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Indicator Free Trading - Skunny

  • #4,341
  • Dec 9, 2009 12:42am Dec 9, 2009 12:42am
... One does not need to set up multiple fibs and track everything if you are patient......

Which was what I have been doing, thinking that it was necessary. No more.

If I have understood correctly, then a breached of the 0 line means that price should hit 138.2, providing it 61.8 remains intact.

As always. Thanks.
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  • #4,342
  • Dec 9, 2009 1:00am Dec 9, 2009 1:00am
Quoting grkbear
LOL, Can't believe this thread is becoming active again.

I guess there are some diehards in here that see value in this thread as well as others that have not.

Isn't a fib always correct until you place it in the wrong area??
Just people who know a good thing when they see it!

Skunny rules!
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The market is like the matrix - it is you that must learn to bend
  • #4,343
  • Dec 9, 2009 1:52am Dec 9, 2009 1:52am
Quoting skong
... One does not need to set up multiple fibs and track everything if you are patient......

Which was what I have been doing, thinking that it was necessary. No more.

If I have understood correctly, then a breached of the 0 line means that price should hit 138.2, providing it 61.8 remains intact.

As always. Thanks.

You obviously do not need any help from anyone mate. Your charts are bloody fantastic. Price will hit the extension 100%.. I personally need to see respect beforehand for the way I trade, but that works. Good Show. I will go along with what you have said.

TK
  • #4,344
  • Dec 9, 2009 2:25am Dec 9, 2009 2:25am
Quoting Trader_X
thanks skong for the explanation..we need as much of this kind of info as possible.

grkbear.....its good to see you post ...welcome back..its ironic that you posted because i was just reading over some of your old post and i think you could really bring some insight back into this thread...question ??? hows your trading been since you were last on this forum??
I have not traded forex in a while, I was introduced to ES by a very successful and professional trader who shall remane nameless last summer and continue to trade it, although I still have some forex in my blood, lol

I used to trade forex using indicator's and did pretty decent with them, don't shoot the messenger for all you indi haters out there, lol. When I found this thread, I stopped trading to study what this thread and skunny had to say. I will say this, you can trade fibs successfully if you know how to use them and in what context. I won't post or even talk about stats because I am sure the naysayers will flock to me quickly to dispell anything I say and it really does not matter, because at the end of the day, it is you that need to believe in what you are trading (hint).

I will say this as well, a fib is not magic where you put it on a chart and if it breaks the 0/100 line it will always go to tp. If you think this happens all the time then you are in for a rude awakening.

Most people that want to learn to trade or start trading want to learn a method first, I believe you need to start with psychology first and then work your way from there.
BTW, my ego has undergone a change as well. Leave it at the door or you will continue running into a wall. Trading has made me very humble. It has a way of doing that to you.

No matter how smart you think you are or how well you pick up on things (being a quick study) trading has a way of teaching you lessons when you least expect it.

Anyway, I wish everyone the best and good trading.
  • #4,345
  • Dec 9, 2009 2:30am Dec 9, 2009 2:30am
Here is a chart that has inner fib respect and yet price did not reach the tp area. Why?? The inner fib respect was quite good as ThomKnight has pointed to on his charts.
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  • #4,346
  • Dec 9, 2009 2:34am Dec 9, 2009 2:34am
Quoting GridTrader
Just people who know a good thing when they see it!

Skunny rules!

No fair Grid, you are in the group, you have inside info lol. Talk to you later I am sure.
  • #4,347
  • Dec 9, 2009 3:10am Dec 9, 2009 3:10am
Forget the buy lines.... nothing to do with fibs..
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"The only successful substitute for brains is silence."
  • #4,348
  • Dec 9, 2009 3:14am Dec 9, 2009 3:14am
Quoting ThomKnight
You obviously do not need any help from anyone mate. Your charts are bloody fantastic. Price will hit the extension 100%.. I personally need to see respect beforehand for the way I trade, but that works. Good Show. I will go along with what you have said.

TK


Thanks. Still a bit of work to do yet I think. Hope you hang around for a bit.
  • #4,349
  • Dec 9, 2009 3:16am Dec 9, 2009 3:16am
Quoting grkbear
Here is a chart that has inner fib respect and yet price did not reach the tp area. Why?? The inner fib respect was quite good as ThomKnight has pointed to on his charts.
grkbear,

Perhaps this is better ??
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  • #4,350
  • Dec 9, 2009 3:23am Dec 9, 2009 3:23am
Sharp to the pip...
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"The only successful substitute for brains is silence."
  • #4,351
  • Dec 9, 2009 1:12pm Dec 9, 2009 1:12pm
Quoting DXTrade
Sharp to the pip...
Very sharp indeed. Good trade.
  • #4,352
  • Dec 9, 2009 3:24pm Dec 9, 2009 3:24pm
Hi Guys,

Just stumbled across this thread & found it very interesting.

See attached chart of G/U M15 & see how price pays attention to the levels...maybe coincidence?
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  • #4,353
  • Dec 9, 2009 4:35pm Dec 9, 2009 4:35pm
Quoting highroller
Hi Guys,

Just stumbled across this thread & found it very interesting.

See attached chart of G/U M15 & see how price pays attention to the levels...maybe coincidence?
Yes, Price sure bounces off 138.2 a lot , doesn't it? Sometimes, it makes its way to the 138.2 at the other end as well.
  • #4,354
  • Dec 9, 2009 5:06pm Dec 9, 2009 5:06pm
Fancy conducting a little test Skong? Below is a recent 1 hour chart of EURUSD, it is naked (whoooooa!). I have also created one with a fib on it. If you have time, post the same chart with your fib on there and then I will post mine. I thought it would be a good test of comparision and also of whether we can both place different fibs but still be right. Gotta go and hang a telly on the wall, back in a minute.
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Keep smiling
  • #4,355
  • Dec 9, 2009 5:11pm Dec 9, 2009 5:11pm
Quoting Misterdaz
Fancy conducting a little test Skong? Below is a recent 1 hour chart of EURUSD, it is naked (whoooooa!). I have also created one with a fib on it. If you have time, post the same chart with your fib on there and then I will post mine. I thought it would be a good test of comparision and also of whether we can both place different fibs but still be right. Gotta go and hang a telly on the wall, back in a minute.
Capital! Yes. There are more then one way to fib and many fibs can exist in the same space without invalidating eachother the most important thing is to know that your fib is working and will reach target.

It may not be the turn in price, but winning is the only thing that matters.

TK
  • #4,356
  • Dec 9, 2009 5:14pm Dec 9, 2009 5:14pm
Quoting highroller
Hi Guys,

Just stumbled across this thread & found it very interesting.

See attached chart of G/U M15 & see how price pays attention to the levels...maybe coincidence?
The market is ordered. There is no such thing as coincidence in life. That chart illustrates the sr property of fibs that they expand infintely backwards and forwards in time in a static ratio.

If they are being respect, hence "on" and tradeable is a matter of observation.

TK.
  • #4,357
  • Dec 9, 2009 5:29pm Dec 9, 2009 5:29pm
Quoting grkbear
Here is a chart that has inner fib respect and yet price did not reach the tp area. Why?? The inner fib respect was quite good as ThomKnight has pointed to on his charts.

The initial pull back broke the 61.8. I would not have traded that fib personally. That is good information though as well. It tells me that it is following something else. If I can find it or not is a whole other kettle of fish. One might also pick up from the pull back that broke the 61.8 of that fib.

The easy trade I see is pulling a fib from the first low and fitting the 61.8 to the base of the candle you used for support artificially exploiting the fib 61.8 trend property. I would enter that trade on the break of the signal line after the 61.8. If that makes sense.



TK
  • #4,358
  • Dec 9, 2009 5:35pm Dec 9, 2009 5:35pm
Quoting Misterdaz
Fancy conducting a little test Skong? Below is a recent 1 hour chart of EURUSD, it is naked (whoooooa!). I have also created one with a fib on it. If you have time, post the same chart with your fib on there and then I will post mine. I thought it would be a good test of comparision and also of whether we can both place different fibs but still be right. Gotta go and hang a telly on the wall, back in a minute.
What a jolly good idea. I hope you didn't slip and made gravity work extra hard while hanging yer telly on the wall!!!
I await your chart.
PS Are you in a band ?
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  • #4,359
  • Dec 9, 2009 5:37pm Dec 9, 2009 5:37pm
Quoting ak47dan2004
I thought I was fibbing like skunny but I guess not. I have read this thread again and again and what I am getting is that we fib a wasve and put an order at the 61.8 fib but sometimes it goes a bit higher and I use the 76.4. Could you explain to me why yo fibbed where you did. WOW this is a real Bad aha momment for me I have been going about this completely wrong then. Please shed some light I guess I just dont get it. I was honestly hoping I was getting the hang of this but that seems to be a no.
G'day!

hmm.. I don't understand the thinking process on this fib. What it appears to me that you are doing is just trading sr rejection off of a fib? you target based on past price would have been what? the 2x.xx level based on past price with rislk factored from directly aboove the 76.4?

By any measure, for this one only needs the the 3 inner sr levels both signal lines and both targets. You can expand out extra target levels based on 138 in the future if you would like but again the basics are all that is necessary.

also in your fib.. If you were just fibbing that candle.. the fib was done. sprung a bottom and that would be were one might pick up and track.

TK
  • #4,360
  • Dec 9, 2009 5:53pm Dec 9, 2009 5:53pm
I used to be in a band, did a bit of rock stuff and soul. That's my bass in the picture, a Musicman Stingray (copy!). Bit of a Mark King man myself.

Telly hung. Flat panel job on the wall in the kitchen, nice!

Anyway, never mind the bo11ox, here's my chart!

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Keep smiling
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