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Indicator Free Trading - Skunny

  • #4,961
  • Jan 4, 2010 12:32pm Jan 4, 2010 12:32pm
A little longer term EU

Remember these are only neat..Never fool-proof.
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  • #4,962
  • Jan 4, 2010 12:33pm Jan 4, 2010 12:33pm
Quoting Misterdaz
Yes Compass. I've found if I wear my Avatar 3d glasses everything makes sense!

Scotty, I see you have a bit of respect going on.

I've been looking at a mixture of everything, fib respect, range fibs and s/r, oh and whisky and coke.

MD.
Lol..Just remember that a sober mind and a well functioning liver have more to do with trading well than fibs...
  • #4,963
  • Jan 4, 2010 12:38pm Jan 4, 2010 12:38pm
Quote
Very nice. I guess the dashed red line is the buy trigger. I'm glad it's working for you. I do not like to enter trades on a 1 hour chart.


Good Trading

i didnt take entry off 1hr! been burnt time without number doing dat
my entry is a proprietary PA base on 5mins change in orientation

thanks
  • #4,964
  • Jan 4, 2010 2:35pm Jan 4, 2010 2:35pm
Quoting bartstop
Something else I want to add. When you have a fib pulled on a daily chart, and then you are pulling another fib on a smaller timeframe like the hourly. If that smaller fib is overlapping with the inner lines from the larger, be carefull, the price is more likely to react to the lines from the larger fib and may render your smaller fib useless. It's funny how Skunnys words make more and more sence as time goes on.

Again, someone correct me if I'm wrong.
Yep. Got that part. Also if it bounces nearly to the pip at the 138.2 ext of a daily/weekly fib, that can cause some turbulence as well.

SK
  • #4,965
  • Jan 4, 2010 3:04pm Jan 4, 2010 3:04pm
Quoting trader365
Yes it sounds quite similar to my way of thinking. As far as entries go, from what I have read so far, there are many similarities. It will depend on PA as to whether or not I might take a trade that appears at fisrt glance to be the same as the previous setup.

Odds & probs., as I keep repeating, is the name of this business or any biz for that matter. If you were to start a biz the right way, some of the things you should know for better chances of success....fixed expenses, working capital, demographics, Insurance...just to name a few. You should...
amen brother.. agree 100%

i hear you about 800+ pgs.. I have send u a pm already..

talk to you later..
  • #4,966
  • Jan 4, 2010 3:05pm Jan 4, 2010 3:05pm
Quoting Scotty B
Lol..Just remember that a sober mind and a well functioning liver have more to do with trading well than fibs...
I only have the one as a relaxer after a long stressful day listening to the wife.

MD.
Keep smiling
  • #4,967
  • Jan 4, 2010 3:15pm Jan 4, 2010 3:15pm
Quoting Misterdaz
I only have the one as a relaxer after a long stressful day listening to the wife.

MD.
  • #4,968
  • Jan 4, 2010 4:29pm Jan 4, 2010 4:29pm
????
Keep smiling
  • #4,969
  • Jan 4, 2010 4:51pm Jan 4, 2010 4:51pm
I thought it might be interesting to discuss how some of you guys use the fibs to predict future price targets on the longer term timeframes. I don't mean trade, just forecast. I'm sure you had a go at this earlier on Compass. Thomknight dare I say would have a go, Scotty?

So not trade setups, forecasts. Is it possible? Is it bo11ocks. I don't know just thought this thread seems to be one big think tank these days.

I would suggest other methods but this is a fib thread.

If this is a waste of time just tell me to shut up.

MD.
Keep smiling
  • #4,970
  • Edited 4:59pm Jan 4, 2010 4:55pm | Edited 4:59pm
Quoting Misterdaz
????
Oh fine then.
Here's a chart of a demo trade on the g/u.
The red arrow shows the short entry . The yellow shows the exit. Hope you can see them .

SK
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  • #4,971
  • Jan 4, 2010 5:10pm Jan 4, 2010 5:10pm
Price has been consolidating since the 30th. How about this version?

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MD.
Keep smiling
  • #4,972
  • Jan 4, 2010 5:15pm Jan 4, 2010 5:15pm
...should be the other way up! Sorry.
Keep smiling
  • #4,973
  • Jan 4, 2010 5:21pm Jan 4, 2010 5:21pm
I overlooked you trade. It worked, great, what you looking at next?

MD.
Keep smiling
  • #4,974
  • Jan 4, 2010 5:23pm Jan 4, 2010 5:23pm
When I am thinking long, I like to anchor the start of the fib to a swing low.
Long way to go to the trigger line, and anything can happen till then.

When I am thinking short, I like to anchor the start to a swing high.

Would have the foggiest how to forecast.

SK
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  • #4,975
  • Jan 4, 2010 5:29pm Jan 4, 2010 5:29pm
Quoting Misterdaz
I overlooked you trade. It worked, great, what you looking at next?

MD.
Hey Fella,
You're making me think hard again.
Here's what I am looking at in preparation for LO. If price makes it back to the DZ zone, before it hits the 138.2 ext, then it could be good.

SK
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  • #4,976
  • Jan 4, 2010 5:36pm Jan 4, 2010 5:36pm
When I've been toying with Thom's fibs I've tried hooking the 61.8 line on a midway swing, not an extreme, then pulling it around to encompass more of the price on other levels. In hindsight it's easy to do but I tried it on USD CHF today and I hit my target to the pip. Now I don't care about being a pip out here and there but I like taking profit!

Here's a fib on cable from a couple of days back, curve fit yes but price does line up neatly. Note how it reverses and breaks the 61.8 fib level which is a previous resistance, good place to go long.

Attached Image


MD.
Keep smiling
  • #4,977
  • Jan 4, 2010 5:52pm Jan 4, 2010 5:52pm
Quoting skong
Hey Fella,
You're making me think hard again.
Here's what I am looking at in preparation for LO. If price makes it back to the DZ zone, before it hits the 138.2 ext, then it could be good.

SK
In my limited knowledge of this you chart looks ok.

If you switch your chart to a 1 hour view the levels line up a bit clearer. There is not much fundamentaly out tomorrow to move the markets so it could be a bit calmer tomorrow. Still it's a new year so we could get a groove on.

If price tries to crack back through your 61.8 level then yes could be interesting, support around 1.6050 seems to be respected at the moment.

If price does go back to the 61.8 Compass will be after you for not taking the trades in between!!

MD.
Keep smiling
  • #4,978
  • Jan 4, 2010 5:53pm Jan 4, 2010 5:53pm
Quoting Misterdaz
When I've been toying with Thom's fibs I've tried hooking the 61.8 line on a midway swing, not an extreme, then pulling it around to encompass more of the price on other levels. In hindsight it's easy to do but I tried it on USD CHF today and I hit my target to the pip. Now I don't care about being a pip out here and there but I like taking profit!

Here's a fib on cable from a couple of days back, curve fit yes but price does line up neatly. Note how it reverses and breaks the 61.8 fib level which is a previous resistance, good place to go long....
I see what you're doing. If it's a pattern that repeats often enough to make it tradeable, why not make it part of the trading plan ?

SK
  • #4,979
  • Jan 4, 2010 6:13pm Jan 4, 2010 6:13pm
I'll be brave and post a trade. I've stuck a 20 pt trailing stop on it seeing as I'm going to bed and can't manually manage it. Long at 0.7348 looking for 0.7390. Night.

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MD.
Keep smiling
  • #4,980
  • Jan 4, 2010 7:41pm Jan 4, 2010 7:41pm
Quoting Misterdaz
I'll be brave and post a trade. I've stuck a 20 pt trailing stop on it seeing as I'm going to bed and can't manually manage it. Long at 0.7348 looking for 0.7390. Night.

Attachment

MD.
Brave man there MD...see my take on the NZ/US 1hr chart...already reached 138% so may be in for a retracement down but who knows...lets see

Cheers

HR
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