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Indicator Free Trading - Skunny

  • #3,881
  • Feb 26, 2008 8:22am Feb 26, 2008 8:22am
Quoting galaxymom
Yes, for a fib to be valid it must have retraced close to the previous or completed fib's 61 or 38 level.
The trouble I have with this is that I can think of at least 3 examples (there might be more) where Skunny's own charts don't have a 38 retracement yet he posts them as valid fibs - see posts 137, 899, and 1191.
  • #3,882
  • Feb 26, 2008 8:29am Feb 26, 2008 8:29am
Quoting forextrader9
I would like to go back to the weekly exercise Skunny gave us....... Any hints on this are appreciated.
I did the weekly exercise long before I started to formulate some of these ideas in my head, so I really need to go back and do it again myself. There was never any obvious conclusion posted. Some of Skunny's posts imply that they might simply have hit a 138 from a different timeframe than the weekly bar. Others, like Bobokus, have said simply that failure to reach the 138 indicates a directional turn, but this doesn't explain "why" it failed to reach the 138. Sorry I can't be of more help.
  • #3,883
  • Feb 26, 2008 8:44am Feb 26, 2008 8:44am
Quoting trader416
Islander,
Are you taking your entries in the DZ, or just requiring that price goes there before you take your entry at the 0 and 100 ?
I'm looking to enter either inside or on the exit from the DZ. That way, if price makes a false breakout of the range I can close without loss and often with some pips.

The 15m UJ chart that I've just posted in the Intra Day Naked Yen thread illustrates this.

As GM has said, this thread is showing us ideas and I'm using what I have learnt from both Skunny's and Bo's threads as the basis of a trading system.
Trading Levels with WRBs
  • #3,884
  • Feb 26, 2008 9:01am Feb 26, 2008 9:01am
Thanks, Islander. It would be good if you could keep popping in here every so often and make comments and updates on your approach. I'm aware of your thread, but haven't the time to check it out, and I was a little hesitent because of the shorter timeframe you use.
  • #3,885
  • Feb 26, 2008 9:25am Feb 26, 2008 9:25am
Quoting trader416
Thanks, Islander. It would be good if you could keep popping in here every so often and make comments and updates on your approach. I'm aware of your thread, but haven't the time to check it out, and I was a little hesitent because of the shorter timeframe you use.
NP, I'll be happy to help - and my memory from Skunny was that he used the 15m and 5m charts too and was suggesting that people start by looking at the longer TFs before going onto the lower TFs. I dont know if any of the others who followed this thread from early on can confirm.

Issy
Trading Levels with WRBs
  • #3,886
  • Feb 26, 2008 9:54am Feb 26, 2008 9:54am
Post 825 says he trades 1-hr mostly. Post 3122 says he trades the 1-hr setups, but uses the 15-min to manage the trade. Throughout his thread, he always recommended the 1-hr, and always implied you would have troubles on shorter timeframes.
  • #3,887
  • Feb 26, 2008 11:03am Feb 26, 2008 11:03am
Quoting trader416
Post 825 says he trades 1-hr mostly. Post 3122 says he trades the 1-hr setups, but uses the 15-min to manage the trade. Throughout his thread, he always recommended the 1-hr, and always implied you would have troubles on shorter timeframes.
Well I do remember him passing comment on one of my 1 min charts that "I'd have a lot of work to do to keep up" but I did think that he mentioned looking at the 5m - however its now some weeks ago and I do prefer the 15m when ever possible - either way, its what ever works best for you in banking consistant pips. http://www.forexfactory.com/images/icons/dollar.gif
Trading Levels with WRBs
  • #3,888
  • Feb 26, 2008 3:03pm Feb 26, 2008 3:03pm
Quoting Islander
either way, its what ever works best for you in banking consistant pips. http://www.forexfactory.com/images/icons/dollar.gif
That is a highly pertinent comment that we would all do well to remember. Islander is doing brilliantly on the lower time frames.

The moment I try them, I get whipsawed to glory. I do much better out of the 1h tf.

Mind you, I am soaking up Islander's thread and making the most of all the advice available there. This time next week, I might be a total convert to 15 and 5 min tf's. Wonderful things, fibs; it seems they can be what we make them.

Maybe their apparent magic is a mirage. Perhaps all they do is force us to concentrate on finding intelligent entry\exit points for our trades, and give us a framework within which to do this. However they work, fibs are doing wonders for me.

Keep at it folks. Multi-pips to all.

  • #3,889
  • Feb 26, 2008 4:58pm Feb 26, 2008 4:58pm
Quoting trader416
Post 825 says he trades 1-hr mostly. Post 3122 says he trades the 1-hr setups, but uses the 15-min to manage the trade. Throughout his thread, he always recommended the 1-hr, and always implied you would have troubles on shorter timeframes.

do you can told me what posts are most important? almost 4000! It is impossible to catch up the thread by now (and i reading about other two that have more than 20 posts per day).
there is a PDF or DOC that someone made etc.

thanks in advance.
  • #3,890
  • Feb 26, 2008 5:05pm Feb 26, 2008 5:05pm
Quoting giraia_br
do you can told me what posts are most important? almost 4000! It is impossible to catch up the thread by now (and i reading about other two that have more than 20 posts per day).
there is a PDF or DOC that someone made etc.

thanks in advance.
There is a pdf, just look in the attachments. It was posted on Feb 3.
Mom "To conquer fear is the beginning of wisdom." – Bertrand Russell
  • #3,891
  • Feb 26, 2008 7:20pm Feb 26, 2008 7:20pm
Quoting trader416
The trouble I have with this is that I can think of at least 3 examples (there might be more) where Skunny's own charts don't have a 38 retracement yet he posts them as valid fibs - see posts 137, 899, and 1191.
I was confused with this also and have since taken Sunny's comments to mean that there needs to be support and resistance around these areas, whether within the fib or after the fib is drawn. PPP I think also took Sunny's comments the same way. If you look at the examples quoted they do actually have support and resistence around those areas within the fib.

Hope this helps.
  • #3,892
  • Feb 26, 2008 7:48pm Feb 26, 2008 7:48pm
http://www.fxstreet.com/search/contr...1-e9bf77216d2f

Here is my contribution to this thread, take gander at the brother on this web page. It will open your eyes and clear your mind and charts of clutter and that means FIBS too.

There are three webinars available in the transcripts section, check them out.

PEACE!!
  • #3,893
  • Feb 26, 2008 10:53pm Feb 26, 2008 10:53pm
Quoting giraia_br
do you can told me what posts are most important? almost 4000! It is impossible to catch up the thread by now (and i reading about other two that have more than 20 posts per day).
there is a PDF or DOC that someone made etc.

thanks in advance.
Take this thread slowly, from the beginning, and concentrate on it. Do the early exercises; study uncluttered charts; learn who the most useful contributors are through experience and study their charts in detail. The first 190 pages or so are the most useful; after that you can skip to the end.

This thread helps us to develop our own trading strategy based on fibs. Taking the journey is worth the effort; there is no way to short-cut it.

  • #3,894
  • Edited 6:02am Feb 27, 2008 1:19am | Edited 6:02am
Here is a bit of encouragement to late arrivals at this thread. Those of you who got this far after ploughing through it all will have developed your own trading method. It will need refining (mine sure does as it is not 100% reliable), but it will work for you if you have been through the process.


The chart shows a successful uj trade that has not yet finished. The yellow fib is the 'master' that I use to show the latest big swing. The turquoise fib is the 'slave' I traded.

Ignore the pretty blue band in the middle - it is something from Islander's thread and not used in this trade.

'AL' is the trade entry level - 0.237 and 0.764 respectively. Entering here means the trade is already in profit by the time it crosses the 0\100 barrier, so a +pips BE can be set and the trade left to its own devices. This is the bit of my method that needs refining still, as I occasionally enter a trade prematurely and it goes bad, but setting the sl at the .5 level means I don't lose much.

At the time of writing, the price was having a hard time breaking the yellow sell support line, so I had a sl set just above my blue sell level, locking in +17 pips; I have this just in case this proves to be the level that causes a reversal (just had a quick check and the price has broken through, so looking good at +61).

Don't I just sound sooooo expert and knowledgeable? I'm not; I started reading this thread about 6 weeks ago like everybody else - it was over 200 pages long, even then. I won't make Trader of the Decade just yet, but I am making profitable, manual trades for the first time, without relying on other peoples' signals or systems (uj trade came within 10 pips of tp then retraced, so I have moved the sl to lock in 30 pips; there was a time when 30 pips a week was good, never mind on an individual trade ).

Keep at it guys. I believe this thread has the power to change the lives of those who read it properly.

Attached Image (click to enlarge)
Click to Enlarge Name: uj.JPG Size: 194 KB
  • #3,895
  • Feb 27, 2008 5:08am Feb 27, 2008 5:08am
Thanks, Steve. Not only for sharing, but that was one of the most concise charts and explanations on this whole thread. Most other charts leave you guessing.

Remember that Skunny says that long-tailed candles are inaccurate. I've made a practice of chopping a bit of the long tails off (usually back to the next tail), and when I do this on your chart, price hit the 138 target and stopped about 9 pips beyond the target on my 4-5am EST bar. Well done, Steve.
  • #3,896
  • Feb 27, 2008 5:29am Feb 27, 2008 5:29am
Quoting trader416
Thanks, Steve. Not only for sharing, but that was one of the most concise charts and explanations on this whole thread. Most other charts leave you guessing.

Remember that Skunny says that long-tailed candles are inaccurate. I've made a practice of chopping a bit of the long tails off (usually back to the next tail), and when I do this on your chart, price hit the 138 target and stopped about 9 pips beyond the target on my 4-5am EST bar. Well done, Steve.
Skunny said a few long wicks contain bad data, not all. If in doubt look to the next support to form nearby. I had that same misunderstanding.
Mom "To conquer fear is the beginning of wisdom." – Bertrand Russell
  • #3,897
  • Feb 27, 2008 5:33am Feb 27, 2008 5:33am
Quoting trader416
Thanks, Steve. Not only for sharing, but that was one of the most concise charts and explanations on this whole thread. Most other charts leave you guessing.

Remember that Skunny says that long-tailed candles are inaccurate. I've made a practice of chopping a bit of the long tails off (usually back to the next tail), and when I do this on your chart, price hit the 138 target and stopped about 9 pips beyond the target on my 4-5am EST bar. Well done, Steve.
Thanks. I had forgotten that, and it makes a big difference. The picture shows the price hitting just where my tp would have been, a couple of times.

By then, the live trade had stopped out at +30. The demo trade I let run, adjusting the fib and consequently the tp, which was hit to the pip for +94.

One of the hardest things I am having to do is trust my method, which is why I adjusted the sl to lock in pips. I nearly always gain when I can persuade myself to leave it at BE plus a couple or so.

Hey-ho. KBO.

Attached Image (click to enlarge)
Click to Enlarge Name: uj.JPG Size: 191 KB
  • #3,898
  • Feb 27, 2008 5:49am Feb 27, 2008 5:49am
Oops. Accidental double-posting. Sorry.

  • #3,899
  • Feb 27, 2008 12:54pm Feb 27, 2008 12:54pm
Hi guys

This is my first post here on ff, although I've been a lurker for the past several months.

Maybe I'm just too stupid but I'm having real trouble implementing skunny's teachings here in practice. I'm just amazed how you all seem to be able to grasp what he's talking about. I've been fibbing my ass off on vhands but most of the ranges I fib just don't work. I just get one false break out after another. Has anyone here experienced something like this? And if so, how did you overcome it?
  • #3,900
  • Feb 27, 2008 12:59pm Feb 27, 2008 12:59pm
Quoting pipsalot
Hi guys

This is my first post here on ff, although I've been a lurker for the past several months.

Maybe I'm just too stupid but I'm having real trouble implementing skunny's teachings here in practice. I'm just amazed how you all seem to be able to grasp what he's talking about. I've been fibbing my ass off on vhands but most of the ranges I fib just don't work. I just get one false break out after another. Has anyone here experienced something like this? And if so, how did you overcome it?
You must learn where support and resistance are. For an exercise, take a chart, turn off auto scroll and go back 3 to 6 months, mark every place price reverses and try fibbing then and advancing with the F 12 key. That might help you.
Mom "To conquer fear is the beginning of wisdom." – Bertrand Russell
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