Indicator Free Trading - Skunny | Page 167 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

How to free indicator resources? indicator called from EA 7 replies

COT trading system with free indicator 297 replies

No Free Lunch but all the Free Coffee you can drink 736 replies

SWAP free, rollover free Broker? 15 replies

Attachments: Indicator Free Trading - Skunny
Exit Attachments

Indicator Free Trading - Skunny

  • #3,321
  • Feb 6, 2008 3:46pm Feb 6, 2008 3:46pm
Quoting piphitman
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.
for Dukascopy I spoke tho their sales department... they will make exceptions she told me and let u open an account for 25 k.... if you are so inclined.... I also have only heard good things about them... except they are out of country and hard to contact from the USA.... which could pose a problem sometimes if u need to speak to someone immediately (like if your computer crashes and you want to hit up the dealing desk to set stops limits etc)

I also think they have changing spreads? not sure but trade duting news this is not good.... anyway thanks all for advice
  • #3,322
  • Feb 6, 2008 3:48pm Feb 6, 2008 3:48pm
If we are following Skunny's methodology we are trading the inner fib with it leading to the trade of the Daily fib. Yesterday's Daily GU fib was not completed, but there was a nice 35-60 pip move depending on your style of entry. And from everything I have read, Skunny is all about taking profits on the inner fib, smaller pip movements with a larger lot trade. That is very profitable, IMHO.
Mom "To conquer fear is the beginning of wisdom." – Bertrand Russell
  • #3,323
  • Feb 6, 2008 3:49pm Feb 6, 2008 3:49pm
Quoting dagoods
for Dukascopy I spoke tho their sales department... they will make exceptions she told me and let u open an account for 25 k.... if you are so inclined.... I also have only heard good things about them... except they are out of country and hard to contact from the USA.... which could pose a problem sometimes if u need to speak to someone immediately (like if your computer crashes and you want to hit up the dealing desk to set stops limits etc)

I also think they have changing spreads? not sure but trade duting news this is not good.... anyway thanks all for advice
anybody know of a 'reputable" broker that has a low spread on GBP/JPY and GBP/CHF?
trading naked.......
  • #3,324
  • Feb 6, 2008 3:59pm Feb 6, 2008 3:59pm
Quoting bobblong
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

I dont get it? the only thing that is a losing proposition is if you havent put the work in to test on vahands and/or u dont understand the skunny kung-fu style ....I.E. if you dont have a plan to stop and reverse for the rare occasions when this is necessary...., otherwise the skunny quail is working just fine

by the way gj is to be avoided in skunnys advice to us.... he advises to stick to eu and gu i beleive if i remember correctly....

gj definitely respects the 50 fib...i agree with u on that but so what???? can u add this level in and figure out a way to trade this level as well... ...sure you can... to each his own.... but a losing propostiton? i respectfully disagree kind sir...... maybe i misunderstand u? could you elaborate?

granted i would not want to trade gj weekly or even daily....as the drawdowns and wait time would be enourmous....... but still i dont get what u r trying to say?
  • #3,325
  • Feb 6, 2008 4:15pm Feb 6, 2008 4:15pm
Quoting dagoods
I dont get it? the only thing that is a losing proposition is if you havent put the work in to test on vahands and/or u dont understand the skunny kung-fu style ....I.E. if you dont have a plan to stop and reverse for the rare occasions when this is necessary...., otherwise the skunny quail is working just fine
The need to reverse is not a rare occurance, it's the norm rather than the rarity. This is a fact about price: It may make a new high following the previous day, but will retreat to within the previous day's range a lot more often than it will continue, this applies to all forex pairs and all stock index futures. 2007 is an exception for commodity futures and commodity futures only. I suggest you record some statistics and check it out for yourself.


Quoting dagoods
by the way gj is to be avoided in skunnys advice to us.... he advises to stick to eu and gu i beleive if i remember correctly....
It shouldn't matter what you are trading. g/y is just the relationship between the pound and yen and can be treated as any other market.

Quoting dagoods
gj definitely respects the 50 fib...i agree with u on that but so what???? can u add this level in and figure out a way to trade this level as well... ...sure you can... to each his own.... but a losing propostiton? i respectfully disagree kind sir...... maybe i misunderstand u? could you elaborate?
Losing proposition is a break of the previous day's high/low without observation of rejection/acceptance based on price action and time. That is all I am saying. On my previous post I mentioned that when you are defining "swing" and "cycle", it is all so subjective and has no statistical merits, therefore you never know if your personal definitions are correct, there will always be doubt or hope.


Quoting dagoods
granted i would not want to trade gj weekly or even daily....as the drawdowns and wait time would be enourmous....... but still i dont get what u r trying to say?
Previous week&day's high+low, very objective, always easily defined.
That's all.
  • #3,326
  • Feb 6, 2008 4:16pm Feb 6, 2008 4:16pm
Has anyone had any luck fibbing doji's and pb's at s/r for scalping on the 1 hour. Just curious

HH
  • #3,327
  • Feb 6, 2008 4:16pm Feb 6, 2008 4:16pm
Quoting piphitman
anybody know of a 'reputable" broker that has a low spread on GBP/JPY and GBP/CHF?
Tradestation now has Forex and spreads are reasonable. Check them out.
  • #3,328
  • Feb 6, 2008 4:19pm Feb 6, 2008 4:19pm
Quoting piphitman
anybody know of a 'reputable" broker that has a low spread on GBP/JPY and GBP/CHF?

you forgot the twisted sister that is GBP/CAD!!!!


Sizz
  • #3,329
  • Feb 6, 2008 4:30pm Feb 6, 2008 4:30pm
Quoting galaxymom
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.
If I had to make a guess . . . the +-4 Ganns still work on those TFs
20 pips a day isn't too much to ask . . .
  • #3,330
  • Feb 6, 2008 4:48pm Feb 6, 2008 4:48pm
Quoting bobblong
The need to reverse is not a rare occurance, it's the norm rather than the rarity. This is a fact about price: It may make a new high following the previous day, but will retreat to within the previous day's range a lot more often than it will continue, this applies to all forex pairs and all stock index futures. 2007 is an exception for commodity futures and commodity futures only. I suggest you record some statistics and check it out for yourself.




It shouldn't matter what you are trading. g/y is just the relationship between the pound and yen and can be treated as any other market.



Losing proposition is a break of the previous day's high/low without observation of rejection/acceptance based on price action and time. That is all I am saying. On my previous post I mentioned that when you are defining "swing" and "cycle", it is all so subjective and has no statistical merits, therefore you never know if your personal definitions are correct, there will always be doubt or hope.




Previous week&day's high+low, very objective, always easily defined.
That's all.
well now that i have had a semi aha moment i am tempted to give u the answer...but i just can't keep at it is all i can tell u sir.... its all about the proper s/r thats all i can tell u


good luck
  • #3,331
  • Feb 6, 2008 5:03pm Feb 6, 2008 5:03pm
Quoting bobblong
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.
This is very good info, thanks! This is one of the most helpful posts in this entire thread, IMHO. We would all do well to adopt your scientific approach in our testing. I hope I can uncover some info this useful to help you and everyone else out. Keep up the great work!!
  • #3,332
  • Feb 6, 2008 5:06pm Feb 6, 2008 5:06pm
Quoting dagoods
well now that i have had a semi aha moment i am tempted to give u the answer...but i just can't keep at it is all i can tell u sir.... its all about the proper s/r thats all i can tell u


good luck
Hmm Dagoods you seem to have learned how to be mysterious from the master himself.

Seriously though, are you implying that we should not bother with daily and weekly high and lows? Focus purely on the swings?
  • #3,333
  • Feb 6, 2008 5:42pm Feb 6, 2008 5:42pm
Quoting 24HourTrader
Seriously though, are you implying that we should not bother with daily and weekly high and lows? Focus purely on the swings?
I have weekly and daily fibs on my vhands charts. Originally, it seemed logical that these would provide significant s\r information.

I am finding that I am ignoring them and concentrating purely on the swings, looking at fibs within fibs at the sub-daily level.

Might be different this time next week, mind.

  • #3,334
  • Feb 6, 2008 5:46pm Feb 6, 2008 5:46pm
Quoting 24HourTrader
This is very good info, thanks! This is one of the most helpful posts in this entire thread, IMHO. We would all do well to adopt your scientific approach in our testing. I hope I can uncover some info this useful to help you and everyone else out. Keep up the great work!!
Statistical analysis is a favorite of mine. Unfortunately bobblong's statistics will not be worth anything unless he learns the proper way to trade Fibonacci. It is obvious from his post he has no idea how to trade Fibonacci. But, maybe he is holding out and will post actual trade ideas later. Otherwise I recommend doing what Skunny recommended at the beginning - vHands. Dagoods points were all correct IF you know how to trade Fibonacci.
  • #3,335
  • Edited 6:31pm Feb 6, 2008 5:48pm | Edited 6:31pm
Quoting 24HourTrader
Hmm Dagoods you seem to have learned how to be mysterious from the master himself.

Seriously though, are you implying that we should not bother with daily and weekly high and lows? Focus purely on the swings?
I DIDN'T SAY THAT.... DID I?


I THINK WE SHOULD ALL RE-READ ALL OF SKUNNYS POSTS IN THIS FORUM (AND BOS MAYBE AS WELL) AND STUDY SKUNNYS CHARTS CAREFULLY THINK THIS WHEN STUDYING HIS CHARTS WHY IS THIS THE PROPER S/R AREA?????

As far as weekly daily high lows that all depends on how you want to use your bat....... personally weekly high lows are important but not definitive to me as far as s/r for me trading skunnys....sometimes they are tradeable to me and sometimes they are not.....but first find your bat lol Bos uses his bat a certain way.... and I choose another VARIATION....


its all there KISS good luck

PS VHANDS WILL REALLY TRAIN YOUR EYE AS SKUNNY SO WISELY SAID FROM DAY ONE

SEEKING LIGHT POSTED A NICE LOOKING CHART IN JOHN W'S THREAD THAT HIGHLIGHTS SOME S/R AREAS
  • #3,336
  • Feb 6, 2008 6:07pm Feb 6, 2008 6:07pm
  •  TrevA
  • | Joined Oct 2007 | Status: my brain has a mind of its own | 166 Posts
Sizz...

Wow, what a story you have! Everything you say is familiar.

Fibos are amazing! I have NEVER seen such an accurate way to take pips!!!! Fibs rock. I developed the trading system Skunny uses independently of him for myself last year without the fibos.... it worked but not quite... you know the story. Reading his page brought a grin to my face but fibs were a new concept... the application is like forex on steroids.

Backtesting today using GBP/JPY yielded the following results:

Successful trades in a row without loss: 45
Starting balance: $10,000
Ending balance: $45,000
Trading days: 8
Average pips: 20
Timeframe: 15M
Gann: No
Currency: GBP/JPY
Entry method: MTF Fractal signals using custom indicator i wrote to find support resistance (you need to know the Skunny method first to use this indicator)
Money management: Percentage of equity model risking 10% per trade.

I am literally gobsmacked and in disbelief at the results. Never has my trading been so accurate.

The secret is out!!!!! Just wait until i really know how to use them.

TrevA

P.S. I'll be posting the indicator for all to use soon so keep an eye out for a new thread called "Skunny Indicator Free Trading with Indicators"
  • #3,337
  • Feb 6, 2008 6:38pm Feb 6, 2008 6:38pm
Quoting TrevA
Sizz...

Wow, what a story you have! Everything you say is familiar.

Fibos are amazing! I have NEVER seen such an accurate way to take pips!!!! Fibs rock. I developed the trading system Skunny uses independently of him for myself last year without the fibos.... it worked but not quite... you know the story. Reading his page brought a grin to my face but fibs were a new concept... the application is like forex on steroids.

Backtesting today using GBP/JPY yielded the following results:

Successful trades in a row without loss: 45
Starting balance: $10,000
Ending balance: $45,000
Trading days: 8
Average pips: 20
Timeframe: 15M
Gann: No
Currency: GBP/JPY
Entry method: MTF Fractal signals using custom indicator i wrote to find support resistance (you need to know the Skunny method first to use this indicator)
Money management: Percentage of equity model risking 10% per trade.

I am literally gobsmacked and in disbelief at the results. Never has my trading been so accurate.

The secret is out!!!!! Just wait until i really know how to use them.

TrevA

P.S. I'll be posting the indicator for all to use soon so keep an eye out for a new thread called "Skunny Indicator Free Trading with Indicators"
TrevA,

That's great but, I would never.....EVER!!!!!!! risk 10% per trade on live money, would you?
trading naked.......
  • #3,338
  • Feb 6, 2008 6:44pm Feb 6, 2008 6:44pm
  •  TrevA
  • | Joined Oct 2007 | Status: my brain has a mind of its own | 166 Posts
Quoting piphitman
TrevA,

That's great but, I would never.....EVER!!!!!!! risk 10% per trade on live money, would you?
Excellent question.... and the answer depends on the risk of the trade. Normally i risk between 2-4% but have at times staked 10% in an obvious downturn.... e.g. August 2007.

Actually, i was feeling so good an confident with the accuracy of the fibs that I just ramped up the risk... but you're right. With real money i would be hesitate.

TrevA
  • #3,339
  • Feb 6, 2008 7:28pm Feb 6, 2008 7:28pm
[quote=TrevA;1838926]Sizz...

Wow, what a story you have! Everything you say is familiar.

Fibos are amazing! I have NEVER seen such an accurate way to take pips!!!! Fibs rock. I developed the trading system Skunny uses independently of him for myself last year without the fibos.... quote]


Treva,

that is interesting? How if you don;t mind me asking. I was using multi TF SR and momentum.

Treva, it gets even wilder. Strap in. almost every singal move in the market can be predicted. You can take the 1 min GY and tradeit flawless all day long. You can also trade both ways .you can be in the market 24/7 flawlessly depending on how tight your charts are and how good your feel for the market is. .

I have been trading since friday flawlessly DEMO( no sunday and really nothing yesterday opened I don;t think) and piperfect GY. I have taken 10 trades with 4 floating. One was a march Crude.

I have increased my account equity by 58% so far in banked trades. I had a bad fib I traded today so my flawless might end but we know what we did or rather I did and I am not convinced the market won;t pick it up yet.

I never risk more the 3% or more then 10% out at one time. You can take advantage of this(EVEN ON ONE PAIR) because you can play both ways at the same time, it is awesome. You can get your MM cranking with super tight stops.

i HAVE had bad fibs though due to sloppy set up and bad reads. The fibs don;t fail you fail the fibs if that makes sense. The fibs are never wrong. A great way to cut that down though is to be picky and trade the trend and really know where you are in the market above all.

If you already trade SR or PASR or PA you will find yourself pumping your fist and giggling at your tradestation. Everything is worth it and I feel like I am just getting started. IMO this feels like coming home, getting a hug from your mom and seeing the light for the first time all at the same time. Skunny is the man as far as I have seen, ever singal thing he has said is true. Everything. well hopefully not about his rear and that chair... LOL.

I am sure I am still wrong but I am for sure farther then i was when I started ImO Ah well , things will out or not hehehe practice make perfect. Glad to have you Aboard!!! you are going to love it here


Sizz.
  • #3,340
  • Feb 6, 2008 7:35pm Feb 6, 2008 7:35pm
I am literally gobsmacked and in disbelief at the results. Never has my trading been so accurate.

The secret is out!!!!! Just wait until i really know how to use them.

TrevA

P.S. I'll be posting the indicator for all to use soon so keep an eye out for a new thread called "Skunny Indicator Free Trading with Indicators"[/quote]

2 traders viewing now