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Indicator Free Trading - Skunny

  • #2,221
  • Jan 18, 2008 6:01am Jan 18, 2008 6:01am
Quoting Skunny
Does this look like a place someone might draw a fib from which to trade? If so answer yes if not tell me why.
My thought is no because the up move before the fib was the master fib to watch for before that one was drawn, and the master's high was broken so I'd be watching for the completion of that bigger fib, OR if price was consolidating within the big up move in the meantime, I'd draw a fib within there perhaps to monitor while waiting for the big up move to get back in gear...but right now the small down fib and the big up fib are siamese fibs and I'd give priority to the bigger one.
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #2,222
  • Jan 18, 2008 6:05am Jan 18, 2008 6:05am
Quoting Thexder
My thought is no because the up move before the fib was the master fib to watch for before that one was drawn, and the master's high was broken so I'd be watching for the completion of that bigger fib, OR if price was consolidating within the big up move in the meantime, I'd draw a fib within there perhaps to monitor while waiting for the big up move to get back in gear...but right now the small down fib and the big up fib are siamese fibs and I'd give priority to the bigger one.

yes but doesnt it look like a clear area of s/r there with very close and similar highs and lows....a range if u will... that should have a break out soon???? maybe the high and low of that range IS a good place to fiboruski??? and thus the confusion

SIAMESE FIBS! I love the way u put that!!!
  • #2,223
  • Jan 18, 2008 6:08am Jan 18, 2008 6:08am
Quoting Skunny
Does this look like a place someone might draw a fib from which to trade? If so answer yes if not tell me why.
I'll have a go to if i may. If i'm not mistaken (happens to often though) you stated when asked a simular question that you didn't know and you had to fib back to see where this fitted into the cycle. I don't look that often to the GJ but i must have yesterday because when i opened the chart i saw this..
could that be right ??
While you're here Skunny could i ask to clarify on the weekly monthly issue?

You're humple pupil LL.

Thanks a mill, maestro Skunny.
Attached Image (click to enlarge)
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  • #2,224
  • Jan 18, 2008 6:09am Jan 18, 2008 6:09am
Quoting Espere
Hi seb123,

very good points you have there. Have the same feeling about the weeklies. Allthough not all pairs react the same to fibs one could use the previous weeks hi/lo but IMHO i feel the same way as you do and i think it is better to fib as short as possible like you did. If the cycle ends at the 138 extention of the weekly range i wouldn't have taken the trade on the 4H TF as it is a more risky trade. In many cases the price would retrace at the 138 and take out your trade on the 4H.
As you stated it worked out very good now. It was stated someware to allways keep an eye on the higher TF and never trade against then. There is just some confusion on where to fib the higher TF. According to Bo, as Mom said, it should be the hi/lo of the previous week. Hope Skunny could shed some light on the issue.

Good work Seb.

2c....
LL
Remember Bo is trading his own system based on what works for him ( and he is good at it to be sure). But it isn't what your learning here, try not to confuse the two. Bo is a great example of when you learn how price moves you can create a system that works around how you see the market. There is no right or wrong once you learn how it moves. There are many many many trade set ups once you have your price fibbed.

Just wanted to make sure, that if you go over to Bo's thread, you understand he's got plenty to show you about a particular system he spent many hours developing for himself. He makes pips that way and many other ways as well.

In either thread you need to understand and practice price movement and how it reacts to the fibs you have drawn. If price is not reacting change your fib until it does (vhands) this way you will learn first hand where to draw your fibs. If you just look at a completed candle(easy way) it only tells you a small small story of what went on during that candle time.(H,L,O,C).
Robonacci com
  • #2,225
  • Jan 18, 2008 6:11am Jan 18, 2008 6:11am
Quoting Thexder
My thought is no because the up move before the fib was the master fib to watch for before that one was drawn, and the master's high was broken so I'd be watching for the completion of that bigger fib, OR if price was consolidating within the big up move in the meantime, I'd draw a fib within there perhaps to monitor while waiting for the big up move to get back in gear...but right now the small down fib and the big up fib are siamese fibs and I'd give priority to the bigger one.
Post a chart Thexy of where you think it should be.
Robonacci com
  • #2,226
  • Jan 18, 2008 6:11am Jan 18, 2008 6:11am
Or maybe in the meantime since both the high and low of the fib are broken and nothing has completed so far, a new fib should be drawn across those busted high and lows, forming a siamese fib nest.

This is like one of those exam trick questions where you don't know what to say so you try to come up with something justified such as "If every possible fib swing has to complete, then this one CAN be traded based on the individual's style and comfort and risk levels."
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #2,227
  • Jan 18, 2008 6:12am Jan 18, 2008 6:12am
is this better or worsereererer???
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  • #2,228
  • Jan 18, 2008 6:18am Jan 18, 2008 6:18am
Quoting Skunny
Post a chart Thexy of where you think it should be.
I'd have started like this but don't know if I'd have pulled anything smaller...If anything, I would fib the widest range within that consolidation and monitor it.
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"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #2,229
  • Jan 18, 2008 6:19am Jan 18, 2008 6:19am
like the enrgizer bunny i could keep fibbing the crud outa this dragon but that doesnt nmake it right lol


ps bunny rhymes with skunny

i made a funny!
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  • #2,230
  • Jan 18, 2008 6:21am Jan 18, 2008 6:21am
2

call me crazy i dont care lets get this figured out!
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  • #2,231
  • Jan 18, 2008 6:22am Jan 18, 2008 6:22am
Quoting dagoods
2

call me crazy i dont care lets get this figured out!
I don't think that one is a valid fib range....it's "A" high and low but not a high to low move..or is that the effect you were after?
Fibart.
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #2,232
  • Jan 18, 2008 6:22am Jan 18, 2008 6:22am
The more examples the better from whomever........

I need to know where people are at, thanks!
Robonacci com
  • #2,233
  • Jan 18, 2008 6:25am Jan 18, 2008 6:25am
Well,
I fibbed this this morning (my time... ) and put a sell order which has been filled at the spike 3 hours ago. Wouldn't have done this normally, would have waited until the candle really closes below, but had to leave my PC.

Down 80 pips or so right now. We will see how it works out.
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"The only successful substitute for brains is silence."
  • #2,234
  • Jan 18, 2008 6:29am Jan 18, 2008 6:29am
another
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  • #2,235
  • Jan 18, 2008 6:31am Jan 18, 2008 6:31am
Quoting dagoods
another
Ok no more from you
Robonacci com
  • #2,236
  • Jan 18, 2008 6:31am Jan 18, 2008 6:31am
Quoting dagoods
another
Another non-range!
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #2,237
  • Jan 18, 2008 6:33am Jan 18, 2008 6:33am
Quoting Skunny
Does this look like a place someone might draw a fib from which to trade? If so answer yes if not tell me why.

For me, that fib actually has a smaller range than the two fibs that I have on my hourly chart and I have that fib on my 15m.

If I was trading in an hourly TF, I'd be looking for entries from the next lower TF - here the 15m - and I'd already be long on a breakout of a smaller range in the 15m.
Trading Levels with WRBs
  • #2,238
  • Jan 18, 2008 6:33am Jan 18, 2008 6:33am
The range within the bigger fib in the meantime.
This one hasn't broken out and is testing very successfully its levels within, lately not making it back beyond 61.8%, and now testing 38.2%, possibly looking ready to go short?
The other early fibs that started to break out have hinted long and short, so this one is setting up to bias the whole thing short potentially.
Attached Image (click to enlarge)
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"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #2,239
  • Jan 18, 2008 6:38am Jan 18, 2008 6:38am
In answer to your question Skunny...I come up with the same fib placement as Thexter did, be it right or wrong. But I think it's correct until told otherwise
PipHunter
  • #2,240
  • Jan 18, 2008 6:39am Jan 18, 2008 6:39am
This is like being in school during Skunny time, and having a part time job trading other methods on the side for minimum wage hoping for a bright future some day.
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
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