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Indicator Free Trading - Skunny

  • #4,881
  • Jan 2, 2010 6:33pm Jan 2, 2010 6:33pm
Quoting skong
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

That's no problem ,bud, just try to figure out what you're doing. I know you can use fibs in many different ways and if that works for you , that's all that matters. I agree with main direction if we breach (0;100) level but it would be a long shot ,cause this wave would have at some point, some sort of retracement.
  • #4,882
  • Jan 2, 2010 6:34pm Jan 2, 2010 6:34pm
Quoting highroller
[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....
HR, this is where developing your own style comes into it. I don't think Thom looks for distant targets but that's not to say you can't. I like to trail a stop once my profit equals my stop.

Thom goes on about the 61.8% property, a break of this seems ok to me to enter on in the opposite direction, forget this thread that's standard fib trading. Breaks of 0/100 they seem ok too, for they were what I had originally tested with a high percentage of winners.

To get you fib correct first, there lies the rub.

MD.
Keep smiling
  • #4,883
  • Jan 2, 2010 6:35pm Jan 2, 2010 6:35pm
Quoting highroller
[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...
HR,
When I pulled the fib, price had retraced back to the 38.2- 61.8 without hitting the 138.2 ext. I thought if the fib is good, it will want to go back up.
So I drew the trend line and waited for the break. When the green bullish candle penetrated and close above the trend line, I thought it was a good idea to go long. So I did.

Regards
Sk
  • #4,884
  • Jan 2, 2010 6:37pm Jan 2, 2010 6:37pm
Quoting Misterdaz
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.
Still sipping on Mr. Bailey? LOL
  • #4,885
  • Jan 2, 2010 6:38pm Jan 2, 2010 6:38pm
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

Your Fib is placed just fine... remember they will tell you the story regardless.

See the reversal at the 0 Line, this is the first sign that something is turning with this pair.

Then the break of the 100 line is classic and confirmed reversal.

So in this instance one could safely take the trade past the 100 to either the 138 or 161.8, usually both get hit.

Fibs are not 100% accurate but the story they tell is.
  • #4,886
  • Jan 2, 2010 6:38pm Jan 2, 2010 6:38pm
How you doing? Just trying to develop my fib knowledge further here. Past my bedtime now though.

Goodnight all.

MD.
Keep smiling
  • #4,887
  • Jan 2, 2010 6:41pm Jan 2, 2010 6:41pm
Quoting speedarad
Still sipping on Mr. Bailey? LOL
Uncle scotch tonight, just the one mind.

Night.
Keep smiling
  • #4,888
  • Jan 2, 2010 6:44pm Jan 2, 2010 6:44pm
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.
eek ..
You've got the same 61.8 level as mine. However yours got the 138.2 ext at the rear end showing respect as well.
Not bad for a novice I must say.

SK
  • #4,889
  • Jan 2, 2010 6:46pm Jan 2, 2010 6:46pm
Quoting Misterdaz
How you doing? Just trying to develop my fib knowledge further here. Past my bedtime now though.

Goodnight all.

MD.
Hi Md, just great.

Hope you are well. How are your fingers and liver ?

See you tomorrow.
  • #4,890
  • Jan 2, 2010 6:47pm Jan 2, 2010 6:47pm
Quoting FX Compass
Your Fib is placed just fine... remember they will tell you the story regardless.

See the reversal at the 0 Line, this is the first sign that something is turning with this pair.

Then the break of the 100 line is classic and confirmed reversal.

So in this instance one could safely take the trade past the 100 to either the 138 or 161.8, usually both get hit.

Fibs are not 100% accurate but the story they tell is.
Thanks. I see what you mean.
Eagle eye, You might want to enlighten MD as well.

Cheers
SK
  • #4,891
  • Jan 2, 2010 6:47pm Jan 2, 2010 6:47pm
Watch it SK, you thought I'd gone to bed!!

I really must go now bye.
Keep smiling
  • #4,892
  • Edited 12:23am Jan 3, 2010 12:21am | Edited 12:23am
Quoting FX Compass
138.2 Fib is target.

It may take a while (especially in this thin market), but I think you get the general direction as to where it is headed off the chart.
Compass,
Why were you long ej here ?

http://www.forexfactory.com/showpost...postcount=4731

Thanks
SK
  • #4,893
  • Jan 3, 2010 1:59am Jan 3, 2010 1:59am
Quoting highroller
[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....
Allo,

eventhough this might get flamed. I simply don't give a fig. Once it is triggered there is no issue of possibility it WILL go there and if avoiding redline news is an issue for you or invalidates this in your mind then so be it. but thems the rules.

The fib I was talking about had already pierced... retraced backed to the 61.8 and turned. I do not take trades before break of the 0/100 line.

This may seem as it did to me.. a bad proposition...and you will naturally try to find an "early" entry... to get better "rr" sine you "lose" .I have been there. Lord knows I have. All part of the fun journey.

What you will find and I promise you will... is fibs that are triggered.. and have turned on a dime on a fib level.. giving you not only a valid ( from that fib) target and a point from which price rarely ever retraces before hitting target. ...does it sometimes.. sure. but very rarely.

You will also find price actio in a fib that lets you know.. no worries take the break of the 100 with no major worry of drawdown( and also not worry about drawdown because.. it is not a loss).. and most of all the issue of entry and exit will become somewhat moot as things make sense.

I think... in Skongs trade... it had already pierced....retraced and he was using a tl breakout for an entry. There really is no limit to what you can do here. You like to use tls gann lines... indis... etc in the fib fine. none of them will stop the fib, but may help you trade it if you do not have a grasp of sr..., but before ever adding any spies into it... learn what it tastes like plain.

TK
  • #4,894
  • Jan 3, 2010 2:11am Jan 3, 2010 2:11am
Quoting FX Compass
Your Fib is placed just fine... remember they will tell you the story regardless.

See the reversal at the 0 Line, this is the first sign that something is turning with this pair.

Then the break of the 100 line is classic and confirmed reversal.

So in this instance one could safely take the trade past the 100 to either the 138 or 161.8, usually both get hit.

Fibs are not 100% accurate but the story they tell is.
We may disagree on this... let me say fibs are ,but perhaps we do not excute properly.

There are much easier approximate methods of trading.. eg.. tls pa and sr... much easier to trade and very simplistic if one want to be very profitable and is not so much concerned with accuracy and WL. You will hit 7 figures with a 60% wl and patience.

I used to trade this professionally and I personaly thought fibs were hocus pocus since I thought they relied on pysch levels... and sr is static.. and observable and frankly... a very easily seen supply and demand que and to where to enter and exit. ... why would i ever uses a mess of a tool like a fib when I could use two - three straight lines.

The style was like j16 or clockwork , but more accurate or rather tighter and a tad diferent. The fib really is a crap tool for approxmiation.. or rather... just too messy and cluttered for my tastes.

This application of fibs changed my mind and I will never look back.. even though those styles are disgustingly powerful and simple. I shun standard fib traders or any fib i have seen other then skunny as I still see it as hocus pocus( or just overkill) and there is an easier way of achieving those results with much less clutter in my mind.

Sorry it must be late I am a ranting lunatic chuckle. All of this is my story and my personal opinion and not meant to offend... eventhough it got preachy. Forgive me.

TK.
  • #4,895
  • Jan 3, 2010 2:18am Jan 3, 2010 2:18am
Does anyone use this on a daily TF? I am not sure if the parameters are correct for daily.
  • #4,896
  • Jan 3, 2010 3:42am Jan 3, 2010 3:42am
Quoting skong
Compass,
Why were you long ej here ?

http://www.forexfactory.com/showpost...postcount=4731

Thanks
SK
Classic retrace to the 61.8 fib line after the previous wave had completed.

The respect for the 61.8 line was a not clean, but respected in the end.
I suspect we had a large market order which caused the down spike and then retrace on the next candle. Perfectly normal and happens often enough... see AUDUSD last Friday.

Looking forward targets are now at the extensions. 137 is on the cards in the coming weeks.

This is exactly what I meant when I said "Fibs are not 100% accurate but the story they tell is."
Why can't they be 100%, because you will always get market spikes when the institutions have a big order to place which inevitably takes out the line and almost always comes back to the same price.
  • #4,897
  • Jan 3, 2010 3:44am Jan 3, 2010 3:44am
Quoting albertsy2
Does anyone use this on a daily TF? I am not sure if the parameters are correct for daily.
I use this on daily to get the big picture and then scale down to smaller timeframes for the trades.
  • #4,898
  • Jan 3, 2010 3:47am Jan 3, 2010 3:47am
Quoting ThomKnight
We may disagree on this... let me say fibs are ,but perhaps we do not excute properly.

There are much easier approximate methods of trading.. eg.. tls pa and sr... much easier to trade and very simplistic if one want to be very profitable and is not so much concerned with accuracy and WL. You will hit 7 figures with a 60% wl and patience.

I used to trade this professionally and I personaly thought fibs were hocus pocus since I thought they relied on pysch levels... and sr is static.. and observable and frankly... a very easily seen...
Hi Tom,

You may have mentioned earlier, but can you describe how you set up for a typical trade ?
  • #4,899
  • Jan 3, 2010 4:22am Jan 3, 2010 4:22am
thanks for the replies everyone - appreciated, I'll wade on thro thread then - hopefully some clarity will come the more I read!
  • #4,900
  • Jan 3, 2010 4:40am Jan 3, 2010 4:40am
Quoting ThomKnight
Allo,

...This may seem as it did to me.. a bad proposition...and you will naturally try to find an "early" entry... to get better "rr" sine you "lose" .I have been there. Lord knows I have. All part of the fun journey.
TK
Thanks Thom,

Thats made things a whole lot clearer

Cheers

HR
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