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Indicator Free Trading - Skunny

  • #5,061
  • Jan 6, 2010 4:13am Jan 6, 2010 4:13am
Quoting Checkz
Whats your take on the Gbp/Usd. I pull my fib on yesterdays completed candle!
Retracement went to the -38% so it looks like its heading lower to 1.5839 which is 138.2 Fib target.

I'd like to see it take out 1.5965 first which it has bounced off once already.

I see the AUDUSD is still rangebound. I have grown a beard whilst sittiing here waiting for it.

Off to bed see you tomorrow.
  • #5,062
  • Jan 6, 2010 4:28am Jan 6, 2010 4:28am
Quoting FX Compass
Retracement went to the -38% so it looks like its heading lower to 1.5839 which is 138.2 Fib target.

I'd like to see it take out 1.5965 first which it has bounced off once already.

I see the AUDUSD is still rangebound. I have grown a beard whilst sittiing here waiting for it.

Off to bed see you tomorrow.
Yeah I've been watching both Aud/Usd & Gbp/Usd I hate I didn't get in on that Gbp/Usd reversal, Had to go to work but my sell order should have been activated. Aud/Usd has been very boring to watch but I had nothing else better to do! Prayerfully my sell 1.382 fib ext will get hit. Well until next time Sleep on!!!
  • #5,063
  • Jan 6, 2010 5:01am Jan 6, 2010 5:01am
Quoting FX Compass
One thing to be wary of though is a ranging pair that whipsaws between the 0/100 trigger and the 23.6/78.6 Fib.

It happens very rarely, but it can happen.
Usually lower volumes are the cause.

It eventually brakes the range as we know, and a target gets hit.
Is Aud/Usd rangebound one of those rare occassions you were talking about where it whipsaws between the 0/100 trigger line and the 23.6/78.6 fib?
  • #5,064
  • Jan 6, 2010 5:58am Jan 6, 2010 5:58am
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.......

Just want to mention, this type of trading with fibs on a low TF requires a lot of skills and takes a lot of practice to achieve this level.
It took many years for Islander to get here. So if you're new to trading I would suggest not to drop below 1 hr. till you get some skills and learn how mkt. works.
It's good to see you Islander, around here.
Here is my chart on G/U. AS you can see price just left the inner fibs on the way down.
Attached Image (click to enlarge)
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  • #5,065
  • Jan 6, 2010 6:18am Jan 6, 2010 6:18am
Quoting speedarad
Just want to mention, this type of trading with fibs on a low TF requires a lot of skills and takes a lot of practice to achieve this level.
It took many years for Islander to get here. So if you're new to trading I would suggest not to drop below 1 hr. till you get some skills and learn how mkt. works.
It's good to see you Islander, around here.
Here is my chart on G/U. AS you can see price just left the inner fibs on the way down.
Hi speedarad - Guys, especially newbies, these are valid comments.

My reason for making a few posts here has been to demonstrate other ways of using fibs and I have no intention of pushing my own thoughts on trading in this thread. Those that are interested can easily follow my posts elsewhere.

Plentiful pips to you all

Islander
Trading Levels with WRBs
  • #5,066
  • Jan 6, 2010 6:25am Jan 6, 2010 6:25am
Quoting Scotty B
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
Hey Scotty

Thanks, there were plenty of pips to be plundered this morning http://cdn.forexfactory.com/images/icons/icon12.gif
I'm hoping to join my daughter soon on board in Antigua....whilst its 15º here at present, 30º and an iced bottle of Carib is more appealing....http://cdn.forexfactory.com/images/icons/icon7.gif

Islander
Trading Levels with WRBs
  • #5,067
  • Jan 6, 2010 9:19am Jan 6, 2010 9:19am
I'm going to quit trading the US session. Or maybe just untill the first news release. Everything seems to go spiraling out of control. It's killing my account.
  • #5,068
  • Jan 6, 2010 10:46am Jan 6, 2010 10:46am
We all have our own little do's and don'ts. One of mine is to not trade thru major news. Others will disagree but it has stood me in good stead. Some traders only trade news, that is an art in itself.

I hope it's only demo usd you are losing.

MD.
Keep smiling
  • #5,069
  • Jan 6, 2010 12:07pm Jan 6, 2010 12:07pm
Quoting dagoods
trying to clear up what i mean....for swing traders maybe this could work wonders.... just my thoguht to experiment with....

PS TP 4 (in this case) $ was accomplished so now a new fib would be drawn??????? exciting possibilities ...posiibly?
I know this is old, (page 117, post #1741) and I also know I should be able to figger this out by now, but I'm feelin a little brain-dead. Can you tell me what levels you used on your fib for the T3's and T4's? I've fib-fiddled to the point where I don't know even remember what the defaults look like! Thanks a lot!

ed
  • #5,070
  • Jan 6, 2010 12:50pm Jan 6, 2010 12:50pm
Quoting Checkz
Is Aud/Usd rangebound one of those rare occassions you were talking about where it whipsaws between the 0/100 trigger line and the 23.6/78.6 fib?
Hi Checkz, it's not so much a rare occasion.
It happens everytime any pair makes a significant move to the upside or downside.
Price will take some time to accept this level and therefore consolidate by going sideways.
  • #5,071
  • Jan 6, 2010 1:33pm Jan 6, 2010 1:33pm
Quoting FX Compass
Hi Checkz, it's not so much a rare occasion.
It happens everytime any pair makes a significant move to the upside or downside.
Price will take some time to accept this level and therefore consolidate by going sideways.
It Finally hit. I must say it feels good to wake up and find money in the bank
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  • #5,072
  • Jan 6, 2010 1:50pm Jan 6, 2010 1:50pm
Quoting Checkz
It Finally hit. I must say it feels good to wake up and find money in the bank
Some trades can be more painfull than having teeth pulled out.

As long as you get there ...
  • #5,073
  • Jan 6, 2010 2:06pm Jan 6, 2010 2:06pm
Quoting FX Compass
Some trades can be more painfull than having teeth pulled out.

As long as you get there ...
Waiting on Gbp/Usd now!!!
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  • #5,074
  • Edited 2:25pm Jan 6, 2010 2:12pm | Edited 2:25pm
Glad to see Checkz got a result.

My cable trade failed. I wasn't around to take the reversal but there was one. I think I'll leave cable alone for a while, it's starting to form a wedge.

Traded anything Compass?

MD.
Keep smiling
  • #5,075
  • Jan 6, 2010 2:40pm Jan 6, 2010 2:40pm
Before I take another nap there is a question I have been meaning to ask. Is there a certain currency pair that Skunny or you thinks works best with the way we draw our fib's or can it be applied to any currencypair? I remember reading somewhere where Skunny said His method was mainly geared for trading Gbp/Usd & Eur/Usd( I think it's post #222) "I guess my point is,this system was developed for Gbp/Usd and it's characteristics and even though you can use this idea to a certain degree on any currency pair, it's best to just trade Gbp/Usd." Should I mainly focus on Gbp/Usd or does it really matter?
  • #5,076
  • Jan 6, 2010 4:55pm Jan 6, 2010 4:55pm
Trying a reversal on the Aud/Usd? Reversals are kind of hard for me to trade since they happen many times when im at work. However the important thing is im seeing them pop up all over the place!!!
Attached Image (click to enlarge)
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  • #5,077
  • Jan 6, 2010 5:21pm Jan 6, 2010 5:21pm
Do you like what compass does Checkz?

Interesting how many different applications of these fibs have derived from one thread. Islanders are worth a look as well if you get time and not forgeting Thomknight of course.

What part of the states are you in Checkz, if you don't mind me asking?

MD.
Keep smiling
  • #5,078
  • Jan 6, 2010 6:37pm Jan 6, 2010 6:37pm
Quoting Misterdaz
Do you like what compass does Checkz?

Interesting how many different applications of these fibs have derived from one thread. Islanders are worth a look as well if you get time and not forgeting Thomknight of course.

What part of the states are you in Checkz, if you don't mind me asking?

MD.
Texas and I think all of FxCompass past post's should be compiled into a pdf for many of the new comers that come here. If he had not shared his method with us I would still be trying to firgure out Skunny's method. As for Islanders method I followed it earlier on when I first found out about Skunny but his 5 to 1 minute trades are too fast for me to follow and I don't think I'll ever firgure out Thomknight's method. No disrespect to both traders. I also thank you for your help when FxCompass is away. I know you trade Thomknight's method also and maybe one day I will too but right now Im just trying To make Fxcompass method my own.
  • #5,079
  • Jan 6, 2010 6:43pm Jan 6, 2010 6:43pm
You win some and You lose some!One reason may have been because I didn't wait for the one hour candle to close below my entry line. Not sure but it's cool.
  • #5,080
  • Jan 6, 2010 9:25pm Jan 6, 2010 9:25pm
Quoting Islander
Hi speedarad - Guys, especially newbies, these are valid comments.

My reason for making a few posts here has been to demonstrate other ways of using fibs and I have no intention of pushing my own thoughts on trading in this thread. Those that are interested can easily follow my posts elsewhere.

Plentiful pips to you all

Islander
Your comments are always valid and very useful and your skills are way above average.All I'm saying is it takes a lot of sweat to get to that level.
All the best to you
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