Thanks TrevA! Will keep it in mind while testing 
Do what thou wilt shall be the whole of the law.
Indicator Free Trading - Skunny
Well, I'm no expert, but
#1 Skunny said failed fibs are because of the fibber's error.
#2 Beware of false breakouts - could that be why the fib failed?
#3 Has price run it's course with a last try to breakout of the range or consolidation? Fib fails, showing you exhaustion, and leads you in the opposite direction.
#4 Could it be that there was a larger fib cycle that has dropped from your view that is actually completed?
Remember the inner fib is only one piece of the tool set.
Just my .382 cents worth
I'm wondering if the true key lies in support and resistance. What does the S & R really look like. If one knows what it looks like, then one can more easily identify the correct places to draw the fibs from.
Do what thou wilt shall be the whole of the law.
- #3,404
- Feb 7, 2008 8:00am Feb 7, 2008 8:00am
Thank you... mom
I'm wondering if the true key lies in support and resistance. What does the S & R really look like. If one knows what it looks like, then one can more easily identify the correct places to draw the fibs from.
Mom
"To conquer fear is the beginning of wisdom." – Bertrand Russell
I believe the key to all that Skunny is showing us at this point is Price Action and Support and Resistance. The best way for you to see S&R is hours and hours of vhands. If you will do it with tunnel vision to see just that it will reveal it's self. Another exercise is to just scroll back a chart and find every place price stops and reverses and mark it. Then go back and walk a fib along those points. There are lots of ways to discover S/R. These just helped me on my journey.
Will try vhanding it tonight!
Do what thou wilt shall be the whole of the law.
Let the flaming begin
I have been trading the M5 gann lines on vHands successfully. Just taking the PA at the line and making a decision to go with the break or the stop and reverse. Tight stops, raising the MM huge returns.
So I decided to zoom out some and see what patterns I could find. Below please find a chart for GJ going back over a month. You will have to zoom out by clicking on the picture, maximize your screen, then hold down the Ctrl key while using your scroll wheel on your mouse to zoom way in. You will note the pattern repeats itself on nearly every single retracement. When you hit a fib target go ahead and draw a single Gann line with scale = 14. PA will generally follow this line until it breaks hard in the direction of the prevailing trend. Be warned, often when PA breaks the line, in this picture, support becomes resistance and a few bars later it breaks. I know this chart is a mess, but big picture for now. The areas where price becomes hung up and ranges vs. trending are easily defined by one of 2 areas. Daily or monthly internal fib lines or other trending Gann lines (not always shown here). The trend usually follows a Gann line scale = 4.
In summary, PA completes a fib target, draw Gann scale 14, watch PA follow this, when it breaks it will go back to the Gann trending line, all along reaching new fib targets. I am not trading this yet, but it obviously works.
P.S. make sure to draw Gann 14 using the H1
Thanks you and Skunny. This thread just amasing!!
- #3,407
- Edited 9:38am Feb 7, 2008 9:22am | Edited 9:38am
Thank you... mom
I'm wondering if the true key lies in support and resistance. What does the S & R really look like. If one knows what it looks like, then one can more easily identify the correct places to draw the fibs from.
SR are very easy to find when you know what to look for so I'll be posting an indicator for MetaTrader in a couple of days that shows the most important levels to use. They work for me so I'm hoping it will work for others too.
I would suggest re-reading the early pages of this thread. It discusses how you map fibs to SR.
I just want to add that you will need to know how to identify SR to use the indicator properly.
TrevA
- #3,408
- Feb 7, 2008 9:27am Feb 7, 2008 9:27am
- Joined Jan 2007 | Status: Trader | 11,838 Posts
Islander,
I think I owe you some booze. The larger the tf the more fuzz basically coming short of the tp there is. It will never go past it(as far as I have seen) but it will go short
Thanks for the offer, 10 year Old Mount Gay will do nicely!
You can zoom in on blown through ones and see maybe it stopped on a
different tf.
In GJ on the 15m and 5m the 162 is regularly hit. I think Skunnys comments about the 132 often being the limit refers to the more "normal" pairs - not The Beast
Wasn;t sure this was legit turns out it was. i THINK. So nice few hundred pips manually taken out of the market since Fuzz tp wasn't set right. I don;t see anymore triggered fibs so I am also out and waiting. Closed losers, I am not willing to hold for a few months to make them right but I as 2:1 stacked short(the Hedge
From my fibs the Geppy is done bleeding at 199 as far as I can see. Where is everyone else Geppy bottom? Who is going to start a carry basket? This guy is. positive swap AND 7600 pips yes please
Well you may be correct, but thats 800 pips away - and probably nearer 1600 pips of trading on the lower TFs, so I'll start thinking about that when we get a bit closer and I've got some more dubloons in my Pirate Bank!
Sizz
EDIT wow shouldn;t have gotten out... I am targetting next support at 204.72. I am just watching
Second edit... it wasn;t right... or at least price actions seems to say so..
I was worried about that I saw this last night my second choice was 212.58 to 207.73 it made a lot of sense, but either way the tp would have been hit so no biggie
Trading Levels with WRBs
- #3,409
- Edited 10:19am Feb 7, 2008 9:35am | Edited 10:19am
From my understanding this is correct and I now draw my fibs from support and resistance levels.
SR are very easy to find when you know what to look for so I'll be posting an indicator for MetaTrader in a couple of days that shows the most important levels to use. They work for me so I'm hoping it will work for others too.
I would suggest re-reading the early pages of this thread. It discusses how you map fibs to SR.
TrevA
If it is an uptrend I look for swings where price finds support from earlier resistance, and the opposite for downtrends.
In my picture, the first two are what to me seems like support, and the third is resistance. Any corrections on what I am doing is highy welcomed
If those where the S & R's, would I then draw my fibs like this perhaps.
This could be one way of doing... something I guess.
Do what thou wilt shall be the whole of the law.
- #3,411
- Feb 7, 2008 10:19am Feb 7, 2008 10:19am
In your Post#66, you have attached a template to Skunny's Metatrader4 charts. When I try to open this attachment, it says that the file is "unknown"...therefore I can't open it (Pretty lame excuse, if you ask me). What program do I need to have, to open this?
Thanks for your help!
ppm
Start/C
rive/ Program Files/Your metatrader Platform, ie. your broker/ Templatesthen go to your desktop and copy and paste or drag the template into the folder. Close everything and reopen your Platform. you will find the template in the template file - either click the Template Icon at the top or right click your chart, choose Templates in the menu and look for the Template, click on it and it will apply to your chart.
Mom
"To conquer fear is the beginning of wisdom." – Bertrand Russell
- #3,413
- Feb 7, 2008 10:24am Feb 7, 2008 10:24am
Let the flaming begin
I have been trading the M5 gann lines on vHands successfully. Just taking the PA at the line and making a decision to go with the break or the stop and reverse. Tight stops, raising the MM huge returns.
So I decided to zoom out some and see what patterns I could find. Below please find a chart for GJ going back over a month. You will have to zoom out by clicking on the picture, maximize your screen, then hold down the Ctrl key while using your scroll wheel on your mouse to zoom way in. You will note the pattern repeats itself on nearly every single retracement. When you hit a fib target go ahead and draw a single Gann line with scale = 14. PA will generally follow this line until it breaks hard in the direction of the prevailing trend. Be warned, often when PA breaks the line, in this picture, support becomes resistance and a few bars later it breaks. I know this chart is a mess, but big picture for now. The areas where price becomes hung up and ranges vs. trending are easily defined by one of 2 areas. Daily or monthly internal fib lines or other trending Gann lines (not always shown here). The trend usually follows a Gann line scale = 4.
In summary, PA completes a fib target, draw Gann scale 14, watch PA follow this, when it breaks it will go back to the Gann trending line, all along reaching new fib targets. I am not trading this yet, but it obviously works.
P.S. make sure to draw Gann 14 using the H1
I used this this A.M. and it worked very well to say the least!
Question.....pardon my Gann ignorance.......how did you settle on the 14 setting?........have you tested this on lower TF?
- #3,416
- Feb 7, 2008 1:31pm Feb 7, 2008 1:31pm
- | Commercial User | Joined Apr 2007 | 8,331 Posts
I took 161 demo pips trading eu and gu today, using fibs within master fibs to initiate the trades. Brilliant - I have never managed anything like this.
My next target is to become more accurate and not be shooting for, say, 40 pips with a sl of twice that amount. Maybe it doesn't matter, so long as the trades go in the right direction.
Despite my last comment, I still feel I need my next 'Ah-ha' moment.
My next target is to become more accurate and not be shooting for, say, 40 pips with a sl of twice that amount. Maybe it doesn't matter, so long as the trades go in the right direction.
Despite my last comment, I still feel I need my next 'Ah-ha' moment.
- #3,418
- Feb 7, 2008 1:35pm Feb 7, 2008 1:35pm
- Joined Nov 2007 | Status: Trader | 3,060 Posts
I took 161 demo pips trading eu and gu today, using fibs within master fibs to initiate the trades. Brilliant - I have never managed anything like this.
My next target is to become more accurate and not be shooting for, say, 40 pips with a sl of twice that amount. Maybe it doesn't matter, so long as the trades go in the right direction.
Despite my last comment, I still feel I need my next 'Ah-ha' moment.
roflmao!!!! - #3,419
- Feb 7, 2008 2:05pm Feb 7, 2008 2:05pm
I took 161 demo pips trading eu and gu today, using fibs within master fibs to initiate the trades. Brilliant - I have never managed anything like this.
My next target is to become more accurate and not be shooting for, say, 40 pips with a sl of twice that amount. Maybe it doesn't matter, so long as the trades go in the right direction.
Despite my last comment, I still feel I need my next 'Ah-ha' moment.
In fact.....other than the fact I was trading G/Y today, I would have sworn we took the same trades today!
Stick with it. The longer you study this thread, the more AHA's that pop up. I've been having them almost daily this week (today...thanks to PPP). Funny how not looking at all those flashing lights and blinking bars frees your mind up to see what is really happening.
