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Indicator Free Trading - Skunny

  • #2,861
  • Jan 29, 2008 5:54am Jan 29, 2008 5:54am
Pip!
I can't let you have all the 8 pip tp fun! here is my latest EUR/USD wittle studychart!

BLACK/RED two what I call 15M fibs and blue is a 1 HR fib
I am playing them on the 5 min . it was drawn on the 5 and 15 min view

More then a few people have suggested I stay away from smaller tfs to increase accuracy. I GENERALLY agree with this but not pinpoint trading fibs. In fact I say the opposite IF you have a repeatable method

It is faster, Easier to read IMO, and personally preferable. I started with the 1hr+ and when I was wrong.. I was hundreds of pips wrong. I blanked my mind(like that is tough for me hehe) and traded just fibs.. I lost a lot,I heart them now though

Anywho as always IMO and rule of thumb is the larger the tf the more reliable,trade the trend of the larger tf, don't trade live until at least 500 demos/vhands, stick to the majors, brush twice a day and spay or neuter your pet. Unless you have like a pet Panda or something.. I mean does anyone NOT want more Pandas? they are cute as the dickens!!

The pippage taint something impressive this is more illustrative and a real time test chart. I know Issy like a de small tfs too
Also Islander I never got to post a Gann chart. My latest setting is 1.3 on the UY 1HR have you tried setting them to fib #s?

Sizz
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  • #2,862
  • Jan 29, 2008 7:18am Jan 29, 2008 7:18am
Quoting DXTrade
Hola guys,

here my fibs on GJ for today... whatever it's worth.

211.96 and 210.87 being my points to enter short/long.
And I'm sure by now, you know it worked like a charm
  • #2,863
  • Jan 29, 2008 8:13am Jan 29, 2008 8:13am
Quoting learningtheropes
And I'm sure by now, you know it worked like a charm

hey guys... I have a question for all of you..... this has helped me a lot so here it is....

with fibs drawn like this are we going to feel more confident on a buy trade on a break or more confident on a sell trade?????

ps NEXT TIME I WILL FIB THE 1 MIN JUST FOR U SIZZMONSTER!!!!
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  • #2,864
  • Jan 29, 2008 8:23am Jan 29, 2008 8:23am
Now..



would We Feel Better Here About A Buy Or A Sell?
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  • #2,865
  • Jan 29, 2008 8:30am Jan 29, 2008 8:30am
Quoting DXTrade
No, I went long after the break of the 61.8 of the smaller fib (red)
This was a confirmation for me after the retracement to the 50 area of the blue fib and the resumption to the upper side.
Maybe it was too early... but thats how I felt it
And I will close half of my position in the 212.70 area if it reaches there
Great job on your trades DX. Not sure if mine were in the right place, but the target was hit. Still learning, testing, and practicing.
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The market is like the matrix - it is you that must learn to bend
  • #2,866
  • Jan 29, 2008 9:40am Jan 29, 2008 9:40am
Quoting learningtheropes
And I'm sure by now, you know it worked like a charm
Absofibbinglutely

Closed half for 50 pips at the 212.70 and the rest at the 138 extension with 110 pips.

And now it gets too choppy and too late for me... so good night.
Cya guys in 9 hours
"The only successful substitute for brains is silence."
  • #2,867
  • Jan 29, 2008 9:44am Jan 29, 2008 9:44am
Quoting dagoods
Now..



would We Feel Better Here About A Buy Or A Sell?
Seems like a nice "tell" for a buy. I think it gives a pretty clear look at the Pull Backs within each Fib, then provides a solid looking entry point.


I like the way it plays out on a 15 min chart too.
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  • #2,868
  • Jan 29, 2008 9:44am Jan 29, 2008 9:44am
Good morning folks,

I would like to pose a scenario as to how I see what our thought process should be in regards to what Skunny is trying to teach. If you feel you understand Skunny’s process please let me know your thoughts. I am hoping this discussion will help those like myself get up to speed.

To start we draw the 1st fib on the weekly chart. We fib the high/low of the previous week. If the high or low of that weekly candle is breached, we look to that direction to trade. Weekly fibs act as support/resistance?

Next, we move down to the hourly chart to draw our mid-term fib (larger swing hi to low). Again, looking in the direction of the weekly breach for the trade. I’m not sure of the purpose of the mid-term fib, anyone care to elaborate?

Then we draw our short-term fib on the hourly (recent swing hi to low), placing a trade once price breaks the 100 (long) or 0 (short).

My take on this is the cycle is over once price hits the 138/-138 level of the weekly fib.

Am I on the right road?
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  • #2,869
  • Jan 29, 2008 9:56am Jan 29, 2008 9:56am
Galaxy Mom, What part of Texas are you from? Plano, TX here.
  • #2,870
  • Edited 10:06am Jan 29, 2008 9:58am | Edited 10:06am
Quoting dagoods
Now..



would We Feel Better Here About A Buy Or A Sell?
NICE FIBS DAGOODS!!!! what is that darn tp 2 level doing there?? sigh so close J/k

I wouldn;t feel better about anything I am getting this and hour later but that high completed a fib pip perfect for me so I would be waiting on this tf for one to form.

I would leave it open minding my master fibs and wait I did chart out some great little 5 and 1 minute moves for practice but I ahve nothing really open on this. if I take mini moves inside of a fib it is based on another fib.

I have a great story about taking early guesses called
My Fib tuition payments

. I am too chicken to use DZ os 61.8s I need full blown confirmation This pair is too choppy for me to say much based off of that strong support nailed though..bullish

but as always i try to listen, so I am letting the fibs talk to me. Now can I understand them..?? )

here is my Chart saw it on the 4hr confirmed it on the 1hr and i would trade in it on this 15min view. Now I would play 5 and 1 in side of this if I wanted to and since it completed and would leave it up until my tp was broken or something hot formed. I have two bigger fibs encompassing this zooomed in view. you can really go nuts but with so many trades why take everyone. I would go bonkers I am going nuts trying to kee up charting them!



Sizz


EDIT learningtheropes! nice we drew it at way different times but would have had the same outcome!!!! there are so many lillte plays all over the place that sych up it is nuts. NICE FIB!

EDIT #2 I just relaized there is a fib in there... dur... not active but looks good.
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  • #2,871
  • Jan 29, 2008 9:58am Jan 29, 2008 9:58am
Quoting sizzler
Pip!
I can't let you have all the 8 pip tp fun! here is my latest EUR/USD wittle studychart!

BLACK/RED two what I call 15M fibs and blue is a 1 HR fib
I am playing them on the 5 min . it was drawn on the 5 and 15 min view

More then a few people have suggested I stay away from smaller tfs to increase accuracy. I GENERALLY agree with this but not pinpoint trading fibs. In fact I say the opposite IF you have a repeatable method

It is faster, Easier to read IMO, and personally preferable. I started with the 1hr+ and when I was wrong.. I was hundreds of pips wrong. I blanked my mind(like that is tough for me hehe) and traded just fibs.. I lost a lot,I heart them now though

Anywho as always IMO and rule of thumb is the larger the tf the more reliable,trade the trend of the larger tf, don't trade live until at least 500 demos/vhands, stick to the majors, brush twice a day and spay or neuter your pet. Unless you have like a pet Panda or something.. I mean does anyone NOT want more Pandas? they are cute as the dickens!!

The pippage taint something impressive this is more illustrative and a real time test chart. I know Issy like a de small tfs too
Also Islander I never got to post a Gann chart. My latest setting is 1.3 on the UY 1HR have you tried setting them to fib #s?

Sizz
nice job on that Euro trade Sizz, on mine I got stopped out at BE but when I woke up this morning I saw that it had completed to the 138 in the NY session, I just don't like leaving trades open while I sleep because the Sandman Pip fairy hates me and kills all my trades while I sleep.

I really like focusing on the 1H charts and then zooming down to the 15 and 5's to enter in a smaller fib band for some quick pips. Looking at the 15 and 5's I can see closely what's going on in the DZ area like Islander does.

I only have around 4hrs to trade from PST zone, from around 10 pm - 2 or 3 am then I'm toast so I can't sit around and wait and watch the hourlies all night. Last night the Yen pairs weren't doing anything so I bagged 46 pips on the G/U with two positions, and BE on the E/U.

I read on FF here recently that the GBP/CHF has a high average daily pip range so I checked it out last night and the Pound/Swissy was moving around a lot so I made 30 pips on a 15 min there and went to bed. What's your take on the pound/swissy Sizz?
trading naked.......
  • #2,872
  • Jan 29, 2008 9:59am Jan 29, 2008 9:59am
Quoting hnic828
Galaxy Mom, What part of Texas are you from? Plano, TX here.
Pasadena, here.
Mom "To conquer fear is the beginning of wisdom." – Bertrand Russell
  • #2,873
  • Jan 29, 2008 10:08am Jan 29, 2008 10:08am
Quoting dagoods
Now..



would We Feel Better Here About A Buy Or A Sell?
Preferably buy as what your chart indicated dagoods!
  • #2,874
  • Jan 29, 2008 10:21am Jan 29, 2008 10:21am
Quoting 4x_Trader
Preferably buy as what your chart indicated dagoods!


OK guys sizzler is thinking along the same lines as me but failed to answer the question I was trying to pose....


ok guys WHEN WE BREAK the 0 or 100 on the charts with the fibs as i have drawn them would we feel good about a buy or a sell? and why? (forget the inner fibs for now), although i like the thinking, and I am always aware of inner fibs and testing inner fib methods, i'm not sure its is tradeable and we are only trading breaks of 0/100 as per skunny for now...
  • #2,875
  • Jan 29, 2008 10:26am Jan 29, 2008 10:26am
Quoting sizzler

. I am too chicken to use DZ os 61.8s I need full blown confirmation This pair is too choppy for me to say much based off of that strong support nailed though..bullish


EDIT learningtheropes! nice we drew it at way different times but would have had the same outcome!!!! there are so many lillte plays all over the place that sych up it is nuts. NICE FIB!

EDIT #2 I just relaized there is a fib in there... dur... not active but looks good.
That's why I liked the way he walked it.....got a nice "0" entry on the blue fib, but still inside the black fib and a chance to lock-in (or scale out) some profit at the blue's smaller target, and the opportunity to leave some in to go after the bigger targets.

***Sizz- I just happened to be curious and drew dagood's fib on the 1 hr, then went down to 15m to see what it looked like, then bam!!!! There it was, 138 to the PIP****
  • #2,876
  • Jan 29, 2008 10:27am Jan 29, 2008 10:27am
Quoting Skunny
PENALTY 5min misconduct for posting crap
I knew there was something different about you, just couldn't put the puck in the net.........GO FLYERS!!!

I know, I know....2 min minor for high jabbing!!

Trying to catch up and on,

Thank you kindly for your time and wisdom.

David
He who gives away what he can not keep Gains what he can not lose
  • #2,877
  • Jan 29, 2008 10:41am Jan 29, 2008 10:41am
dagoods,

"based on your chart" I would look to trade that as a long on the break but, on the break only I would use my teachings from fti on his thread on the Art of War and only send in a skirmish position on the penetration and wait for a retrace to send in more troops. I see some exhaustion candles in the large fib entry but I also see higher lows being formed too. It still looks good for a long trade IMO.

I know you are saying that Skunny is only teaching/talking about entering on the break but it is already a proven fact that he likes to get a "discount" by adding more positions on the retrace. It only makes sense to do so, it makes for tighter stops and it increases R:R.
trading naked.......
  • #2,878
  • Jan 29, 2008 10:53am Jan 29, 2008 10:53am
Quoting 4x_Trader
Preferably buy as what your chart indicated dagoods!

ok 4 x would u mind telling e1 why a buy?
  • #2,879
  • Edited 11:08am Jan 29, 2008 10:55am | Edited 11:08am
Quoting piphitman
dagoods,

"based on your chart" I would look to trade that as a long on the break but, on the break only I would use my teachings from fti on his thread on the Art of War and only send in a skirmish position on the penetration and wait for a retrace to send in more troops. I see some exhaustion candles in the large fib entry but I also see higher lows being formed too. It still looks good for a long trade IMO.

I know you are saying that Skunny is only teaching/talking about entering on the break but it is already a proven fact that he likes to get a "discount" by adding more positions on the retrace. It only makes sense to do so, it makes for tighter stops and it increases R:R.
i like your thinking p.... but i am conservative and retraces can be painful and also, sometimes we fib wrong and run into higher timeframes etc.... i am not confident enough yet and still in the too many human error phase personally,,,, but i am with your line of thought

INNER FIBS DO LOOK LIKE THEY GIVE LITTLE HINTS THOUGH DON'T THEY? i ESPECIALLY LIKE THE PIP PERFECT ONES MYSELF... BUT UNTIL TESTED TO PERFECTION I WILL NOT TRADE THESE
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  • #2,880
  • Jan 29, 2008 11:12am Jan 29, 2008 11:12am
Quoting dagoods
ok 4 x would u mind telling e1 why a buy?
based on my daily chart the gbp/jpy needs to retrace at least 50% (lies @ 216 from a hi of 228.35 (dec 27, '07) & low of 204.63 (jan 23, '08)) but I will liquidate my long pos between 213.70-214.00 because there is a double top formation which is a good idea for profit taking!
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