Indicator Free Trading - Skunny

What a shock...I'm speechless. Welcome back Skunny! Do you plan on doing any fib stuff here?

Scotty B

Where did all the later posts go that were part of this thread? I just want to make sure that if this tread does not loose any integrity in it's content. It was a whole evolution of thought that needs to be connected for those who want to learn from the beginning onward. Just a thought.

Just to kick it off again. Here is an example of an indicator free EUR trade using a fib.

none of these are guaranteed, my stop is at the lower 0/100 of this fib, and my TP at the upper T1. This style of fib is as simple as it gets with a very high win rate, especially if you can get in at a retracement. I personally will not trade a fib unless it gives me a retrace.

Here is my 15 minute chart. You can see we have a trigger, or a break of the upper 0/100. This fibs T1 target will trigger another trade on a higher time frame (the h1). Trading fibs is kind of like playing chess. You have to think several steps ahead of price. So we can get in now for a longer move.
Again, this is the basics.

Complete and repeat, its simple and profitable. Think chess.

Here is now a good short opportunity. This is a large cycle, and is therefore more dangerous, but if you wanted to trade this fib, this is the time. We are in the middle and have a trigger. I like to employ price action in these circumstances. The most conservative thing to do would be to wait for PA to tell you to get in, but you could trade the fib alone with your stop at the upper 0/100.

Daily says short... You could trade down to that lower TP if you wanted. I like to use the daily only for reference though. Right now we are undergoing consolidation though, so this might take a while, and remember, these are never guaranteed to win, just extremely likely. Thats why I like the lower time frame cycles.

Basically what I am doing, is utilizing what I call 'fresh,' support and resistance and fibbing it. You do this by selecting the 2 newest fractals after a previous cycle ends. Price will hit a T1 or break it, and we then wait for a new swing to form and follow price through it's new evolution.

Here is an example of new or fresh S/R. Notice that a larger fib just completed, and a fractal formed below the T1 and then a new high fractal formed shortly thereafter. Those 2 new fractals will be our new fib. I hope this makes sense to you all. You can do this pretty much anywhere. Just go back a little bit on the chart and find a strong move (assume some cycle completed) and wait for your new fractals. That simple. Well kind of.

Here is a good example/ possible setup of a fib and price action working hand in hand. A possible double high low close forming now. We'll see

We have a DHLC on the 15,30, and 1hour.

now the test will be the main lower trendline on the 4hour

Thans for the great charts Scotty!

No problem my friend. This thread really needed to get back into the main stream. It might take a while for people to discover it's significance again. A fib can be a powerful tool when understood and applied appropriately.

I don't know what the story is with Skunny or his venture in commercial education and it's end, but I am glad to see this thread back in place. Hopefully we can engage each other once again and all become better traders for it.

Scotty B

Anyone know what happened to the site?

Thnx for your insight Scotty !!

Couple of questions:

a. In the post 4129, why did you pick those two fractals, when there are others ?

b. Does hitting T1 complete a fib cycle ?? If not, what other signs do you look for ??

thnx again !!

a: I always use new s/r after a previous cycle completes. Those fractals I used in my post were just that. b: yes, when a T1 is hit the cycle completes and a new one starts.

Scotty, is it possible to make a template to have fib levels like in your charts?

A template would be great for us trying to learn fibs like you Scotty!

Hey,

I just put together a simple script for you guys with the few simple fib levels you need. Put this file into your scripts folder within MT4. Go to program files, find MT4, the script folder is within 'experts.' Once you have the script file in the scripts folder, all you have to do it execute it on your chart from within your trade platform. This will save you the hassle of having to change fib levels every time you put this method to use. If you guys have questions or this doesn't work, let me know.

Scotty B