, 2008 8:27pm Jan 9, 2008 8:27pm
Quoting joyrider
Hi Bo,

Thanks for the indicator. Just wish it has been yesterday you posted cos I got caught on GU and lost big time - there was a daily bullish divergence and I based my trade on that but failed miserably.

Is there anyway we can adapt that template to each currency pair? I noted that you based your swing high & low on the daily bar. Once cycle is complete, do we re-fib the daily again today by moving your previous swing high & swing low to the latest 2 daily bars?

Can you pm me your thread?

Thanks.
Its just a restructured fib tool, thats actually usefull and less confusing without all the other stupid levels on it.

They are never bullish until they break the 61.8 of the previous day and maintain price above it.

Where to place them becomes more of an art over time with experience.It has alot to do with learning the pair you are trading.

The majors are what will respond better to fibs, crosses are just the end result of 2 majors.

Fibs cannot do it alone, price action is just as important.

You can transfer the fib from one chart to another just by activating it opening the properties and just view the fib levels, that changes it to the default fib...then it will be the fib everytime you draw one.
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