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Indicator Free Trading - Skunny

  • #4,541
  • Dec 17, 2009 7:11am Dec 17, 2009 7:11am
Skong, will have a good look at your chart tonight. Certainly the last weekly fib has completed for me.

Does anybody remember those 3D pictures, the ones with all the coloured dots? It took me ages to be able to see the picture in those, you had to train your eyes to know where to look. Needless to say I got there in the end.....sound familiar?

Compass, I would be interested to see your take on how you would have traded GBP YEN this morning about 8.30am uk time. I had my daily fib on yesterdays range as that' where it belonged for me anyway. I traded it.....like an amateur. I'll post a chart tonight of what I did. It is a good lesson in not letting your emotions drive your trading. Let's just say I got myself bent over in the showers.

Compass, more and more of what you say is making sense now.

Chekz, Skunny went off and set up his own site, tradefibs.com. It was $100 a month to be a member, who can blame him really. It's a small price to pay for a successful concept. I don't know much more than that, maybe Dunkan or Trader_X know a bit more.

Skong, do you rember TK said price likes to move in 138.2 ratios? All starting to fit into place now. Haven't seen him around lately he must be helping Santa.

Talk later. MD
Keep smiling
  • #4,542
  • Dec 17, 2009 12:50pm Dec 17, 2009 12:50pm
Quoting Misterdaz

Compass, I would be interested to see your take on how you would have traded GBP YEN this morning about 8.30am uk time. I had my daily fib on yesterdays range as that' where it belonged for me anyway. I traded it.....like an amateur. I'll post a chart tonight of what I did. It is a good lesson in not letting your emotions drive your trading. Let's just say I got myself bent over in the showers.

Talk later. MD
Hi MD, I don't often trade this pair, as I like to sleep at night without taking sedatives. However in order to accomodate.

First trade sell at the 78.2 with take profit at the 50 = 47 pip gain.

Second trade sell at the 0, move stop loss to break even plus spread, which was stopped out for a no loss.

So far for the day would have been +47 pips.

Hope this helps.
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  • #4,543
  • Dec 17, 2009 2:34pm Dec 17, 2009 2:34pm
Quoting Checkz
Lets look at what Skunny told Dagoods.
He had him modify his fibs to 4 lines.
He had him trade off of one timeframe.
And he had him adjust his fibs only when the 1.382 fib ext was reached.
I do all of this with one exception: I adjust my fibs when there is a reversal that penetrates the opposite end of the candle I am trading.
I had to uncomplicate it in order to trade with it.:nerd:

Made my fib 4 lines. Went to a 1 hour chart and started walking them. Wow, why do we make this more complicated than it has to be? This thread is a game changer, for me anyways.

Can you describe how you adjust your fibs? I dont quite follow what you're saying. Thanks.


Bartstop
  • #4,544
  • Dec 17, 2009 3:15pm Dec 17, 2009 3:15pm
Quoting Misterdaz
Skong, will have a good look at your chart tonight. Certainly the last weekly fib has completed for me.

Does anybody remember those 3D pictures, the ones with all the coloured dots? It took me ages to be able to see the picture in those, you had to train your eyes to know where to look. Needless to say I got there in the end.....sound familiar?

Compass, I would be interested to see your take on how you would have traded GBP YEN this morning about 8.30am uk time. I had my daily fib on yesterdays range as that' where it belonged for me anyway. I...
Update . Brown fib reached target.

As Fxcompass mentioned, weekly 138.2 fib in sight, and finally reached.

I vaguely remember the 3D thinggy but I know what you mean. Starting to see where to place fibs as new s/r are starting to form.

Yes, I remember TK saying that .

Another chart to follow.

SK
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  • #4,545
  • Dec 17, 2009 3:21pm Dec 17, 2009 3:21pm
Will price make it to the red fib's 138.2 ext ??? If not, maybe the brown fib completion has something to do with it.

Waiting for green fib to activate .


SK
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  • #4,546
  • Dec 17, 2009 4:42pm Dec 17, 2009 4:42pm
Quoting bartstop
Made my fib 4 lines. Went to a 1 hour chart and started walking them. Wow, why do we make this more complicated than it has to be? This thread is a game changer, for me anyways.

Can you describe how you adjust your fibs? I dont quite follow what you're saying. Thanks.


Bartstop
First of all I mainly trade the single candle method and I also try to stick to the Weekly time frame (because the higher time frame always trumps the smaller ones). With that being said the whole trading game begins when the high or low end of the candle is penetrated. What I've discovered is once price penetrates one end of the candle or the other it will reach it's 1.382 fib ext causing it to be a winner but for example if it penetrates your high but fails to hit your upper 1.382 fib ext and then reverses back down and penetrates your low you lose. The next set of fibs is then drawn on that losing candle. Hope that helps. :nerd:
  • #4,547
  • Dec 17, 2009 4:48pm Dec 17, 2009 4:48pm
Quoting Checkz
First of all I mainly trade the single candle method and I also try to stick to the Weekly time frame (because the higher time frame always trumps the smaller ones). With that being said the whole trading game begins when the high or low end of the candle is penetrated. What I've discovered is once price penetrates one end of the candle or the other it will reach it's 1.382 fib ext causing it to be a winner but for example if it penetrates your high but fails to hit your upper 1.382 fib ext and then reverses back down and penetrates your...
Got it. Is there a certain pair/pairs that this method works best on?
  • #4,548
  • Dec 17, 2009 5:44pm Dec 17, 2009 5:44pm
Quoting bartstop
Got it. Is there a certain pair/pairs that this method works best on?
I use it on all currency pairs. Here's a one hour swing I am currently working on. Just trying it out!:nerd:
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  • #4,549
  • Edited 5:46pm Dec 17, 2009 5:45pm | Edited 5:46pm
Quoting skong
Will price make it to the red fib's 138.2 ext ??? If not, maybe the brown fib completion has something to do with it.

Waiting for green fib to activate .


SK
SK, I have moved my fib to exactly the same place. The Greek news has really killed the EUR of late.

Tomorrow may be the last day we see much action in the markets. Looking out the window here I doubt I'll see the office tomorrow, could be a white christmas.

MD.
Keep smiling
  • #4,550
  • Dec 17, 2009 5:48pm Dec 17, 2009 5:48pm
Quoting Checkz
I use it on all currency pairs. Here's a one hour swing I am currently working on. Just trying it out!:nerd:
I recognise those candles, they murdered me today!
Keep smiling
  • #4,551
  • Dec 17, 2009 6:26pm Dec 17, 2009 6:26pm
Quoting FX Compass
Hi MD, I don't often trade this pair, as I like to sleep at night without taking sedatives. However in order to accomodate.

First trade sell at the 78.2 with take profit at the 50 = 47 pip gain.

Second trade sell at the 0, move stop loss to break even plus spread, which was stopped out for a no loss.

So far for the day would have been +47 pips.

Hope this helps.
Hi Compass, why did you trade short on the 78.2, not part of the usual plan, ie it hadn't broken the top of the range and then reversed. Or was you looking at a break of support then a pullback to it for a sell, standard s/r trading. And the other trade, I wouldn't have thought it got far enough in profit to move the stop to break even. Interesting that you move the stop to b/e or even use a stop as I thought you let the trade run back to the 23.6 and then reversed to get you pips back. Nothing wrong with moving your stop though if you get to a decent profit as a few times I've noticed that price does not get to the 138 but can still be 50 pts to the good before reversing.....

Anyway I'll quickly tell what a pratt I was this morning, you'll enjoy this. Off I went to work on the old train this morning, keen as mustard, cocky as hell. Lesson 1 chaps, don't be cocky!. Watch out Mr. fib is coming. So for some strange reason I pull up a GY chart, don't normally trade it, a bit too volatile for me at my age but what the hell.

Now price had just pulled back above your 0 line Compass when I sat down at work, I probably should have waited for it to to break lower again, but no impatience and exuberance came into play, I went short at 145.38. lesson 2, don't be impatient, wait for the setup, exuberance is ok though!.

Next mistake, I didn't check which figures were out that morning before trading. Lesson 3 for me anyway, check for big fundamental releases which can send the market screwy, especially for short term trading. UK Retail Sales were due out at 9.30, damn!

I should have chopped it then for a small loss, that's where discipline comes in but my old heart decided that they would be bad anyway. Lesson 4 don't trade on emotions or hope!

Then priced moved against me and broke up thru the 23.6, I dithered, er what shall I do? Lesson 5 don't dither, be ready with a plan before you trade and trade it. Well going with the plan I should have reversed at 143.60 but I dithered and bought the high at 143.80. NO! NO! NO...it just got worse and worse.

So price starts going back south now, by now I'm starting to hit things. Lesson 5 don't get angry, it clouds your judgement and ruins the furniture. So I think f%ck it, cause I'm angry, I'll run it through the figures.

What happened, they were crap and I stopped out of my long. I wasn't going to reverse for a second time, the boss was watching me and I couldn't risk an even bigger loss.

Now if I had checked for figures first I wouldn't have put the first trade on. If I had waited until afterwards I would have took a break of the 0 for at least 50 points. Happy days..........not today!

Compass this is obviously not a lesson for you but I'm sure you will enjoy it.

Enjoy the rest of your day all. MD.
Keep smiling
  • #4,552
  • Dec 17, 2009 7:31pm Dec 17, 2009 7:31pm
Thanks for keeping this thread alive:nerd:
  • #4,553
  • Dec 17, 2009 8:41pm Dec 17, 2009 8:41pm
GBP/JPY One hour swing 1.382 ext hit
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  • #4,554
  • Dec 17, 2009 8:47pm Dec 17, 2009 8:47pm
Quoting Checkz
GBP/JPY One hour swing 1.382 ext hit

Nice. I caught some of those same pips myself. After walking my fib, this is what I ended up with. Short from 145.33.
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  • #4,555
  • Dec 17, 2009 9:02pm Dec 17, 2009 9:02pm
Quoting bartstop
Nice. I caught some of those same pips myself. After walking my fib, this is what I ended up with. Short from 145.33.
Great? I think I see another Sell trade developing but i'm trying to wait it out. :nerd:
  • #4,556
  • Dec 17, 2009 9:15pm Dec 17, 2009 9:15pm
Quoting Checkz
Great? I think I see another Sell trade developing but i'm trying to wait it out. :nerd:
That fast dip down sure shook the market up, I'm going to give it some time to settle out before I get back in. Probably be morning before I trade again. I can't help but to walk these fibs up and down the swings counting pips. Not that I'm greedy hehehe.
  • #4,557
  • Dec 17, 2009 9:31pm Dec 17, 2009 9:31pm
Thinking about trading this. Do you put pending order just below the 100 line or right on it?
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  • #4,558
  • Dec 17, 2009 10:55pm Dec 17, 2009 10:55pm
Quoting bartstop
thinking about trading this. Do you put pending order just below the 100 line or right on it?
i place it 5 pips below or above the entry line
  • #4,559
  • Dec 17, 2009 11:09pm Dec 17, 2009 11:09pm
Quoting Misterdaz
Compass this is obviously not a lesson for you but I'm sure you will enjoy it.

Enjoy the rest of your day all. MD.
GBPJPY is one nasty dragon with a big tail.
Very funny story though.

In answer to your questions a break through either the 23.6 or 78.2 towards the 50 is always a reversal trade, regardless of where it comes from.

I definately use a stop loss which I place at break even as soon as I think I have given the trade enough room to breath. If it reverses then I am stopped out and awaiting the reverse trade.

Checkz, do you only trade the break of the high or low on the candle, or can you trade in between ?

Also, what timeframe are you trading ?
  • #4,560
  • Dec 17, 2009 11:18pm Dec 17, 2009 11:18pm
Quoting fx compass
gbpjpy is one nasty dragon with a big tail.
Very funny story though. :d

in answer to your questions a break through either the 23.6 or 78.2 towards the 50 is always a reversal trade, regardless of where it comes from.

I definately use a stop loss which i place at break even as soon as i think i have given the trade enough room to breath. If it reverses then i am stopped out and awaiting the reverse trade.

checkz, do you only trade the break of the high or low on the candle, or can you trade in between ?

Also, what timeframe are you...
i trade the break of high & low and sometimes in between. I got in at the 50% fib short!
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