24HourTrader & seb123... nice analysis IMO. This is sorta the same way that I was looking at the charts. Obviously everyone is drawing their fibs differently, which brings me to something I'd like to point out.
When I asked Skunny if fibs had to be drawn from top to bottom or from bottom to top, he said either. So a breach of a sell line and a signal to go short can be from a fib that was drawn either way. Of course this only leads us back to how do we walk the fibs, so that everyone is drawing them the same way?
If you go back to Sizzle's daily GJ chart http://www.forexfactory.com/showpost...postcount=1679
you'll see he was short bias based off fibs that were drawn from bottom to top, where seb123, has his fibs drawn from top to bottom. Not saying either person is right or wrong. Just wanted to point this out. Obviously after the fact it is easy to see that either method would of worked out, though as we know already this isn't always the case.
Here is seb123's chart re-posted with fibs drawn the opposite way to help show more precisely what I am trying to point out.
Jon
Indicator Free Trading - Skunny
- #2,324
- Jan 20, 2008 10:12am Jan 20, 2008 10:12am
I trade 5 currency pairs (follow a few more, but don't really trade em) and I run Vhands for each one each weekend on the past 3 weeks of trading on the 1 hour chart. Its really helped me stay in touch with the market flow and obviously I'm learning from it as well.
This is going to sound REALLY weird, but sometimes when I use Vhands, I do not touch the chart...meaning no fibs, no S/R lines, no thinking, nothing. I just try and create a tunnel vision between my eyes and the chart. I set the speed to 25 and just watch it go. Thats all I do is watch and try to almost hypnotize myself with the chart. Its pretty much a form of meditation for me, but I think it also helps make the PA stuff 2nd nature to me. I find myself playing out different market situations in my head throughout the day when I'm not even looking at charts. Its A LOT better than the voices that I would hear in my head! LOL
That isn;t wierd at all. I am a chart stare-er. Thats how I taught my self patterns, shapes, lines etc...just blank out and stare at charts until you "see" them.
Vhands, IS great for PA. especially when you need to check up on what just happened on that pair you missed or whatnot. I will trade anything I can get my paws on if the set up is proper because it obviously really doesn't matter frogs legs or fuel oil, but for fibbing...I am trying to keep it down
I got the voices in my head some acapella lessons so it hasn't been so bad they get up around noon est and have been working on "Mr. Sandman" so it has actually been pleasant. er wait I meant "Enter Sandman".
The "tone rangers" LOL...hehehe
Sizz
p.s. your avatar is awesome. Dwight is awesome. that ep where he thought someone poisoned the coffee..
- #2,325
- Jan 20, 2008 10:23am Jan 20, 2008 10:23am
Hehe Bronx,
That isn;t wierd at all. I am a chart stare-er. Thats how I taught my self patterns, shapes, lines etc...just blank out and stare at charts until you "see" them.
Vhands, IS great for PA. especially when you need to check up on what just happened on that pair you missed or whatnot. I will trade anything I can get my paws on if the set up is proper because it obviously really doesn't matter frogs legs or fuel oil, but for fibbing...I am trying to keep it down
I got the voices in my head some acapella lessons so it hasn't been so bad they get up around noon est and have been working on "Mr. Sandman" so it has actually been pleasant. er wait I meant "Enter Sandman".
The "tone rangers" LOL...hehehe
Sizz
p.s. your avatar is awesome. Dwight is awesome. that ep where he thought someone poisoned the coffee..
Worker
Intense
Good worker
Hard worker
Terrific
- #2,329
- Jan 20, 2008 11:05am Jan 20, 2008 11:05am
Hi DXtrade,
I know we can pull fibs on the H1 tf, but what probability of success do we have without a higher direction?
I would assume 100% if you know whats up
you don't NEED a M1 or W1 IMO
A couple ideas:
look at the last bar/candle of the completed fib... OR
For H1 look at any highertf oh say 4hr) or don't and look lower and play those OR use common sense pa to judge immediate market flow don't let fibs paralyze your trading IMO. or just use pasr to analyze until a fib steps up you're cool with.
Just looking at the charts...GY you can see a bucket of tradeable and potentially tradeable stuff going on. That most recent gy 1hr range had a musketload of good simple 50-300 ish pip trades if you play both ways just based on PASR even conservatively
HOWEVER being patient NOT trading and waiting is almost never a bad play.. unless you are in the middle of a diaretic 800-1000 pip GY slough off and you just want to wait for confirmation
SIDESTEP
For newer Skunnyism followers I want to say he alludes to waiting quite a lot almost as much as pa market flow being key. after my fibs complete I wait.. I wait and watch price and let the market tell me... I wait.. I wait..etc.. has anyone done a Skunnyisms decoded yet? with no obfuscation? try it.
like "lowells is close if you look at pipos?" that states nothing about correctness in context. you could ALMOST take it as humorous IMO
or "does this look like somewhere someone might draw a fib?" then we bomb him with charts waiting for him to go bingo you are right! hehehe He is trying and succeeding by and large with FEW precious exceptions to give away nothing blatently. Bravo. Well played sir. I love it. Fantastic.
Sizz
- #2,331
- Jan 20, 2008 11:55am Jan 20, 2008 11:55am
hi pipr Skunny said u have this tuff figured so i thought i's ask u.... (of course bo or skunny can answer me too
d
You should draw your fibs so you are in a cycle or a completed cycle.
Robonacci com
- #2,335
- Edited 12:23pm Jan 20, 2008 12:06pm | Edited 12:23pm
- Joined Nov 2007 | Status: Trader | 3,060 Posts
You should draw your fibs so you are in a cycle or a completed cycle.
ok thanks skunny.... I know exactly what u mean...and i had that one (with the completed cycle drawn as also originally
but can I leave this one as well? as it may come into play at some point? or so my studying would suggest...(matter of fact from what i have seen in studying maybe the one i drew is even more importatant???? PSS if i leave that one i am in fact drawing a fib that shows that we are still in a arger cycle...(as opposed to a completed cycle?) maybe what my studies show is just a fluke....but.....maybe not? appreciated
- #2,336
- Jan 20, 2008 12:50pm Jan 20, 2008 12:50pm
ok thanks skunny.... I know exactly what u mean...and i had that one (with the completed cycle drawn as also originally
The only time you need a fib drawn is when support/resistance is broken. you can be prepared if you want to, but you will have lines on your chart that don't mean anything.
Robonacci com
- #2,337
- Jan 20, 2008 12:54pm Jan 20, 2008 12:54pm
- Joined Nov 2007 | Status: Trader | 3,060 Posts
[
This is going to sound REALLY weird, but sometimes when I use Vhands, I do not touch the chart...meaning no fibs, no S/R lines, no thinking, nothing. I just try and create a tunnel vision between my eyes and the chart. I set the speed to 25 and just watch it go. Thats all I do is watch and try to almost hypnotize myself with the chart. Its pretty much a form of meditation for me, but I think it also helps make the PA stuff 2nd nature to me. I find myself playing out different market situations in my head throughout the day when I'm not even looking at charts. Its A LOT better than the voices that I would hear in my head! LOL[/quote]
not weird in the least friend! try this one...my wife asked me the other day why i was looking at her funny..... now please understand she has no conception of forex or fibs and such....so how was i to explain to her that i was daydreing and mentally drawing a fib from her right eyball down to her left lower nostril and trying to project a target?
PS I came up with the bootom of her right cheackbone area as a 138 extention
USE THE FORCE LUKE!
This is going to sound REALLY weird, but sometimes when I use Vhands, I do not touch the chart...meaning no fibs, no S/R lines, no thinking, nothing. I just try and create a tunnel vision between my eyes and the chart. I set the speed to 25 and just watch it go. Thats all I do is watch and try to almost hypnotize myself with the chart. Its pretty much a form of meditation for me, but I think it also helps make the PA stuff 2nd nature to me. I find myself playing out different market situations in my head throughout the day when I'm not even looking at charts. Its A LOT better than the voices that I would hear in my head! LOL[/quote]
not weird in the least friend! try this one...my wife asked me the other day why i was looking at her funny..... now please understand she has no conception of forex or fibs and such....so how was i to explain to her that i was daydreing and mentally drawing a fib from her right eyball down to her left lower nostril and trying to project a target?
PS I came up with the bootom of her right cheackbone area as a 138 extention
USE THE FORCE LUKE!
- #2,338
- Jan 20, 2008 1:16pm Jan 20, 2008 1:16pm
- Joined Nov 2007 | Status: Trader | 3,060 Posts
The only time you need a fib drawn is when support/resistance is broken. you can be prepared if you want to, but you will have lines on your chart that don't mean anything.
- #2,339
- Jan 20, 2008 1:51pm Jan 20, 2008 1:51pm
ok i know i am slow and i know nothing...but wouldnt that 61.8 retrace of the previous uptrend that lasted for years be a bit important???? am i crazy? wouldnt we want that on our chart at this point?
. I'm always willing to learn.You should also know that the price isn't following the fibs inner s/r areas before you try to trade it somehow(from the way you have it drawn). This would be the case on any time frame.
Robonacci com
- #2,340
- Jan 20, 2008 2:19pm Jan 20, 2008 2:19pm
- Joined Nov 2007 | Status: Trader | 3,060 Posts
You can use it for any reason you see fit but on a weekly the 62 retracement is an area not an exact number it may cause disruption in a 500 pip range or better. There isn't anyway to trade the information IMO. If you have figured out how it is valuable please let me know
You should also know that the price isn't following the fibs inner s/r areas before you try to trade it somehow(from the way you have it drawn). This would be the case on any time frame.
OK thanks skunny, i am probably just seeing things... i will look for more examples like this one....and see if there is anything more to it worth exploring
(wouldnt that be cool if I eventually, someday could teach u something!) HA! OK stop laughing everybody....I can hope!