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Indicator Free Trading - Skunny

  • #5,321
  • Jan 13, 2010 12:58am Jan 13, 2010 12:58am
Quoting bartstop
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?
I got into that move late but I chickened out and cashed out halfway there. Possible pinbar setup could occur if the price crashes back under the 100.

Not sure where you are getting that 1.6293 figure... I'm looking at the fib from the last swing low (the tiny one). I cashed out at the 138, but it may still hit the 161
  • #5,322
  • Jan 13, 2010 1:35am Jan 13, 2010 1:35am
Quoting Naynay

Not sure where you are getting that 1.6293 figure...

I'm not sure if it's going to make it, as it's having a hell of a time breaking thru 1.6216, which is the 138 from the small retracement we had today.


EDIT: More sellers at 1.6229.
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  • #5,323
  • Jan 13, 2010 1:40am Jan 13, 2010 1:40am
hit the 161 extension
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  • #5,324
  • Jan 13, 2010 2:05am Jan 13, 2010 2:05am
Quoting Checkz
I wasn't trading Gbp/Nzd. My chart was on Gbp/Usd but thanks for the chart.
Freudian slip, saw z in your heading brain thought kiwi for some reason. Must be all yellow snow I've been eating. See you are all enjoying cable tennis.

MD.
Keep smiling
  • #5,325
  • Jan 13, 2010 3:28am Jan 13, 2010 3:28am
GU through the 138 after a long game of cat and mouse
  • #5,326
  • Jan 13, 2010 3:37am Jan 13, 2010 3:37am
Well, it's good to see this thread back to what seems as something constructive. I just hope newbies don't fool themselves into searching for the ever elusive (non-existent) holy grail...
  • #5,327
  • Jan 13, 2010 3:49am Jan 13, 2010 3:49am
Quoting Aad
Well, it's good to see this thread back to what seems as something constructive. I just hope newbies don't fool themselves into searching for the ever elusive (non-existent) holy grail...
Nice to see you here Aad, feel free to jump in at anytime.
  • #5,328
  • Jan 13, 2010 3:51am Jan 13, 2010 3:51am
Hmm... some heavy fib confluence spotted, plus a wedge. I guess we're going to bounce off one side of the channel or the other, or break out through the wedge at some point.
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  • #5,329
  • Jan 13, 2010 3:58am Jan 13, 2010 3:58am
Pinnochio has shown up on the EURUSD
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  • #5,330
  • Jan 13, 2010 5:11am Jan 13, 2010 5:11am
Pinnochio never lies (!?)

A freebie 35 pip move, entered on the on the pull back from the original pinnochio formation (which is the 38.2 retrace on the large swing low from a while back)

It will probably even go higher, but I've banked my profits now. 35 pips is good enough for me.
Attached Image
  • #5,331
  • Jan 13, 2010 5:25am Jan 13, 2010 5:25am
Quoting Naynay
Pinnochio has shown up on the EURUSD

I'm in this one as well.
Close to hit my target!
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  • #5,332
  • Jan 13, 2010 5:58am Jan 13, 2010 5:58am
Quoting speedarad
I'm in this one as well.
Close to hit my target!
Good Job speedarad
Keep it up

TipTop
  • #5,333
  • Jan 13, 2010 6:18am Jan 13, 2010 6:18am
Wow, I certainly left a lot of pips on the table.
I'm still coming to terms with the psychology of trading my live account.
  • #5,334
  • Jan 13, 2010 6:29am Jan 13, 2010 6:29am
Quoting Aad
I just hope newbies don't fool themselves into searching for the ever elusive (non-existent) holy grail...
The quest for the holy grail is something every aspiring trader has to go go through. It took me nearly three years to notice it was a dead end road. I'm all the better for it though, I learned a heck of a lot because of it.

Only a select few will ever get to the point in their understanding where they can look at this fib stuff in particular and see in actuality WHY it is nonsense. The reason it has such power to distract is because of these so called 'pip perfect hits,' on all these inner fibs. When a young trader see's that he/she starts to get excited and think they've found something pretty special. Have you every drawn a random TL through a price chart and watched price 'follow it?' It's the same thing going on with these fibs.

I won't belabor the point too much..I promised I'd be open about this stuff, but old Thommy has disappeared on us lately. Maybe he's busy making lots of pips. I myself have met my trading quota for the week so I have plenty of time to ramble on and on.
  • #5,335
  • Jan 13, 2010 6:55am Jan 13, 2010 6:55am
Took a while for Gbp/Usd to get there but it finally made it!!!!
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  • #5,336
  • Jan 13, 2010 7:38am Jan 13, 2010 7:38am
I'm thinking about selling once it hit's 1.618 fib ext. If it actually hits the 1.618 fib ext. Looking to get in at the 1.500 fib ext line
  • #5,337
  • Jan 13, 2010 8:00am Jan 13, 2010 8:00am
Quoting Checkz
Took a while for Gbp/Usd to get there but it finally made it!!!!

I woke up to 98! I feel like a kid on Christmas morning.

Take a look at GY, getting ready to breakout.
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  • #5,338
  • Jan 13, 2010 8:33am Jan 13, 2010 8:33am
Quoting bartstop
I woke up to 98! I feel like a kid on Christmas morning.

Take a look at GY, getting ready to breakout.
Will do thanks
  • #5,339
  • Jan 13, 2010 8:40am Jan 13, 2010 8:40am
I looked at it but i'm kind of scared of the Gbp/Jpy it's a beast i'm not ready to do battle with yet. I think I will stick with Gbp/Usd.
  • #5,340
  • Jan 13, 2010 9:04am Jan 13, 2010 9:04am
Quoting FX Compass
If your fib is correctly placed then you will always get a good indication what story price is playing out.
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