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Indicator Free Trading - Skunny

  • #5,341
  • Jan 13, 2010 9:11am Jan 13, 2010 9:11am
If Gbp/Usd continues downward would the 50% inner fib line still be considered a price attractor or not?
Attached Image (click to enlarge)
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  • #5,342
  • Jan 13, 2010 9:34am Jan 13, 2010 9:34am
Or should I take profit at the 50% inner fib line on todays daily candle and use today's 50% line as my Price attractor since it's the candle that hit and surpassed the 1.382 fib ext.
Attached Image (click to enlarge)
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  • #5,343
  • Edited 11:18am Jan 13, 2010 10:53am | Edited 11:18am
I decided to move my Stoploss to 50 pips above the 1.618 fib ext after re-reading Post #5287. Now i'm going back to bed and hope to hear from FxCompass soon concerning which 50% fib line I should use to take profit on. Good Night/Morning.
  • #5,344
  • Jan 13, 2010 1:12pm Jan 13, 2010 1:12pm
Quoting Scotty B
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...

Hey Scotty,

look around you. See anybody complaining about all the profitable trades being taken here. This thread is alive and kickin.
I for one am related to a big institutional trader who states his team uses Fibs in all their decision making.

If you can't add anything constructive here, don't waste our time. Otherwise, watch what is going on and you might learn something.
  • #5,345
  • Jan 13, 2010 1:16pm Jan 13, 2010 1:16pm
Quoting Checkz
If Gbp/Usd continues downward would the 50% inner fib line still be considered a price attractor or not?
Hi Checkz,

once the 161.8 extension gets hit (which it just did), it will be time to move the Fib to the next daily (once candle has closed for the day).
Then the high becomes the new 0 line (rinse and repeat). If price breaks 23.6 on the reversal then I'm short to the 50.


Sorry about the time delay (it's 5 am in Australia).
  • #5,346
  • Jan 13, 2010 1:23pm Jan 13, 2010 1:23pm
Quoting FX Compass
Hi Checkz,

once the 161.8 extension gets hit (which it just did), it will be time to move the Fib to the next daily (once candle has closed for the day).
Then the high becomes the new 0 line (rinse and repeat). If price breaks 23.6 on the reversal then I'm short to the 50.


Sorry about the time delay (it's 5 am in Australia).
You're the best
  • #5,347
  • Jan 13, 2010 1:28pm Jan 13, 2010 1:28pm
Quoting Checkz
You're the best
Checkz,

watch for the double tap witch often occurs.

Price will often re-test a line before heading on it's journey.
This second approach to the line tells us the most about where price
is likely to head to next.
Watch how the price reacts to the line compared to the previous test of the line.
  • #5,348
  • Jan 13, 2010 1:32pm Jan 13, 2010 1:32pm
Quoting FX Compass
Hey Scotty,

look around you. See anybody complaining about all the profitable trades being taken here. This thread is alive and kickin.
I for one am related to a big institutional trader who states his team uses Fibs in all their decision making.

If you can't add anything constructive here, don't waste our time otherwise, watch what is going on and you might learn something.

I was more referring to the Thommy style fibs..The basic fibs you are advocating are fine with me. I haven't seen you preach all the pip perfect stuff so keep on keepin on as old joe dirt would say. Despite all of these profitable trades going on, if you are going to take trades based off of these alone, you will have a mediocre trading career at best.

Ask your relative why he uses fibs. I guarantee he is using them as a secondary tool, he's not taking trades based off of fibs alone. There is a lot more important things going on. Ironically, he probably considers fibs just another indicator, as do I.
  • #5,349
  • Jan 13, 2010 1:41pm Jan 13, 2010 1:41pm
Quoting Scotty B
I was more referring to the Thommy style fibs..The basic fibs you are advocating are fine with me. I haven't seen you preach all the pip perfect stuff so keep on keepin on as old joe dirt would say. Despite all of these profitable trades going on, if you are going to take trades based off of these alone, you will have a mediocre trading career at best.

Ask your relative why he uses fibs. I guarantee he is using them as a secondary tool, he's not taking trades based off of fibs alone. There is a lot more important things going on. Ironically,...
Yes and no Scotty.

He uses very few indicators - Fibs and two Moving averages.
What he does have though, is the ability to see the large orders coming through (which we don't). In their absence, we are far more exposed to the market than him.

So, I guess we do the best we can with what we have.

For the newbies though, it should be noted that Fibs are considered a leading and not lagging indicator as they have the ability to predict with a high degree of accuracy where price is likely to go based on the retracement level it has reached.

Out of interest, what is your weekly quota for pips ?
  • #5,350
  • Jan 13, 2010 1:43pm Jan 13, 2010 1:43pm
Quoting FX Compass
Checkz,

watch for the double tap witch often occurs.

Price will often re-test a line before heading on it's journey.
This second approach to the line tells us the most about where price
is likely to head to next.
Watch how the price reacts to the line compared to the previous test of the line.
I'll be on the look out!!!
  • #5,351
  • Jan 13, 2010 1:49pm Jan 13, 2010 1:49pm
What two moving averages does your relative use if you don't mind me asking?
  • #5,352
  • Jan 13, 2010 1:52pm Jan 13, 2010 1:52pm
Observe the attached chart.

See how price first approached the 0 line and withdrew quickly.
Touched and withdrew with the very next candle.

Then we had a second approach to the 0 line with price laying 3 bull candles at the line. Not so fearfull of resistance this time and it came back with some friends to finish this fight. What happened two candles later (straight through the 0 line). Next stop 161.8.

Once again if your Fibs are placed correctly, Price will tell you the story you need to know.
Attached Image (click to enlarge)
Click to Enlarge Name: eu1.gif Size: 22 KB
  • #5,353
  • Jan 13, 2010 1:54pm Jan 13, 2010 1:54pm
Quoting Checkz
What two moving averages does your relative use if you don't mind me asking?
5 and 21 EMA's, both represent the number of trading days in the week and month. These values carry ultra significance as the institutions position their currency waiting at certain times of the month.
  • #5,354
  • Jan 13, 2010 2:19pm Jan 13, 2010 2:19pm
Quoting FX Compass

Out of interest, what is your weekly quota for pips ?
Sorry to butt in, couldn't help myself . . . but that is a daft and irrelevant question.

Pips are meaningless, when you have realised that you will have realised something very important.
20 pips a day isn't too much to ask . . .
  • #5,355
  • Jan 13, 2010 2:24pm Jan 13, 2010 2:24pm
I traded off of the 1-11-10 single daily candle and noticed that it followed exactly what you said in post #5287. There was a retracement to the .764 inner fib that went to the zero line first and then to the 1.618 fib ext. This is my 30 minute chart was I right about the retracement or was it a .618 retracement due to the candles body representing the price
Attached Image (click to enlarge)
Click to Enlarge Name: New Chart.JPG Size: 78 KB
  • #5,356
  • Jan 13, 2010 2:27pm Jan 13, 2010 2:27pm
Quoting RaptorUK
Sorry to butt in, couldn't help myself . . . but that is a daft and irrelevant question.

Pips are meaningless, when you have realised that you will have realised something very important.
So why do you have.....

'20 pips a day isn't too much to ask . . .'

as your signature ??????
  • #5,357
  • Jan 13, 2010 2:40pm Jan 13, 2010 2:40pm
Quoting Scotty B
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...

Scotty, you seem to have a real problem with people trading on fibs alone. Have you considered starting your own thread? I'd really be interested in learning from your experience. Care to share your methods?


Bartstop
  • #5,358
  • Jan 13, 2010 3:27pm Jan 13, 2010 3:27pm
Seems like the handbags are out, have you all been at the yellow snow again?

BarTstop, how's the short cable going mate. Rule britannia!!!!

Hope you guys are learning and enjoying using the fibs in this way.

Checkz what chart package is that?

Seconds out Compass and Scotty.

Don't forget people this is a thread about trading fibs. They are not the only way to trade but, they the heart of this thread.

MD.
Keep smiling
  • #5,359
  • Jan 13, 2010 3:46pm Jan 13, 2010 3:46pm
Quoting Misterdaz
Seems like the handbags are out, have you all been at the yellow snow again?

BarTstop, how's the short cable going mate. Rule britannia!!!!

Hope you guys are learning and enjoying using the fibs in this way.

Checkz what chart package is that?

Seconds out Compass and Scotty.

Don't forget people this is a thread about trading fibs. They are not the only way to trade but, they the heart of this thread.

MD.
I really don't know. It's off of Fxcm Trading Station 2
  • #5,360
  • Jan 13, 2010 4:05pm Jan 13, 2010 4:05pm
Quoting Misterdaz
Seems like the handbags are out, have you all been at the yellow snow again?

BarTstop, how's the short cable going mate. Rule britannia!!!!

Hope you guys are learning and enjoying using the fibs in this way.

Checkz what chart package is that?

Seconds out Compass and Scotty.

Don't forget people this is a thread about trading fibs. They are not the only way to trade but, they the heart of this thread.

MD.
Md, was that don't eat yellow snow.

Isn't it great to see the thread alive with so many using Fibs correctly and making lots of Pips from their trades.

Now if we can just clean up the entry....
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