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Indicator Free Trading - Skunny

  • #3,621
  • Feb 10, 2008 5:55pm Feb 10, 2008 5:55pm
Quoting Islander
LOL - Barney - in the old days (very old) I'd have suggested that you pick up your slide rule and work it out - so now its your calculator and guess what.....EURUSD X USDJPY = EURJPY....viz: 1.4507 X 107.32 = 155.69 from Fridays close. Again, USDJPY will "move" the cross more than EURUSD will http://www.forexfactory.com/images/icons/icon12.gif
Just making sure. Do you think that measuring the base currencies gives a clue as to the direction of the cross?

So, that would mean 3 windows up.

I haven't done the above, yet, so I'm trying to visualize how to interpret the data on the two majors to predict the movement on the cross.

How would you interpret the moves on the majors?

(I found my slide rule, dusty, oldey, moldey.)
  • #3,622
  • Feb 10, 2008 6:13pm Feb 10, 2008 6:13pm
Here is a little poll for everyone that I think is important:

What speed is everyone using for vhands? I generally use the maximum speed that I can, but with all this talk of the importance of watching price action, I wonder if I should slow it down. For all you guys that understand what to watch for in PA, what speed do you recommend?
  • #3,623
  • Feb 10, 2008 6:18pm Feb 10, 2008 6:18pm
There are 2 live trades in this chart, down to Blue 75, up to Blue 99.

Technically, it was too early to determine a trading area, 99-75, because it could be to 62, atleast this early in the session.

I didn't feel it was going to be up to Blue 12, based on current PA.

Not predictable, but highly probable, based on Friday's PA.

-----
We all have our Pairadimes, Izzy, Dagoods, Mom, etc.

Figure out how to consistently measure PA, your way.

Determine where you want to trade to, but before you trade to your target, find the indicatorless clues on direction.
-----
Not sure 138 plays a roll in the PA below.
-----
I don't like pulling fibs, except the first one. I like sliding fibs. Fibs slide when -125 is broken or 225, above the Blue 12

Have a good night.
Attached Image (click to enlarge)
Click to Enlarge Name: ej 021008 5min 2.gif Size: 22 KB
  • #3,624
  • Feb 10, 2008 6:31pm Feb 10, 2008 6:31pm
Quoting BarneyDog
Is everyone sure it is necessary to walk a fib?
I am not, although my comments come with a Health Warning. I am not An Expert.

I have done well lately by drawing a fib on the latest large swing. This I use as my 'master' fib. By definition, the swing describes substantial s\r. I do not trade this fib.

Within my master, I pull slave fibs. Usually one is enough to generate a trade; Occasionally, there is a fib to be drawn within this slave; I have yet to have been forced deeper than this.

Once my master fib completes a cycle by hitting the 1.38 level and retracing, I wait until the swing is complete before drawing another.

Using this technique, I can be master-fibbing: a trend continuation; a trend retrace; the extent of a range. It matters not a hoot, as somewhere within this fib, a trade will be generated.

Of course, this time next week\tomorrow I might be shamefacedly removing all evidence of this post, but it represents where I am right now.

The attached chart is a good example of what I look for.

Attached Image (click to enlarge)
Click to Enlarge Name: eu.JPG Size: 146 KB
  • #3,625
  • Feb 10, 2008 6:41pm Feb 10, 2008 6:41pm
For me the fastest speed or almost the fastest works fine as long as I pay close attention to how it acts around my fib lines. This I think is what Skunny meant to watch. If price doesn't "hammer" on the line and finally either bounce hard or blow through the line then our fib is in the wrong place. IMO.

p.s. - I pause it to place trades.



Quoting 24HourTrader
Here is a little poll for everyone that I think is important:

What speed is everyone using for vhands? I generally use the maximum speed that I can, but with all this talk of the importance of watching price action, I wonder if I should slow it down. For all you guys that understand what to watch for in PA, what speed do you recommend?
  • #3,626
  • Feb 10, 2008 6:44pm Feb 10, 2008 6:44pm
Quoting 24HourTrader
Here is a little poll for everyone that I think is important:

What speed is everyone using for vhands? I generally use the maximum speed that I can, but with all this talk of the importance of watching price action, I wonder if I should slow it down. For all you guys that understand what to watch for in PA, what speed do you recommend?
I think the maximum speed will keep you from a lot of trades. I try to trade a week at a time but I use a speed a few points less than maximum. If I see an area I want to watch closely, I'll slow it down some more. I usually trade 1H time frame though, so maybe it's different on other TF.
  • #3,627
  • Edited 7:41pm Feb 10, 2008 6:48pm | Edited 7:41pm
Here is a demotrade I just took. First I fibbed the daily, it had not given us any direction. Then I fibbed the 4H, and now it broke out. Perhaps one should wait for a better opportunity using 15m.
EDIT: I now discovered that the high prices differ from different TFs! So price did not break out after all. Now i see why Skunny use different brokers to verify price!

Jon
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd1-1.gif Size: 30 KB
Do what thou wilt shall be the whole of the law.
  • #3,628
  • Feb 10, 2008 7:40pm Feb 10, 2008 7:40pm
Quoting BarneyDog
There are 2 live trades in this chart, down to Blue 75, up to Blue 99.

Technically, it was too early to determine a trading area, 99-75, because it could be to 62, atleast this early in the session.

I didn't feel it was going to be up to Blue 12, based on current PA.

Not predictable, but highly probable, based on Friday's PA.

-----
We all have our Pairadimes, Izzy, Dagoods, Mom, etc.

Figure out how to consistently measure PA, your way.

Determine where you want to trade to, but before you trade to your target, find the indicatorless clues on direction.
-----
Not sure 138 plays a roll in the PA below.
-----
I don't like pulling fibs, except the first one. I like sliding fibs. Fibs slide when -125 is broken or 225, above the Blue 12

Have a good night.

Just a follow-up, didn't trade after the first two ... tax prep time, don't you know. But, there are 5 additional trades, or 2 additional trades, depending on how you look at it, what your targets are, your risk toll-erence...dollar/dallar.

If / When Skunny returns, what would be your expectations?
Attached Image (click to enlarge)
Click to Enlarge Name: ej 021008 5min 3.gif Size: 27 KB
  • #3,629
  • Feb 10, 2008 7:43pm Feb 10, 2008 7:43pm
Quoting SteveHopwood
I am not, although my comments come with a Health Warning. I am not An Expert.

I have done well lately by drawing a fib on the latest large swing. This I use as my 'master' fib. By definition, the swing describes substantial s\r. I do not trade this fib.

Within my master, I pull slave fibs. Usually one is enough to generate a trade; Occasionally, there is a fib to be drawn within this slave; I have yet to have been forced deeper than this.

Once my master fib completes a cycle by hitting the 1.38 level and retracing, I wait until the swing is complete before drawing another.

Using this technique, I can be master-fibbing: a trend continuation; a trend retrace; the extent of a range. It matters not a hoot, as somewhere within this fib, a trade will be generated.

Of course, this time next week\tomorrow I might be shamefacedly removing all evidence of this post, but it represents where I am right now.

The attached chart is a good example of what I look for.

Thanks.

You bought after the touch which closed when the next candle was green...yes? What did you base your next fib on?
  • #3,630
  • Feb 10, 2008 7:44pm Feb 10, 2008 7:44pm
I know its early sunday evening but heres my take...can't help it. Im addicted to this Skunny thread. Here goesbreak of 209.29 north to 209.71break of 208.81 south to 208.24current range between weekly inner fibs.
Attached Image (click to enlarge)
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  • #3,631
  • Feb 10, 2008 7:55pm Feb 10, 2008 7:55pm
Last one for the night, totally nude.
Mom.............
Attached Image (click to enlarge)
Click to Enlarge Name: ej 021008 5min 4.gif Size: 17 KB
  • #3,632
  • Feb 10, 2008 10:00pm Feb 10, 2008 10:00pm
Quoting BarneyDog
Just making sure. Do you think that measuring the base currencies gives a clue as to the direction of the cross?

So, that would mean 3 windows up.

I haven't done the above, yet, so I'm trying to visualize how to interpret the data on the two majors to predict the movement on the cross.

How would you interpret the moves on the majors?

(I found my slide rule, dusty, oldey, moldey.)
Barney,

Let me tell you an example of how watching all three pairs simultaneously on early London time (Friday a.m.) while trading GBP/JPY saved me some $$.

First, pull up a 5M chart on all three pairs (USD/JPY, GBP/USD, and GBP/JPY)

I was trading GBP/JPY during Frankfurt/London open and had just made some good pips on two consecutive long trades. first trade came at 6:50 a.m. GMT (frankfurt open), second trade came at approx 8:20 a.m. GMT and that trade shot up like a rocket from the DZ.

Ok, so the next set up for another long trade on GBP/JPY was after a penetration that came at exactly 9:50 am GMT. Normally I would have entered into that trade merely because of penetration and the only reason I didn't get into that trade is because I looked over at the USD/JPY chart and saw 5 consecutive candles that had hit "hard" resistance @ 107.72 from 8:25 thru 8:45 a.m. GMT and then the USD/JPY 9:50 a.m. GMT candle was closing as a doji/lower high @ 107.69.
So I figured that with the lower close and a doji at 9:50 a.m. GMT USD/JPY was running out of gas and was heading lower and that GBP/JPY was going to follow so I didn't enter that trade.


I few weeks ago I would have only been watching the one chart (GBP/JPY) and would have been toast on that trade. Now I have my main MT4 screen split into 4 quadrants of smaller charts.

1. GBP/JPY 5M
2. GBP/JPY 15M
3. GBP/USD 5M
4. USD/JPY 5M

I'm still learning this cross pair stuff via Islanders style but slowly I'm learning the importance of watching all three pairs at the same time along with the pivot points on those pairs too.
trading naked.......
  • #3,633
  • Feb 11, 2008 12:39am Feb 11, 2008 12:39am
This is wonderful! I think already, that we starting to see what Skunny has predicted: 1000s of methods forming with his words as a base for it! It seems none of us are doing the same, yet we have read the same words.

Makes me wonder if the word of Jesus still exists after 2000 long years.
Do what thou wilt shall be the whole of the law.
  • #3,634
  • Feb 11, 2008 12:55am Feb 11, 2008 12:55am
Quoting arralou
This is wonderful! I think already, that we starting to see what Skunny has predicted: 1000s of methods forming with his words as a base for it! It seems none of us are doing the same, yet we have read the same words.

Makes me wonder if the word of Jesus still exists after 2000 long years.
Yep, thats the whole goal of this thread. Just like life in general, we are taught the basics of life by our parents and hopefully we can take this knowledge with us for a life time.
  • #3,635
  • Feb 11, 2008 1:03am Feb 11, 2008 1:03am
Good morning all - I've had some 'puter problems - had to remove and reload MT4 on 2 'puters and not yet live to the market - so the opening of the new thread is delayed for a few hours.

I'll post here.....take care on the 5m as its not clear yet which direction today will take....see the 15 min charts next...

So far I see 60+ pips from the exit of the DZ - Frankie and London will decide what happens next....
Trading Levels with WRBs
  • #3,636
  • Feb 11, 2008 1:11am Feb 11, 2008 1:11am
Here's 2 charts: as you can see, the 15m is suggesting a buy after the sell on the 5m....
Attached Image(s) (click to enlarge)
Click to Enlarge Name: feb 11 gj 5m 0600.gif Size: 15 KB
Click to Enlarge Name: feb 11 uj 15m 0600.gif Size: 11 KB
Trading Levels with WRBs
  • #3,637
  • Feb 11, 2008 1:20am Feb 11, 2008 1:20am
So far this morning, the fall in UJ has been driving GJ down - cable has been going sideways. Here's UJs 15m chart - those two lower highs are bearish, but we now have UJ into the DZ and so its action here will decide GJs next move as long as cable remains sleeping....

UJs 5m has already hit T1 (132)
Attached Image(s) (click to enlarge)
Click to Enlarge Name: feb 11 uj 15m 0700.gif Size: 11 KB
Click to Enlarge Name: feb 11 uj 5m 0700.gif Size: 10 KB
Trading Levels with WRBs
  • #3,638
  • Feb 11, 2008 1:36am Feb 11, 2008 1:36am
Issy,

I'm a little fearful for the poor old dollar in London open.

The G7 comments (or lack thereof) this weekend were not helpful to the greenback. Dollar should be thankful that Tokyo was closed or could have been real ugly, the other asian equity markets made the dollar pay though, I'll be watchign UJ closely on London Open. could get interesting........
trading naked.......
  • #3,639
  • Feb 11, 2008 1:37am Feb 11, 2008 1:37am
Quoting sizzler
Islander,

Living the dream! the thread is a reality. I will swing by to harass you about not being pip perfect here and there. You can swat me with a wad of euros LOL Nice work Captain! Of course with a crew list like that how do you find time to hit the lap top?


It is nice to see a whole new group of Skunnions come in and rock it out it reminds me of being a young lad all 1.5 months ago . You guys will get it if you bust hump and stick to vhands if you are not PASR traders heck I am and I needed it. If you are Grkbear it might take you a whole week LOL! the guy made me feel "special", short bus special LOL, but hey all roads lead to rome eh?

So much good stuff in here mmmmmmmm good.

Sizz
Short Bus
  • #3,640
  • Feb 11, 2008 1:45am Feb 11, 2008 1:45am
Quoting arralou
Makes me wonder if the word of Jesus still exists after 2000 long years.
I'm sure he does.
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