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Indicator Free Trading - Skunny

  • #5,301
  • Jan 12, 2010 6:54am Jan 12, 2010 6:54am
I'm still not quite sure where to draw fibs either. I'm trying on Daily candles, but the price doesn't always respect the inside levels exactly from single candles.
I guess that it should be placed on definable swings, regardless of which timeframe and how far back you have to go to get them drawn.

Still learning ...
  • #5,302
  • Jan 12, 2010 6:54am Jan 12, 2010 6:54am
I am at work at the moment so I cannot post any charts, my boss might wonder what i'm up to. When I get in tonight I'll stick some charts on as to where I think current fibs should be and that's going by the 138 completion method.

There are many ways to trade the fibs and don't be confused by what compass posted with regard to where certain retracememts are headed, it was not a trading plan just some facts.

The fib should be drawn with the zero at the end of the swing, so a down swing means zero at the bottom. Think about it, the fib is there to measure how far back along the move price could retrace.

One entry I look for, and so does Compass, is a break of the extremes. So 0 to -138 or 100 to 138. You then need to manage your trade on the way there, a sensible trailing stop method is not unadvisable.

There are other trades you can take in between but learn the outer ones first.

MD.
Keep smiling
  • #5,303
  • Jan 12, 2010 7:41am Jan 12, 2010 7:41am
Quoting Checkz
My chart shows on the Gbp/Usd a retracement to the 78.6% inner fib, Im also waiting to see where this Currency pair is going to go. FxCompass said it could go to 0 first then possibly 1.618. So who knows. Im just waiting to see.
I'm pretty sure we're headed down. I'm short from 1.6166. We'll see how far it takes me. I might hold this one for a while.
Attached Image (click to enlarge)
Click to Enlarge Name: gu daily.gif Size: 30 KB
  • #5,304
  • Jan 12, 2010 7:59am Jan 12, 2010 7:59am
Quoting bartstop
I'm pretty sure we're headed down. I'm short from 1.6166. We'll see how far it takes me. I might hold this one for a while.
  • #5,305
  • Jan 12, 2010 8:19am Jan 12, 2010 8:19am
Quoting Checkz
Whichever way it goes i'm prepared to make money off of it.
I'm going to try but it's proving harder than it looks.
  • #5,306
  • Jan 12, 2010 9:53am Jan 12, 2010 9:53am
Quoting bartstop
I'm pretty sure we're headed down. I'm short from 1.6166. We'll see how far it takes me. I might hold this one for a while.
Its breaked your trend line

TipTop
  • #5,307
  • Jan 12, 2010 10:04am Jan 12, 2010 10:04am
Quoting TipTop
Its breaked your trend line

TipTop
Might be a double top forming?
  • #5,308
  • Jan 12, 2010 10:07am Jan 12, 2010 10:07am
Quoting bartstop
I'm going to try but it's proving harder than it looks.
It's hit 100% retracement of the swing low, that puts things in a rather interesting position. We're very close to breaking out of the 100....
  • #5,309
  • Jan 12, 2010 1:18pm Jan 12, 2010 1:18pm
FxCompass is this a retracment to the .764 or the .618. Waitng to see if it will make it up to the 138.2!
Attached Image (click to enlarge)
Click to Enlarge Name: New Chart.JPG Size: 75 KB
  • #5,310
  • Jan 12, 2010 4:14pm Jan 12, 2010 4:14pm
Checkz, I don't have GBPNZD on my platform so I can't post a chart for comparison. Here's a USDCHF chart instead, it has the latest fib if one was to use the 138 completion method before moving it.

Attached Image (click to enlarge)
Click to Enlarge Name: usdchf120110.JPG Size: 89 KB


MD.
Keep smiling
  • #5,311
  • Jan 12, 2010 5:44pm Jan 12, 2010 5:44pm
Hello FxCompass,

I see on your charts that you fib the 78.6 level (some charts show 76.4 instead, one or other does not matter IMO) but what use do you make of the 86 retracement level ?

Thank you

Pierre
  • #5,312
  • Jan 12, 2010 5:59pm Jan 12, 2010 5:59pm
Quoting Misterdaz
Checkz, I don't have GBPNZD on my platform so I can't post a chart for comparison. Here's a USDCHF chart instead, it has the latest fib if one was to use the 138 completion method before moving it.

Attachment

MD.
I wasn't trading Gbp/Nzd. My chart was on Gbp/Usd but thanks for the chart.
  • #5,313
  • Jan 12, 2010 6:15pm Jan 12, 2010 6:15pm
Note the double high, high close candle at the 100% retracement signaling the price to go down.

On the last swing high, price pierced the 100 on the way down, so I suspect that prices may actually head back through 1.6059 at some point. At the moment I am looking at whether the price can clear the 50% retrace down of the last swing high.....
  • #5,314
  • Jan 12, 2010 6:46pm Jan 12, 2010 6:46pm
Quoting Naynay
Note the double high, high close candle at the 100% retracement signaling the price to go down.

On the last swing high, price pierced the 100 on the way down, so I suspect that prices may actually head back through 1.6059 at some point. At the moment I am looking at whether the price can clear the 50% retrace down of the last swing high.....

On the last swing high, price pierced the 100 on the way down,

Are you referring to the swing on the 1 hr chart ?

Thanks
SK
  • #5,315
  • Jan 12, 2010 11:34pm Jan 12, 2010 11:34pm
Quoting plaforte
Hello FxCompass,

I see on your charts that you fib the 78.6 level (some charts show 76.4 instead, one or other does not matter IMO) but what use do you make of the 86 retracement level ?

Thank you

Pierre
It does not get used that often, but sometimes I keep an eye on it, if price starts bouncing around the 100 line, it can give you an idea if you've got a retrace or break of the 100 coming up.
  • #5,316
  • Jan 13, 2010 12:07am Jan 13, 2010 12:07am
GU is coming off the 0 fib, looks like a retracement is on the cards.
  • #5,317
  • Jan 13, 2010 12:20am Jan 13, 2010 12:20am
Quoting FX Compass
GU is coming off the 0 fib, looks like a retracement is on the cards.

That's all it needed was for you to post that so it could break out and prove you wrong.

I'm glad I'm not the only one the market kicks in the nuts.


BarTstop
  • #5,318
  • Jan 13, 2010 12:27am Jan 13, 2010 12:27am
Quoting bartstop
That's all it needed was for you to post that so it could break out and prove you wrong.

I'm glad I'm not the only one the market kicks in the nuts.


BarTstop
Now I'm in long to the 138. I'm just happy its moving.
Nothing worse than a dull market.
  • #5,319
  • Jan 13, 2010 12:43am Jan 13, 2010 12:43am
So what are we supposed to make of that breakout? (GBP/uSD H1)

There was a double high, high close (signalling a breakout upward) at the previous high, followed by a retrace close to but not quite the 50, followed by another double high high close at the 100, followed by the breakout.
  • #5,320
  • Jan 13, 2010 12:48am Jan 13, 2010 12:48am
Quoting Naynay
So what are we supposed to make of that breakout? (GBP/uSD H1)

There was a double high, high close (signalling a breakout upward) at the previous high, followed by a retrace close to but not quite the 50, followed by another double high high close at the 100, followed by the breakout.

It should hit the 138 extension. On my chart that is 1.6293. I always put my TP a few pips below. 1.6288 maybe?
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