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Indicator Free Trading - Skunny

  • #4,861
  • Jan 2, 2010 4:44pm Jan 2, 2010 4:44pm
I see respect of the fib before the pierce , so I thought , Oh goodie !
It did a U turn after the pierce. Would you have placed the fib there ? If not why ?
Thess fibs are tough to get down.

Thanks
SK
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  • #4,862
  • Jan 2, 2010 4:46pm Jan 2, 2010 4:46pm
Tested this on demo. Worked.

SK
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  • #4,863
  • Jan 2, 2010 4:52pm Jan 2, 2010 4:52pm
I love your posts, I've been going back over them and I think the mist is clearing a bit. I just like to have a bit of fun in between, I know you have a sense of humour!

I think what we need is lots of charts, and Thom if you don't mind, you can be teacher and mark our work.

My main intention here is to understand as much of everbody's take as I can then make my own mind up, I have a fair few pieces and ideas already but you Thom are still a wee enigma!

Just gotta say night to my boy and I'll have a crack at one of your charts.

MD.
Keep smiling
  • #4,864
  • Jan 2, 2010 4:58pm Jan 2, 2010 4:58pm
Quoting skong
Tested this on demo. Worked.

SK

Looks a right beaut to me. Shorting the Yen is the name of the game. In that catagory.. may I suggest GY or EY..

A brief glimpse of the loonie yen has us to 95+..no?

TK
  • #4,865
  • Jan 2, 2010 5:07pm Jan 2, 2010 5:07pm
Nice work. I'll let Thom deal with the first one. The second chart are you taking the break of the 100 as you entry after the previous respect?

MD.
Keep smiling
  • #4,866
  • Jan 2, 2010 5:11pm Jan 2, 2010 5:11pm
Quoting skong
I see respect of the fib before the pierce , so I thought , Oh goodie !
It did a U turn after the pierce. Would you have placed the fib there ? If not why ?
Thess fibs are tough to get down.

Thanks
SK
Righteo! if this does or does not add fuel to certain gents fire... you never want to take a piss at the market.

This is very hard to explain, for me, the easiest way to attempt to... with the 61.8... you cannot just pull wildly whereever. Otherwise baboons would be wealthy by now. This was the part of fibs for me again, that made me think the amount of insane tracking... was not worth and to go back to price action and SR.

I mean when you tak a pair like GC and are tgting 1.86. longer term and are going short... especially well into a down swing.. I suppose you may want to do some back work. The only thing I can trade with NO back work is candles or perhaps... first diretional change 61.8s.

Before you looks to trade make sure you know what has come before. I thought this answer was bollocks and invalidated the whole thing back in the day, but now it is common sensical to me.

TK
EDIT: another good answer from Skuny's post that made me mental.. was "take the shortest target". That also didnt make sense at firt until I stopped giving a mind to pips. I would file these under "shortcuts" and thing that sound daft in the start.
  • #4,867
  • Jan 2, 2010 5:11pm Jan 2, 2010 5:11pm
Quoting Misterdaz
Nice work. I'll let Thom deal with the first one. The second chart are you taking the break of the 100 as you entry after the previous respect?

MD.
Yes. Re-loaded as it came back down as it had not reached the 138.2 ext.
Still in demo mode.
  • #4,868
  • Jan 2, 2010 5:16pm Jan 2, 2010 5:16pm
Quoting ThomKnight
Righteo! if this does or does not add fuel to certain gents fire... you never want to take a piss at the market....
By back work - Do you mean back test or walking the fibs , or market context or something else ?

Thanks
SK
  • #4,869
  • Jan 2, 2010 5:20pm Jan 2, 2010 5:20pm
Quoting skong
By back work - Do you mean back test or walking the fibs , or market context or something else ?

Thanks
SK
I mean... knowing which way the river is flowing. If your D1 is long.. maybe filter by just looking for longs. It will save on errors. I also know when i thought about this... I thought everything fib was rubbish because if i couldn't 100% trade every direction at anytime this was as useful as a dust up at your sis' wedding. Chuckle.

TK
  • #4,870
  • Jan 2, 2010 5:33pm Jan 2, 2010 5:33pm
Quoting ThomKnight
Righteo! if this does or does not add fuel to certain gents fire... you never want to take a piss at the market.

This is very hard to explain, for me, the easiest way to attempt to... with the 61.8... you cannot just pull wildly whereever. Otherwise baboons would be wealthy by now. This was the part of fibs for me again, that made me think the amount of insane tracking... was not worth and to go back to price action and SR.

[b][i]I mean when you tak a pair like GC and are tgting 1.86. longer term and are going short... especially well into...
I think I see where you're coming from. On the weekly , it is now in the zone ( to me - a critical zone ) where shorts must be extremely cautious. Longs is probably the wiser choice.
To stop giving mind to pips is a psychological adjustment. If one is only into going after those runners, then one is not psychologically ready for this approach. Like a fish out of water..

Thanks
SK
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  • #4,871
  • Jan 2, 2010 5:39pm Jan 2, 2010 5:39pm
Thom, here's a GY daily chart, I'm sure you know all too well. Price has consolidated and started to head back north since early November (don't know why I wouldn't buy GBP the economy stinks!).

Anyway, gotta start somewhere right or wrong. I worked this fib in with respect of inner fibs in several places. If I was trading this, and yes it's easy in hindsight, I would have watched the 61.8 break of the second to last candle and then got long at the pullback of the last candle. Target 151.60 stop 146.90 just below the 50%. BTW I don't normaly trade daily, I'm more an hourly gent.

Thom, your thoughts please?

Attached Image


MD.
Keep smiling
  • #4,872
  • Jan 2, 2010 5:43pm Jan 2, 2010 5:43pm
I mean... knowing which way the river is flowing. If your D1 is long.. maybe filter by just looking for longs. It will save on errors.
Oki doki !! Useful to know that

I also know when i thought about this... I thought everything fib was rubbish because if i couldn't 100% trade every direction at anytime this was as useful as a dust up at your sis' wedding. Chuckle.

Likewise I was trying to trade every move to 100 % , I tried and I tried and I thought of asking MD to introduce me to Bailey, but it's is good to know that you have made the same incorrect assumption as well.
Man, theeze feebs are hard to get downnnnnn.

Cheers
  • #4,873
  • Jan 2, 2010 5:47pm Jan 2, 2010 5:47pm
Here's my upside down ey fibs with respect.
Breached of 0 . Long term target - 137.
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  • #4,874
  • Jan 2, 2010 5:54pm Jan 2, 2010 5:54pm
Who said this was subjective... Price was swinging down, breaks back thru 61.8, take the long at the pink (keep it clean lads!).

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MD.
Keep smiling
  • #4,875
  • Jan 2, 2010 5:57pm Jan 2, 2010 5:57pm
Quoting Misterdaz
Who said this was subjective... Price was swinging down, breaks back thru 61.8, take the long at the pink (keep it clean lads!).

Attachment

MD.
Price breaks thru previous resistance, wait for pullback to it and enter long.

MD.
Keep smiling
  • #4,876
  • Jan 2, 2010 6:01pm Jan 2, 2010 6:01pm
Quoting skong
Here's my upside down ey fibs with respect.
Breached of 0 . Long term target - 137.

So you are saying that your target is 137.00 or 1.382 fib extension , right?
And you long on this one.If this is the case what would be your potential entry for this trade?
  • #4,877
  • Jan 2, 2010 6:12pm Jan 2, 2010 6:12pm
Quoting Misterdaz
Price breaks thru previous resistance, wait for pullback to it and enter long.

MD.

Looking only on this TF, this is how I would approach a long.(just my view of course).
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  • #4,878
  • Jan 2, 2010 6:20pm Jan 2, 2010 6:20pm
Quoting speedarad
So you are saying that your target is 137.00 or 1.382 fib extension , right?
And you long on this one.If this is the case what would be your potential entry for this trade?
Yo Speedard you fibmeister!
I must slow down when I'm am posting.
Yes, 138.2 ext would be the long term target if price breaks the 0 line, assuming the fib is good. The trigger for entries is the breach of the 0/100 line.
The 138.2 ext is 137.46. I just typed 137.00 as an approximation.
No I am not in this at all. This would be for the main direction only.
I am testing demo trades on the 1 hour only.

I'm just a novice, so don't take my charts seriously. I'm posting as I see it. Can't say if it's good or not.

Cheers
SK
  • #4,879
  • Jan 2, 2010 6:23pm Jan 2, 2010 6:23pm
[quote ThomKnight - Post#4743]
...The Two varieties of lossless trading here are take the break of the candle that showed the 61.8 respect with a stop under the 61.8 aka Maximum leverage...

[quote ThomKnight - Post#4800]
On the topic of this fib... i would not have traded it at all and I personally never enter before the break.. UNLESS it is off of a smaller fib that has broken or if I am in a round trip to the tick fib... sometimes I will after it breaks the middle fibs levels. It is personal preference how to trade it.


Gidday All,

A question for Thom -I'm a bit confused on the correct entry point, whether to take the break of the bar of the candle that showed the 61.8% respect or wait until break of the signal line 0 or 100.
And if you take the break of the bar respecting the 61.8% you still ride it all the way to the 138% level as per recent chart from Skong below?
Is the break of the 0/100 signal line not the higher probability trade?

Cheers

HR
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  • #4,880
  • Jan 2, 2010 6:25pm Jan 2, 2010 6:25pm
Quoting speedarad
Looking only on this TF, this is how I would approach a long.(just my view of course).
Yeah my view is 61.8 was breached so price is less likely to continue down, I'd wait for a clear break of 61.8 then a pullback to it and I'm happy to go long. You can go long at the initial break and sometimes I might, depends on how frivolous I feel.

Please keep posting, the more the merrier.

MD.
Keep smiling
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