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Indicator Free Trading - Skunny

  • #3,261
  • Feb 6, 2008 2:36am Feb 6, 2008 2:36am
Here is the Indicator, not finished... but working fine.
The problem is in my coding skills. I'm too stupid to get the value of the time axis for the gann line. I find the high/low x-axis of the day... but the line is drawn either at the beginning of the day or the end or any bar I want... but not at the bar where the high/low is.
So for now I draw the gann lines at the open of each day for for days including the actual day. As Gann lines are time based... for now it's just a try until I find a genius coder to help me out here.
Just to get you used to have heaps of lines on your charts.. lol

You can set the scale in the properties... I use 4 for GJ, 3 for EJ and 2 for UJ...looks OK so far.

Maybe all this doesn't make sense... just a try to make life easier.

Below is how it looks like.
Attached Image (click to enlarge)
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Attached File(s)
File Type: ex4 DX Daily Boxed Fibs&Pivots&Gann_not_finished.ex4   19 KB | 424 downloads
"The only successful substitute for brains is silence."
  • #3,262
  • Feb 6, 2008 2:49am Feb 6, 2008 2:49am
Quoting trading4x
also b/c skunny thinks that the 162 ext could be seen as a little greedy--i think he said that in one of the post but I think if u keep moving the stops to the previous highs or low depending on being L or S u should just let the trade run--or at least I would
I agree, but the key word there was move your stops. Quickest way to blow an account is to get greedy. There's enough to eat on the GJ alone, just don't try to eat it all...
  • #3,263
  • Feb 6, 2008 2:59am Feb 6, 2008 2:59am
Nice one PipH - I had the same set up, but was late entering as I was asleep!

From a Sell on the exit from the DZ, T1 was 120 pips and T2 156 pips....http://www.forexfactory.com/images/icons/icon7.gif....this is where a trading plan with multiple exits really works.

There was a two point gann line on the 5m which caught the low and this one from the 15m which also had a time line from the earlier low, making it a "here something should happen" zone - again it did!

Now to put on my Captains Hat and go to work for a few hours.
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Trading Levels with WRBs
  • #3,264
  • Feb 6, 2008 3:09am Feb 6, 2008 3:09am
Quoting Islander
Nice one PipH - I had the same set up, but was late entering as I was asleep!

From a Sell on the exit from the DZ, T1 was 120 pips and T2 156 pips....http://www.forexfactory.com/images/icons/icon7.gif....this is where a trading plan with multiple exits really works.

There was a two point gann line on the 5m which caught the low and this one from the 15m which also had a time line from the earlier low, making it a "here something should happen" zone - again it did!

Now to put on my Captains Hat and go to work for a few hours.
This chart is worth a thousand words...can't get any simpler.
  • #3,265
  • Feb 6, 2008 3:32am Feb 6, 2008 3:32am
Quoting Islander
Nice one PipH - I had the same set up, but was late entering as I was asleep!

From a Sell on the exit from the DZ, T1 was 120 pips and T2 156 pips....http://www.forexfactory.com/images/icons/icon7.gif....this is where a trading plan with multiple exits really works.

There was a two point gann line on the 5m which caught the low and this one from the 15m which also had a time line from the earlier low, making it a "here something should happen" zone - again it did!

Now to put on my Captains Hat and go to work for a few hours.
Yeah, I was hoping you were awake for that one Issy. What struck me as kinda odd was that very large bearish bar at 23:00 today......someone trying to pull a fast one out in no mans land after NY session? I sit at my desk and watch that time frame each day before I go home from work and absolutely nothing ever happens in that time period.

I didn't enter any reversal trades after the 162 was hit this time in London Open but man I wish I had. I didn't want to get too greedy because I really loaded up on the first one for 100 pips.

Good Luck with your trading today. I'm getting a good nights sleep for once .
trading naked.......
  • #3,266
  • Feb 6, 2008 6:03am Feb 6, 2008 6:03am
would someone give me the correct settings on the zig zag indicator that you mentioned way back when, i cant seem to locate them, was it 0, 1, 2

Thanks HH
  • #3,267
  • Edited 7:02am Feb 6, 2008 6:09am | Edited 7:02am
You drink few glasses of wine, pass out early, and the Quail gets bagged. Further proof the universe is a cruel mistress as if the oxygen network wasn't proof enough. hehehe

Scotty B you remind me of an old, kindly neighbor I had who wore western shirts,loved Patsy Cline and drove a dark blue '79 Grenada! I love it. Anywho, 'grats on choking out your quail! it looks way different then mine, but I can't say you're wrong because I am not right yet! hmm maybe I am snipe hunting.. the moley snipe?? yikes. hey, as always whatevers clever! whatever gets you through the night and does't bother anyone else is aok.

Piphitman!!
Ifibs strike again. Pips beware! Man I am still waiting for that thread... My question would be , how would you trade that forward since the DZ was breach before the swing hit, I would guess enter on any retrace of swing with tp1,2 as targets. Who has a running pip count on ifibs? Has there been a failure yet?

With all this fun and excitement, I feel like great white shark of failure is chewing on my pip leg. I am dropping my large trade GY template here for input from more knowledgeable folks.

Captain Islander, can you let me know how you might use Gann on this as assuming I am anywhere near close My red fib took 105 hours to breach and 169 to miss by 18 pips hehehe if only it were closer maybe 213.82 as 100.. swing isn;t over yet though.

well I guess if I entered on the retrace it is about 440 pips in 22 hours with no draw down.. and I could have play the smaller tfs for a hundreds more maybe.. or I SUPPOSE I could wait 5-10 days though and "only" take a few of those guys a month. That would keep me in ramen and night train hehehe

Anywho Scotty B, Dagoods, Mom,Pipr,Dx,Issy Skunny ( if he isn't out in the hills helping Bo with his 'Shine or anyone who has it or is closer then me let me know because if this keeps up I am changing my Nickname to Fizzler HAHHAHehhe sigh.. I feel like i am close though.Maybe not the moley quail but the rolly snail... on that note I will escar - GO!! bah dump bump tsish!!
Thanks, thanks, how is your steak? I will be around all week.. hehehe

Sizz

edit: HH the nonlag zig zag is hot garbage. IMO. that just gives you and idea of whats up. save yourself , think about the children and don't use it or do and never stop..I always get confused...hmm hehe BUT if you must...I think Skunny posted the setting with the indicator in this thread 3000 pages ago.
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  • #3,268
  • Feb 6, 2008 6:42am Feb 6, 2008 6:42am
Quoting hharrington
would someone give me the correct settings on the zig zag indicator that you mentioned way back when, i cant seem to locate them, was it 0, 1, 2

Thanks HH
post #407 0,1,2.0
  • #3,269
  • Feb 6, 2008 6:42am Feb 6, 2008 6:42am
Hi Sizz

For me, I'm keeping the larger fibs as a cycle to be completed in the big picture frame, but for me, I'm focused on following the inner fib movement to where price is going. I have to scale out every few days and reassess what the trend is, if there's retracement of the trend, reversal of the trend, etc. but I then look for the days direction, and move my inner fib as new support and resistance forms. I'm not trying to trade long term right now. So I don't feel I have anything that will help you, right now. Sorry
Mom "To conquer fear is the beginning of wisdom." – Bertrand Russell
  • #3,270
  • Feb 6, 2008 6:54am Feb 6, 2008 6:54am
Quoting galaxymom
Hi Sizz

For me, I'm keeping the larger fibs as a cycle to be completed in the big picture frame, but for me, I'm focused on following the inner fib movement to where price is going. I have to scale out every few days and reassess what the trend is, if there's retracement of the trend, reversal of the trend, etc. but I then look for the days direction, and move my inner fib as new support and resistance forms. I'm not trying to trade long term right now. So I don't feel I have anything that will help you, right now. Sorry

MOM!!!!

Nooo!! if Mom can;t help who can? you owe me some chocolate chip cookies Mom mmm hehe

I do that too! use the big chart for support and resistance plays the smaller tfs or tfs views One of the first things I ever learned how to do was play the little guys off of the big guys Trending 101 as long as you are in the right direction for the major you will be infe(which is norwegian for Fine) just add a pinch of time.. Made life so much simpler. Even more simple then tivo.

I pop in and out of Bo's "Alabama Fibaway" thread and it looks like you are taking to it like a fish to water or me to open bar! I likey. Golf claps!

Sizz

EDIT hold the phone Batman.. I just check a different data feed and my tp came within 4 pips. 207.73 to TP 207.69 hmm.
  • #3,271
  • Feb 6, 2008 7:02am Feb 6, 2008 7:02am
Quoting sizzler
MOM!!!!

Nooo!! if Mom can;t help who can? you owe me some chocolate chip cookies Mom mmm hehe

Sizz
With or Without nuts? Just as soon as we get this vacation/workshop scheduled, I'll start baking.
Mom "To conquer fear is the beginning of wisdom." – Bertrand Russell
  • #3,272
  • Feb 6, 2008 7:03am Feb 6, 2008 7:03am
Quoting piphitman
daily I-fib for a cool 100 pips right before LO, a sweet set up with price staying right in the AL zone, it makes one last attempt to break back into the DZ, then it comes close to touching support line 1..2..3..times and then the 4th attempt comes almost right on the support line and I'm in and we know that support is toast. Didn't have to wait for three days for that one. What a great start to FOLO.

please remind me what does FOLO stand for?
  • #3,273
  • Feb 6, 2008 7:21am Feb 6, 2008 7:21am
Quoting dagoods
please remind me what does FOLO stand for?
Frankfurt Open London Open
"The only successful substitute for brains is silence."
  • #3,274
  • Feb 6, 2008 7:24am Feb 6, 2008 7:24am
I've been studying Skunny's S/R Swing chart for a few days now (the H4 GBP/USD chart exercise from waaaay back) and have stuck some resistance lines out on this USDCAD chart below from the prior swing down. The first attempt on the line broke the line and the next candle opened above it but closed below. Two candles later we penetrated the line, but couldn't hold it again. Price has since retreated down, but has yet to hit the 38 or 62 retrace points. Are these valuable hints left behind? Or are three penetrations in such close proximity more a sign of failure? Note that the sell line down at .9924 saw 4 penetrations, but no continuation down as of yet. Could this be setting up a trading range on this TF? Lots of questions to ponder!

note: I've left just one fib on the chart just to keep it clutter free for purpose of presentation. Plus, I think that I've gotten to caught up on the whole fib thing. I need to put a Post-It on my computer to remind myself that fibs are just a measuring tool and that the PA comes first
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  • #3,275
  • Feb 6, 2008 7:28am Feb 6, 2008 7:28am
Quoting galaxymom
With or Without nuts? Just as soon as we get this vacation/workshop scheduled, I'll start baking.

hmm Can I say both?? hehehe yeah Does Bo know where his partner in crime went? Whats is going on with that?


Sizz
  • #3,276
  • Feb 6, 2008 7:43am Feb 6, 2008 7:43am
Quoting sizzler
hmm Can I say both?? hehehe yeah Does Bo know where his partner in crime went? Whats is going on with that?


Sizz
Both! You got 'em!

No idea, not privy to their lives, but I do see Skunny in the list, spying I suppose, so he must be sitting back laughing or crying, wondering what he started.
Mom "To conquer fear is the beginning of wisdom." – Bertrand Russell
  • #3,277
  • Feb 6, 2008 7:51am Feb 6, 2008 7:51am
Scotty B said,

"Now for the market hinting us: You fib a candle (yes any candle) and the very next candle breaks up right past the 38.2 but doesn't hit the 61.8, then falls back down into the range of the fibbed candle in question. What would you do? Maybe the candles to follow even fall below the low of the fibbed candle. Ok I guess I am giving this away now but here what Scotty B would do. He would put a big ole smelly Take Profit on that original 61.8 level the market tried to go to but didn't hit, and then he would take a nap. It might take an hour and it might take a week, but the market will hit AT LEAST that 61.8. I say at least because if the initial candle that hits that 61.8 exceeds the 61.8 level by even a hair, I stay in the trade, but you guy's have to guess where I move my take profit to."[/quote]

Agree. You can also fib a fib. enter on break of +/- 12%, close at fib +/0 5%. 8 trades in the attachment starting after 9pm (just to the right of the green background), one right after the other, 160 pips. Thanks Skunny. Scotty B - right on. (1 candle is much easier, don't need stuff cluttering up trading, like the attachment below.)
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  • #3,278
  • Feb 6, 2008 8:10am Feb 6, 2008 8:10am
Here is one I was watching on the demo.

The yellow fib is from the 1h chart. The turquiose fib is a 5m tf within the larger one.

I was waiting for the price to break the buy 208.65 but got distracted answering an email. By the time I got back, the price had shot through T2.

Hey ho.

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  • #3,279
  • Feb 6, 2008 8:23am Feb 6, 2008 8:23am
Quoting BarneyDog
Scotty B said,

"Now for the market hinting us: You fib a candle (yes any candle) and the very next candle breaks up right past the 38.2 but doesn't hit the 61.8, then falls back down into the range of the fibbed candle in question. What would you do? Maybe the candles to follow even fall below the low of the fibbed candle. Ok I guess I am giving this away now but here what Scotty B would do. He would put a big ole smelly Take Profit on that original 61.8 level the market tried to go to but didn't hit, and then he would take a nap. It might take an hour and it might take a week, but the market will hit AT LEAST that 61.8. I say at least because if the initial candle that hits that 61.8 exceeds the 61.8 level by even a hair, I stay in the trade, but you guy's have to guess where I move my take profit to."
Agree. You can also fib a fib. enter on break of +/- 12%, close at fib +/0 5%. 8 trades in the attachment starting after 9pm (just to the right of the green background), one right after the other, 160 pips. Thanks Skunny. Scotty B - right on. (1 candle is much easier, don't need stuff cluttering up trading, like the attachment below.)[/quote]

I'm glad to see it is working. It's funny, this thing we call 'indicator free trading.' I have a hard time even seeing the candles on a lot of the charts I see up around here. Now it's true that a lot of people make good use of indicators, but too many times they become clutter. I have a hunch that a lot of stuff on a chart makes a person feel better, or like they have a better handle on the rabid forex easter bunny of a market. But the truth still remains as Skunny has said "The 95% feed the 5% very well."
Attached Image
  • #3,280
  • Feb 6, 2008 8:39am Feb 6, 2008 8:39am
  •  TrevA
  • | Joined Oct 2007 | Status: my brain has a mind of its own | 166 Posts
Quoting sizzler
TrevA,

Awesome question. 98-100% accurate. In my "day" job I am a PASR trader and I would set my targets based on the SR I saw. I found that if I used fibs and used them "correctly" it was like adding a whole lot of BAM! to my trading.

Trade shapes,bars, patterns and lines? Put some fibs on there to lock down your TPs. You can probably just "see" where they should go but how about where they really are?.

I normally can either stack on a bunch more ,not so obvious to me, pips OR reel it in so my tp gets hit and I don't have a retrace or reverse and have to manually take myself out of the market and bleed pips. Really helped. Like putting bacon on your cheeseburger

Sizz
Impressive results! should have thought of using fibs for profit targets before but I always thought they were over rated!!! My money management has always been excellent and have been trading for years with an uncomfortable feeling in my stomach for profit targets. Over the last two days I've been backtesting fibo profit targets using vHands and the results are truly astounding. My win rate has gone from 3 consecutive to 12 consecutive wins on average.

I'm trying to put a finger on why it gives trading more 'BAM' as you put it. I think it adds more formality and controls greed.... not really sure at this point.

Setting the fib is no problem and i get it right most of the time but you really need to think about where you set the TP relative to the spread because it has laser accuracy and you can miss the TP by a pip if you're not careful. I have a custom indicator that I use to help set the fib using factals and it's pretty accurate. I can share it if you're interested.

TrevA
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