Indicator Free Trading - Skunny | Page 278 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

How to free indicator resources? indicator called from EA 7 replies

COT trading system with free indicator 297 replies

No Free Lunch but all the Free Coffee you can drink 736 replies

SWAP free, rollover free Broker? 15 replies

Attachments: Indicator Free Trading - Skunny
Exit Attachments

Indicator Free Trading - Skunny

  • #5,541
  • Jan 18, 2010 4:35pm Jan 18, 2010 4:35pm
Just took this long on cable. Night.

Attached Image (click to enlarge)
Click to Enlarge Name: cable1901.JPG Size: 63 KB
Keep smiling
  • #5,542
  • Jan 18, 2010 8:37pm Jan 18, 2010 8:37pm
Does anybody actually know what the risk/reward ratio is when you enter trades on the 0/100 line breaks to the 1.382 fib ext?
  • #5,543
  • Jan 18, 2010 8:43pm Jan 18, 2010 8:43pm
Quoting Checkz
Does anybody actually know what the risk/reward ratio is when you enter trades on the 0/100 line breaks to the 1.382 fib ext?
Depends on where you place your stops.
  • #5,544
  • Jan 18, 2010 9:12pm Jan 18, 2010 9:12pm
Quoting FX Compass
Depends on where you place your stops.
At the 0/100-opposite ends of entry
  • #5,545
  • Jan 18, 2010 10:19pm Jan 18, 2010 10:19pm
Quoting Checkz
At the 0/100-opposite ends of entry
That's a long way Checkz, lots of damage.

If my entry is the 61.8 retrace going to the 161.8 extension, then I would consider the 100 as the stop.

Risk Reward is really good and if the trade heads for the 100 stop then I'm in the reversal trade from the -100 to the -138.2 retrace.

Therefore stop loss is hit but the reverse trade gets me that loss back.
  • #5,546
  • Jan 18, 2010 10:27pm Jan 18, 2010 10:27pm
Quoting FX Compass
That's a long way Checkz, lots of damage.

If my entry is the 61.8 retrace going to the 161.8 extension, then I would consider the 100 as the stop.

Risk Reward is really good and if the trade heads for the 100 stop then I'm in the reversal trade from the -100 to the -138.2 retrace.

Therefore stop loss is hit but the reverse trade gets me that loss back.
This is a good idea but most of the time I am away from my computer due to job and sleep so I place entries at the 0/100 lines which many times are only penetrated but not broken. Therefore inner fib trades are hard for me to do since they happen many times when im at work or sleep. Any suggestions?
  • #5,547
  • Jan 18, 2010 10:58pm Jan 18, 2010 10:58pm
Quoting Checkz
Does anybody actually know what the risk/reward ratio is when you enter trades on the 0/100 line breaks to the 1.382 fib ext?
Somting godawful like 3 to 1. chuckle. the whole purpose of Skunny fibbing (how I personally fib) though.. is knowing you will hit you target with in certain parameters... soo it follows...

Depending on the style of fib I might only enter a small pos there then wait to re enter more on the retrace or go whole hog right there on others that generally do not retrace...but still sometimes do... hence you can exit to re enter at a better entry if you choose.

TK
  • #5,548
  • Jan 18, 2010 11:13pm Jan 18, 2010 11:13pm
GY

for factoring dd on this I would use 148.15 on the break of the red line potentially(for less drawdown potential). I just picked this up now and there were better enters beforehand.



TK

edit: if we believed in RR and letting things run... we might fib chain to see what kind of larger moves this might or might not trigger.
Attached Image (click to enlarge)
Click to Enlarge Name: gy.gif Size: 15 KB
  • #5,549
  • Jan 18, 2010 11:26pm Jan 18, 2010 11:26pm
Thom, why are you using a break of the red to go long and not the signal line? Have you secretly drawn a smaller fib inside your chart that hints at the red break?

My cable trade worked nicely last night Thom, it looked a perfect setup to me. Added bonus I was also short EUR GBP, thanks Kraft.
Keep smiling
  • #5,550
  • Jan 19, 2010 12:01am Jan 19, 2010 12:01am
Quoting Misterdaz
Thom, why are you using a break of the red to go long and not the signal line? Have you secretly drawn a smaller fib inside your chart that hints at the red break?

My cable trade worked nicely last night Thom, it looked a perfect setup to me. Added bonus I was also short EUR GBP, thanks Kraft.
nope we have been long to this target for 23 hours. it was more of a momentum break from the bounce of the 38. You can certainly fib the candle that found true sr ( the sr outlined from the fib) if you want and take a smaller trade.

TK
EDIT interesting to note.. from read price via fib it would seem this move should lead us to the target of 152.5
  • #5,551
  • Jan 19, 2010 12:10am Jan 19, 2010 12:10am
Hey thom , any chance you could answer the questions from my previous posts? ... no pressure
  • #5,552
  • Jan 19, 2010 12:44am Jan 19, 2010 12:44am
Quoting ThomKnight
GY

for factoring dd on this I would use 148.15 on the break of the red line potentially(for less drawdown potential). I just picked this up now and there were better enters beforehand.



TK

edit: if we believed in RR and letting things run... we might fib chain to see what kind of larger moves this might or might not trigger.
So as some of the other guys do not get confused (I am not being picky). Your GBP YEN fib, although I understand it's placement, would appear to be upside down. If we look for longs do we not pull up and back?

Sorry but it looks a bit "arse over teakettle".

MD.
Keep smiling
  • #5,553
  • Jan 19, 2010 1:10am Jan 19, 2010 1:10am
Quoting Misterdaz
Sorry but it looks a bit "arse over teakettle".

MD.
Is that "limey" talk?
  • #5,554
  • Jan 19, 2010 1:19am Jan 19, 2010 1:19am
Quoting ThomKnight
EDIT interesting to note.. from read price via fib it would seem this move should lead us to the target of 152.5
Where are you getting 152.5 from? Do you have a fib drawn on a higher timeframe?
  • #5,555
  • Jan 19, 2010 1:19am Jan 19, 2010 1:19am
No, it's "Thomspeak".
Keep smiling
  • #5,556
  • Jan 19, 2010 1:31am Jan 19, 2010 1:31am
One thing I have noticed about Thom's method. You can actually trade GY with a fairly tight SL. I saw that price was comming back down so I put a Buy Limit at the 38 line, SL just under the 50. I'm up 61 pips and counting. Gonna move SL to BE.

Thanks Thom.



Bartstop
  • #5,557
  • Jan 19, 2010 1:48am Jan 19, 2010 1:48am
Moved my fib, bought the pullback. 13 pip trailing stop. Took 54 points.

Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd1901.png Size: 13 KB
Keep smiling
  • #5,558
  • Jan 19, 2010 1:48am Jan 19, 2010 1:48am
Quoting FX Compass
Not quite sure if I should introduce this, but if there is enough interest I am happy to bring them in as well.

I have found Fib Fans extremely usefull in seeing another dimension to the trade and confirming what is actually happening in the relationship between price and time.

Yes that's right Time. Like to know if price is behaving as expected and when it is likely to complete its journey to the target, then introduce the Fib Fan.

http://www.forexfibonacci.com/fibonacci_fan/02/
Can you post a chart showing us how you would use Fib fans on a daily single candle on a one hour time frame. Thanks
  • #5,559
  • Jan 19, 2010 2:05am Jan 19, 2010 2:05am
Quoting Checkz
Does anybody actually know what the risk/reward ratio is when you enter trades on the 0/100 line breaks to the 1.382 fib ext?
The spreadsheet attached might help . . . the answer is 2.63 : 1
Attached File(s)
File Type: xls RR vs Win Rate.xls   21 KB | 433 downloads
20 pips a day isn't too much to ask . . .
  • #5,560
  • Jan 19, 2010 2:11am Jan 19, 2010 2:11am
Quoting RaptorUK
The spreadsheet attached might help . . . the answer is 2.63 : 1
Thanks I'll check it out.
2 traders viewing now