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Indicator Free Trading - Skunny

  • #1,441
  • Jan 9, 2008 10:32pm Jan 9, 2008 10:32pm
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

Hello Bo,

Thanks for the last post. I also have been practicing for a while and cant seem to be consistent enough for my comfort level.

My question is in regards to the chart you posted. Since price has hit the TP2/ 162 level would we now move the FIB or( FIBO our dog) to the new low at a little below the 1.9563 ish level? Since the "cycle" has completed and we are seeing price moving back up?

Also my biggest question is in regards to the top level of the fib would we leave the high fib point at the Swing high of 1.9827 where it is now or would we make the new high fib point (Swing High) at the 1.9785 ish level where we have the new swing?

My thoughts would be to move it to the 1.9827 level as that is the closest new high to price.

Anyone who can help me clear this up or confirm that my thoughts are correct would be greatly appreciated.

Gmoney
  • #1,442
  • Jan 9, 2008 10:32pm Jan 9, 2008 10:32pm
  •  itguy
  • | Joined Sep 2006 | Status: 110..220....Whatever it takes | 39 Posts
For those who asked here is Bo's thread.
http://www.forexfactory.com/showthread.php?t=50767

Also if you see a trader who you think has good insight and would like to see more of their posts, you can just click on their name and get the option to see all threads and posts created by that trader....
  • #1,443
  • Jan 9, 2008 10:33pm Jan 9, 2008 10:33pm
Quoting Bobokus
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.
How do I search for your thread? If I'm not mistaken, Skunny encouraged us to read it as well (somewhere in this thread).

Regards, Judy
  • #1,444
  • Jan 9, 2008 10:34pm Jan 9, 2008 10:34pm
There you go - Bobokus' fib thread linky
  • #1,445
  • Jan 9, 2008 10:39pm Jan 9, 2008 10:39pm
Quoting Gmoney
Hello Bo,

Thanks for the last post. I also have been practicing for a while and cant seem to be consistent enough for my comfort level.

My question is in regards to the chart you posted. Since price has hit the TP2/ 162 level would we now move the FIB or( FIBO our dog) to the new low at a little below the 1.9563 ish level? Since the "cycle" has completed and we are seeing price moving back up?

Also my biggest question is in regards to the top level of the fib would we leave the high fib point at the Swing high of 1.9827 where it is now or would we make the new high fib point (Swing High) at the 1.9785 ish level where we have the new swing?

My thoughts would be to move it to the 1.9827 level as that is the closest new high to price.

Anyone who can help me clear this up or confirm that my thoughts are correct would be greatly appreciated.

Gmoney
For today i have mine pulled from the failure point yesterday to the low of today.Its what i use as an Intraday fib to show me the projection of movement over a givin days time.
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  • #1,446
  • Jan 9, 2008 10:52pm Jan 9, 2008 10:52pm
BIG THANKS BO
  • #1,447
  • Jan 9, 2008 11:06pm Jan 9, 2008 11:06pm
Just a quick chart as an example... didn't trade it though!
Fascinating how it went down to the 38.2-50 area and nearly to the pip to the 1.382 extension.
A classic Fib trade...
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"The only successful substitute for brains is silence."
  • #1,448
  • Edited Jan 10, 2008 12:53am Jan 9, 2008 11:31pm | Edited Jan 10, 2008 12:53am
That is wild what about this view DX?.

my issue is the teennnnnnny pierce there.but PA makes me feel good. otherwise awesome. I build in "slop" discretion. 1-5 pip a break does not make maybe average against all your feeds?.. IMO.still not too pretty. look at those weak bears up there sheesh get it together... snort on those bulls eh? break out trade ripe for scalping.



Sizz.

edit... I think this is awesome...

look at this additional beauty chart... look how she respects those fibs... look at the TP and Tf yeah 0

one more.. ...in addition GU.

fib out DJIA QQQ GOLD everything it is nuts. If you believe the top ucad chart is right those monthly charts are right conversely if you dont' believe those M1 charts then the ucad isn;t right....who knows? but if we are of the same mind the pierce of the 0 fibs means a hit of the ext 132...no? if it works on one tf it should work on others ...hahaha


.does someone know how to fib these properly? I don't
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  • #1,449
  • Jan 10, 2008 12:20am Jan 10, 2008 12:20am
No no, its not LOL

Its good that someone finally outlines some rules how to use fibs in actual trading. Most of the posters to this thread have been more or less lost, just playing with fibs, so that the results are pretty useless from trading viewpoint.

My advice is that go and check Bo's thread, so you'll get to know at least one way how to use fibs for profitable trading.

So thanks Bo.

R

Quoting Bobokus
LOL
Quoting dagoods
BIG THANK YOU!
  • #1,450
  • Jan 10, 2008 12:58am Jan 10, 2008 12:58am
Skunny,

What in tar-nation you got going on here?? I seen grown men with they's bellies hangin out, a Donkey grooming Aussie that thinks hes a texican, I hear you done gone and busted the feet off ya lazyboy, and I even seen an itguy wonderin about (still wondering what an it guy is, must be one of them there foreingers), and too top it all off your posting NAKED charts for everyone to see ain't ya got no manners man??

Just couldnt resist since your thread is starting to look like old home week.
Shootist - Have Pip Shooters Will Travel
  • #1,451
  • Jan 10, 2008 1:42am Jan 10, 2008 1:42am
Quoting joyrider
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
I dont know - does FXDD use MT4? - all of the MT4 platforms that I have tried work the same.
Trading Levels with WRBs
  • #1,452
  • Jan 10, 2008 2:16am Jan 10, 2008 2:16am
Quoting Islander
I dont know - does FXDD use MT4? - all of the MT4 platforms that I have tried work the same.
Yes FXDD does use MT4. If you select the fib and go into the properties then into parameters and un check the box labled "ray" then the fib lines will behave the way you are looking for
  • #1,453
  • Jan 10, 2008 2:32am Jan 10, 2008 2:32am
Quoting Youens
Yes FXDD does use MT4. If you select the fib and go into the properties then into parameters and un check the box labled "ray" then the fib lines will behave the way you are looking for
Thank you so much Youens.
  • #1,454
  • Jan 10, 2008 2:54am Jan 10, 2008 2:54am
Quoting Youens
Yes FXDD does use MT4. If you select the fib and go into the properties then into parameters and un check the box labled "ray" then the fib lines will behave the way you are looking for
Nice first post - thanks for the info, its great to keep learning just how flexible MT4 is.
Trading Levels with WRBs
  • #1,455
  • Jan 10, 2008 3:42am Jan 10, 2008 3:42am
Quoting Youens
Yes FXDD does use MT4. If you select the fib and go into the properties then into parameters and un check the box labled "ray" then the fib lines will behave the way you are looking for
By any chance do you also know how to save the fib ret settings that you can call out for use anytime you want, like what Bo is doing by naming Swing xxx and Intraday xxx instead of the 38, 50 etc? Quite a tedious exercise to do for all pairs. Thanks.
  • #1,456
  • Jan 10, 2008 4:04am Jan 10, 2008 4:04am
Quoting joyrider
By any chance do you also know how to save the fib ret settings that you can call out for use anytime you want, like what Bo is doing by naming Swing xxx and Intraday xxx instead of the 38, 50 etc? Quite a tedious exercise to do for all pairs. Thanks.
Hi joyrider
Not quite sure what you mean but what I do is always have the two seperate fibs on the chart. If only one is in play then I just move the inactive fib to one side until I can apply it to the latest hi/low. It just saves me changing the setting all the time.

I am no expert but hope this is helpful
  • #1,457
  • Jan 10, 2008 4:33am Jan 10, 2008 4:33am
hi all
what is opinion of to do when 162 target reached. i have a few at moment eg. nzd/usd, usd/cad 1hr charts. do we move fib or draw new ones. if market moves further than 162 does this mean fib incorrectly drawn? think i read something about this somewhere in thread but cannot find. also why have charts you guys posted disappeared from early in thread. would post charts but don't know how. thanks sizz for keeping us smiling during these frustrating times
  • #1,458
  • Jan 10, 2008 5:00am Jan 10, 2008 5:00am
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.


YOUR NOT ALONE.....I saw the divergence too, and went LONG...W R O N G !!!!!

Thankful for the stop on that trade.

I HATE THE GBP/USD
  • #1,459
  • Jan 10, 2008 5:02am Jan 10, 2008 5:02am
Quoting Bobokus
For today i have mine pulled from the failure point yesterday to the low of today.Its what i use as an Intraday fib to show me the projection of movement over a givin days time.

HI Bo,
Can you post that nifty little current price quote that you have on your chart in the BIG numbers to the left on your chart? Much appreciated

Daniel
  • #1,460
  • Jan 10, 2008 5:32am Jan 10, 2008 5:32am
HI traders,
One "play" I have noticed on the gbp/usd (and maybe other pairs but haven't studied them) is this.... When this pair "sticks" around a daily high or low like it did yesterday near the low (within 30-40 pips...maybe less or slightly more) then you can look for this set up. I like the 127 as well on my fibs which some of you know and for this reason. Asia is not likely to make new highs, especially with major news coming out the next day...and by new lows I mean trend continually lower. What it will do many times, sometimes right before london (usually between 1-3 AM EST) is a head fake. This does not happen but maybe once a week at most but does happen on a regular basis, from what I have seen over the last year. This screen shot shows that when it breaks the previous days low it extends to the 127, which is lined up with the 138 extension (of which you can trade it to the 138 short like most of you have been doing) but look how it was a false break of the range, and reversed to go the other way. Again, this is an "asia" play and I would beware of trades like this in any othes session other than LATE europe or new york. Just pop it on vhands. Skunny is certainly right about the penetration of the support. This is a 15 minute chart only to clarify the range and the swings. YOu can see it on the 1 hour as well. So.... there are 2 trades here....but the reverse trade is often a very profitable one as you can see.

Thanks All, hope this helps some and doesn't confuse others.

Daniel
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