Indicator Free Trading - Skunny

You left out the fib, fan and ellipse, Man.


1. I got it ! Eureka . .
2. Maybe not. .
3. Surely, This must be it.
4. Bummer !
5. Back to 1.

Skong, you've pulled the fib wrong on the Munch, nice one!

TK, thanks for your wise words, I've now got some reading to do. I was testing FX Compass method by the way, break of the 100 on the previous daily range (even though I cocked up the reversal trade!). I've been looking at Sam Siedens stuff of late as well, simple support and resistance. On his teachings I would have taken a short there as it was a return to previous resistance.

Anyway it's Saturday, I'm kicking back, might watch a film and have a nip of whiskey, I raise my glass to you all, enjoy the rest of your weekends.

Darren.

The 138.2 ext of the blue was hit. The red fib is from a daily view. See Chart 2.

MD,
Check your PM.

I see what you are doing with your charts Skong, you are looking for respect of more than one inner fib ala TK. Your daily one doesn't quite pull to a swing high for me though, sorry gotta pick holes there. I think TK looks for a recognisable swing where all the inner fib levels are respected as well.

I think you're getting there though.

I was practising FX Compass's method in Forextester last night. Let's just say I had more winners than losers.

Right where's that wallpaper........

You're correct about the daily chart. I've done it the other way around. That fib was in the middle of nowhere. Good spotting. Sorry about that folks. Ignore the daily chart.

A fruitful exercise practising Fx Compass's method then.

The sun has gone to bed and so must I.

Catch ya tomorrow.

Hey guys, I've been meaning to post this for a while, but I have been very busy building a bar in my restaurant for the past week.

OK, I keep seeing this thing about fibbing the daily candles and then waiting for a close above or below the 100/0 line. If I remeber correctly, Skunny said this was an excercise just to get you to observe what happens. And did he even mention anything about a close? or did he just say a penetration? Anyway,I even think he stated specifically not to trade this way. Don't get me wrong, it does sometimes work, but it's more important to concentrate on swings. When the daily candle thing does work, its more because it was acutally a swing on a different time frame.

What, in my humble opinion, needs to be focused on is having confidence that the fib you are placing is the correct one. That being said, there are many fibs to use on all different timeframes and many of them work (it's really cool to watch these fibs complete to the pip too). I can't remember who recently said something about all fibs being correct and I can't say if this is correct or not but it did stop me when I read it for a sec. Another very important concept to keep in mind is that the larger timeframes will trump the smaller ones, e.g., you may be looking at a 15 minute fib (for this discussion we'll assume it has been placed properly) that fails to complete; the reason may not becuase it was improperly placed, but because a larger fib (say 1 or 4 hour) is what the market is really working on.

Now, as far as properly placing fibs, I've only seen a few of you mention "walking" the fib. Speed's other brother (Trader_X) was one of them. This, I feel, is a very important point to understand as well. Making sure the market reacts to the inner fibs is also a must have for you.

Hey MD, I think you may be able to see now that there are quite a few traders who have put the hours in diligently and studied this thread, practiced and gained confidence at placing fibs and are trading very successfully using the concepts set forth herein; yet they may all do things differently. Trading is a very personal endeavor; you can try to use someone else's system and it may sorta work for you. If it doesn't then you go try the next system, and the next and so on and so on. How many systems have you tried so far? Where does it end? This market will uncover the real you and it's probably going to scare you. If you choose to ignore it, you'll probably never be succesful trader. I've been involved in FOREX since 1998 and the past 2 years (well since I finally gained an understanding of this thread; I think it was sometime in Jan 2008) have by far been the most successful.

Ok, maybe this is stuff for another thread, but you get the point.

DazFX has a pretty good thread on fibs to, btw. It is a different system, but it will help in your understanding of this thread.

Compass, are you in Dallas?

Oh, and btw, I'm still using the same fibs I posted last week..

If the fibs were drawn as in the first chart. There was a break out of the 100 and it failed to reach the 138. The way to trade this was to go long when price exceeded the 100 line by a single pip. Then place a stop and reverse at the 78 retracement with an expectation of price going back to the 50. Which it eventually did.

The second chart is the same as the first but November has been fibbed. With fridays price action a short should have been placed on EUR/USD when price went below the 0 line.

Is this correct?

Dunkan, I'm going to surpise you now, I am a professional trader, I work for a bank in the city of London. I've been trading for the past 4 years and, believe it or not I do ok. I know about the markets and what they can do to one, fear and greed, disbelief, elation and downright frustration as well as bankruptcy of course. I've been down the indicator route and frankly I've lost my conviction with them, I've been drawn more and more to price action and s/r. Now I've often popped into FF as I do find it interesting what other traders are trying and yes, if you like, looking for the next system, looking for that EDGE! Anyway last time I turned up, I was looking for something else, I did a search on "indicator free". Guess what popped up.

I spent the next couple of months reading this thread on and off, it totally facinated me as well as make me laugh (Sizzler). Even when the mysterious Skunny disappeared it still carried on with gusto. When Trader_X suggested re-igniting this thread I was only too happy to get involved.

I have put some effort in myself reading this and I have started to test and practice drawing correct fibs. It can be misleading when different old hands turn up and give differing views on how to use this stuff. But that's the whole point isn't it, you've gotta find your own way around this yourself and I'm sure I will, pretty sure. Hopefully I can be on hand to give (cryptic) pointers when I have honed my own skills.

Say, what do you serve in your restaurant?

Has to be Fib and Chips.

No your're right, it's a bit sad.

No, no, no... its actually Fib and Pips!

So this is a strategy thay you have developed?

Come back Sizzler, all is forgiven.

Where do guys get your jokes from Pipwee Herman.

Ah come on I tried.

Now Dunkan, before I disappear for the night is this the next EUR USD hourly fib, I did walk it here.?



Night.

OK, so you know exactly what I'm talking about then; I was a profesional trader too at one point. There are too many people who take a look at this market and think "I can make a forturne here!" and then proceed to lose one instead. I've read so many posts not just here on this thread, but on many other threads on this forum, where people want the "secret" to trading. They want immediate gratification and much of the time they get it.. in the form of losses. People want their hands held so they can have imediate access to the knowledge and experience that actually takes years to understand and develop.

Successful trading takes time, not matter if you use indicators or not (and you can be successful using indicators-I personaly don't care for them though). I think the hardest thing to learn about trading is how to control yourself (at least it was for me). Traders don't understand that their greatest enemy is themselves. Who is that that said "I have seen the enemy and it is ourselves.." This could not be closer to the truth.

People have come to this thread looking for the "Holy Grail." They think that this is the thread that will allow them to trade 100%, after all Skunny said it and thats what we all want right? This has got to be the sure fire way to acheive exactly what we want. But if you really stop and think about it, you'll discover that this is not the Holy Grail because there is no Holy Grail. When you go through this thread, you'll see that some participants got a little frustrated and pissed off because they were "lied" to; this thead was not the Holly Grail. Well the truth is they were lied to, but not by Skunny.. They were lied to by themselves for believing in something that they knew could not be true in the first place.

There is a positive side though: if you (and I don't mean you MD) really want to be successful and understand this market, you will continue to push through, no matter what it takes, and if you continue to be a student of the market, you wil succeed.

This thread, in my opinion, is one of the absolute best threads on this forum. There is a wealth of information here and if you commit yourself to understanding it, you will be a better trader.

Oh, and I have a barbeque restaurant, btw..

I hope my flippant 'fib and chips' reply will not be mis-interpreted as disparaging this thread.

I was an early participant and gained much from it. Since, I have found my salvation elsewhere through basket trading.

Having said that, whether trading baskets or individual trades, there is one universal truth. It is this. Support either repels or it is broken. Resistance either holds or it breaks.

Actually, those are two universal truths, but you know what I mean.

Understanding this is what I gained from this thread. I hope others will also gain this.

No Dunkan, Sunny Queensland, Australia.

No but you are apparently disparaging my Q! And I don't take that too lightly!

MD I don't pay too much attention to the eur so I'm not very familiar with it's characteristics. The fib you've got though seems ok with the exception of the zero line being a little high; it needs to be on the wick instead of the candle.

How bout this for dinner..

Gottcha