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Indicator Free Trading - Skunny

  • #3,781
  • Feb 13, 2008 2:21am Feb 13, 2008 2:21am
Quoting DXTrade
I believe it

My fib is bigger (and not valid actually - no retracement) but I went short in the AL area and have my SL at some ++ pips now... LO will show us the next step...

P.S. Forget the lower sell on the chart... nothing to do with fibs or this thread
Hi DX and sorry to all for being quiet lately. Just been looking more at PiPrPro's Gann lines, while still trading away on these fibs. DX the abbreviations I have bolded above. What do these stand for? I must have missed it somewhere on a previous post of yours. My apologizes.
The market is like the matrix - it is you that must learn to bend
  • #3,782
  • Feb 13, 2008 2:25am Feb 13, 2008 2:25am
Quoting GridTrader
Hi DX and sorry to all for being quiet lately. Just been looking more at PiPrPro's Gann lines, while still trading away on these fibs. DX the abbreviations I have bolded above. What do these stand for? I must have missed it somewhere on a previous post of yours. My apologizes.
AL - alert line
LO = london open
  • #3,783
  • Feb 13, 2008 3:27am Feb 13, 2008 3:27am
Quoting PiPr Pro
???


Difficult to put these findings into words... working on it!
It's just that I personally had a hard time till now drawing fibs other then from a high/low of a swing. But what I'm trying now is to draw them on personally drawn S/R lines. So they appear to start/stop in the middle of nowhere at first glance as they don't directly touch the peak/spike of a candle.
And I'm trying now to more understand some of Skunnys fibs based on these assumptions. Nothing even close enough to make a post here... just typed as it came!
"The only successful substitute for brains is silence."
  • #3,784
  • Feb 13, 2008 4:09am Feb 13, 2008 4:09am
Quoting DXTrade


Difficult to put these findings into words... working on it!
It's just that I personally had a hard time till now drawing fibs other then from a high/low of a swing. But what I'm trying now is to draw them on personally drawn S/R lines. So they appear to start/stop in the middle of nowhere at first glance as they don't directly touch the peak/spike of a candle.
And I'm trying now to more understand some of Skunnys fibs based on these assumptions. Nothing even close enough to make a post here... just typed as it came!

u mean you want to use s/r as places where a breakout might occur and then use fibs to measure how far it may breakout once support and resistance are broken???/

that's a terrible idea! what makes u think that may have any valididty at all?

j/k obviously!


go for it DX! its finding the right s/r thats tricky for me though...... many many points of s/r form all over the place..... how u going to choose yours?


welcome to my world of vhands lol
  • #3,785
  • Feb 13, 2008 4:22am Feb 13, 2008 4:22am
Quoting dagoods
u mean you want to use s/r as places where a breakout might occur and then use fibs to measure how far it may breakout once support and resistance are broken???/

that's a terrible idea! what makes u think that may have any valididty at all?
l
Absolutely, and they seem to me even more valid as a fib drawn on a
randomly chosen swing.
If you draw a S/R line on a monthly, weekly, daily or H4 chart - just by viewing the tops/bottoms visually - they are still valid and tradable on H1 or any other time frame. And as you can see on my 2 charts posted earlier, all 6 fibs have the middle S/R line as either high or low point. All successful. Not to the pip as they haven't been chosen carefully. I'm now drawing these lines with more accuracy, fibbing them... and then I will post them if it makes any sense to me later.

maybe this is all basic stuff for you guys... but it makes sense to me only today.
"The only successful substitute for brains is silence."
  • #3,786
  • Feb 13, 2008 6:45am Feb 13, 2008 6:45am
OK... here my first more elaborated example.
I draw some more accurate S/R lines... pulled them to today and just draw a fib or 2.
As you can see.. the right fib went out fine for about 120 pips today. I could have drawn the swing as well with approximately the same extension ( the second fib from the right) but I would never ever have drawn a fib there... ever. Maybe thats why Skunny has his fibs on some places where I just couldn't understand why.
I hope someone is seeing the point

Good night...
Attached Image (click to enlarge)
Click to Enlarge Name: gj.gif Size: 22 KB
"The only successful substitute for brains is silence."
  • #3,787
  • Feb 13, 2008 7:17am Feb 13, 2008 7:17am
DXTrade, I had the same realization a little while ago. Let's call it a mini-aha, because I know there's a whole lot more to it. The trouble is, I can draw all these fibs in the middle of a run, and have the 138 hit some amazing S/R, but it's all in hindsight. I haven't been able to reach the next level of understanding such that I would feel confident I'm placing the fib at the right spot in real time to actually take a trade from.

If someone who has had a higher aha moment could give some hints on how to get to this next step, it would really help.

BTW, I know my name is new on this thread, but I have so little time, it's taken me a month to read it (and of course, every time I turn around there's another 5 pages.) Thanks to all the contributors. Like some others here, I post very little, but I appreciate all the time that others have taken to post.

SIZZLER, your post #3754 had data that was 2 days old at the time, and the date at the bottom jumps from Feb 8 to Feb 13. I'm just mentioning it in case your data isn't updating properly, and you're maybe not aware of it.
  • #3,788
  • Feb 13, 2008 7:29am Feb 13, 2008 7:29am
Quoting trader416
DXTrade, I had the same realization a little while ago. Let's call it a mini-aha, because I know there's a whole lot more to it. The trouble is, I can draw all these fibs in the middle of a run, and have the 138 hit some amazing S/R, but it's all in hindsight. I haven't been able to reach the next level of understanding such that I would feel confident I'm placing the fib at the right spot in real time to actually take a trade from.

If someone who has had a higher aha moment could give some hints on how to get to this next step, it would really help.

BTW, I know my name is new on this thread, but I have so little time, it's taken me a month to read it (and of course, every time I turn around there's another 5 pages.) Thanks to all the contributors. Like some others here, I post very little, but I appreciate all the time that others have taken to post.

SIZZLER, your post #3754 had data that was 2 days old at the time, and the date at the bottom jumps from Feb 8 to Feb 13. I'm just mentioning it in case your data isn't updating properly, and you're maybe not aware of it.
I know what you mean...
so here is my new fib (don't try this at home ) drawn from an old s/r level. Real Time. Thats what I would try with real small lot size... just to see.
Attached Image (click to enlarge)
Click to Enlarge Name: gj.gif Size: 13 KB
"The only successful substitute for brains is silence."
  • #3,789
  • Feb 13, 2008 7:31am Feb 13, 2008 7:31am
Quoting dagoods
sb i am glad you homegrown s/r fib projection indicator thingy works

but please make a contribution rather than just show a chart that nobody can understand but you....the creator of said "indicator"


in the past u have been unwilling to share....


have u changed your mind?


are you just coming back to brag?

what is you intention with these posts?

I hope you have more to offer as u seemed to have a good grasp of what skunny was teaching from the beginning, but then u disappeared and the rest of us have been here working our tails off trying to get good methods that work for ourselves....
I hope you have seen the light of the way of sharing and helping each other, and Kharma, not only in trading but in life....

i wish you well and thank you for you contributions earlier in the thread....
many look forward to whatever insights you may provide now that you are back


regards

D
I guess I should just go away again.

Oh, BTW, price took out the upper fib projections.
Attached Image (click to enlarge)
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  • #3,790
  • Feb 13, 2008 8:03am Feb 13, 2008 8:03am
Quoting DXTrade


Difficult to put these findings into words... working on it!
It's just that I personally had a hard time till now drawing fibs other then from a high/low of a swing. But what I'm trying now is to draw them on personally drawn S/R lines. So they appear to start/stop in the middle of nowhere at first glance as they don't directly touch the peak/spike of a candle.
And I'm trying now to more understand some of Skunnys fibs based on these assumptions. Nothing even close enough to make a post here... just typed as it came!
Thats a very interesting post DX. I've always wondered why some fibs that really work well, aren't started at the absolute peaks/troughs of a swing. You might be on to something here!


Charlie
  • #3,791
  • Feb 13, 2008 8:16am Feb 13, 2008 8:16am
SIZZLER, your post #3754 had data that was 2 days old at the time, and the date at the bottom jumps from Feb 8 to Feb 13. I'm just mentioning it in case your data isn't updating properly, and you're maybe not aware of it.

HAHAHA for sure. I was going over it later and I was like wha???? prolly cuz I am

A: an idiot

B: not actively charting uy.


I looked and hey it sure worked out though hahahahaha

the pattern still holds check out dragon heads. RAAAAAAAAAARRR


Sizz
  • #3,792
  • Feb 13, 2008 8:39am Feb 13, 2008 8:39am
Quoting SBrickman
I guess I should just go away again.

Oh, BTW, price took out the upper fib projections.
SB,

I don't think anyone is telling you to "go away".

It's just that I don't think you've ever explained what all the "stuff" on your charts means.......negating any benefit it might offer to others. If you've got something that is working....GREAT!

Just not sure why you are posting these colorful charts without any explanation whatsoever.....they aren't typical "Skunnyish" charts that most would understand. Those that are throwing up additional things like Gann angles or Fib Channels are at least giving some explanation to the group on what they are doing.

I think this was DaGood's point......
  • #3,793
  • Feb 13, 2008 10:21am Feb 13, 2008 10:21am
don't forget the gann+30 paving the way for action currently along with the fib retracement
  • #3,794
  • Feb 13, 2008 10:24am Feb 13, 2008 10:24am
K1 and DXTrader,

I tried to get both of your quotes in here, but couldn't . I found both of your recommendations very helpful! I had forgotten Skunnys "Weekly" advice...and the posted charts really pointed that out!
I was about to shoot this horse, but instead, I will saddle him up again, and go for a ride!
Thanx guys!http://forexfactory.com/images/icons/icon14.gif
ppm
  • #3,795
  • Feb 13, 2008 10:29am Feb 13, 2008 10:29am
Quoting galaxymom
We've all been there, and felt the same way. Re-read Skunny's posts from the beginning, with out all the others, or go to the pdf file and use that. Things became much clearer for me when I spent time on just what Skunny said, and his charts, I printed them and wrote his comments on them so I could study them with his thoughts.

You'll make it, just be patient. There is no due date to have this mastered.
Mom,
You're the BEST! Where do I find the pdf file? That sound like just what I need!
ppm
  • #3,796
  • Feb 13, 2008 10:39am Feb 13, 2008 10:39am
Quoting perPIPtual Motion
Mom,
You're the BEST! Where do I find the pdf file? That sound like just what I need!
ppm
GLT !
Attached File(s)
File Type: pdf Skunny_posts.pdf   659 KB | 902 downloads
  • #3,797
  • Feb 13, 2008 10:41am Feb 13, 2008 10:41am
I guess if you had used the S/R lines for the right hand side fib, then it would be ok, but for some reason the other end of the fib starts from a bar, not from S/R, and ends to a S/R line... So the impression I get is that you have just wanted to set T1 at the right place?

Why not to use the last complete fib cycle, like this? And if you try other ways to fib, you still can predict the top of the move pretty precisely, if that is what you want to do, assuming you have "right" levels in your fib tool.

Attached Image (click to enlarge)
Click to Enlarge Name: gj now2.gif Size: 17 KB


Attached Image (click to enlarge)
Click to Enlarge Name: gj now1.gif Size: 17 KB


Quoting DXTrade
OK... here my first more elaborated example.
I draw some more accurate S/R lines... pulled them to today and just draw a fib or 2.
As you can see.. the right fib went out fine for about 120 pips today. I could have drawn the swing as well with approximately the same extension ( the second fib from the right) but I would never ever have drawn a fib there... ever. Maybe thats why Skunny has his fibs on some places where I just couldn't understand why.
I hope someone is seeing the point

Good night...
  • #3,798
  • Feb 13, 2008 1:03pm Feb 13, 2008 1:03pm
Quoting DXTrade
OK... here my first more elaborated example.
I draw some more accurate S/R lines... pulled them to today and just draw a fib or 2.
As you can see.. the right fib went out fine for about 120 pips today. I could have drawn the swing as well with approximately the same extension ( the second fib from the right) but I would never ever have drawn a fib there... ever. Maybe thats why Skunny has his fibs on some places where I just couldn't understand why.
I hope someone is seeing the point

Good night...
Hi DXTrade

This thread is growing so fast, if you do not read new posts for a few days it takes you a week to get up to date. Getting down to what we're busy with ... What tickled me in the back of my head was how to tie cycles with the examples Skunny gave on carrying forward S/R from previous down/up trends to later up/down trends (can't remember the post no. but I remember supports being important in up trends and visa versa). Maybe someone have cracked Skunny's Riddle in post # 137 (if so i've missed it - sorry then) ... isn't this (your example above) exactly the answer to Skunny's riddle ... see chart. The fib was drawn between 2 support levels as the market was going long ....
Attached Image (click to enlarge)
Click to Enlarge Name: gj.gif Size: 39 KB
  • #3,799
  • Edited 1:58pm Feb 13, 2008 1:15pm | Edited 1:58pm
Just another thought that ties in with my post above (3798). This also explains why you sometimes draw a fib between two extremes and see the market has reacted to the fib levels as it originally moved from one to the other before the fib even existed ... see chart above. It is actually more evident on Skunny's original chart where the 23.6 level are shown aswell.

This also opens up a theory for the term "walking the fibs" .... that Galaxymom raised. Walking the fibs might refer to drawing fibs between S/R levels following the price action around.
  • #3,800
  • Edited 1:59pm Feb 13, 2008 1:57pm | Edited 1:59pm
Quoting bergwagter
Hi DXTrade

This thread is growing so fast, if you do not read new posts for a few days it takes you a week to get up to date. Getting down to what we're busy with ... What tickled me in the back of my head was how to tie cycles with the examples Skunny gave on carrying forward S/R from previous down/up trends to later up/down trends (can't remember the post no. but I remember supports being important in up trends and visa versa). Maybe someone have cracked Skunny's Riddle in post # 137 (if so i've missed it - sorry then) ... isn't this (your example above) exactly the answer to Skunny's riddle ... see chart. The fib was drawn between 2 support levels as the market was going long ....
Hey Berg, like your analysis and charts, keep it up! I think you have something backwards though. On that chart you are referring to, Skunny actually said resistance is not important when price is going short, and you should map resistance from previous swing when it goes long.

Edit: Post number is 386
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