Indicator Free Trading - Skunny

Does this look right?

USD just spiked. Just as I thought I was getting the hang of this.

I know that feeling all too well. I'm trying to figure out why price doesn't reach the 138.2 ext after penetration or breaking s/r.
It could still do so though .

The fib could be reason for this bounce, apart from the news.. etc , of course.
Saw it only after the fact, but something to be aware of for future trades, I guess.

Is that the only fib you have for your chart?

Yes it is. Am I missing something?

So have you read most of the thread? or at least the begining of it where is mentions that you should always have 2 fibs on your chart and it explains what each is for?

One thing to keep in mind is that after penetration, which gives the "hint" as to which direction the market is going, it is not uncommon to get a retractment back inside the fib before it reaches the target

I didn't catch that part of it. I guess I have some more reading to do.

I know this is not a necessarily short thread, but as I've said before, there is a lot of pertanent information here. If you can honestly put the time and effort in, I can almost guarantee you will be a much better trader. Or at least you'll know what I'm talking about when I answer or ask a question. Sorry if that sounds harsh, it wasn't meant to be.

Yep. Got that part. Going by the master fib on your Daily g/y chart, you're interested only in shorts then ?

That's right. In fact, I was short last week at 146.70, squared at 143.91, and looking to short again near the 61.8 of the green fib (146.11) if we can get back there. Cable looks short term down, but the master fib shows up. I also think we'll see a little move down before the jpy goes up.

Thanks and that's a lot of pips.

Hey lads I've found it, it's by Monthy Python.

Dunkan, I could just see you in the bridge scene...

Dunkan: "WHAT....is your favourite colour?"

MD: "Er...Green".

Dunkan: "WHAT... is your favourite food?"

MD: "That's easy...fib and pips".

Dunkan: "WHAT... is the correct way to draw a fib?"

MD: "ER....I don't know that!" ......AAARRRRGGHHHH.

Have a good day people.

I'm so confused that I'd forgotten what I set out to do in the first place !

Keep doing what you have been doing buddy, keep drawing those fibs until you can see where they go before you even place them. That's what all the earlier guys did here and I know we need to do the same. Then watch how price reacts around key support and resistance levels

Observe this in vHands or even better forex Tester if you have it, that's what I'm doing. I think we have enough clues now we just need to find what suits us.

At least the sun is shining where you are!

Let's wait and see if that's the correct place for the fibs.

MD,

I have my swing high at a different spot from yours.

My weapon of choice - Forex Tester..

SK

I was a member of this thread in the very beginning. The alure of possibly winning 100% was too great to ignore. After hours and hours of reading the thread searching for the holy grail inside of it and getting no further than I was before I ever found it I got some entertainment from some of the posts and then the thread was thrown aside by admin. I just happened to be scrolling through FF and found it again and read some of the latest posts. Since being involved in this thread some 2 years ago and then it being trashed, I have matured into a consistantly profitable trader. Of course that didn't happen overnight nor did it happen because I found a secret magical way to draw a fib but it's because I learned price behavior and I matured as a trader and a person. The thing is when you mature, you don't care why the market does what it does. You don't look for the "holy grail" anymore and drawing a perfect fib. You don't consider a fib that "fails" to be a failure at all. A fib is merely a tool to judge a possible and I restate POSSIBLE scenario that price action could follow. When I quit trying to figure out why price did a certain thing and moved on to realizing all I have to do is be right a certain percentage of the time and play the probabilities my trading sky rocketed. Sometimes the market is in rhythm and other times it simply is not. I have learned from some of the best in this game and I wondered why they didn't know this secret this thread was suppose to hold. Blaming myself because I didn't have my fib in the right place and scratching my head to try and figure out what I did wrong doesn't help me get any where in my trading. For those of you still searching there is no magic in this market and it's not as hard of some of those here have portrayed. I am sure they have not done it intentionally of course, but it's not some secret code. You do however have to put in the time to learn price behavior and then take the highest probable trades. You MUST develope a psychological strength as well that gives you the confidence, beats the fear, and conquers the greed that will sabotage you every step along the way. When you finally get there you will still battle these from time to time because you can't eliminate emotions you can only subdue them, however, your trading results will prove that you have finally become a success. I will add this, if you really want to see some amazing high probable set ups, put a 127% and 162% retracement extension on your fib and get ready to marvel. It's not 100% either, but about as close as you can get. When price does something unexpected, don't be surprised. The best belief I ever developed is realizing the market can do anything at any time. Some of the most obsurd posts here were when guys were holding onto a position because the market "HAD TO" adhere to this premise of some fib equation and would come back and therefore stops were even a concern. I wonder how long it took for a margin call in some of those instances. Traders always protect yourself from the unexpected.
A car wreck is usually not expected but that's why we wear seat belts.

Cheers,

I too came across the thread I think at the beginning and have to admit was drawn to it by the trading to 100% is possible comment. I was not following it at the time when there was, shall I say, a dispute of some sort . Strange to say your posts was one of those I remembered well , the one about using stop loss.

In summary, the point of your post is that trading is an art, not an exact science. I see where you are coming from.

Cheers

what a great testimony 4x4ever... i wonder is there anyone here who is or was a member of skunnys personal site (TradeFibs.com) and if they wouldnt mind telling us how there trading is going since they started at tradefibs.com...skunny never promised a holy grail... he only said there was a way to trade 100 %.... if you only took 5 trades a month and each was a success then that is 100%!!!! im totally empathetic with everyone who got caught up in this thread...dunkan and i poured over this thread hour after hour day after day year after year.... even after skunny left we always came back for a quick peak to see if anything was going on..and I KNEW that alot if not all of the original followers where doing the same thing...and i was thinking "ive learned so much...i wonder what everyone else has learned?" thats why i fired this thread back up... and it has been awesome !!!! really awesome !!!! keep it coming ...i still wonder where are the veteren skunny pupils??? dagoods ive seen your name at the bottom of the screen , i know youve been here...sizzler i know your out there! galaxymom ... are u there??? i would really be interested to know if anyone out there ever put all the peices to skunnys puzzle together...you dont have to tell us what the answer is ...just whether or not we are chasing a ghost.....or not...

Skong, like your chart. Here's my take but I did draw it with a Compass!

Missed this short this morning busy doing other crap but it did bounce at the blue T1. Something in the news about an Austrian bank might be nationalised not helping EUR, haven't read the story yet.

MD.