Indicator Free Trading - Skunny

Quoting Islander

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So this was a bounce in a down trend with the 60m and 15m charts both trending down.

Here the spike up to the M 3 pivot at 209.10 failed to reach the previous high of 209.22 - a clear warning of weaknes.

Walking my 5m IFib to take in the latest action we can see that price retraced into the DZ and bounced just above the 50% line BUT then failed to clear the upper Alert Line (23.6% level) It had 3 attempts before dropping out of the bottom of the DZ to bounce off the lower AL (76.4%) for another attempted rally which also failed.

So now it was sell the 50% fib OR the exit from the DZ.....T1 is at 207.80 for a minimum of 70 pips with T2 worth 94 pips......more dubloons for my Pirate Bank! http://www.forexfactory.com/images/icons/icon10.gif

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Quoting dagoods

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maybe this is only a pierce but walking my lil babies i finally came to this big serious fibmeister and am at +1 no risk trade for MORE MORE MORE>>>>

why u wimps bailing? lol

or at least this one here eh

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Quoting 24HourTrader

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Hi Islander trying to understand how ifibs work...when price first entered the DZ and failed to break the 50%, why didn't you go long on the exit of the DZ as per your rules? I believe you would have been stopped out on that trade...unless I am misunderstanding the way you enter these trades?

Also, the first time it broke out of the DZ to the short side seems like it would have caused you to get stopped out as well, looks like there were several false exits of the DZ before price actually went somewhere. How can you avoid getting whipsawed to death in this case?

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Quoting Islander

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So this was a bounce in a down trend with the 60m and 15m charts both trending down.

Here the spike up to the M 3 pivot at 209.10 failed to reach the previous high of 209.22 - a clear warning of weaknes.

Walking my 5m IFib to take in the latest action we can see that price retraced into the DZ and bounced just above the 50% line BUT then failed to clear the upper Alert Line (23.6% level) It had 3 attempts before dropping out of the bottom of the DZ to bounce off the lower AL (76.4%) for another attempted rally which also failed.

So now it was sell the 50% fib OR the exit from the DZ.....T1 is at 207.80 for a minimum of 70 pips with T2 worth 94 pips......more dubloons for my Pirate Bank! http://www.forexfactory.com/images/icons/icon10.gif

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Quoting dagoods

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daniel everyone is entitled to their own opinion, don't u think?...and I respect yours...as well as everybody elses...but I also respect scotty B and what he trying to accomplish.... skunny did in fact show us a trade with a 200 pip drawdown in one of his earliest posts if u remember...also skunny did mention further fib extentions beyond 161..... each must find his own "system" or as Brunite analogized his/her own "bat" if u will... shouldn't we encourage each to explore the possibilities and find their own way and find their own comfort zone....personally i like little trades with little risk as well....but to each his/her own.... I do think that scotty would do well to get on vhands a bit more maybe and maybe to realize that there will be times when reversing a trade and/or taking a loss is the only option....and skunny did mention human error, price at a point of true reversal etc...... so i understand your points and personally agree with you...but I also respect scotty and his quest for his own moley quail.... IMWO thats my 2.61838212750 cents

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Quoting Islander

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Good - some valid questions....

Firstly, please remember that I am also monitoring the 15m chart and also the GU and UJ - these help with additional info not picked up by just the 5m GJ chart.

I had already posted: "Also on the 15m if you put on a -1.0 gann line from Tuesdays high of 210.40 you'll see its held as resistance. This is THE most important gann angle and also has a 144 period time line in the 7:30am gmt bar - another important number." So here I was talking about overhead resistance.

In this post I said "Here the spike up to the M 3 pivot at 209.10 failed to reach the previous high of 209.22 - a clear warning of weaknes.

Also, as mentioned, the trend on the higher TFs was down


Thus I elected NOT to try for another conta trend Buy, BUT waited for a Sell.

To make a Reversal Trade, I like to see the opposite AL level broken - here we had a bounce at the ? at the AL so the more conservative trade is to wait for the break AFTER a test of that level.

Sizz haas named these IFibs, and I just have them this way as I find they give me greater clarity - they are just standard fibs renamed.

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Quoting hharrington

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I just cant believe what i am seeing.

Skunny, here is my discovery since i have been trading vhands....for many many hours. Tell me if im on the right track...(fib line) lol. I remember reading someplace that currencies spend most of their time in consolidation.

Since currencies for the most part are in consolidation then what we want to look for is the breakouts of consolidation. I have discovered or i think i have discovered that is basically what we are doing is finding those key breakouts of consolidation,,,and what better way to do this than with fibs since they are one of the most reliable tools in our tool kit. If the range in consolidation is wide enough then we can drop down a time frame and scalp....from the inner fibs. KISS

The next piece to the puzzle isnt here yet because i havent read far enough in your forum, but you cant bet your bottom dollar i will ...I need to figure out where to draw the s and r lines, then i will have another great tool to work with. Thanks so much. You are the man.

Your generosity overwhelms me.



HH

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Quoting SteveHopwood

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Here is a neat little +36 I took on the demo earlier. The yellow fib is the master, the turquoise the inner fib I based the trade on. I couldn't have done this a few weeks ago.

A quick question to the experts about my use of vhands. I am not dummy-trading it successfully as I find the inability to drop down time frames a disadvantage. Should I restrict myself to watching pa and drawing fibs, leaving the practise trading to the demo?

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Quoting galaxymom

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Hi Steve

You might want to have a chart with the lower time frame for reference, and just pause vhands and refer to it, and you can advance the chart one candle at a time by using the F12 Key.

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Quoting hharrington

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I just cant believe what i am seeing.

Skunny, here is my discovery since i have been trading vhands....for many many hours. Tell me if im on the right track...(fib line) lol. I remember reading someplace that currencies spend most of their time in consolidation.

Since currencies for the most part are in consolidation then what we want to look for is the breakouts of consolidation. I have discovered or i think i have discovered that is basically what we are doing is finding those key breakouts of consolidation,,,and what better way to do this than with fibs since they are one of the most reliable tools in our tool kit. If the range in consolidation is wide enough then we can drop down a time frame and scalp....from the inner fibs. KISS

The next piece to the puzzle isnt here yet because i havent read far enough in your forum, but you cant bet your bottom dollar i will ...I need to figure out where to draw the s and r lines, then i will have another great tool to work with. Thanks so much. You are the man.

Your generosity overwhelms me.

HH

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Quoting Skunny

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Open a weekly chart and blow it up (not literally). Now open your Fibonacci tools and pull a linear fib from the high and low of any candle. Make sure your fib tool has the extensions set at 138 and 162 like in my example. Now watch what happens when the either the high or low is breached. More often than not when the low/high is breached the extensions get hit to some degree.(for you to figure out). When they don't, what happens?

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Quoting RaptorUK

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In my humble opinion, not trying to answer for Skunny, I think you should pay special attention to post 45 in this thread, especially where it says the following:



I would add to this . . . when the extension (take profit TP) point is not hit on the same side as the high/low breach we have a failure. The question is . . . what is happening to cause this failure ?

Anyone else think this is key ? or am I alone.

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Quoting hharrington

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I just cant believe what i am seeing.

Skunny, here is my discovery since i have been trading vhands....for many many hours. Tell me if im on the right track...(fib line) lol. I remember reading someplace that currencies spend most of their time in consolidation.

Since currencies for the most part are in consolidation then what we want to look for is the breakouts of consolidation. I have discovered or i think i have discovered that is basically what we are doing is finding those key breakouts of consolidation,,,and what better way to do this than with fibs since they are one of the most reliable tools in our tool kit. If the range in consolidation is wide enough then we can drop down a time frame and scalp....from the inner fibs. KISS



The next piece to the puzzle isnt here yet because i havent read far enough in your forum, but you cant bet your bottom dollar i will ...I need to figure out where to draw the s and r lines, then i will have another great tool to work with. Thanks so much. You are the man.

Your generosity overwhelms me.



HH

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Quoting arralou

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When they don't get hit the trend reverses? Is there a way we could know this before we draw a fib that fails? Perhaps the fib reacts in a special way to show us it will fail?
Any ideas people?

By the way.. when it fails it feels like the whole world is falling together!

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