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Indicator Free Trading - Skunny

  • #5,081
  • Jan 6, 2010 9:44pm Jan 6, 2010 9:44pm
Quoting Misterdaz
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.
Hi Md, currently trading EURUSD and GBPJPY.
I nearly fell asleep yesterday waiting for AUSUSD to move.

How is the snow, can you still open the front door ?
  • #5,082
  • Jan 6, 2010 9:48pm Jan 6, 2010 9:48pm
Quoting Checkz
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][u][b] "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...
Hi Checkz,

different timezones (Australia).

I trade any pair with it, although you should spend some screen time learning how each pair behaves.

GBPJPY in particular has no respect for anyone and I generally don't trade it because it needs to be given a lot of room to move.

Otherwise they are all good.
  • #5,083
  • Jan 6, 2010 10:01pm Jan 6, 2010 10:01pm
I think the fibs I drew on yesterdays Aud/Usd candle hit it's 1.382 ext but Im at work so im not sure.
  • #5,084
  • Jan 6, 2010 11:14pm Jan 6, 2010 11:14pm
Quoting FX Compass
Guys, I have been trading this system for over 12 months now very succesfully :
....
Hello FxCompass, I am starting to review your posts since beginning of december as you comment on a 12 months period success trading with this Fib method.

Would you mind posting your daily range indicator that you use on your charts for analyzing then in H1 ? What does represent the yellow dotted line in the daily range ?

Thank you for all the information you are giving.
  • #5,085
  • Jan 6, 2010 11:50pm Jan 6, 2010 11:50pm
Quoting plaforte
Hello FxCompass, I am starting to review your posts since beginning of december as you comment on a 12 months period success trading with this Fib method.

Would you mind posting your daily range indicator that you use on your charts for analyzing then in H1 ? What does represent the yellow dotted line in the daily range ?

Thank you for all the information you are giving.
Hi Plaforte,

I have attached the indicator you are requesting.

It shows
Daily High = Blue Line
Daily Low = Red Line
Daily Mid Price = Yellow Line.
Attached File(s)
File Type: ex4 BreakOut_BOX_5HML.ex4   17 KB | 370 downloads
File Type: mq4 BreakOut_BOX_5HML.mq4   23 KB | 414 downloads
  • #5,086
  • Jan 7, 2010 12:25am Jan 7, 2010 12:25am
[quote=FX Compass;3345883]Hi Plaforte,

I have attached the indicator you are requesting.

quote]

Thank You FxC for your quick reply, this is so handy for visualizing the action on lower time frames.

At same time, thank you Big_Pipin for your info. I checked all your posts on Andrew's pitchfork thread. I guess I will stay out of it for now. I agree that if one is well experienced with locating these, it can add a confluence but I do not see the need of an additional confluence, I prefer to keep an eye on standard trend lines as a diagoanl level of Support and Resistance

Best regards
  • #5,087
  • Jan 7, 2010 3:17am Jan 7, 2010 3:17am
Is anybody here trading Forex for a living or do you work on a job and trade Forex on the side?
  • #5,088
  • Jan 7, 2010 4:47am Jan 7, 2010 4:47am
Quoting Checkz
Is anybody here trading Forex for a living or do you work on a job and trade Forex on the side?
Chekz, I work for a london bank buddy, when I can get there. Trading fx is a part of what I do. I wouldn't trade my own account unless I was 100% certain I make a living from it. Would be great though wouldn't it? We'll see.

I think Compass herds sheep.

MD.
Keep smiling
  • #5,089
  • Jan 7, 2010 7:07am Jan 7, 2010 7:07am
Hi guys, I have a question concerning cycles. I'm still not gettin my head around when a cycle starts and ends. I've read in here that a cycle completes when a candle hits 138. If I understand that, does that mean it hits 138 in one direction or another, or does it mean it hits 138 in both directions? If I fib a daily candle from say 2 days ago, can I tell if that particular candle is at the beginning, middle, or end of a cycle depending on it's relationship to the 138 on either end? And if so, will fibbing each candle in succession until one does hit 138 in either direction tell me when the cycle ends? Or, am I so far out in left field that this post doesn't even merit a response? That's altogether possible, too! Ive started this thread from the beginning about 5 times now, and there's still something I'm missing. Any insight might help me get a little bit of sleep. Thanks!

ed
  • #5,090
  • Jan 7, 2010 7:31am Jan 7, 2010 7:31am
Quoting FX Compass
Your chart looks great.

You can also see that from todays EURUSD action, all targets were hit.

In the words of a great trader _ "Stand up, sit on your hands, don't touch the mouse and let that baby run." Lots of nice pips.

From all you have shown in your post, you appear to have a much better grasp of what Skunny was referring to, and how I predominantly trade.

Fibs on completed candles only.
Next setups are taken off completed candles in higher timeframes and then looked at on lower timeframes. Remember the lower the timeframe the less...
This is a good example of where I'm scratchin my head. I need to know exactly what a completed candle is. I've also seen completed fibs mentioned. I really need help on this. If you wanna put it in the form of cryptic riddles and treasure hunts, I'll do my best to decipher it, but i think this is the brick wall in front of me that I can't get thru, over, or around. What completes a cycle? Does a completed candle complete a fib? And does a completed fib complete a cycle? I'd hate to start kickin the dog over this, but it's makin me nuts! Please help a drowning man! Thanks!

ed
  • #5,091
  • Jan 7, 2010 8:24am Jan 7, 2010 8:24am
Quoting ThomKnight
Trading is individual, but first per Skunny we wait for the pierce of the signal line. Then trading starts. I recommend only taking trades in the direction of the fib after that for simplicity sake, but tool around and have fun.

In this fib, when price breaks above the 61.8 with no pierce. Well that is nice too because it lets you know to look the other way as that percieved short move is incorrect per 61.8

TK
Make sense mate?

MD.
Keep smiling
  • #5,092
  • Jan 7, 2010 8:26am Jan 7, 2010 8:26am
Quoting edkilp
This is a good example of where I'm scratchin my head. I need to know exactly what a completed candle is. I've also seen completed fibs mentioned. I really need help on this. If you wanna put it in the form of cryptic riddles and treasure hunts, I'll do my best to decipher it, but i think this is the brick wall in front of me that I can't get thru, over, or around. What completes a cycle? Does a completed candle complete a fib? And does a completed fib complete a cycle? I'd hate to start kickin the dog over this, but it's makin me nuts! Please help...
If someone doesn't answer you before me I'll have a crack at things later for you.

MD.
Keep smiling
  • #5,093
  • Jan 7, 2010 8:39am Jan 7, 2010 8:39am
Thanks!! I appreciate it.

ed
  • #5,094
  • Edited 9:06am Jan 7, 2010 8:53am | Edited 9:06am
Quoting edkilp
Hi guys, I have a question concerning cycles. I'm still not gettin my head around when a cycle starts and ends. I've read in here that a cycle completes when a candle hits 138. If I understand that, does that mean it hits 138 in one direction or another, or does it mean it hits 138 in both directions? If I fib a daily candle from say 2 days ago, can I tell if that particular candle is at the beginning, middle, or end of a cycle depending on it's relationship to the 138 on either end? And if so, will fibbing each candle in succession until one does...
Try this. Using MT4, open up a H1 chart. Make sure you have period seperators on. The vertical lines are 1 day (24 hourly candles between them). There are two trains of thought on this next part. Some say to pull your fib from the high to the low of the previous day. Personaly I have found it more accurate the go to the nearest high/low, even if its a day or two back. The large down/up move we are measuring may in fact be a breakout of a previous cycle. The retracement from that large swing is what we are concerned with here. I hope this helps.

Here are 2 charts with the different ways to draw the fibs as an example.


Edit: I hate to make it even more confusing, but I've noticed on JPY pairs that sometimes you have to adjust your fib so that the inner fibs match up with PA better. See the 3rd chart.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: usdjpy 1.gif Size: 18 KB
Click to Enlarge Name: usdjpy 2.gif Size: 19 KB
Click to Enlarge Name: usdjpy 3.gif Size: 18 KB
  • #5,095
  • Jan 7, 2010 9:04am Jan 7, 2010 9:04am
I've been reading this until my eyes bled. Over and over. I really think that until I know what a completed candle and/or a completed fib are, all I'm doing is putting lines on a chart. I have the fibs there, and I've tried the hundreds of different suggestions as to where to put them, but it all seems to keep coming back to this completion thing. I'll watch a fib break the high or low, I'll enter a trade (demo, of course), then 100% contrary to what is supposed to happen, it does not turn around....keeps right on goin. Nothing that seems to be happening on the charts I see posted here happen on mine. I suppose I could clutter the thread with charts full of random lines, but I'd rather just get a grip on this completion issue. I flat out don't know what that means! I'm sure that the answer is in here somewhere, maybe in code, but here nonetheless. I honestly admire a select few of you that have an uncanny grasp on this, and I'm striving to do the same. As of now, I can't even post in general discussions because my knowledge is zip. I'm learning, and once I get over this completion hurdle, I have a feeling that things will start to become more clear. Thanks for any help.

ed
  • #5,096
  • Jan 7, 2010 9:05am Jan 7, 2010 9:05am
Thanks barstop...I was writing my post as you were posting yours....didn't see it until I was done...i'm gonna go tear yours apart right now...stay tuned!

ed
  • #5,097
  • Jan 7, 2010 9:11am Jan 7, 2010 9:11am
Quoting edkilp
Thanks barstop...I was writing my post as you were posting yours....didn't see it until I was done...i'm gonna go tear yours apart right now...stay tuned!

ed
Also, when trying to match your fib to the wicks, don't pay any attention to the small retracements in the initial run up/down. The retracement from the 0 line is what we are concerned with.



Bartstop
  • #5,098
  • Jan 7, 2010 9:17am Jan 7, 2010 9:17am
The problem here Ed is there are a lot of Chefs that can spoil the broth for new guys looking in like yourself.

There are many variations to a theme here. It wouldn't do you any harm just to learn one style then you can decide whether you like it or not then, once you get the general idea the others might start to make more sense.

Most of this stuff boils down to s/r trading which you should get down first, it wouldn't do you any harm. Sam Seiden, FXstreet.com, his webinars are very good. It isn't fib trading but the basics are essential.

I thought I'd get that in before the S/R lads barge in here.

Compass, I think the way you trade this stuff is the easiest to explain. I can try and explain it but I'll let you decide, it is all your hard work after all.

Baaaha. MD.
Keep smiling
  • #5,099
  • Jan 7, 2010 9:18am Jan 7, 2010 9:18am
Good start.

That should help.

MD.
Keep smiling
  • #5,100
  • Jan 7, 2010 9:28am Jan 7, 2010 9:28am
OK barstop......looking at this, price retraces from our 0 to the 50, then shoots up and penetrates the 0. Would you go long there, or wait until the next candle closed above 0? I assume 138.2 is our target, which is hit, then price begins to fall back, presumably back to the 0 or lower. I also assume that after our 138 was hit, we could then go short and ride it back down. Correct? You said that the large down/up move we are measuring may in fact be a breakout of a previous cycle. If so, how do we know that? And where does that previous cycle originate? Assuming you're right about that, how do we know when it ends? And while we're at it, what's the meaning of life? Lots of questions, I know...I'm still rereading, but if I could find myself under someone's wing here, I'd feel a whole lot better! Thanks for your help. I'll do some VHands work and see if this moves me forward a bit.

ed
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