Indicator Free Trading - Skunny

Quoting highroller

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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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Quoting trader365

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Hope ur long a bunch!!

Good Trading

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Quoting Checkz

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[i]It seems like I am more confused now than I was when Skunny was here. LOL! So over the Christmas Holiday I went back and re-read an article by Dick Thompson on Forex Trading. In this article I discovered that he had a better and more realistic way to trade Skunny's method that stuck to the basics of what Skunny taught like fibbing high's and low's. Most of the charts I see posted here have lines drawn everywhere and it's hard to tell what they are exactly doing. I think im going to start my year off trading off of the method that Dick...

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Quoting Checkz

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[i]It seems like I am more confused now than I was when Skunny was here. LOL! So over the Christmas Holiday I went back and re-read an article by Dick Thompson on Forex Trading. In this article I discovered that he had a better and more realistic way to trade Skunny's method that stuck to the basics of what Skunny taught like fibbing high's and low's. Most of the charts I see posted here have lines drawn everywhere and it's hard to tell what they are exactly doing. I think im going to start my year off trading off of the method that Dick...

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Quoting FX Compass

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Sorry for any confusion MD,

I only take reversals at two points the 23.6 and 78.2.
With the 50% fib the take profit line.

From my experience the 50 Fib tends to work a lot like the centreline of a bollinger (attracting price to it from the outer bands), in our case the 23.6 and 78.2.

A reversal trade at these points also acts as a stop loss on the original trade. Hence I get the pips from the reversal to make up for being stopped out more often than not.
Also no Stop loss entered and therefore no stop hunting.
[color=lime]...

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Quoting Checkz

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What does "Also no stoploss entered and therefore no stop hunting mean?" The reason why I am asking is I use to for example enter a trade when the high was hit and I would place a sell entry order at the low just in case the trade reversed and my buy order turned into a sell order. Is this the same thing youre saying?

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Quoting FX Compass

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Plotting the high/Low of a single candle in the Daily or higher timeframes ensures that you have pinpointed significant SR levels for the Fib on lower timeframes.

As Skunny stated plot the Fib to one candles High Low and then come down in time frame to observe SR levels that will follow.

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Quoting Misterdaz

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Checkz, it's not the same. I'll let Compass answer you though as I do not want to tread on his toes.

MD.

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Quoting Checkz

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What does "Also no stoploss entered and therefore no stop hunting mean?" The reason why I am asking is I use to for example enter a trade when the high was hit and I would place a sell entry order at the low just in case the trade reversed and my buy order turned into a sell order. Is this the same thing youre saying?

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Quoting Misterdaz

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This might help. This morning I have gone short cable at 1.6052. Target 60 PTs lower which is the 138 ext on yesterdays candle. My stop is 30 pts away, 2 to 1 r/r. I would never use the other side of the fib as a stop, I'm not that convinced. If price reverses, looks like it will at moment, I will take a long at the 23.6 targeting the 50. If that gets stopped as well I will put my fist thru my flat panel.

Does that help? I wouldn't do last bit if I were you.

MD.

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Quoting Checkz

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Thanks Do you always use 2:1 r/r for your stoploss?

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Quoting FX Compass

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Seems as though Fibs are being thrown on charts anywhere.
Shapefitting and so forth. In which case they are invalid and inaccurate.

It has taken me a great deal of time to learn, if it is not covering ONE Wave only - low to high or vice versa, then it loses all validity and accuracy.

Many fail to understand that a Fib measures the retracement of a single wave when placed across that wave only (low to high) and then projects the likely level of the next wave.

I don't blame you for being confused with what has been posted recently.

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Quoting Misterdaz

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I was stopped out Checkz but I could have managed the stop differently if I was at the pc (wife caught me!). I could have trailed my stop to target, I'd have had a small profit now but no loss.

I think you should look to use at least 2:1 R/R. Myself I'm still experimenting and have been for years. I do like moving stops up with price, you will often take less profit but you will have less drawdowns as well.

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MD.

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Quoting Misterdaz

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I was stopped out Checkz but I could have managed the stop differently if I was at the pc (wife caught me!). I could have trailed my stop to target, I'd have had a small profit now but no loss.

I think you should look to use at least 2:1 R/R. Myself I'm still experimenting and have been for years. I do like moving stops up with price, you will often take less profit but you will have less drawdowns as well.

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MD.

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Quoting Misterdaz

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Tomorrow I will pull on today's.

I was dicking around a bit this morning and missed the clean break of the fib when I took my short, if I had my target would have been 70 pts away, my stop would be 35, i'd still be in and would have moved my stop into profit.

MD.

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Quoting Misterdaz

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Problem was my entry not my stop. Price hit target, shame I was out.

MD.

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