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Indicator Free Trading - Skunny

  • #5,221
  • Jan 8, 2010 1:39pm Jan 8, 2010 1:39pm
So when do you guys sleep? Weekends?

Do you think it's worth discussing stops etc chaps?

MD.
Keep smiling
  • #5,222
  • Edited 2:54pm Jan 8, 2010 2:15pm | Edited 2:54pm
Quoting FX Compass
Good question Edkilp,

the Fib must be completed before I move it. One way or another it will complete, either the extentsion gets hit on the downside say below the 100 or the upside above the 0.
This is IMO the most powerful Quote of 2010 because if we are to draw fibs on the daily single candle and move it when 138.2 fib ext is hit on either side than our stops could possible become our entry points reducing alot of our losses. Like today I lost on my sell but recouped some of my losses when my buy entry was activated. A major key was given to us by FXCompass and im gonna use it to unlock the door to great wealth!
  • #5,223
  • Jan 8, 2010 2:37pm Jan 8, 2010 2:37pm
I have implemented new rules today.


1. Don't trade US news.

2. Don't trade US session, period. (unless already deep in to a positive trade and SL is at BE or better).

3. Don't place trade without stop loss (no babysitting trades).

4. Always follow #1, #2, #3. No exceptions.

5. Don't eat yellow snow (unless you are a qualified electrician).

6. Always spell Bartstop with a big T. (BarTstop)


Any questions?
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  • #5,224
  • Jan 8, 2010 2:44pm Jan 8, 2010 2:44pm
Hmmm. I wonder if it overshot it's target? ThomKnight, your input please?
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  • #5,225
  • Jan 8, 2010 3:15pm Jan 8, 2010 3:15pm
Quoting Misterdaz
So when do you guys sleep? Weekends?

Do you think it's worth discussing stops etc chaps?

MD.
Hi Md,

Plenty of time for sleep when you're dead.
Of course it doesn't help my appearance much.

What did you have in mind for Stops ?
  • #5,226
  • Jan 8, 2010 3:21pm Jan 8, 2010 3:21pm
hi all, new to this forum. interesting to see a non-indicator thread is so long. looks like i've got a lot of reading to do.
  • #5,227
  • Jan 8, 2010 3:25pm Jan 8, 2010 3:25pm
Quoting bartstop
Hmmm. I wonder if it overshot it's target? ThomKnight, your input please?
US NFP spike.

A good one to stay away from each month, unless you like playing on the highway.
  • #5,228
  • Jan 8, 2010 3:44pm Jan 8, 2010 3:44pm
Quoting FX Compass
US NFP spike.

A good one to stay away from each month, unless you like playing on the highway.

Lesson learned.
  • #5,229
  • Edited 6:41pm Jan 8, 2010 3:48pm | Edited 6:41pm
Quoting Checkz
This is IMO the most powerful Quote of 2010 because if we are to draw fibs on the daily single candle and move it when 138.2 fib ext is hit on either side than our stops could possible become our entry points reducing alot of our losses. Like today I lost on my sell but recouped some of my losses when my buy entry was activated. A major key was given to us by FXCompass and im gonna use it to unlock the door to great wealth!
I thought you had said previously that you fibbed everyday whether the 138's get hit or not.

Stops. I was also under the impression that you used stops on trades and moved them up behind profitable trades, which I totally agree with. I'm not talking about reversal trades here.

Here's an example of one of my ideas. you could have a trade from 0 to 138, target 50 pips, stop 25. If we get to 25 pip profit we move stop to b/e and then activate a trailing stop from then on. If we get stopped at 25 so be it then probably the reversal will activate. Then we run an identical stop process on the reversal deal. It's not complicated and it's just a suggestion. Stops can be managed in many ways of course, other ideas welcome.

The other thing I was going to suggest was risk management, ie how much of your account you put at risk per trade. 1%, 2% etc. We can leave this one for now but it is important for some of the new guys here.

Now don't argue with me Compass or I'll send my dog round to scare your sheep.

BarTstop, you are not allowed to steal my jokes.

MD.
Keep smiling
  • #5,230
  • Jan 8, 2010 5:06pm Jan 8, 2010 5:06pm
Quoting Checkz
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!!
Checkz, I was trying to work out when you had a signal to sell cable, the only one I could find is on the chart below which went from the 78.2 to the 50 just before the NFP number which seemed ok to me so I can't fathom when you lost unless you didn't take the trade off in time. If you was brave enough to trade after NFP there was also a long triggered at the 100 long which would have netted you a few pips if you chased the stop up.

Attached Image (click to enlarge)
Click to Enlarge Name: cable080110.JPG Size: 100 KB


MD.
Keep smiling
  • #5,231
  • Jan 8, 2010 5:33pm Jan 8, 2010 5:33pm
Do any of you range trade? Look at this EU chart, it's been stuck in this range for 2 weeks now. I was thinking about placing a small short trade as soon as the market opens back up.

I've noticed cable does this a lot to.
Attached Image (click to enlarge)
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  • #5,232
  • Jan 8, 2010 6:18pm Jan 8, 2010 6:18pm
Worth a try BarTstop, selling and buying at extemes is after all s/r trading. You will be wrong once the the range breaks.

MD.
Keep smiling
  • #5,233
  • Jan 8, 2010 11:08pm Jan 8, 2010 11:08pm
Hi bartstop. I believe trading ranges such as the screen you posted are often due to large traders scaling in position. They dont wanna scare the sheep lol. So as price ranges they will be buying near support or selling near resistance increasing their position depending on where they expect currency prices to move in the future.
  • #5,234
  • Jan 8, 2010 11:11pm Jan 8, 2010 11:11pm
Quoting Misterdaz
So when do you guys sleep? Weekends?

Do you think it's worth discussing stops etc chaps?

MD.

I usually sleep around 4.30am. I sleep through the Sydney open however my girlfriend is the manager of a strip club and finishes around 4am so it works out just fine...

P.S Stop are always worth talking about
  • #5,235
  • Jan 8, 2010 11:16pm Jan 8, 2010 11:16pm
Quoting bartstop
Lesson learned.


The trick is to get into a position where the stop can be moved to breakeven before the release. I was short on 3 pairs prior to the release, i moved my stops for protection so when the price spiked i took 126.9 pips without a care in the world lol.
  • #5,236
  • Jan 8, 2010 11:26pm Jan 8, 2010 11:26pm
BTW MD, sheep jokes are for New Zealanders, we eat sheep in Australia, they %&*$ them in New Zealand lol. But by all means please continue because ''taking the piss'' is very Australian indeed
  • #5,237
  • Jan 9, 2010 3:23am Jan 9, 2010 3:23am
I've worked with loads of Aussies over the years and I've never met a bad one. You all have a great sense of humour. Maybe I will lay off the sheep jokes as Compass won't answer my questions.

Well done on the NFP btw. I would have to be well into profit if was running anything thru that. Even with stops prices can go so wide that stops get filled miles away.

MD.
Keep smiling
  • #5,238
  • Jan 9, 2010 4:22am Jan 9, 2010 4:22am
Thanks. The slip was massive. I close all positions simultaneously but platforms have a tendency to lock up during those times, sometimes taking profit, but sometimes giving you more
  • #5,239
  • Jan 9, 2010 4:34am Jan 9, 2010 4:34am
Quoting Misterdaz
I thought you had said previously that you fibbed everyday whether the 138's get hit or not.


Im confused also. There is so much conflicting information in this thread it seems many different opinions have been formed on how to trade fibs. Hopefully someone can shed some light. I was looking forward to implementing fibonacci methods into my trading for better price targets but i cant see any practical use for them thus far.
  • #5,240
  • Edited 12:15pm Jan 9, 2010 5:04am | Edited 12:15pm
Quoting A-game
Im confused also. There is so much conflicting information in this thread it seems many different opinions have been formed on how to trade fibs. Hopefully someone can shed some light. I was looking forward to implementing fibonacci methods into my trading for better price targets but i cant see any practical use for them thus far.
There a few different ways to use fibs banded about here which can be confusing to new people but what I have now is confusion within a particular method. Compass definately told me he redraws his fib everyday regardless of 138 completions as I, like Edkilp, suggested the 138 completion before re-positioning. Now Compass is one of the good guys so I'm sure he will return at some point and clear matters up.

In any event there is nothing to stop you using 138 completions before moving the fib, it means you will wait longer for trades but that will be because the uncompleted fib is on a wider range.

There is nothing wrong with developing your own ideas and testing them. The basic principals of using these fibs is very sound.

Keep asking questions here and you will get results. If you wan to pay $100 a month I will happily take for my Xbox fund.

If can't do sheep jokes it's gonna have to be convict jokes so I won't draw any arrows on the charts!

MD.
Keep smiling
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