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Indicator Free Trading - Skunny

  • #2,601
  • Jan 23, 2008 11:04pm Jan 23, 2008 11:04pm
@schmurex

Welcome to the thread. You have a great attitude, but hey, who here doesn't?! It's awesome when someone "finally" does the things Skunny has done. Can't thank him enough really. I only hope to make him proud! FF is a great place, but as with anywhere else there are those on a ego trip "look what I can do attitude" and some thread starters that don't offer any help when you make a post and ask a couple questions. I consider myself quite fortunate to of found this thread and like to think of myself as one of those people (as Skunny put it) that were meant to know this stuff.

PM me your email and I'll send it to you. (don't want to attach here without permisson) I've made some coding adjustments so it now shows the 38% target levels. Surely helps when backtesting the 1 Hour charts .

GT (Jon)
The market is like the matrix - it is you that must learn to bend
  • #2,602
  • Jan 24, 2008 12:10am Jan 24, 2008 12:10am
Quoting DXTrade
Guys... we reached page 169 and I took an important decision:

Today I deleted all my 350 indicators in my MT4 (actually I moved them in a separate folder... you never know), just left some basic ones like vhands.

I might have a cold turkey the next days... but right now I'm fine. :

And as a side note:
First 70 pips reached for today
DSAM/TM,

Congrats! Way to GO!

btw, thanks for doing your charts on white background, cheaper to print for studying!
Mom "To conquer fear is the beginning of wisdom." – Bertrand Russell
  • #2,603
  • Jan 24, 2008 12:34am Jan 24, 2008 12:34am
Quoting Charlie
.......The first chart is the 5 min chart where i took the trade at the high of the 1 hour bar.

The second chart is the 4 hour time frame.

The third chart is the daily time frame.

As we can see even though most of my trades have been successful without any other kind of analysis...

Looking at the higher time frames shows that hitting the 138 in this situation was highly improbable...especially looking at the daily bars where the trade was at the three day high in an obvious downtrend.

But also i do believe that we will hit the target of 212.76 eventually...(that the signal is not false). Time will tell.

Charlie
Hi Charlie,
I have to disagree, in my book a signal is false for trading purposes (or the Fib was drawn in the wrong place) if the price penetrates one Fib etreme (0% or 100%) by a few pips and then penetrates the opposite extreme by a few pips without first hitting the TP1 within a few pips. By a few pips i mean <= 5 on any timeframe from daily to 1Hr.

Just my 2C,
ian
  • #2,604
  • Jan 24, 2008 12:38am Jan 24, 2008 12:38am
Quoting itguy
I always knew one day that I would find there were benefits to being color blind........
Don't tell me that you don't like my green and yellow bars!?

Below my 3 charts with smaller fibs for smaller targets for today.
Any comments?
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gj.gif Size: 25 KB
Click to Enlarge Name: ej.gif Size: 23 KB
Click to Enlarge Name: uj.gif Size: 24 KB
"The only successful substitute for brains is silence."
  • #2,605
  • Jan 24, 2008 1:13am Jan 24, 2008 1:13am
your template is nice,could you send me it?
Quoting DXTrade
Don't tell me that you don't like my green and yellow bars!?

Below my 3 charts with smaller fibs for smaller targets for today.
Any comments?
  • #2,606
  • Jan 24, 2008 1:14am Jan 24, 2008 1:14am
Quoting ianf0ster
Hi Charlie,
I have to disagree, in my book a signal is false for trading purposes (or the Fib was drawn in the wrong place) if the price penetrates one Fib etreme (0% or 100%) by a few pips and then penetrates the opposite extreme by a few pips without first hitting the TP1 within a few pips. By a few pips i mean <= 5 on any timeframe from daily to 1Hr.

Just my 2C,
ian
I totally agree, for trading purposes with the method that Brunite were talking about the signal was false. (which is why i closed the trade).

But i do believe that the target will be reached at some point. Albeit it could take weeks or months.

Charlie
  • #2,607
  • Jan 24, 2008 1:22am Jan 24, 2008 1:22am
i shorted on 20760 TP20685
Quoting DXTrade
Don't tell me that you don't like my green and yellow bars!?

Below my 3 charts with smaller fibs for smaller targets for today.
Any comments?
  • #2,608
  • Jan 24, 2008 2:37am Jan 24, 2008 2:37am
First 40 pips banked... cha chin...
Attached Image (click to enlarge)
Click to Enlarge Name: ej.gif Size: 16 KB
"The only successful substitute for brains is silence."
  • #2,609
  • Edited 3:41am Jan 24, 2008 3:18am | Edited 3:41am
Good morning all - great to see many positive posts and how every one is finding their own variations on the use of the fibs.

Hey Sizz - lol, that was damm near a 100% hit - I'm happy to be proved wrong!

I was a bit late getting my charts updated, but here's what I have on the 5m - sell at 208.10 on the exit from the DZ, T1 206.78 - mm the M2 pivot is at 206.73, so that'll help! Also, I have a T1 off UJ at 105.84 = UJs M2 - even better!

After yesterdays strong moves and extended ranges we can expect a narrower range choppy day, so I'll lower my expectations and keep an eye out for the UK news at 9:30 GMT and later the US Home Sales data.

Now if cable will just cooperate and stop going up, my 132 pip swing into T1 will get hit - TWT.

Edit: got out on my trailing stop - I try not to let a profit turn into a loss.
Attached Image (click to enlarge)
Click to Enlarge Name: jan 24 gj 5m 0935.gif Size: 11 KB
Trading Levels with WRBs
  • #2,610
  • Jan 24, 2008 3:30am Jan 24, 2008 3:30am
Hi Islander - would you mind flipping your cable chart up when you get a minute?
  • #2,611
  • Edited 4:15am Jan 24, 2008 3:39am | Edited 4:15am
Quoting ChowClown
Hi Islander - would you mind flipping your cable chart up when you get a minute?
LOL - I was just going to do that!

Cable bounced off 9500, busted its Daily Pivot at 9549, pulled back into the DZ and now has its T1 at 9600, just above its M3 line.

I''ll take a break for a bit - dont want to post too many of my charts and crowd the thread.

Edit: The 9592 high shown is actually the high on my 5m chart - there are two other earlier highs that could be used - 9613 and 9642. I normally use the latest one which is also the one that gives the narrowest range for my fib on the basis of getting the earliest entry - still work in progress.
Attached Image (click to enlarge)
Click to Enlarge Name: jan 24 gbp 1m 0920.gif Size: 15 KB
Trading Levels with WRBs
  • #2,612
  • Jan 24, 2008 3:47am Jan 24, 2008 3:47am
Just a quick post for those who may still be non-believers. This is a larger fib I was working before the GBP news item. It failed on the short side then as price ran up, activated the long and missed by 1 pip of my target before reversing.
Attached Image (click to enlarge)
Click to Enlarge Name: current geppy.gif Size: 26 KB
Has what you wanted to see made you blind?
  • #2,613
  • Jan 24, 2008 4:00am Jan 24, 2008 4:00am
Quoting Islander
LOL - I was just going to do that!

Cable bounced off 9500, busted its Daily Pivot at 9549, pulled back into the DZ and now has its T1 at 9600, just above its M3 line.

I''ll take a break for a bit - dont want to post too many of my charts and crowd the thread.
Cheers, watching the same leg up on the 5m....also watching the hrly tug-o-war atm.
  • #2,614
  • Jan 24, 2008 4:24am Jan 24, 2008 4:24am
Quoting ChowClown
Cheers, watching the same leg up on the 5m....also watching the hrly tug-o-war atm.
Great, its best not to get too focused on the shortest TFs, although they are what I tend to use for entries - I'm monitoring the 5m and 15m and check the 60m a couple of times a day.
Trading Levels with WRBs
  • #2,615
  • Jan 24, 2008 4:40am Jan 24, 2008 4:40am
Quoting Islander
Good morning all - great to see many positive posts and how every one is finding their own variations on the use of the fibs.

Hey Sizz - lol, that was damm near a 100% hit - I'm happy to be proved wrong!

I was a bit late getting my charts updated, but here's what I have on the 5m - sell at 208.10 on the exit from the DZ, T1 206.78 - mm the M2 pivot is at 206.73, so that'll help! Also, I have a T1 off UJ at 105.84 = UJs M2 - even better!

After yesterdays strong moves and extended ranges we can expect a narrower range choppy day, so I'll lower my expectations and keep an eye out for the UK news at 9:30 GMT and later the US Home Sales data.

Now if cable will just cooperate and stop going up, my 132 pip swing into T1 will get hit - TWT.

Edit: got out on my trailing stop - I try not to let a profit turn into a loss.
LOL, I was tempted to bail out as well, but I really start to trust this thing... so still in the short and getting closer to the 38.2 extension for another 60 pips or so
Attached Image (click to enlarge)
Click to Enlarge Name: gj.gif Size: 22 KB
"The only successful substitute for brains is silence."
  • #2,616
  • Jan 24, 2008 5:04am Jan 24, 2008 5:04am
Quoting DXTrade
LOL, I was tempted to bail out as well, but I really start to trust this thing... so still in the short and getting closer to the 38.2 extension for another 60 pips or so
Well I might be naked, but I've still got plenty of baggage from years of trading - here, I saw the higher low on the 1m chart and then cable bounced from around its 500 handle so I pulled my stop closer to protect my profits.

I guess with cable it was buy the rumour, sell on the data - nice PB into the DZ on its 5m and now another run towards the 600 handle - too much like hard work this morning, time for a break!
Trading Levels with WRBs
  • #2,617
  • Jan 24, 2008 5:10am Jan 24, 2008 5:10am
Now I'm out at breakeven +1 as well... 3 attempts to go down failed... too much for me
"The only successful substitute for brains is silence."
  • #2,618
  • Jan 24, 2008 5:13am Jan 24, 2008 5:13am
Islander,

I was kinda bummed too that 5M G/Y didn't hit the 138 on the short, but I was glad I got in after the DZ so I did at least make a few pips.

great analysis once again thanks!!!
trading naked.......
  • #2,619
  • Jan 24, 2008 5:13am Jan 24, 2008 5:13am
Just catching up, again. Great info, guys.

One thing I found in doing vhands on the H1 tf is that although the candle may not end exactly on the target, there is a point when price touches it precisely, therefore the lower tf's would reflect that as y'all have been saying. Having vhanded 6months of several pairs it was also interesting to see that certain pairs tend to go to the T1 and others gravitate to the T2.
Mom "To conquer fear is the beginning of wisdom." – Bertrand Russell
  • #2,620
  • Jan 24, 2008 10:11am Jan 24, 2008 10:11am
Islander,

What "tool" are you using to calculate your daily pivots. I have several MT4 Pivot indi's and quite frankly, I just haven't ever been able to configure them properly to my charts, I've got Autopivot plotter, auto pivot indicator, daily pivot shift, fibopiv, etc, etc,.

I've even seen the daily pivots mentioned in several FX websites. It seems that every broker has them just a little bit off from each other but generally in the same range.

Would you be so kind as to possibly post that pivot tool you use on this thread or at least let me know which one you do use so I can go scrounge it up somewhere.

Thanks,
trading naked.......
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