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Indicator Free Trading - Skunny

  • #5,681
  • Jan 21, 2010 8:18am Jan 21, 2010 8:18am
Quoting bartstop
Does this look good to you? I hope so, I'm leveraged up.


Bartstop
BarTstop, your fib looks valid but not triggered yet. Maybe Thom's view would be better though.

MD.
Keep smiling
  • #5,682
  • Jan 21, 2010 8:55am Jan 21, 2010 8:55am
Quoting Checkz
Hey Checkz, what are those wavy lines doing on your charts? Has one of your kids got loose with the felt tips?
Keep smiling
  • #5,683
  • Jan 21, 2010 9:02am Jan 21, 2010 9:02am
Quoting Misterdaz
BarTstop, your fib looks valid but not triggered yet. Maybe Thom's view would be better though.

MD.
Yea I was up 25 pips or so when I went to bed. Luckily I set SL to BE.

After re-reading some of the older posts in this thread I realized that I was getting in way too soon.



Bartstop
  • #5,684
  • Jan 21, 2010 9:23am Jan 21, 2010 9:23am
Ok, it has come to my attention that this thread has gotten way off course. The original intent of this thread was to teach a very specific method of drawing fibs. We have discussed several different methods over the last few weeks but I think we need to get back to what Skunny was teaching in the begining. I'm not saying that the other methods aren't profitable or can't be improved upon, but this thread was intended for something different. I'm going to post a couple of examples where price respects the fib lines. If we can draw the fibs accurately early in the cycle, we can predict where price is going. I'm no expert, my fibs may not be drawn correctly. That's why we are here, to learn and improve.


Bartstop
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  • #5,685
  • Jan 21, 2010 9:47am Jan 21, 2010 9:47am
I wasn't going to trade this but..........
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  • #5,686
  • Jan 21, 2010 10:13am Jan 21, 2010 10:13am
Well chaps I sold two lots of AUD USD this morning @ 0.9079 and 0.9097. I didn't do it according to plan and nearly got punished for it. I tried to trust the fib and the view from Thom that if the fib is right it will eventually hit target. Well I did use a stop, r/r was terrible by my standards but I am only testing anyhow so I went along with it. Stop held, one trade stopped out in profit on a trailing stop, the other hit target, unbelievable. That's 10 wins out of 10. I suppose 3 have stopped out on a trail but in profit but that's only because I bottled it. The other 7 I let run and they all hit the mark.

Attached Image (click to enlarge)
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MD.
Keep smiling
  • #5,687
  • Jan 21, 2010 10:22am Jan 21, 2010 10:22am
Quoting Misterdaz
Well chaps I sold two lots of AUD USD this morning @ 0.9079 and 0.9097. I didn't do it according to plan and nearly got punished for it. I tried to trust the fib and the view from Thom that if the fib is right it will eventually hit target. Well I did use a stop, r/r was terrible by my standards but I am only testing anyhow so I went along with it. Stop held, one trade stopped out in profit on a trailing stop, the other hit target, unbelievable. That's 10 wins out of 10. I suppose 3 have stopped out on a trail but in profit but that's only because...
Congrats, I wish I could say 10 for 10.


Bartstop
  • #5,688
  • Jan 21, 2010 10:30am Jan 21, 2010 10:30am
Quoting bartstop
Congrats, I wish I could say 10 for 10.


Bartstop
You will!
Keep smiling
  • #5,689
  • Jan 21, 2010 10:59am Jan 21, 2010 10:59am
Here comes another one.........



Bartstop
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  • #5,690
  • Jan 21, 2010 11:14am Jan 21, 2010 11:14am
UJ. It's a big chart, good job I have 4 screens.

Attached Image (click to enlarge)
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MD.
Keep smiling
  • #5,691
  • Jan 21, 2010 11:26am Jan 21, 2010 11:26am
Quoting Misterdaz
UJ. It's a big chart, good job I have 4 screens.

Attachment

MD.
We have them drawn differently. Not sure which one is right. Either way i'm going to wait for a pierce and pullback before I get in.


Bartstop
  • #5,692
  • Jan 21, 2010 11:29am Jan 21, 2010 11:29am
I think this may be the early stages...............
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  • #5,693
  • Jan 21, 2010 11:32am Jan 21, 2010 11:32am
I put a sell limit on the 0 line here, it bounced as planned. We'll see how it works out.

Bartstop
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  • #5,694
  • Jan 21, 2010 12:04pm Jan 21, 2010 12:04pm
Your chart was on the right track but you must have price respect the 61, 50 or 38, not piercing thru it. Sorry not picking holes but if Thom was about I'm sure he would say the same. And that's the whole point, if you don't have accurate respect then the fib is rubbish as Thom would say.

How's uj doing? I can't see the price action from the train.

MD.
Keep smiling
  • #5,695
  • Jan 21, 2010 12:17pm Jan 21, 2010 12:17pm
Quoting Misterdaz
There's us all fumbling around in the dark trying to work Thom out and you are happy cashing in with the Compass. Must be your round.

MD.
Yeah Thom's way is a little too advanced for me I kind a like the simple yet effective way
  • #5,696
  • Jan 21, 2010 12:17pm Jan 21, 2010 12:17pm
Quoting Misterdaz
Your chart was on the right track but you must have price respect the 61, 50 or 38, not piercing thru it. Sorry not picking holes but if Thom was about I'm sure he would say the same. And that's the whole point, if you don't have accurate respect then the fib is rubbish as Thom would say.

How's uj doing? I can't see the price action from the train.

MD.
Either way I draw it, it's a little sloppy. Probably better stay away from this one.

Bartstop

EDIT: I moved the 100 line to the top of the 00:00 candle. The 50 and 61.8 touches line up to the pip. So, we have had a pierce and a bounce. Should be safe to trade.
  • #5,697
  • Jan 21, 2010 12:23pm Jan 21, 2010 12:23pm
Quoting Misterdaz
Hey Checkz, what are those wavy lines doing on your charts? Has one of your kids got loose with the felt tips?
Well sometimes I get bored while waiting for price to do it's thing so we break out the magic markers and go crazy. I like to think of my charts as Art.
  • #5,698
  • Jan 21, 2010 12:30pm Jan 21, 2010 12:30pm
I just don't like the way it didn't respect the 38 line. It pushed right through and then turned. I bet Thom wouldn't trade it.

Thom? Thom? Where art thou?


Bartstop
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  • #5,699
  • Jan 21, 2010 12:52pm Jan 21, 2010 12:52pm
I haven't double checked but I'm pretty sure the trades I have got right so far have not done that.
Keep smiling
  • #5,700
  • Jan 21, 2010 12:57pm Jan 21, 2010 12:57pm
In post 5684 I attached a chart in which I didn't know why a wick overshot the 50 line. Now it makes sence. Look at the way it respected the red fib that's drawn on the Daily and the blue that's drawn on the 4 hour. This thing has long written all over it.


Bartstop
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