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Indicator Free Trading - Skunny

  • #5,561
  • Jan 19, 2010 4:52am Jan 19, 2010 4:52am
Quoting Checkz
Thanks I'll check it out.
The morale of the story is unless you are as accurate as Thom, do not put your stop at the other side of the fib!

MD.
Keep smiling
  • #5,562
  • Jan 19, 2010 5:14am Jan 19, 2010 5:14am
Quoting Skunny
In my worthless opinion, (IMWO) the first thing you need to identify before you trade is your stop area. Trade the lot size accordingly. If your stop is 100 pips away, less of a lot size, only 15 pips away you increase your lot size for the % you want to trade. But, you need to understand where that stop is. It's just not in a place you feel comfortable. When you see a candle explode for no reason, all its' doing is completing a cycle in order to move on. They always stop on the stop areas and reverse. Most don't know why and think the big...
If you have a 100% method you only need to worry about stops for emergency reasons . . . everyone else needs stops in the right place, if you manufacture a stop to get better R:R your accuracy will suffer, usually.
20 pips a day isn't too much to ask . . .
  • #5,563
  • Jan 19, 2010 5:22am Jan 19, 2010 5:22am
Quoting Checkz
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
Checkz, Fib Fan on daily GBPUSD as you requested.

I'll leave you to run one on the hourly charts.

See how price is respecting the 38.2 on the Fib Fan on its way to
the end of this journey.

Like to know where GBPUSD is headed by the 25/01/10.
Highly likely the 138.2 Fib extension. Gotta love Fib Fans.

Md you are right, I am starting to see those upside down Fibs again.
Maybe if I stand on my head ....
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  • #5,564
  • Jan 19, 2010 5:29am Jan 19, 2010 5:29am
Well, I waited all day for this one, but EU never looked like it was going to head north of that 0 Line.

You gotta love Fibs, and some twats reckon they don't work.
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  • #5,565
  • Jan 19, 2010 5:42am Jan 19, 2010 5:42am
Quoting FX Compass
Well, I waited all day for this one, but EU never looked like it was going to head north of that 0 Line.

You gotta love Fibs, and some twats reckon they don't work.
Mention about this on Sunday.Took a day longer because of yesterday holiday.
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  • #5,566
  • Jan 19, 2010 5:49am Jan 19, 2010 5:49am
Quoting speedarad
Mention about this on Sunday.Took a day longer because of yesterday holiday.
Speedarad,

Do you take the trade from the 38.2 being the Intra day short all
the way down to the 0 line being the Intra day low ?
  • #5,567
  • Jan 19, 2010 6:00am Jan 19, 2010 6:00am
Quoting FX Compass
Speedarad,

Do you take the trade from the 38.2 being the Intra day short all
the way down to the 0 line being the Intra day low ?
In this case yes, but because we still in a down trend we can aim for T1 (1.27) as an aggressive target .Because of low volume yesterday I took in consideration the possibility of losing some momentum and a bounce on zero level.But generally if I take a trade in the direction of the trend I go for T1
  • #5,568
  • Jan 19, 2010 6:05am Jan 19, 2010 6:05am
Quoting speedarad
In this case yes, but because we still in a down trend we can aim for T1 (1.27) as an aggressive target .Because of low volume yesterday I took in consideration the possibility of losing some momentum and a bounce on zero level.But generally if I take a trade in the direction of the trend I go for T1
I have target hit at -161.8 it should be headed back up now.
  • #5,569
  • Jan 19, 2010 6:50am Jan 19, 2010 6:50am
Quoting RaptorUK
If you have a 100% method you only need to worry about stops for emergency reasons . . . everyone else needs stops in the right place, if you manufacture a stop to get better R:R your accuracy will suffer, usually.
Yes stops certainly are a contentious issue, I do remember the quote from Skunny. After 4 winners in a row using Thom's ideas I can start to lean that way but still not convinced. Trailing stops certainly haven't done me any harm. For my day job though, if I was to go to my boss and tell him I was going to target 38 pips and risk 100 I would be escorted off the premises.

Still, I cannot deny the fibs certainly can be put to good use. Compass has a very high probability method and so does Speedarad. It's down to personal taste and the size of your wallet I suppose.

It's a great thread again though, good to be part of it.

MD.
Keep smiling
  • #5,570
  • Jan 19, 2010 8:11am Jan 19, 2010 8:11am
Quoting Misterdaz
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.
I did
  • #5,571
  • Jan 19, 2010 8:12am Jan 19, 2010 8:12am
Quoting Hush
Hey thom , any chance you could answer the questions from my previous posts? ... no pressure
I suppose mate where is it?
  • #5,572
  • Jan 19, 2010 8:14am Jan 19, 2010 8:14am
Quoting bartstop
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
You will get this because you are doing things for your self. No one can trade how I do.. and in return I can never trade like anyone else. You are taking ideas and trading them in your own way.
  • #5,573
  • Jan 19, 2010 8:16am Jan 19, 2010 8:16am
Quoting Misterdaz
Moved my fib, bought the pullback. 13 pip trailing stop. Took 54 points.

Attachment

yeah shockingly enough the news... was good... chuckle.
  • #5,574
  • Jan 19, 2010 8:17am Jan 19, 2010 8:17am
Quoting bartstop
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
if you sue sls... the tightness of your SL is directly related to how well you can read the market and more importantly how patient you are...timing is everything.


TK
  • #5,575
  • Jan 19, 2010 8:18am Jan 19, 2010 8:18am
Quoting Misterdaz
The morale of the story is unless you are as accurate as Thom, do not put your stop at the other side of the fib!

MD.
You are too kind. I think the morale is... unless you can feel 100% comfortable after testing and practice trading... don't trade real money.


TK
EDIT: you trade for a desk... so basically the way that you tighten things up is by using fib sr or tweaking the fib until you get a fib showing you why price just did what it did in context of moving towards a target mate. This in its essence is a sr frame with a breakout target. It is validated by sr hits.
  • #5,576
  • Edited 9:22am Jan 19, 2010 8:59am | Edited 9:22am
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Sorry Thom, I agree. The last black arrow removed should be more correct.

MD.
Keep smiling
  • #5,577
  • Jan 19, 2010 9:01am Jan 19, 2010 9:01am
Quoting Misterdaz
Attachment
Mate, I don;t see any respect? respect should be pip perfect or close and not blow through the line if it is close but fall just short.. but mainly...mate it is pip perfect
  • #5,578
  • Jan 19, 2010 9:51am Jan 19, 2010 9:51am
Cheers another one down. shockingly... hope you mates made some ducats from that non accurate non predictive fib call from this random market. chuckle. To be fair this target was signalled well over a day ago.

http://www.forexfactory.com/showpost...postcount=5548

TK
  • #5,579
  • Jan 19, 2010 9:56am Jan 19, 2010 9:56am
Quoting ThomKnight
I did
Thom, yes, you did pull up and back but shouldn't the zero be at the top if you are looking for long? I'm not being picky, it is just for my and others education.

MD.
Keep smiling
  • #5,580
  • Jan 19, 2010 10:07am Jan 19, 2010 10:07am
Quoting Misterdaz
Thom, yes, you did pull up and back but shouldn't the zero be at the top if you are looking for long? I'm not being picky, it is just for my and others education.

MD.
I took that trade form fitting the 61.8. I won't bore you with some of my homebrew sr theory but that top line even though floating... was a correct 0 even if it was not visable there the price action in the fib follow the 61.8 fit proved that to me.
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