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Indicator Free Trading - Skunny

  • #3,301
  • Feb 6, 2008 1:11pm Feb 6, 2008 1:11pm
lol the more i practice the more i get the hang of this... it IS all there in skunnys posts isnt it.... KISS indeed thanks guys

PS pipr i just made a measley 9 pips on this trade...guess I am done for the day...and well on my way to that first Skunny million with the PIPR plan of 5 a day


I HAVE to find a good broker with lower spreads/fees sheesh ..

any recomendations guys?
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  • #3,302
  • Feb 6, 2008 1:26pm Feb 6, 2008 1:26pm
Quoting Islander
OK I've finished moving a $3M fiber-glass "hole in the ocean" and its safely tied up without a scratch - quite relaxing after all this trading.

Came back and found this set up begging to be taken. On the 5m chart, the minimum swing that I'll fib is 80 pips - this was 85, so about as tight as I'll trade - and given that it is against the higher trend and around NY Open, my target was for a clear 50 after the spread. Pips in my bank are what counts.

PS I guess you can see, the 138 hit to the pip! - and if you're really walking your fibs fast, there was anothe PB into the new DZ for another buy - I clucked at 23 pips on that one as UJ seemed to be stalling. I probably wont trade again until Frankies time tomorrow - mustn't get greedy.

Edit: Pat self on back, correct decision as market's going nowhere. Reward self with early Sundowner.....cheers....
Issy,

excellent job skipper, I went to bed last night watching that new 5M fib working it's way up to the top side and figured there would be a good pip bagging point ahead, and I knew you'd be there to slay em......good job.

And as always, thanks for the chart and your analysis.

Since I have been trading pretty much exclusively 15/5M in the FO/LO I have now also been studying "chart patterns" like crazy. The more you sit in front of a computer and stare at 5M candles one after the other, you can see that each one is telling a story about PA. dojis, haramis, pinbars, break reversals, etc. I wont use them to determine where price will go because doing that can be dangerous but, they do offer clues so I look really closely at their formations within the DZ/AL area.

Quote of the Day:

Quoting Sizzler
ramen and night train....
breakfast of forex champions
trading naked.......
  • #3,303
  • Feb 6, 2008 2:02pm Feb 6, 2008 2:02pm
Quoting dagoods
lol the more i practice the more i get the hang of this... it IS all there in skunnys posts isnt it.... KISS indeed thanks guys

PS pipr i just made a measley 9 pips on this trade...guess I am done for the day...and well on my way to that first Skunny million with the PIPR plan of 5 a day


I HAVE to find a good broker with lower spreads/fees sheesh ..

any recomendations guys?

Dagoods,

Nice work!!! when you get your millions I will come visit you on Star island or Dagoods Island LOL

As far as trading places it is your choice but some great ones IMO are

MBT, Oanda and Interactive brokers. Depends on what you like and what you trade

Sizz
  • #3,304
  • Feb 6, 2008 2:20pm Feb 6, 2008 2:20pm
Quoting dagoods
lol the more i practice the more i get the hang of this... it IS all there in skunnys posts isnt it.... KISS indeed thanks guys

PS pipr i just made a measley 9 pips on this trade...guess I am done for the day...and well on my way to that first Skunny million with the PIPR plan of 5 a day


I HAVE to find a good broker with lower spreads/fees sheesh ..

any recomendations guys?



I agree with Sizz. I am using MBT now....use ODL for charting. Yeah....you pay a comish but the spreads are tight and you can even get fills between the spread at times.

I am right now getting ready to open an account at Interactive as well......don't want all them quail eggs in one basket. Plus....having traded futures, options & stocks over the last 15 yrs.....it might be nice to apply some of this to other-kinds-a-charts.

In addition....with the hub-bub going on in the industry right now.....these seem among the safer choices to me.........have some deeper pockets behind them.
  • #3,305
  • Feb 6, 2008 2:28pm Feb 6, 2008 2:28pm
Quoting Brunite



I agree with Sizz. I am using MBT now....use ODL for charting. Yeah....you pay a comish but the spreads are tight and you can even get fills between the spread at times.

I am right now getting ready to open an account at Interactive as well......don't want all them quail eggs in one basket. Plus....having traded futures, options & stocks over the last 15 yrs.....it might be nice to apply some of this to other-kinds-a-charts.

In addition....with the hub-bub going on in the industry right now.....these seem among the safer choices to me.........have some deeper pockets behind them.
it is my understanding that if they are a futures broker they are insured...and if not they do not have to be insured and your money is not guaanteed in case they go bakrupt or run off to the cauymens to track down Islader and try to get their pips back from that pipirate

is this true? and if so are both of them futueres/commodities brokers?

PS does ODL have daily start time of 7 pm EST like skunny suggested( at least i think that is what he said)???? i beleive that correlates to GMT +1??? help appreciated
  • #3,306
  • Feb 6, 2008 2:42pm Feb 6, 2008 2:42pm
[quote=dagoods;1838596]lol the more i practice the more i get the hang of this... it IS all there in skunnys posts isnt it.... KISS indeed thanks guys

PS pipr i just made a measley 9 pips on this trade...guess I am done for the day...and well on my way to that first Skunny million with the PIPR plan of 5 a day


I HAVE to find a good broker with lower spreads/fees sheesh ..

any recomendations guys?[/quote

Hey Dagoods, pips in the bank are fine and you're obviously getting the idea.

However, the range of your green fib looks like about 40 pips which for me is too tight. The last one I have - and I'm not trading now, so I cannot say if I'd have been tempted to tighten it - is from 208.70 to 209.45 (75 pips) This put my lower DZ line at 209.00 - so a Sell for me in the 18:40 GMT candle at say 208.98 with T1 at 208.43 - that's over 50 pips when it gets hit - or take a clean 20 / 25 if you're not feeling good about price movement.

I'm using ODL with a 6 pip spread and MT4.
Trading Levels with WRBs
  • #3,307
  • Feb 6, 2008 2:46pm Feb 6, 2008 2:46pm
Quoting Brunite



I agree with Sizz. I am using MBT now....use ODL for charting. Yeah....you pay a comish but the spreads are tight and you can even get fills between the spread at times.

I am right now getting ready to open an account at Interactive as well......don't want all them quail eggs in one basket. Plus....having traded futures, options & stocks over the last 15 yrs.....it might be nice to apply some of this to other-kinds-a-charts.

In addition....with the hub-bub going on in the industry right now.....these seem among the safer choices to me.........have some deeper pockets behind them.

Sheesh Brunite lets be honest with Dagoods

Dagoods, just get set up with Man Global and just get a subscription to Interactive brokers ot TT as your front end and go nuts! J/K

that is pretty much what I heard some arrogant #$%@ hedge fund maniac tell a new trader to do who wanted to start. Also pool together about 250-500k and go nuts. Which shouldn't be a problem and it will be about 800/month per exchange.. you can figure out how to trade from there.

I heard that and I was like wha??? hehe some people , I couldn;t tell if he was dense or needed a face punching for being a snob Gotta keep that ego in check fundmaster. This kid was an admitted demo trader who was asking trying to get GOOD advice.. I mean crap why not start there...grrr.

anywho that story still makes me angry so i had to vent it..

but Brunite what else do you like to trade? I just started taking fibs into Crude futures and would have knocked out (DEMO) some serious ticks if I didn't chicken on my fibs and run still made out though.. fake made out

As always Cart before horse gotta lock it down in FX first


Sizz.
  • #3,308
  • Feb 6, 2008 2:51pm Feb 6, 2008 2:51pm
So just a question for all the people participating here. Has anyone actually found an objective way to apply anything you've been discussing? It seems everyone is putting things on their charts just to suit whatever it is they want to see.
  • #3,309
  • Edited 3:50pm Feb 6, 2008 2:54pm | Edited 3:50pm
Quoting dagoods
it is my understanding that if they are a futures broker they are insured...and if not they do not have to be insured and your money is not guaanteed in case they go bakrupt or run off to the cauymens to track down Islader and try to get their pips back from that pipirate

is this true? and if so are both of them futueres/commodities brokers?

PS does ODL have daily start time of 7 pm EST like skunny suggested( at least i think that is what he said)???? i beleive that correlates to GMT +1??? help appreciated
LOL - I got told the party moved south, so I'm leaving the Caymans and Virgins and I'm heading down south, accross the equator to try the Caipirinhas with a couple of other traders......http://www.forexfactory.com/images/icons/icon6.gif

http://www.forexfactory.com/showpost...postcount=4445
Trading Levels with WRBs
  • #3,310
  • Feb 6, 2008 2:59pm Feb 6, 2008 2:59pm
Quoting Islander
LOL - I got told the party moved south, so I'm leaving the Caymans and Virgins and I'm heading down soth, accross the equator to try the Caipirinhas with a couple of other traders......http://www.forexfactory.com/images/icons/icon6.gif

http://www.forexfactory.com/showpost...postcount=4445

I'm In So in LOL



Sizz.
  • #3,311
  • Feb 6, 2008 3:00pm Feb 6, 2008 3:00pm
Quoting dagoods
it is my understanding that if they are a futures broker they are insured...and if not they do not have to be insured and your money is not guaanteed in case they go bakrupt or run off to the cauymens to track down Islader and try to get their pips back from that pipirate

is this true? and if so are both of them futueres/commodities brokers?

PS does ODL have daily start time of 7 pm EST like skunny suggested( at least i think that is what he said)???? i beleive that correlates to GMT +1??? help appreciated
Don't take me as the last word, but:

1) Interactive Brokers LLC is a member NYSE - FINRA - SIPC and regulated by the US Securities and Exchange Commission and the Commodity Futures Trading Commission

NYSE membership is a good thing IMHO.

2) Securities products are offered through MB Trading, member FINRA, SIPC. MB Trading Futures, Inc. (MBTF) is CFTC registered FCMs and member of NFA. MBTF offers execution and settlement services for futures based products, as well as offer off-exchange foreign currency (forex) products through MB Trading.

My undrstanding is that MBT is considered an affiliated introducing firm for MB Trading Futures, Inc.

Accounts with MBT may not have as much "safety" as with MBTF but at least there is a relationship with a larger firm.

Both of these sit better with me than most of the "bucket-shops".

All IMHO of course.


ODL....I believe starts day at GMT.
  • #3,312
  • Feb 6, 2008 3:00pm Feb 6, 2008 3:00pm
Quote
PS does ODL have daily start time of 7 pm EST like skunny suggested( at least i think that is what he said)???? i beleive that correlates to GMT +1??? help appreciated
Dagoods, Yes ODL does have a start time of 7pm EST but I believe that is GMT +0.
  • #3,313
  • Feb 6, 2008 3:03pm Feb 6, 2008 3:03pm
[quote=Islander;1838706]
Quoting dagoods
lol the more i practice the more i get the hang of this... it IS all there in skunnys posts isnt it.... KISS indeed thanks guys

PS pipr i just made a measley 9 pips on this trade...guess I am done for the day...and well on my way to that first Skunny million with the PIPR plan of 5 a day


I HAVE to find a good broker with lower spreads/fees sheesh ..

any recomendations guys?[/quote

Hey Dagoods, pips in the bank are fine and you're obviously getting the idea.

However, the range of your green fib looks like about 40 pips which for me is too tight. The last one I have - and I'm not trading now, so I cannot say if I'd have been tempted to tighten it - is from 208.70 to 209.45 (75 pips) This put my lower DZ line at 209.00 - so a Sell for me in the 18:40 GMT candle at say 208.98 with T1 at 208.43 - that's over 50 pips when it gets hit - or take a clean 20 / 25 if you're not feeling good about price movement.

I'm using ODL with a 6 pip spread and MT4.



thanks islander... i look forward to brazil and the skunny millionaires club yearly getaway.... of course we all expect you will take us there on the yacht

PS thanks brunite sizz and everyone else also for your responses i willl look into those brokers and pick one since mine stinks lol
  • #3,314
  • Feb 6, 2008 3:05pm Feb 6, 2008 3:05pm
Quoting bobblong
So just a question for all the people participating here. Has anyone actually found an objective way to apply anything you've been discussing? It seems everyone is putting things on their charts just to suit whatever it is they want to see.
Bob...

Just a question.

As you said.....lotsa folks putting things on their charts fer sure.

Have you been using any of Skunny's stuff?.....any ideas or charts you care to share?

Thanks!
  • #3,315
  • Feb 6, 2008 3:19pm Feb 6, 2008 3:19pm
Quoting bobblong
So just a question for all the people participating here. Has anyone actually found an objective way to apply anything you've been discussing? It seems everyone is putting things on their charts just to suit whatever it is they want to see.
So, after reading this thread about self development of our own personal style based on fibonacci principles this is your question........

Guys - just click on this posters avatar - preferably ignoring its provocative content - methinks we have a poster who like tossing big boulders in ponds to see what happens.

Peace to you and happy pipping.....
Trading Levels with WRBs
  • #3,316
  • Feb 6, 2008 3:21pm Feb 6, 2008 3:21pm
I use ODL as well and they have been fine for me so far. I was with their demo MT4 before I went Live with them.

My recommendation/opinion of ALL brokers is.....take out some profits every once in a while instead of leaving it all in there. I've almost been able to take out all of my initial capital I initially deposited into ODL (tyvm skunny) so pretty soon I'm hoping to be trading with the casinos money..

I've heard nothing but good things about Dukascopy so my next goal is to open an account with them. 50 large min. needed to open with them.
trading naked.......
  • #3,317
  • Feb 6, 2008 3:27pm Feb 6, 2008 3:27pm
Well Brunite, I find that if one is to make repeatedly successful trades, some things need to be objectified, and drawing a fib on "swings" is subjective in its entirety, so what I have on my charts is previous day & week high, low and 50%(GMT) All other levels are more or less random with respect to price behaviour.

I borrowed the idea from skunny to use the extensions. From my research, a breakout from a daily/weekly high/low will lose money over time if traded as such. The concept of price acceptance and rejection needs to be watched and applied. Meaning is price accepted at this new level (new high or low). The measure for this is time and price action. The longer price will spend above/below a level, the more likely it is to move on from there in the breakout direction or stay there rather than retreat. If it starts to get spiky above a previous high, fading the level will generate good trades. The 50% is a high probability area for a bounce(on touch, no waiting, with a stop loss derived from stats), from both ways and can be traded as stop & reverse with success, both weekly and daily. Again from actual research sampled laboriously, the daily extensions are low probability targets after a blind breakout, and the odds of hitting them only increase after 'price acceptance' - meaning more often than not, price does not make new highs/lows & gets accepted. It may make lots of new highs & lows but most of the time gets rejected, the data sample used is two years on the gbp/jpy. These findings confirm the fact that markets are sideways most of the time rather than trending. Most intraday trends are simply a range.
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  • #3,318
  • Feb 6, 2008 3:33pm Feb 6, 2008 3:33pm
Quoting bobblong
Most intraday trends are simply a range.
and.......so.........I love the range.

I haven't found anybody on this thread that is trading Skunny style on daily or weekly? If you are trading that TF with any success please do share as we are all here to learn.
trading naked.......
  • #3,319
  • Feb 6, 2008 3:36pm Feb 6, 2008 3:36pm
Quoting piphitman
and.......so.........I love the range.

I haven't found anybody on this thread that is trading Skunny style on daily or weekly? If you are trading that TF with any success please do share as we are all here to learn.
Skunny and Bo have said that trade the Daily on a H1 tf, Skunny said he enters on the H1 and manages the trade on the 15M.

There has to be something to these statements.
Mom "To conquer fear is the beginning of wisdom." – Bertrand Russell
  • #3,320
  • Feb 6, 2008 3:36pm Feb 6, 2008 3:36pm
Quoting piphitman
and.......so.........I love the range.

I haven't found anybody on this thread that is trading Skunny style on daily or weekly? If you are trading that TF with any success please do share as we are all here to learn.
Hm No not trading it on daily/weekly, i use the previous day/week information..


The range is fine, but counting on a daily high/low breakout is a losing proposition, that is the point I'm making
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