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Indicator Free Trading - Skunny

  • #5,201
  • Jan 8, 2010 4:23am Jan 8, 2010 4:23am
Quoting edkilp
I think I see why Skunny said you could get into the market and never leave.....BUT.....when you're not in a trade, is it very possible and maybe even common to fib these charts and have days go by without anything tradeable happening? I think once you're in, you can see what's happening and keep trading if you want to. But am I right to say that you may open your charts, see no real opportunities, and just wait til the next day? OK, now I'm gonna be late!! c-ya

ed
If your fib is correctly placed then you will always get a good indication what story price is playing out.
  • #5,202
  • Edited 7:16am Jan 8, 2010 5:40am | Edited 7:16am
@ FX Compass

Is there a specific post where you have explained your methods and how they differ? So far i havent learned much from this thread. The market moves in cycles, although i have not seen any examples here. Fibs are used from higher charts but im not sure how to draw them correctly other than drawing them up or down the daily candle since i trade the H1? Ive seen many screen shots drawing them in both directions so im not sure which way is correct? Another fib is used for the current TF swings. Movements can be roughly predicted depending on which fib number has been significant in acting as support or resistance although i have not seen any mention of which numbers work and which areas price should move to next. I found myself reading posts from people thanking skunny for all his valuable information but somehow ive missed the point? Any help guys?
  • #5,203
  • Jan 8, 2010 7:16am Jan 8, 2010 7:16am
Just checked my email thanks for the info.
  • #5,204
  • Jan 8, 2010 7:17am Jan 8, 2010 7:17am
Quoting A-game
Does anyone know when skunny will be opening registration again? $100 a month sounds reasonable.
A-Game. First of all before you go of shelling out $100 a month. There are members here who have expressed concerns as to the intentions of Skunny and his website. Maybe you should sift back thru some of the past few pages.

I for one cannot say either way if it is worth your while, I do not know him or anything about how he runs things over there, so you must exercise care on your part.

If you are intent on doing this anyway I would suggest you make enquiries at tradefibs.com.

As frustrating as it can be here, I would said there is plenty to be had by staying. Part of the process here is to offer hints at how to use the fibs so you can hopefully work things out yourself, one seems to learn better that way.

Anyhow it's your money and your choice so good luck to you.

MD.
Keep smiling
  • #5,205
  • Jan 8, 2010 7:29am Jan 8, 2010 7:29am
Thanks for the heads up mate. I kind of figured that anyway after reading the first hundred pages and realizing skunny was hardly here or giving any advice or input? Then all of a sudden there was talk of starting TradeFibs? To be honest ive been learning more from you guys still posting over the last 50 pages or so.
  • #5,206
  • Jan 8, 2010 8:00am Jan 8, 2010 8:00am
Quoting swingtrader
I am short on A/U
mission accomplish
  • #5,207
  • Jan 8, 2010 8:44am Jan 8, 2010 8:44am
Quoting FX Compass
Sorry for the delay Checkz,

The targets are not always hit to the pip, allow 5 pips give or take.

Sometimes price is in a hurry to get going in the other direction so we get a wick reach very close to the target and then off we go.
Thinking about taking profits and moving fibs when the 127 fib ext gets hit, is this a good idea. I was trading Aud/Usd and while waiting for the 138.2 to get hit I saw 127 fib ext hit and then head the opposite way. Is there something special about the 127 fib ext. Is there something I need to know about it like is it a reversal point or sign of a reversal?
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  • #5,208
  • Jan 8, 2010 8:51am Jan 8, 2010 8:51am
it's kind of easier for me because when i draw my fibs from top to bottom it puts my 138.2 ext at the top and when i draw them from bottom to top my 138.2 ext is placed at the bottom.
  • #5,209
  • Jan 8, 2010 10:18am Jan 8, 2010 10:18am
Oh I know, everybody's at the bank cashing those Big Pip Check's. Congratulations!!!
  • #5,210
  • Jan 8, 2010 11:22am Jan 8, 2010 11:22am
Hi mate.

Well... the Aussie guys are probably asleep ( or is it a sheep I'm not sure).
Edkilp is down a coal mine.
Bar Tstop is playing with wires.
And.. my trains were working today so I had to go to work....damn.

See how the market moved after Non Farm Payrolls?

MD.
Keep smiling
  • #5,211
  • Jan 8, 2010 11:41am Jan 8, 2010 11:41am
Quoting Misterdaz
Hi mate.

Well... the Aussie guys are probably asleep ( or is it a sheep I'm not sure).
Edkilp is down a coal mine.
Bar Tstop is playing with wires.
And.. my trains were working today so I had to go to work....damn.

See how the market moved after Non Farm Payrolls?

MD.
Yeah I was selling the cable and lost but my buy entry was activated so It wasn't too bad. What's the deal with 127 fib ext. I was also trading the Aud/Usd and noticed how the 127 got hit then reversed what sup with that!!
  • #5,212
  • Jan 8, 2010 12:03pm Jan 8, 2010 12:03pm
You will probably find that most of the fib levels will show a reaction in some way but I wouldn't focus too much on the 127.

My point about the non farm payroll number if run a position thru it is very risky and highly likely that you would be stopped out. It's probably the most volatile number of the month. The Market had high expectations for it so it was long usd but the number was disappointing so the usd got dumped. I'm guessing that's when your cable was stopped. I don't trade thru that number, it's an art in itself certainly for short term trading.

MD.
Keep smiling
  • #5,213
  • Jan 8, 2010 12:12pm Jan 8, 2010 12:12pm
Quoting Misterdaz
Hi mate.

Well... the Aussie guys are probably asleep ( or is it a sheep I'm not sure).
Edkilp is down a coal mine.
Bar Tstop is playing with wires.
And.. my trains were working today so I had to go to work....damn.

See how the market moved after Non Farm Payrolls?

MD.

Nope wide awake down here 4.30am is approaching lol
  • #5,214
  • Jan 8, 2010 12:15pm Jan 8, 2010 12:15pm
Chekz, how have you been managing your trade? Have been using a stop? Trailing stop? Is your lot size correct compared to how much you are risky on your account?

Sorry I don't know your level of experience so forgive if this stuff is second nature to you.

MD.
Keep smiling
  • #5,215
  • Jan 8, 2010 12:25pm Jan 8, 2010 12:25pm
Quoting Misterdaz
You will probably find that most of the fib levels will show a reaction in some way but I wouldn't focus too much on the 127.

My point about the non farm payroll number if run a position thru it is very risky and highly likely that you would be stopped out. It's probably the most volatile number of the month. The Market had high expectations for it so it was long usd but the number was disappointing so the usd got dumped. I'm guessing that's when your cable was stopped. I don't trade thru that number, it's an art in itself certainly for short...
  • #5,216
  • Jan 8, 2010 12:32pm Jan 8, 2010 12:32pm
Quoting Misterdaz
Chekz, how have you been managing your trade? Have been using a stop? Trailing stop? Is your lot size correct compared to how much you are risky on your account?

Sorry I don't know your level of experience so forgive if this stuff is second nature to you.

MD.
I manually move my stops. Fxcm removed the trailing stop feature from trading platform. I trade a micro account so my loss are not to bad. Not a whole lot of experience in winning trades but alot of expereince in losing. lol
  • #5,217
  • Jan 8, 2010 12:37pm Jan 8, 2010 12:37pm
Maybe stops and risk are something we should discuss here at some point (Thomknight, no funny comments pls). This issue is just as important as placing a correct fib or trade.

Talk later.

MD.
Keep smiling
  • #5,218
  • Jan 8, 2010 12:40pm Jan 8, 2010 12:40pm
Talk to you guys later about to play the Wii with my son!!!!
  • #5,219
  • Jan 8, 2010 1:13pm Jan 8, 2010 1:13pm
Quoting Checkz
Thinking about taking profits and moving fibs when the 127 fib ext gets hit, is this a good idea. I was trading Aud/Usd and while waiting for the 138.2 to get hit I saw 127 fib ext hit and then head the opposite way. Is there something special about the 127 fib ext. Is there something I need to know about it like is it a reversal point or sign of a reversal?
Last few days, you have been asking all the right questions.

The 127 Fib is the target if price has consolidated and retraced to -23.6.

Nice going Checkz - keep it up.
  • #5,220
  • Jan 8, 2010 1:14pm Jan 8, 2010 1:14pm
Quoting A-game
Nope wide awake down here 4.30am is approaching lol
I'm with you A-Game, I love the end of the US session.
Another sunny day in Paradise.
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