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Indicator Free Trading - Skunny

  • #5,041
  • Jan 5, 2010 11:12pm Jan 5, 2010 11:12pm
Quoting Scotty B



PS..Keep listening to guys like T365, Big_Pipin, and Islander!!! They know there stuff!
  • #5,042
  • Jan 5, 2010 11:12pm Jan 5, 2010 11:12pm
Quoting Trader_X
im gonna try to post my first chart...i dont follow the euro but wanted to see what happened today...heres what i came up...btw i walked this fib to this point on the H1
Hello TraderX, first, thank you for keeping the thread alive. I have been spending the last 10 days, 12 hours per day analyzing this information and trying to make it work for me. I still have opened questions.

I refer to your post 4433 and my way to walk fibs just end up at the same place as yours in that post.

I can see that Misterdaz and Skong have a different range from ours. I believe that Scotty B said that there are many ways to walk fibs.

My question, is there anybody that could indicate me a good source to get familiar on that topic of walking fibs ?

If fibs can be drawn in many valid ways, how do we knwo that ours is correct ? is the 68.2 retracement respected a sufficient validation ?

Thank you
  • #5,043
  • Jan 5, 2010 11:41pm Jan 5, 2010 11:41pm
Quoting plaforte

My question, is there anybody that could indicate me a good source to get familiar on that topic of walking fibs ?

If fibs can be drawn in many valid ways, how do we knwo that ours is correct ? is the 68.2 retracement respected a sufficient validation ?

Thank you
I personally like to mix fibs in with pitchforks because it allows you to see price in a second dimension if you will.

S/R is not just on flat horizontal lines like fibs display, but also in a diagonal format as well, which is why I use forks.

Fibs can be drawn in many valid ways, which can make them confusing, but pay attention to which fib is most active...meaning..the fib that price is closest too and has multiple bounces off its fib levels. Once that fib is broken, it will head to the fib on the larger time frame

this is where walking the fib comes into play. You need to adjust the fib to the next highest swing high/low.

this picture is eu on a 4hr. the down red lines are a bearish fork, the light blue is a fib that encompasses the WHOLE trend down...as you can see we are no where near the first resistance point yet, however on the smaller yellow fib, price has formed a double top off the top 38.2 fib (this is what i ment by the "most active fib.

In fx its easy to draw a lot of fibs because the market is so much more choppy compared to stocks. I dont go below a 4hr 99% of the time.

I could take longs ....but why?..if i know the long term trend is down, im just going to wait for a bull rally, and short with all the other pro traders.
Notice that the moves down, are FAR more explosive than the moves up..... hint hint.
  • #5,044
  • Jan 5, 2010 11:43pm Jan 5, 2010 11:43pm
forgot the picture
Attached Image (click to enlarge)
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  • #5,045
  • Jan 6, 2010 12:05am Jan 6, 2010 12:05am
Quoting FX Compass
Hi Md,

Fibs apply a ratio or scaling dependant on the distance between the...
"A good indicator to whether the Fib is placed correctly is if the Fib lines are respected by the candle bodies(Not necessarily wicks)"
In post #5016 you made this statement can you elaborate more concerning this. Because I always thought the wicks were important but I do remeber Skunny talking about bad data or something like that, I wonder if he was referring to the wicks?
  • #5,046
  • Jan 6, 2010 12:09am Jan 6, 2010 12:09am
Quoting FX Compass
My pleasure Checkz.

Hey Skong where abouts in Australia do you reside ?

Seems like Md is freezing to death, I can understand why he needs
the antifreeze (i mean alcohol) running through his blood.
Hey Canetoad,

I'm in blues territory, Sydney.
Yes, seems like MD is having lots of snow.

Hey MD,
Greetings from Beautiful Sunny OZ!! Hope the antifreeze is helping.

SK
  • #5,047
  • Jan 6, 2010 12:49am Jan 6, 2010 12:49am
Quoting Checkz
"A good indicator to whether the Fib is placed correctly is if the Fib lines are respected by the candle bodies(Not necessarily wicks)"
In post #5016 you made this statement can you elaborate more concerning this. Because I always thought the wicks were important but I do remeber Skunny talking about bad data or something like that, I wonder if he was referring to the wicks?
The wicks on a candle represent the volatility in the pair, while the body tends to be where the real price is.

If your fib lines tend to run across where the body stops, then it is placed well, when the wicks touch a fib line, usually price is trying to get away from this area quickly.
  • #5,048
  • Jan 6, 2010 12:56am Jan 6, 2010 12:56am
Quoting FX Compass
The wicks on a candle represent the volatility in the pair, while the body tends to be where the real price is.

If your fib lines tend to run across where the body stops, then it is placed well, when the wicks touch a fib line, usually price is trying to get away from this area quickly.
  • #5,049
  • Jan 6, 2010 1:04am Jan 6, 2010 1:04am
Quoting skong
Hey Canetoad,

I'm in blues territory, Sydney.
Yes, seems like MD is having lots of snow.

Hey MD,
Greetings from Beautiful Sunny OZ!! Hope the antifreeze is helping.

SK
Just about to venture out into the sow. Don't feel 100% but will have a wrestle with the good old british transport system.

C U later.
Keep smiling
  • #5,050
  • Jan 6, 2010 1:17am Jan 6, 2010 1:17am
has anyone heard from him? Hope he's doing well in 2010!!!
  • #5,051
  • Jan 6, 2010 1:36am Jan 6, 2010 1:36am
We made it to the 50 inner fib..On the bar that took out the 50, volume came into the market. I'm away from home at the moment so I am relying on crappy futures bar charts, but this could be a sign that our turning point is here. It could also show that it's time to exit the market and get long (for you kids to figure out )

Good Trading,

Scotty B

I did not do any doctoring to this chart, but notice the new volume come in at the new low price made (fx futures are inverted because it's jpy/usd)..The volume came in at the extreme low (the 50% retrace).. Someone was willing to put their money where there mouth is. We'll see what the london boys have to say here in a little bit.
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  • #5,052
  • Jan 6, 2010 1:42am Jan 6, 2010 1:42am
Quoting Scotty B
We made it to the 50 inner fib..On the bar that took out the 50, volume came into the market. I'm away from home at the moment so I am relying on crappy futures bar charts, but this could be a sign that our turning point is here. It could also show that it's time to exit the market and get long (for you kids to figure out )

Good Trading,

Scotty B

I did not do any doctoring to this chart, but notice the new volume come in at the new low price made (fx futures are inverted because it's jpy/usd)..The volume came in at the extreme low (the 50%...
I just want to say that this is not VSA... Old Scotty is not a big fan of VSA.
  • #5,053
  • Jan 6, 2010 1:53am Jan 6, 2010 1:53am
Quoting Misterdaz
Are you still Skipper on that yacht? You don't fancy picking me up at Greenwich pier do you, it's brass monkeys here and I'm under 6 foot of snow.

MD.

LOL....I dont "do cold weather" any more and its not a good idea right now to think of sailing as we have the remains of a gale, but looking for blue skies and 15ºC for the weekend....
Trading Levels with WRBs
  • #5,054
  • Jan 6, 2010 2:02am Jan 6, 2010 2:02am
Quoting Checkz
has anyone heard from him? Hope he's doing well in 2010!!!
After viewed this thread, i also wish to know about it
  • #5,055
  • Jan 6, 2010 2:09am Jan 6, 2010 2:09am
Hey Scotty - hope you're keeping well and banking plenty of pips....

Here's my typical use of fibs as posted elsewhere - I'll post a chart later - its rather hectic just now.....

LOL.....my main excitement is my bloody connection which keeps dropping off....GGGGRRRRR

About 25 mins ago I started a post after I closed a long as price got to my 1 min upper band then at 6016. I then stated that I'd be looking to buy again around the 6000 level - well I pulled a fib over that move and waited for the pull back which got down just into the Decision Zone (38 - 61%) .......then I lost my connection and so missed a great buy for another ~30 pips.......
Trading Levels with WRBs
  • #5,056
  • Edited 2:19am Jan 6, 2010 2:19am | Edited 2:19am
Here you go......a classic Frankies Hour pull back after plenty of buying opportunities, price got short term over-bought as it touched the upper band - time to take profits and wait for a pull back. I pulled the fib shown and waited.....OK, so I then lost my connection......but what a classic short term move.....another buy signal wihich had a 35 pip profit potential.......
Attached Image (click to enlarge)
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Trading Levels with WRBs
  • #5,057
  • Jan 6, 2010 2:34am Jan 6, 2010 2:34am
Quoting Islander
Here you go......a classic Frankies Hour pull back after plenty of buying opportunities, price got short term over-bought as it touched the upper band - time to take profits and wait for a pull back. I pulled the fib shown and waited.....OK, so I then lost my connection......but what a classic short term move.....another buy signal wihich had a 35 pip profit potential.......
Hey Islander,

Great to hear from you..What a great looking trade. Just another example of how simple, and useful fibs can be. Where are you at in the world these days? I hear the connection isn't so great when you are out on the beach in the sun with your laptop. Many pips to you my friend.

Scotty
  • #5,058
  • Jan 6, 2010 2:36am Jan 6, 2010 2:36am
Whats your take on the Gbp/Usd. I pull my fib on yesterdays completed candle!
  • #5,059
  • Jan 6, 2010 2:49am Jan 6, 2010 2:49am
Good day guyz

I have missed so much...............

my last post, http://www.forexfactory.com/showpost...postcount=5023

looking at the chart, u will see that price hit fib projection again. fib analysis with the right trend is money but ability to spot the trend with good wave analysis requires skills and experience

Thanks
Attached Image (click to enlarge)
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  • #5,060
  • Edited 3:40am Jan 6, 2010 3:39am | Edited 3:40am
A quick thought before the news.....I guess that you guys will have already pulled a fib off your 15 min charts - either from yesterdays high - OR the later Lower High at 6152 down to this morning's low just under 5950 - IMO it's not important which high you used as both showed pull backs up into the Decision Zone and thus I would be looking for a Sell Signal - and yes, after seeing the Price Action in that area, I sold

However, what I many other traders were looking at was the resistance area formed by the Dec 29 high, Dec 30 low and Jan 4 low all around 1.6060

So yes, fibs were useful, BUT those Hs / Ls will have be seen and watched by many, many more traders.........
Trading Levels with WRBs
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