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Indicator Free Trading - Skunny

  • #2,681
  • Edited 9:41pm Jan 24, 2008 8:57pm | Edited 9:41pm
For the Forex Newbies here ( and those with OCD)

I have been playing with finding the solution to the fib working out to the pip, so I started checking the exact price at the top and bottom of the candles where I place my fib, and sometimes I was as much as 5 pips off on each placement.

I have also observed that the low price of the candle may not match the wick exactly, maybe due to bad data or feed.
Mom "To conquer fear is the beginning of wisdom." – Bertrand Russell
  • #2,682
  • Jan 24, 2008 8:58pm Jan 24, 2008 8:58pm
Here is how i walked the fibs today on GBPJPY. Please let me know your thoughts.

TimeFreedom
Attached Image
  • #2,683
  • Jan 24, 2008 9:08pm Jan 24, 2008 9:08pm
Quoting TimeFreedom
Here is how i walked the fibs today on GBPJPY. Please let me know your thoughts.

TimeFreedom
That is the coolest thing I've ever seen....
"The only successful substitute for brains is silence."
  • #2,684
  • Jan 24, 2008 9:22pm Jan 24, 2008 9:22pm
Quoting TimeFreedom
Here is how i walked the fibs today on GBPJPY. Please let me know your thoughts.

TimeFreedom
Very cool indeed!

One problem.....with my failing (over 40) eyesight.....this thing is movin so fast that that I can't make out the numbers or levels to see how these fibs did.......looks cool.....not sure what it shows.....sorry bout that.

P.S. How did you do that....is there was a way to blow it up and slow it down, it could become a great way for us (or Skunny) to show fib-walking examples.
  • #2,685
  • Jan 24, 2008 9:39pm Jan 24, 2008 9:39pm
The entries on your chart (Skunny's) were clarified by him earlier in this thread. #1 was a short and #2 and #3 were longs. I'm not real sure where you see him entering at 62, 50 & 38. But I could have missed something.

Best trades to you.
BK
  • #2,686
  • Jan 24, 2008 9:46pm Jan 24, 2008 9:46pm
I made some modifications and reduced the animation speed down and also enlarged the charts.

Note: You have to click on the pics to activate the animation.

TimeFreedom

Quoting DXTrade
That is the coolest thing I've ever seen....
Quoting Brunite
Very cool indeed!

One problem.....with my failing (over 40) eyesight.....this thing is movin so fast that that I can't make out the numbers or levels to see how these fibs did.......looks cool.....not sure what it shows.....sorry bout that.

P.S. How did you do that....is there was a way to blow it up and slow it down, it could become a great way for us (or Skunny) to show fib-walking examples.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpjpy_walkingfibs_01-24-01_anim_01.gif Size: 24 KB
  • #2,687
  • Edited 10:16pm Jan 24, 2008 9:54pm | Edited 10:16pm
Here are my fibs from the last 2 days.
The last one has to retrace to at least 210.16 before becoming a valid fib.

Great idea to post animated gifs, TimeFreedom.
Love it, and makes sense

P.S. You need to click on the chart in order to see the animation... at least on my Safari browser
Attached Image (click to enlarge)
Click to Enlarge Name: gj-24-1.gif Size: 54 KB
"The only successful substitute for brains is silence."
  • #2,688
  • Jan 24, 2008 10:38pm Jan 24, 2008 10:38pm
Quoting TimeFreedom
I made some modifications and reduced the animation speed down and also enlarged the charts.

Note: You have to click on the pics to activate the animation.

TimeFreedom
Hi Time Freedom - keep the 100 at the top and the 0 at the bottom. Skunny and Bo will get a personal laugh out of me suggesting this, because the first time they saw me do fibs was over a year ago in a thread where I taught simple fib analysis no where to the extent of the content here, just simple stuff. They always joked I was standing on my head when I turned the fibs upside down. These guys are keeping the 100 side up, so to keep from confusing anyone I keep my charts "Skunny side up". Glad to see you here.
Attached Image (click to enlarge)
Click to Enlarge Name: Skunny Side Up.JPG Size: 32 KB
  • #2,689
  • Jan 24, 2008 10:42pm Jan 24, 2008 10:42pm
Quoting Bigkahuna
The entries on your chart (Skunny's) were clarified by him earlier in this thread. #1 was a short and #2 and #3 were longs. I'm not real sure where you see him entering at 62, 50 & 38. But I could have missed something.

Best trades to you.
BK
I believe #1 was short "down to the 138" as he stated....he didn't really give his entry but he did say he entered one trade on the way down.

the rest on the way up were....
If you look at the candles on the example.

2) enter 1 position
3) enter 1 position at 61.8 and 1 at 38.2 inner fib lines

so one position after penetration then another at both DZ lines. By my guestimation isn't that trade around 700 +/- pips total? times how many lots???? 10 lots on each position? 30 lots total at 700 pips profit $$$$$$$$$$$$$$
trading naked.......
  • #2,690
  • Jan 24, 2008 11:11pm Jan 24, 2008 11:11pm
testing the high again
Attached Image (click to enlarge)
Click to Enlarge Name: gj fibs 1_24_08_4.gif Size: 18 KB
  • #2,691
  • Jan 24, 2008 11:13pm Jan 24, 2008 11:13pm
Quoting TimeFreedom
Here is how i walked the fibs today on GBPJPY. Please let me know your thoughts.

TimeFreedom
That is an awesome gif file! I used to do visual effects and animation so stuff like that is way cool. Gotta love it! Thanks for the added effort.
The market is like the matrix - it is you that must learn to bend
  • #2,692
  • Jan 24, 2008 11:17pm Jan 24, 2008 11:17pm
Quoting PiPr Pro
testing the high again
GJ, yes? I'm following with ya. UJ is testing last weeks high, and the last fib swing on the 1HR has it's target just below the high.

Okay...i see it now. On UJ an upper wick is forming at the high and price dipping back down just a bit. Target hit... and ..and ...pause. Ok retesting now...can't make up it's mind.
The market is like the matrix - it is you that must learn to bend
  • #2,693
  • Jan 24, 2008 11:17pm Jan 24, 2008 11:17pm
PHP Code
the rest on the way up were....
If you look at the candles on the example.

2) enter 1 position
3) enter 1 position at 61.8 and 1 at 38.2 inner fib lines

so one position after penetration then another at both DZ lines. By my guestimation isn't that trade around 700 +/- pips total? times how many lots???? 10 lots on each position? 30 lots total at 700 pips profit $$$$$$$$$$$$$$
__________________
trading naked.......
I assumed the red rectangles were entry points so it appeared that he entered at the 100 and at the pullback to the 38. But either way one has to be skilled to pull that off. From what I see on vhands, the 0 and 100 are prime targets for penetrations but not breaks and the inner fibs don't really make any sense to me yet. I like to enter where I know fairly quickly whether I'm right or wrong so an entry at 100 and a stop at 0 is not really making it for me yet!

Thanks for the reply,
BK
  • #2,694
  • Jan 24, 2008 11:33pm Jan 24, 2008 11:33pm
Quote
I assumed the red rectangles were entry points so it appeared that he entered at the 100 and at the pullback to the 38. But either way one has to be skilled to pull that off. From what I see on vhands, the 0 and 100 are prime targets for penetrations but not breaks and the inner fibs don't really make any sense to me yet. I like to enter where I know fairly quickly whether I'm right or wrong so an entry at 100 and a stop at 0 is not really making it for me yet!

Thanks for the reply,
BK
The key IMO is to get in as early as possible (see Islanders charts, look for the DZ area) to reduce potential drawdown and maximize potential pip profit. If you can get in at the 38, 50, or 62 area your R:R ratio goes way up. A lot of times an entry on the 0/100 break can have too large of a SL that may get me stopped out too early.

On Skunny's second trade in that chart where he is going long he got in right away on the penetration but then he had to look at a big negative number on the screen before it turned around for him but once he entered more positions at the 62 and 38 it was HUGE pips.......I wonder if Skunny trades Jacko style at 30 lots per position?
trading naked.......
  • #2,695
  • Jan 25, 2008 1:41am Jan 25, 2008 1:41am
Quoting PiPr Pro
testing the high again
New targets and what's in the way.
Attached Image (click to enlarge)
Click to Enlarge Name: gj fibs 1_24_08_5.gif Size: 23 KB
  • #2,696
  • Jan 25, 2008 1:51am Jan 25, 2008 1:51am
Quoting PiPr Pro
New targets and what's in the way.
I like this chart. I can make sense of it completely. I noticed you did not wait for a breach or break of the weekly high. Did you feel the fibs were enough in this case, therefore no need to wait for the break? Thanks.
The market is like the matrix - it is you that must learn to bend
  • #2,697
  • Jan 25, 2008 1:56am Jan 25, 2008 1:56am
Quoting PiPr Pro
Hi Time Freedom - keep the 100 at the top and the 0 at the bottom. Skunny and Bo will get a personal laugh out of me suggesting this, because the first time they saw me do fibs was over a year ago in a thread where I taught simple fib analysis no where to the extent of the content here, just simple stuff. They always joked I was standing on my head when I turned the fibs upside down. These guys are keeping the 100 side up, so to keep from confusing anyone I keep my charts "Skunny side up". Glad to see you here.
Hi PH - whilst I'm all for keeping the Skunny Side up - LOL, especially now that I've got over my dissapointment about all this useless stuff I've been learning here - I'm finding it even easier to replace the 100 with a 0, making it a truly universal fib. mm - the SkuBo Fib?
Trading Levels with WRBs
  • #2,698
  • Jan 25, 2008 2:03am Jan 25, 2008 2:03am
Quoting DXTrade
...The last one has to retrace to at least 210.16 before becoming a valid fib...
For clarification here we are talking about retracement levels prior to pentrating our 0 or 100 level, and not necessarily retraces after penetration to be considered a valid fib. Am I understanding this correctly? Does everyone else here agree, disagree, don't know yet?

Anyone know if they make a vhands remote control with push buy and sell buttons? Mouse and fingers getting worn from vhanding it.
The market is like the matrix - it is you that must learn to bend
  • #2,699
  • Jan 25, 2008 2:05am Jan 25, 2008 2:05am
Quoting GridTrader
I like this chart. I can make sense of it completely. I noticed you did not wait for a breach or break of the weekly high. Did you feel the fibs were enough in this case, therefore no need to wait for the break? Thanks.
the PA took my attention. midnight eastern and the highs were being broken in a soft, low volume market, that said to me we had a long way to go up and the fib road map was in front of me. usually I would wait for breaks or enter a lower internal fib bounce. Or take a penetration with half position then add another half position above a lower fib support after it's hit.

P.S. I agree with what Skunny said many pages ago - it's not about a pip trophy case. I'm trying to figure a way to increase probabilities, ramp up the lots and take a few pips.

P.P.S - here I am still awake with other portfolios to run in just a few hours; higher probability, higher lots, smaller pips, in and out quick would suit me better
  • #2,700
  • Jan 25, 2008 2:11am Jan 25, 2008 2:11am
Quoting Islander
Hi PH - whilst I'm all for keeping the Skunny Side up - LOL, especially now that I've got over my dissapointment about all this useless stuff I've been learning here - I'm finding it even easier to replace the 100 with a 0, making it a truly universal fib. mm - the SkuBo Fib?
I agree - enjoy the eggs and bacon
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