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Indicator Free Trading - Skunny

  • #4,501
  • Dec 15, 2009 6:16pm Dec 15, 2009 6:16pm
You're right Skong, I'm off to bed... i'm seeing double.
  • #4,502
  • Dec 15, 2009 6:27pm Dec 15, 2009 6:27pm
I'm glad you cleared that up. I had it right in the first place.

I must agree with Skong, I fibbed last weeks candle and I make the -138.2 1.4639 which we haven't hit just yet. I have fibbed the daily of the 11/12/09, you have too. That completed this morning, I know because i'm still cursing I missed it.

Skong, the whisky is purley for medicinal puposes...well the first one is anyway.

Goodnight and have a good day.

MD.
Keep smiling
  • #4,503
  • Dec 15, 2009 7:22pm Dec 15, 2009 7:22pm
oh yeah MD im here....always! i had my ah ha moment a long time ago but as i continue to study i only add to it... this is why im always intersted in others opinion/knowledge...you know two heads are better than one kinda thing...IMO i reallydont agree with alot that i see here...but dont get me wrong either ..im always open minded to everyones take on fib placement... what i dont really agree with is this just placing fibs anywhere... IMO you can not just place fibs anywhere! your fib must be walked or you will end up in the middle of a cycle...each time frame has its own cycle! but beware of going below the15m ....one thing ive learned about for sure is bad data...i keep 6 brokers going at the same time,all the time , and ive literally gotten 6 different prices at the same time...the lower in TF you go the worse it gets....one brokers platform will tell me the cycles complete the other will tell it isnt...so even if you really did have the grail..you wouldnt know if you only used one broker....im 3-0 for the week and up 205 pips (demo) and its only tuesday (and i only trade part time...i work a real job ya know) but even when you do get your ah ha moment learning HOW to trade is whole other learning experience... i really hope evryone here continues with the way things are going ... it really is awesome...truely!!!!
  • #4,504
  • Dec 15, 2009 7:52pm Dec 15, 2009 7:52pm
Quoting Trader_X
oh yeah MD im here....always!...
I had to ask. How did you walk your fibs to where it was on your 1 hr eu chart ?

Cheers
SK
  • #4,505
  • Dec 15, 2009 8:12pm Dec 15, 2009 8:12pm
Quoting FX Compass
You're right Skong, I'm off to bed... i'm seeing double.
Been there, done that.

SK
  • #4,506
  • Dec 15, 2009 9:42pm Dec 15, 2009 9:42pm
Quoting skong
I had to ask. How did you walk your fibs to where it was on your 1 hr eu chart ?

Cheers
SK

The walking fibs thing has me a little baffled too. I think there's more than a few of us that could use a little nudge in the right direction on that one. Anyone care to enlighten us?
  • #4,507
  • Dec 15, 2009 10:24pm Dec 15, 2009 10:24pm
Quoting Skunny
I'm a little hesitant to start this but.......................


This is just an exercise, I am not here to teach a system. Those that want to participate should benefit. What I'm showing you is 1% of what is. This is just a simple step that I believe will help you look at the market a bit different. If you are still looking at the market like 95% of "traders".....well, you know the stats.

Open a weekly chart and blow it up (not literally). Now open your Fibonacci tools and pull a linear fib from the high and low of any candle. Make sure your...
Follow the rules above but with one exception if price does not make it to it's 1.382 Fib ext but penetrates the opposite end, draw new set of Fibs on the losing candle. Here's the key- you draw new fibs on the candles that contains the 1.382 fib ext level that was reached or the reversal which penetrates the opposite end of the orginal candle. Remember Skunny said that s/r penetration gives us hints to where the market is going. It all starts with a high or low penetration. It works very well on weekly candles. Remeber that the only candles you need to be concerned about fibbing are the winners and the losers.:nerd:
  • #4,508
  • Dec 15, 2009 10:25pm Dec 15, 2009 10:25pm
there are many ways to walk a fib and there are quite few suggestions here in this thread to the fact..i derived my method from bobkus thread(another must read thread)...walking fibs is no secret...its no arcane or esotric trick...for me to explain all the ways ive read and discovered to walk fibs is far more than i could ever hope to type..just do a little research and youll figure out what best applies to your style quickly....MORE IMPORTANTLY>>>>read post #386 and #389 (skunnys words...This is your quest!!!!) figure this out and i believe youll have what youve been searching for....ill be glad to help as much as i can
  • #4,509
  • Dec 15, 2009 10:34pm Dec 15, 2009 10:34pm
Quoting bartstop
The walking fibs thing has me a little baffled too. I think there's more than a few of us that could use a little nudge in the right direction on that one. Anyone care to enlighten us?
I still can't figure out how skunny decides when he moves his fibs , and how he selects which swing high or low to use.
There is one post where he poses a question about whether his fib was placed correctly, and then gave the answer a few posts later, with some charts.
Worth going through again . I can't remember which post exactly but it shouldn't be too hard to find.

SK
  • #4,510
  • Dec 15, 2009 10:40pm Dec 15, 2009 10:40pm
Quoting Checkz
[size=3]Follow the rules above but with one exception if price does not make it to it's 1.382 Fib ext but penetrates the opposite end, draw new set of Fibs on the losing candle. Here's the key- you draw new fibs on the candles that contains the 1.382 fib ext level that was reached or the reversal which penetrates the opposite end of the orginal candle. [color=black]Remember Skunny said that s/r penetration gives us hints to where the market is going. It all starts with a high or low penetration....
Much appreciated. The weekly candle penetration/break test was interesting. About 3/4 made it to the 138.2 ext. after breaching. The others made a U turn and never looked back.
I must refuel before walking the fibs with your insight.
A big thanks.

SK
  • #4,511
  • Dec 15, 2009 10:53pm Dec 15, 2009 10:53pm
Quoting skong
Much appreciated. The weekly candle penetration/break test was interesting. About 3/4 made it to the 138.2 ext. after breaching. The others made a U turn and never looked back.
I must refuel before walking the fibs with your insight.
A big thanks.

SK

Did you draw a new set of fibs on the losing weekly candle?
  • #4,512
  • Dec 15, 2009 10:56pm Dec 15, 2009 10:56pm
Quoting Trader_X
there are many ways to walk a fib and there are quite few...
It's not that I'm asking for a handout and not gone through the thread or done any research. I have tried a few variations that I could come up with . I've gone through that chart on #386 a few times. I just like to see if you have tried a variation that I might not have thought of.
  • #4,513
  • Dec 15, 2009 10:59pm Dec 15, 2009 10:59pm
Quoting Checkz
Did you draw a new set of fibs on the losing weekly candle?
No. Too tired to conduct that exercise now, but will definitely do it. That is one variation I have not come up with . Duh !!!

Thanks heaps.
  • #4,514
  • Dec 15, 2009 11:08pm Dec 15, 2009 11:08pm
Quoting Trader_X
there are many ways to walk a fib and there are quite few suggestions here in this thread to the fact..i derived my method from bobkus thread(another must read thread)...walking fibs is no secret...its no arcane or esotric trick...for me to explain all the ways ive read and discovered to walk fibs is far more than i could ever hope to type..just do a little research and youll figure out what best applies to your style quickly....MORE IMPORTANTLY>>>>read post #386 and #389 (skunnys words...This is your quest!!!!) figure this out and i believe youll...

Quoting skong
I still can't figure out how skunny decides when he moves his fibs , and how he selects which swing high or low to use.
There is one post where he poses a question about whether his fib was placed correctly, and then gave the answer a few posts later, with some charts.
Worth going through again . I can't remember which post exactly but it shouldn't be too hard to find.

SK

Looks like I have some more reading to do......again. Atleast all of this is paying off. I may have had my ah-ha moment. Time will tell. Talk to you all tomorrow. It's bedtime.


Bartstop
  • #4,515
  • Dec 15, 2009 11:31pm Dec 15, 2009 11:31pm
Quoting Skunny
The only time you need a fib drawn is when support/resistance is broken. you can be prepared if you want to, but you will have lines on your chart that don't mean anything.
The only time you need a fib drawn is when s/r is broken. Why? Because it will either be a winner or a loser, which are the only two candles you actually have to draw fibs on if you are trading the single candle method. I believe that Sknunny gave Dagwood the answer.:nerd:
  • #4,516
  • Dec 15, 2009 11:44pm Dec 15, 2009 11:44pm
Quoting Skunny
You should draw your fibs so you are in a cycle or a completed cycle.

A cycle is completed when you win and when you lose and those are the candles that need to be fibbed!:nerd:
  • #4,517
  • Dec 16, 2009 8:12am Dec 16, 2009 8:12am
Notice that on the 5th winning candle it didn't reach it's 1.382 fib ext. So I would then draw my next set of fibs on the candle that penetrated the opposite end causing the trade to be a losing one. Once I fib the losing candle I go back into Winning again. Sometimes you can run into a string of losers but if you fib them you will start to win again.
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  • #4,518
  • Dec 16, 2009 11:15am Dec 16, 2009 11:15am
Checkz could u pls elaborate a little more on your "cycle" concept, as you understand it. Perhaps a before/after fib placement? I understand your view as it pertains to what Skunny indicated. However on the chart you posted I can't grasp if the fib placement on that 5th candle is the initial placement or the new placement after the losing candle. BTW, which is the losing candle?

I do not use fibs in the same manner as this thread posts. I am a long term trader, I use the Jesse Livermore approach in my trades. A skill I have developed is how to detect the FORMATION of a direction. The fib tool helps me VISUALIZE price as it FORMS a direction or trend, if u will. So to a certain extent I "walk" the fib tool but not for the same reason this thread indicates.

Sorry about the caps, I just want to emphasize that the skill to SEE how price is forming a direction is something that has helped me to enter/stay/exit profitable trades.

Jess



Quoting Checkz
Notice that on the 5th winning candle it didn't reach it's 1.382 fib ext. So I would then draw my next set of fibs on the candle that penetrated the opposite end causing the trade to be a losing one. Once I fib the losing candle I go back into Winning again. Sometimes you can run into a string of losers but if you fib them you will start to win again.
Our AWESOME IMAGINATION is the true holy grail!
  • #4,519
  • Dec 16, 2009 12:37pm Dec 16, 2009 12:37pm
Skong, looks like the weekly 138 target is still in play.
Price has turned back down towards it at the 0 fib.
Very light volume - looks like everyone is off for christmas.
  • #4,520
  • Dec 16, 2009 1:43pm Dec 16, 2009 1:43pm
Quoting xmess7
Checkz could u pls elaborate a little more on your "cycle" concept, as you understand it. Perhaps a before/after fib placement? I understand your view as it pertains to what Skunny indicated. However on the chart you posted I can't grasp if the fib placement on that 5th candle is the initial placement or the new placement after the losing candle. BTW, which is the losing candle?

I do not use fibs in the same manner as this thread posts. I am a long term trader, I use the Jesse Livermore approach in my trades. A skill I have developed is how...
I placed my set of fibs on the 5th winning candle to show you the losing cande, which is the candle I would place my next set of fibs on but I didn't place any visible fibs on the losing candle.
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