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Indicator Free Trading - Skunny

  • #2,621
  • Jan 24, 2008 10:42am Jan 24, 2008 10:42am
Alright,

Since I am in full on test mode.. I have another chart this time of EJ the well behaved Silver sister of GJ

EJ is Paris Hilton to Gj's Britney spears, still a wild time ,but not a complete out of control "losey'ana" frieght train of crazy.

yes, I just made that analogy. I will turn in my man card at the end of the week. hehehe

This is on the fly and I have my hypothesis... BUT I would like to see what the crowd thinks.

I have my master fib up, then i have a minor and a micro watching this fib move around reminds me of those stop motions of a sprout growing

My question is on my Minor I have put it two ways red and blue which is correct or are they both?

Major black
Minor: red.blue
Micro: the other one ok ok...its white, no one likes surprises.

as always if anyone doesn;t agree with these any of them let me know . I am always open to looking at things differently. it helps to put the taser of public opinion on the feral goat of bias!
hehehe

also these are colorful candlestick charts zoomed in so they are pretty much gross as it gets try not to retch.... sorry I am too lazy to switch them around. and I can;t zoom it out for clarity sake

Sizz

Islander -

I am happy to prove you wrong too I will keep you posted Winners buys the other a case of San Miguel. or Lagavulin 16 yr if I win " scotchy scotch scotch, I love scotch..."

Sedona -

I no comprende your talky what 05 low? My tp?
Attached Image(s) (click to enlarge)
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  • #2,622
  • Jan 24, 2008 10:46am Jan 24, 2008 10:46am
Quoting piphitman
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,
NP PH - here it is. Like you I've tried many and find this the best.

Under "Inputs" I have Mid Points = true and the Weekly and Monthly = false - I'll run the W & M on a daily chart just to check the levels.

I'm using these on the ODL MT4 platform and they seem to pick up the 1700EST close well and from Dove Alliance's work this is all you need.

Its great when the fib and pivots line up - super synchronicity and a high probobility target.
Attached File(s)
File Type: ex4 Pivot Points Multitimeframe eye.ex4   50 KB | 535 downloads
Trading Levels with WRBs
  • #2,623
  • Jan 24, 2008 10:56am Jan 24, 2008 10:56am
Thanks Issy,

I use ODL as well so it should sync up for me pretty well too.
trading naked.......
  • #2,624
  • Jan 24, 2008 11:08am Jan 24, 2008 11:08am
Sizzler,

I think your charts look fine, I haven't really been looking at EJ but when I pulled it up to look at it here's what I fibbed really quick. First I guess we can presume that the upper left hand corner hi (157.14) was an extension reached by visually looking at the chart. I kinda broke up your first down leg and found what looked to me like another opportunity to pull another fib for another trade, my first fib leg I saw two points of support. The problem I see in my first two fibs is that price did well enough to reach the TP1 & TP2 areas but also blew right past those for the bonus round....ding...ding...ding....

What I really liked seeing is that last purple fib area I pulled because that had a nice gradual wave pattern that looked like a really good set up, price had penetrated and then it only retraced back to the 76.4 area and I bet if we zoomed it out to the 5M chart we could have picked a really nice entry at around 156.07 area.

Question i have is.........is it bad to have so much extra pips just hangin out there after the TP2 is hit?
Attached Image (click to enlarge)
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trading naked.......
  • #2,625
  • Jan 24, 2008 11:28am Jan 24, 2008 11:28am
Islander, do you have a mq4 file of this indicator?
i´m collecting many Pivot indicators and studing all...


Best Regards,
Marcelo Marques
  • #2,626
  • Jan 24, 2008 11:29am Jan 24, 2008 11:29am
[quote=sizzler;1818942].....This is on the fly and I have my hypothesis... BUT I would like to see what the crowd thinks.

I have my master fib up, then i have a minor and a micro watching this fib move around reminds me of those stop motions of a sprout growing

My question is on my Minor I have put it two ways red and blue which is correct or are they both?

Major black
Minor: red.blue
Micro: the other one ok ok...its white, no one likes surprises.

as always if anyone doesn;t agree with these any of them let me know . I am always open to looking at things differently. it helps to put the taser of public opinion on the feral goat of bias!
... [/endquote]

Hi Sizz,
If I was fibwalking a minor Fib from the low of your major Fib, then I would get to the blue minor Fib rather than the red one.

But for me your master Fib would be a minor Fib, because my master Fib is 18 Jan high to 22 Jan low.


I wonder how many differnt views you could get on this question? - Possibly almost as many as the number of people who reply!

Ian
  • #2,627
  • Jan 24, 2008 11:43am Jan 24, 2008 11:43am
Hey - Sizz - the important things first - San Miguel is for everyday - around this time! Now for something serious it'll be 10 year old Mount Gay - the great rum from Barbados - Mon!

To your charts - now that I've drawn my own so that I can see them - without that white stuff - well your blue fibs got activated as a trade and hit T1, so far with little retracement. I wouldn't be walking it yet - as in your red fib.

Also, for me I'd have drilled down to the 15 min to see the action in more detail - that's where my white one would be.
Trading Levels with WRBs
  • #2,628
  • Edited 12:15pm Jan 24, 2008 11:57am | Edited 12:15pm
Question i have is.........is it bad to have so much extra pips just hangin out there after the TP2 is hit?[/quote]

hehehehe my kind of bad Possibly you could add extra fib levels to scoop them up? maybe. Or zoom in.

so you think both blue and red are right?

I think the main difference I have is that I don;t use the 168 level at all it is unreliable IMO . and my fibs have to be close or pretty close to dead on like Skunny draws otherwise I am prolly drawing them on the wrong tf. or looking at them on the wrong tf IMO IMO

sometimes I wonder though... I mean at the end of the day in this business, the winner is the one with the money not the perfect charts so whatever rocks out, get er did.

I just like to have to tightness to confirm to me I am measuring it correctly and will not have failures( or rare cases of failure) like that GU news 9-0 chart Skunny posted a while back.

here would have been my play on that swing Pip I think. it looks bueno to me. you might want to scale in... hmm..
I like to trade the 1 HR from 15 min. 15 from 5 and 5 from 1. etc..

If I want to try to scoop all the pips and go bonkers I would play a 5/1 all day and go nuts. If a fib is obvious to me I zoom in or out to look because it is there somewhere .

I see three lil guys in there that fit how I would draw them that last one after that fails by like 9 pips...so it is wrong or on the wrong tf. IMO

Sizz

Edit: nice Issy you are an ISLANDER I smell roast pork salt water mmm Good old Rum for the Pip pirate. LIke I was saying i don;t use tp 2 anymore because it is fuzzy and The white is INDEED my 15 min draw on the 5 min chart for clarity Arrgh good eye Matey

Ian -

Thanks! lets see how she plays! Interesting I can see that on the 4hr and I understand it on the D1 from PA. just checked if you think my minor is right then you major is active by virtue of that Tp. Thanks for the different view I have been a little zoomed in.
Attached Image (click to enlarge)
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  • #2,629
  • Jan 24, 2008 12:05pm Jan 24, 2008 12:05pm
Quoting piphitman
Sizzler,

I think your charts look fine, I haven't really been looking at EJ but when I pulled it up to look at it here's what I fibbed really quick. First I guess we can presume that the upper left hand corner hi (157.14) was an extension reached by visually looking at the chart. I kinda broke up your first down leg and found what looked to me like another opportunity to pull another fib for another trade, my first fib leg I saw two points of support. The problem I see in my first two fibs is that price did well enough to reach the TP1 & TP2 areas but also blew right past those for the bonus round....ding...ding...ding....

What I really liked seeing is that last purple fib area I pulled because that had a nice gradual wave pattern that looked like a really good set up, price had penetrated and then it only retraced back to the 76.4 area and I bet if we zoomed it out to the 5M chart we could have picked a really nice entry at around 156.07 area.

Question i have is.........is it bad to have so much extra pips just hangin out there after the TP2 is hit?
Hi , this is how I fibbed the downmove on the EU. The magenta fib is the green fib, moved to the new low after target hit. The down move hits the target to the pip.
Attached Image (click to enlarge)
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  • #2,630
  • Jan 24, 2008 12:09pm Jan 24, 2008 12:09pm
Quoting piphitman
Sizzler,

I think your charts look fine, I haven't really been looking at EJ but when I pulled it up to look at it here's what I fibbed really quick. First I guess we can presume that the upper left hand corner hi (157.14) was an extension reached by visually looking at the chart. I kinda broke up your first down leg and found what looked to me like another opportunity to pull another fib for another trade, my first fib leg I saw two points of support. The problem I see in my first two fibs is that price did well enough to reach the TP1 & TP2 areas but also blew right past those for the bonus round....ding...ding...ding....

What I really liked seeing is that last purple fib area I pulled because that had a nice gradual wave pattern that looked like a really good set up, price had penetrated and then it only retraced back to the 76.4 area and I bet if we zoomed it out to the 5M chart we could have picked a really nice entry at around 156.07 area.

Question i have is.........is it bad to have so much extra pips just hangin out there after the TP2 is hit?
Hi Piphitman,
If we are taking these Fibs seriously, then yes it is a problem if they go way past the 161.8 without there being an obvious follow on Fib walk. Remember that they are really supposed to go to the 138 almost to the pip.

I think that the problem is with the chosen high, I do not think it is an extreme to draw a Fib from, since I can't get a perfect fib walk to it from the previous major low.

Of course many people are no longer looking for the Moley Quail, in which case it is fine... except that if one's chosen Fibs often overshhot the target, isn't there also a good chance they will occasionally undershoot it to the same degree?

Ian

Ian
  • #2,631
  • Jan 24, 2008 12:16pm Jan 24, 2008 12:16pm
Quoting seb123
Hi , this is how I fibbed the downmove on the EU. The magenta fib is the green fib, moved to the new low after target hit. The down move hits the target to the pip.
Nice one SEB - I like it!
Ian
  • #2,632
  • Jan 24, 2008 12:33pm Jan 24, 2008 12:33pm
Hello to all the participants of this great thread. I am new to FF but not new to forex trading. Although I need to prove myself, I believe I can contribute to this thread. I would like to gather a clarification on my fib placement methods. From Skunny and others on here I believe the consensus on fib placement is as follows: (Please correct me if I am off on this or if things are not this absolute.)

1. Looking at support and resistance, fibs are pulled from swing highs and swing lows.

2.Once those points are established, PA needs to pull back into the DZ in order for the fib to be 'valid'. If PA nevers pulls back into the DZ, then the boundary of the fib needs to be redrawn until there is a pullback to DZ.

3. Once a fib is 'valid' and PA reaches the 138, the fib cycle is complete and this fib can be walked.

The posted chart shows both the blue and orange fibs meeting the criteria.

All of the above is for 1 timeframe. It is understood other fibs are pulled in higher and lower timeframes.

Am I even close on this? (I have seen plenty of charts posted where this criteria was not met) If I'm not close, I could use some remediation.

Thanks in advance.
Bk
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  • #2,633
  • Edited 12:39pm Jan 24, 2008 12:35pm | Edited 12:39pm
Quoting ianf0ster

Of course many people are no longer looking for the Moley Quail, in which case it is fine... except that if one's chosen Fibs often overshhot the target, isn't there also a good chance they will occasionally undershoot it to the same degree?

Ian

Ian
I'm sure that E/J fib walk is lining up with someone, somewhere. I can understand price maybe hitting the 162 occasionally but to go way over the TP2 area I have to figure I had it drawn wrong.

But, without looking at any previous fib sequences on that pair I just jumped in where Sizzler started his and noticed a nice support area right below it that took two bounces in 4 hrs (155.14).

I had an undershot last night on the 5M G/Y, I was fortunate that I entered earlier in the trade to still get some pips because it broke to the downside three times but it just couldn't get any lower so I was short of 138 but I was content with at least "something".

**edit: very nice seb123, I was wondering if you had zoomed down in time frames to place your low on that green fib? or if you just placed it on the previous TP2 area.**
trading naked.......
  • #2,634
  • Jan 24, 2008 12:46pm Jan 24, 2008 12:46pm
Quoting piphitman
Sizzler,

I think your charts look fine, I haven't really been looking at EJ but when I pulled it up to look at it here's what I fibbed really quick. First I guess we can presume that the upper left hand corner hi (157.14) was an extension reached by visually looking at the chart. I kinda broke up your first down leg and found what looked to me like another opportunity to pull another fib for another trade, my first fib leg I saw two points of support. The problem I see in my first two fibs is that price did well enough to reach the TP1 & TP2 areas but also blew right past those for the bonus round....ding...ding...ding....

What I really liked seeing is that last purple fib area I pulled because that had a nice gradual wave pattern that looked like a really good set up, price had penetrated and then it only retraced back to the 76.4 area and I bet if we zoomed it out to the 5M chart we could have picked a really nice entry at around 156.07 area.

Question i have is.........is it bad to have so much extra pips just hangin out there after the TP2 is hit?
Hi piphitman,

here is another chart showing myfibs for the up move on EU. The first green fib hits target then the magenta fib takes over walking it up until the first high after the 138 tp reached. The 138 level of this is the high of the next peak. They all seem to hit to the pip. Wish I could do it live!!
Attached Image (click to enlarge)
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  • #2,635
  • Jan 24, 2008 12:48pm Jan 24, 2008 12:48pm
Sizz - this is what I would probably have had as I walk fibs every time I see what I think is a new S/R level, so I'd have used the latest S & R levels as shown by two last time lines.

For me, then there was a great retrace into the DZ and it would have been a buy on the exit from the DZ and now + 200 or so pips and it would be about managing the profit. Will it run to the magenta T1, or even the black T1?

We can never be certain - we just have a high probability idea - so I'll keep a trailing stop so as not to let all of those hard earned pips escape!
Attached Image (click to enlarge)
Click to Enlarge Name: jan 24 ej 60m 1800.gif Size: 15 KB
Trading Levels with WRBs
  • #2,636
  • Jan 24, 2008 1:06pm Jan 24, 2008 1:06pm
Quoting marcelom
Islander, do you have a mq4 file of this indicator?
i´m collecting many Pivot indicators and studing all...


Best Regards,
Marcelo Marques
I think I may have found one in an old program that I'm no longer using - is this any use?
Attached File(s)
File Type: mq4 Pivot Points Multitimeframe eye.mq4   45 KB | 510 downloads
Trading Levels with WRBs
  • #2,637
  • Jan 24, 2008 1:29pm Jan 24, 2008 1:29pm
Quoting piphitman

**edit: very nice seb123, I was wondering if you had zoomed down in time frames to place your low on that green fib? or if you just placed it on the previous TP2 area.**
Hi again,
thnx, the green fib was "walked" a few pips to the the next low after the 138 TP level was reached. The price only pulled back slightly, so unable to establish a new high point. I just showed the new levels as the magenta fib. I hasten to add that I did this after the event , which is always easier to do isn't it? But it shows that Skunny's rules do work and that completion to the pip is very possible in many cases.
  • #2,638
  • Jan 24, 2008 2:21pm Jan 24, 2008 2:21pm
Quoting ianf0ster
Hi Piphitman,
If we are taking these Fibs seriously, then yes it is a problem if they go way past the 161.8 without there being an obvious follow on Fib walk. Remember that they are really supposed to go to the 138 almost to the pip.

I think that the problem is with the chosen high, I do not think it is an extreme to draw a Fib from, since I can't get a perfect fib walk to it from the previous major low.

Of course many people are no longer looking for the Moley Quail, in which case it is fine... except that if one's chosen Fibs often overshhot the target, isn't there also a good chance they will occasionally undershoot it to the same degree?

Ian

Ian

I like you.

hehehe

Sizz.
  • #2,639
  • Jan 24, 2008 2:25pm Jan 24, 2008 2:25pm
@Skunny: I know you're busy, but... It seems there were quite a few people here that took this GJ trade that happened to fail going short (see chart). The only things I could see in this chart was that the weekly target had already been reached, price breached the weekly low and traded below it again, and that this was a smaller trade within a larger range.

You said before that if a trade failed, "please post the chart so someone could look at it". Could you please give us some guidance, or a possible reason as to why this one didn't work out like several here had expected?

Much appreciated!
GT (Jon)

@Pipo: Curious if you were fibbing this chart too? If so, could you kindly share with us how you walked your fibs during the process?

Thanks!
Attached Image (click to enlarge)
Click to Enlarge Name: gj.gif Size: 22 KB
The market is like the matrix - it is you that must learn to bend
  • #2,640
  • Jan 24, 2008 2:42pm Jan 24, 2008 2:42pm
Quoting Islander
Sizz - this is what I would probably have had as I walk fibs every time I see what I think is a new S/R level, so I'd have used the latest S & R levels as shown by two last time lines.

For me, then there was a great retrace into the DZ and it would have been a buy on the exit from the DZ and now + 200 or so pips and it would be about managing the profit. Will it run to the magenta T1, or even the black T1?

We can never be certain - we just have a high probability idea - so I'll keep a trailing stop so as not to let all of those hard earned pips escape!

Islander,

Wh wh what? are these Islander fib trading? DZ? nice work you have made fibs your own.

I take umbrage to "we can never be certain" ye Skurvy dog! Hopefully my testing will prove it out. I haven;t had any blow ups so far. I am starting to taste SCotch...hehehe


Sizz
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