Indicator Free Trading - Skunny

Quoting Pipskateer

Disliked

So.....we're looking for a "non-system", something that is completely mechanical, but readily interprets price action to be giving a definitive signal as to where it's going 100% of the time, provided we didn't goof it up....gotcha!

Ignored

Quoting galaxymom

Disliked

This is my first chart posting, so please be honest, but kind! This is UJ H1.

All my previous fibs had been completed , except for the green,

price retraced, broke the 38 and there appeared to be new support there,

watched to see if the green would be completed and price came within 7 pips of the T1

I watched to see if resistance formed, which it did IMO, and considered the green complete and drew the Yellow fib.

Now, patience being the key/Skunny, I watched for support to form and and drew the red fib.

All targets have been hit, and now I will wait for new resistance to advance my next fib.

Comments, please.

Thanks

Kathy

Ignored

Quoting Pipskateer

Disliked

Yeah Galaxymom, I agree with Lowell on using the wicks too. If you think about it, the wicks are just one more part of what price is trying to tell us. Even if only for a split second tick in time, those prices were valid, unless it's an aberrant data spike that doesn't show up across multiple data sources (different broker platforms).

Other than that, looks like cool fib walkin' there Texas lady!

Ignored

Quoting GridTrader

Disliked

Kathy, Personally I disagree. Your green fib IMO is on the wrong part of the swing. Move your upper part of the green fib to the wick high a few bars back, and the lower part of your green fib to the lower part where you started drawing your yellow fibs. You will see that price did reach it's 138 ext. So I wouldn't say it didn't complete, just that it wasn't drawn properly.

Just trying to help

Ignored

Quoting Pipskateer

Disliked

The problem I see is that what may appear to be a "BREAK" (full candle closure) on one TF, may only be a "PENETRATION" (wick only) on a higher TF. So, what do we do in a case like this?? Go Short? or Go Long? Both?

Here is a pic of the GU H1 and another pic of the same fib pull from the M15:

Ignored

Quoting Espere

Disliked

Hi Pipskateer, Sizz and Lowell. I was also studying the chart you posted and have encountered the same problem more than once. Damn it drives me crazy sometimes. I almost started smoking again. I though i saw Skunny writing somewhere to redraw a fib till you get it right. Please correct me if i'm wrong but this could be a way to fib it. Skunny also said market moves in cycles. It's possible that the bigger move down was a completion of a cycle and that would make the retracement to the 38 fibbable IMHO.

It's just an thought. Love some comment on my fibbing.

LL

Ignored

Quoting galaxymom

Disliked

This is my first chart posting, so please be honest, but kind! This is UJ H1.

All my previous fibs had been completed , except for the green,

price retraced, broke the 38 and there appeared to be new support there,

watched to see if the green would be completed and price came within 7 pips of the T1

I watched to see if resistance formed, which it did IMO, and considered the green complete and drew the Yellow fib.

Now, patience being the key/Skunny, I watched for support to form and and drew the red fib.

All targets have been hit, and now I will wait for new resistance to advance my next fib.

Comments, please.

Thanks

Kathy

Ignored

Quoting dagoods

Disliked

heres my gu for comparison.... comments welcome and appreciated

Ignored

Quoting dagoods

Disliked

heres my gu for comparison.... comments welcome and appreciated

Ignored

Quoting sizzler

Disliked

I dunno about the rest of it but I lurves me some of that last fib Dagoods. !!!! Iw ould post my chart but Lowell will end up complaining then I will hog the thread... THEN I haveto go delete posts.. and get chastised...

I feel bad even thinking about it. Anywhooooooooooooo I like that fib. what other fibs do you have?



Sizz.

Ignored

Quoting Espere

Disliked

Hi Dagoods,

Your chart sure looks good but i'm still struggeling. IMO the support of the first fib lays at 7 GMT (2AM for you ?) price goes up and retraces down to the 38
(the candle in the elipse) but then the next candle penetrate the buy region (blue square) to retrace and hit the downtarget.

Could somebody be my Messias. What am i doing wrong?

Thanks,

LL

Ignored

Quoting dagoods

Disliked

MANY FIBS WILL WORK AS WAS ALREAADY STATED...IT MAY BE WE ARE BOTH CORRECT...OR MAYBE NOT??? i have noticed on 2 of skunnys charts that he fibbed 2 side by side pinbars... I see one in your chart there.... is this significant?...maybe...i dont know..... I do know Skunny said that true s/r is the key....
ps I'm working on a definition of s/r that will become an objective hard and fast rule that can be fibbed for 100% (at least thats the goal) reliability...thats my approach...and YOU?

Ignored

Quoting PiPr Pro

Disliked

Hi Leon - are you referring to the Trading Workshop Thread?
If so - I don't think there is a problem. Skunny has brought some folks together before for a gathering of the minds and I hear they had a blast. He is here teaching and doing a great job. He indicated in the other thread the following:

Due to the volume of emails and pm's sent to both Bo and I ..... We've concluded that trying to do this in a text/forum format is extremely difficult and time consuming...... Bo contacted me the other day with the idea of possibly putting together a trading skills workshop. One that doesn't sell anyone a bunch of garbage they can't interpret,..... We are not seminar sales people, .....

2 points: the camaraderie would be great and some attendees are more advanced traders already who believe in absorbing as much information for training purposes as possible. Those people would be able to continue assisting the thread just as they are now by furthering many discussions without the input from Skunny. This saves him time to focus on other teaching ideas that haven't already been covered. Hope this helps.

Ignored

Quoting bronxterp

Disliked

I have learned a lot of valuable lessons in this GU trade and have applied some of Skunny's principles and they have worked out nicely. Unfortunately I'm at work right now and can't post any charts. I'm still long from 1.9637 so I'm down around 100 pips on that original trade. This was a live trade, however its only a micro lot. I cannot demo trade for the life of me so I needed some real money on the line even if its $0.10 per pip. I have the attention span of a............what was I talking about again? Oh yeah, I have a short attention span so I need some real "action" to keep me interested.

Anyway, I have executed two hedges against my original long that have netted me around 45 pips to offset my 100 pip loss so far. It wasn't easy as I had to follow along on web based charts and call in the order to my broker! My long is still valid although this is one of those trades that Skunny may have gotten out of after a while when it was playing games at resistance near my entry point. Currently, price sits at 61.8% retrace of the original fib range setup. This trade could very well continue to go south on me, but I already have another hedge setting up just in case so i will have some more pips to offset the potential loss on this trade. Speaking of the loss, I will wait until price has established itself on the other side of the downside target price before I call it quits on this long.

Ok enough chit chat. I realize that posting live trades is not in the spirit of this thread, but I wanted to conclude what I started and post some of the lessons I have taken away from this trade so far.

Ignored