Apology accepted. Now can you please tell us more of your wrong stuff and what you know nothing about?
Robonacci com
Indicator Free Trading - Skunny
- #2,665
- Jan 24, 2008 5:54pm Jan 24, 2008 5:54pm
Sizz what would you consider a valid completed swing. Only drawing (walking) off one that previously hit it's target?
It was simply a trade within a larger trade set up. As I mentioned before, there was a larger swing range in place, but the smaller ones within work well too. Just not this time.
Hmmm. Okay. I think I can make sense of this. I'm not the only one here who seen this a valid trade, so I am sure others here will benefit from the comments. P.S. Thanks for the notes on the chart!! Really helps when saving pics to recap on at a later date.
Grid,
Me explain something logically? You might have more luck getting a giraffe to belt out pavarotti. IF you do, I will pay good money to see it
If you can do that I would like a chimp that freestyle raps too. Did you look at the 4hr? Did you look at 15 minute? I wait for price to stop going up or down and reverse basically and I look to different tfs.
SIzz
- #2,666
- Jan 24, 2008 6:45pm Jan 24, 2008 6:45pm
@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!
But seriously... I think me - and some others - have been impatient to draw a fib and to trade. So we used the small swing yesterday to find a fib opportunity for the sake of it.
But as sizzler and pippro showed... this move was a move inside a bigger swing.
So here, when fibbing just the visually obvious swings (and not everything that comes across) our swing was just a retrace to the inner 61.8, followed by a 38 extension hit and reaching some pips shy of the 62 extension.
And as the bigger swing (shown below) wasn't finished yet, there was no reason to draw a new, smaller one.
So as I have no more indis on my platform... now it's just the patience I have to acquire!
Any comments?
"The only successful substitute for brains is silence."
- #2,667
- Jan 24, 2008 6:53pm Jan 24, 2008 6:53pm
See attached chart for the set up I had in place for whichever way the trade developed. It looked to me as if it was going long based on previous hint.
P.S. I know this stuff can be confusing, but the longer you watch the fibs and realize there are other motives around (weekly and daily targets) the more you play out the moves in your head. You come up with scenarios and when one of those begins to play out its like a road map telling you where to trade. I try not to trade until then.
If I could have just looked at that multi day hrly chart in the same way I was looking at the 1M & 5M charts while in that short trade I would have been able to see I was in a possible retracement bounce zone on a larger scale.
trading naked.......
- #2,669
- Edited 7:19pm Jan 24, 2008 7:07pm | Edited 7:19pm
- | Joined Nov 2006 | Status: The End is Where We Begin | 260 Posts
Hey Grid, thanks for using my chart as an example of a failed fib
But seriously... I think me - and some others - have been impatient to draw a fib and to trade. So we used the small swing yesterday to find a fib opportunity for the sake of it.
But as sizzler and pippro showed... this move was a move inside a bigger swing.
So here, when fibbing just the visually obvious swings (and not everything that comes across) our swing was just a retrace to the inner 61.8, followed by a 38 extension hit and reaching some pips shy of the 62 extension.
And as the bigger swing (shown below) wasn't finished yet, there was no reason to draw a new, smaller one.
So as I have no more indis on my platform... now it's just the patience I have to acquire!
Any comments?
. IMO, a move inside a bigger move is not so bad though, as long as the target of the smaller swing does not exceed the boundaries of the larger swing targets. Please sombody disagree and tell me why this is not good. Did not Skunny show a statement that included both shorts and longs, and did he not mention trading in hedge fashion? So opposite direction was present and my guess is that he takes the smaller trades too. Recall the posts of him grabbing just a few pips off a 2 bar fib? Sorry to ramble on here. Everyone has made valid points, but I don't think a smaller swing trade within a bigger one is wrong. If that was true, then why trade 1HR when we are looking at weekly fibs? Am I making any sense?
The market is like the matrix - it is you that must learn to bend
- #2,670
- Edited 7:41pm Jan 24, 2008 7:22pm | Edited 7:41pm
Grid,
Now that PiprPro has shown us the light.......
I went and zoomed out on the U/J 1HR chart and I see the U/J set up was identical to the alleged G/Y failure. All the signs were there for a trend reversal.
*** edit, so now with the new fib TP1 should be at 107.50 .....we'll see ***
Now that PiprPro has shown us the light.......
I went and zoomed out on the U/J 1HR chart and I see the U/J set up was identical to the alleged G/Y failure. All the signs were there for a trend reversal.
*** edit, so now with the new fib TP1 should be at 107.50 .....we'll see ***
trading naked.......
- #2,671
- Jan 24, 2008 7:36pm Jan 24, 2008 7:36pm
I was at work so I had to use your chart. Of course I had one drawn the same
Guess we just have to live with the 5% of fibs not working out
"The only successful substitute for brains is silence."
- #2,672
- Jan 24, 2008 7:43pm Jan 24, 2008 7:43pm
I really enjoy reading everyones analysis. (even when it's not correct)
Crud!!
And I was kinda hoping that at some point, you were gonna give us some insight into whose analysis was more "correct" than "not correct" so as to help us all stay on the straight-and-narrow.
Now, in light of the Emailer's revelations........we may all have to go find some system on Ebay!
Or.....
....at least you might give us the Emailer's name so we could go find his thread and learn the right way to do things....
- #2,673
- Edited 8:20pm Jan 24, 2008 7:49pm | Edited 8:20pm
Hey Grid, thanks for using my chart as an example of a failed fib
But seriously... I think me - and some others - have been impatient to draw a fib and to trade. So we used the small swing yesterday to find a fib opportunity for the sake of it.
But as sizzler and pippro showed... this move was a move inside a bigger swing.
So here, when fibbing just the visually obvious swings (and not everything that comes across) our swing was just a retrace to the inner 61.8, followed by a 38 extension hit and reaching some pips shy of the 62 extension.
And as the bigger swing (shown below) wasn't finished yet, there was no reason to draw a new, smaller one.
So as I have no more indis on my platform... now it's just the patience I have to acquire!
Any comments?
Your colors make me happy like easter
I didn;t have that swingI was in one still from the last high that has me targeting 212.75 active I have a bunch of smaller Tf fibs up that swing. This is my last fib on that swing Lowell and I went through it live but didn;'t trade. BOO!
Actually all this talk..there IS a fib in there Grid Dx..surprise! hehehe
( this is just the first one I saw I am sure there are more)there is a little 40 some pipper it is just hiding prolly cuz it is ugly
. Check your tf's. These darn things are everywhere. You have to start reading pa like a fiend though to find s/r IMO. so far ...still testing. , this is still non discretional as fits my testing
Sometimes there won;t be one on the one hour yet so you have to wait or bounce around until the market shows you one.
Sizz.
Also,,, Issy... you see these charts? hehehe
I am PARCHED! hehehe j/kEdit I am a chart pig OINK I threw in a E/j for you issy so we can see another cross and not thnk GY has all the fun.
I dunno if that last one will turn out still testing. The first one was courtesy of mr Ian who reminded me to scale out thanks Ian
WISH these stupid cross pairs were pip perfect ..... hehehehe
ok I will let it go I don;t want to walk the plank! of course this will blow up
- #2,674
- Edited 8:04pm Jan 24, 2008 7:55pm | Edited 8:04pm
- | Joined Nov 2006 | Status: The End is Where We Begin | 260 Posts
Grid,
Now that PiprPro has shown us the light.......
I went and zoomed out on the U/J 1HR chart and I see the U/J set up was identical to the alleged G/Y failure. All the signs were there for a trend reversal.
*** edit, so now with the new fib TP1 should be at 107.50 .....we'll see ***
Thanks all.
The market is like the matrix - it is you that must learn to bend
- #2,675
- Jan 24, 2008 8:13pm Jan 24, 2008 8:13pm
I was at work so I had to use your chart. Of course I had one drawn the same
Thank you, these are the things I remember also when drawing my fibs. That is how you handle the draw downs, and Skunny talked about taking trades that were 3 times the spread. I know most are only looking at the fibs that follow the trend, but I believe there is more to the overall picture. Skunny, PLEASE, correct me if I'm wrong.
Mom
"To conquer fear is the beginning of wisdom." – Bertrand Russell
- #2,676
- Jan 24, 2008 8:23pm Jan 24, 2008 8:23pm
Well it's becoming obvious that I don't know as much as I thought I did in regards to reading price. And why is the 76.4 retracement level (piphitmans chart) so important? Most here don't use that level as far as I am aware. The 161.8% is also said to be an ideal reversal point, but that doesn't always work out either, and time frames do differ. I could really use some pointers here on studying S/R. Yes PiprPro, this can be confusing. I do look at the charts (and quite a bit actually). Remember I'm the guy that has dreams at night where I'm trading! LOL. I don't want to hog all the posts (forgive me everyone). PiprPro, do you think you could briefly re-comment your chart with my questions written on it?
Thanks all.
I learned a lot looking at Issy charts and study very closely what happens in between the DZ (decision zones) 38 and 62 area.
Also (with permission from our gracious know nothing host
) I would like to post my favorite all time chart post of Skunny's.I have looked at and studied this chart even more recently upon my AHA !! moments of fib bounces inside the DZ. Look at this one really closely and examine each and every candle and where it bounces when inside the DZ. I can now see where the Skunnster entered his trades at the 62, 50, and 38 lines before it even got to the 0/100 entry line.
p.s. someone please correct me if my thinking is wrong on the abnormal retracement areas (76 or 24)
trading naked.......
