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Indicator Free Trading - Skunny

  • #5,701
  • Jan 21, 2010 1:27pm Jan 21, 2010 1:27pm
On the last chart, this is my predicament. Should we take that pierce at the top or wait for the pullback as it has done then take the break of the top should it get there? I need to look back at some of Thoms and Skunnys charts. Intact I should just go thru my own charts and look for myself.
Keep smiling
  • #5,702
  • Jan 21, 2010 1:30pm Jan 21, 2010 1:30pm
Quoting Misterdaz
On the last chart, this is my predicament. Should we take that pierce at the top or wait for the pullback as it has done then take the break of the top should it get there? I need to look back at some of Thoms and Skunnys charts. Intact I should just go thru my own charts and look for myself.
If this goes right it should pull back to the 50 line on the white fib. Then it's all north from there. Hopefully.


Bartstop
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  • #5,703
  • Jan 21, 2010 1:45pm Jan 21, 2010 1:45pm
Nice to see you guys making some solid trades... with whichever Fib setups rock your boat.
  • #5,704
  • Jan 21, 2010 1:45pm Jan 21, 2010 1:45pm
  • #5,705
  • Jan 21, 2010 1:53pm Jan 21, 2010 1:53pm
Quoting FX Compass
Nice to see you guys making some solid trades... with whichever Fib setups rock your boat.
I felt that the thread was heading in the wrong direction. We kinda switched gears and went back to Skunnys method, atleast until we can get everything ironed out. I hope you don't mind?


Bartstop
  • #5,706
  • Jan 21, 2010 3:37pm Jan 21, 2010 3:37pm
Quoting FX Compass
Nice to see you guys making some solid trades... with whichever Fib setups rock your boat.
Thanks for all your help and keep helping us because I think your method is the closet way to Skunny's teaching than all the other methods here.

I got In a little early on this Gbp/Usd candle but my stop is at the .764 inner fib in case it heads upwards and profit target is 5 pips above the 1.618.
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  • #5,707
  • Jan 21, 2010 5:47pm Jan 21, 2010 5:47pm
Quoting FX Compass
Nice to see you guys making some solid trades... with whichever Fib setups rock your boat.
Don't be a stranger, if it wasn't for you I would have given up on this stuff before Christmas. Looks like Checkz is doing fantasticlly well with your ideas and I certainly haven't dismissed them either. I just like to solve a puzzle and with Thom it's a 5,000 piecer!

I've still got a bottle of the old orange juice waiting for you if ever you are in country.

MD.

PS. I chose my new avatar especially for all you Aussie guys out there. Yeah I know sheep...kiwi's.
Keep smiling
  • #5,708
  • Jan 21, 2010 5:50pm Jan 21, 2010 5:50pm
Quoting Checkz
Thanks for all your help and keep helping us because I think your method is the closet way to Skunny's teaching than all the other methods here.

I got In a little early on this Gbp/Usd candle but my stop is at the .764 inner fib in case it heads upwards and profit target is 5 pips above the 1.618.
Where's the squggly lines gone?. If they help you leave them in, don't mind me, I just like to poke fun.

MD.
Keep smiling
  • #5,709
  • Jan 21, 2010 6:01pm Jan 21, 2010 6:01pm
Quoting bartstop
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.
If you get a chance, post the chart. I think I know where you mean. You can pull fibs in various places, ambiguous, maybe but by lining the internals up they "calibrate" set plays as it were, hard to explain. Boy am I gonna get flamed.

MD.
Keep smiling
  • #5,710
  • Jan 21, 2010 6:44pm Jan 21, 2010 6:44pm
Quoting Misterdaz
If you get a chance, post the chart. I think I know where you mean. You can pull fibs in various places, ambiguous, maybe but by lining the internals up they "calibrate" set plays as it were, hard to explain. Boy am I gonna get flamed.

MD.
I have found about 3 ways to draw this but anyways here's the best one.


Bartstop

EDIT: I screwed up on the AUDUSD. Missed some pips. Still made a few.
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  • #5,711
  • Jan 21, 2010 7:32pm Jan 21, 2010 7:32pm
Quoting Misterdaz
Where's the squggly lines gone?. If they help you leave them in, don't mind me, I just like to poke fun.

MD.
Here they are and they actually do help me out alot. I left them off the last so I wouldn't confuse anybody
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  • #5,712
  • Jan 21, 2010 8:11pm Jan 21, 2010 8:11pm
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...
It takes some time to get used to mate. You will want to exit trades...just to see them turn and go to your target. It is a thing of beauty...that is terrifying for us trders at first.

You get over the RR hump... once you take the view you won't lose. Then it is just a matter of how much money do you want to make and can your acct stomache the potential drawdown. It gets hinky to be sure.

The biggest issue is potentially an ego one. Most of what we were taught and made money with for years... was not entirely correct. Most experts... are not quite right and traditional logic.. is just not right mostly rubbish as evidenced that it fails here and there necessitating gambling logic and money management becoming the "grail"( this works obviously)

Now that you have seen what you have seen keep plugging don't let one loss deter you. If you get one there will be a logical ( inside of the method) not a subjective answer.

Sometimes I get too big for my britches and to combat that I try to execute the simplest most "bushleague" fib trades I can to remove the variable of myself, there be no shame in that in my eyes. This is not a talent show..just about money. Small trades are all ya need mate.. no need to predict massive sea changes.

just this codgers views don't let them colour yours.

TK
  • #5,713
  • Edited 8:30pm Jan 21, 2010 8:15pm | Edited 8:30pm
Quoting bartstop
Does this look good to you? I hope so, I'm leveraged up.


Bartstop

Are you daft bloke? You will lose if you guess. I could be blind, but I see nothing active off of that...

TK

Edit: I was wondering how JPM would hit 7$ per share. Thank you Mr Obama. Could be wrong....but with the potential removal of trading profits.. well... chuckle. Ta stock market.
  • #5,714
  • Jan 21, 2010 8:49pm Jan 21, 2010 8:49pm
Quoting ThomKnight
Are you daft bloke? You will lose if you guess. I could be blind, but I see nothing active off of that...

TK

Edit: I was wondering how JPM would hit 7$ per share. Thank you Mr Obama. Could be wrong....but with the potential removal of trading profits.. well... chuckle. Ta stock market.

It's all good TK. Did some reading and saw my mistake. Set SL to BE. Besides, I've paid more for a tank of gas than whats in my account. I'm trading small until I get the hang of this.

Bartstop
  • #5,715
  • Edited 12:26am Jan 22, 2010 12:12am | Edited 12:26am
GBPUSD looks due for a breakout. After yesterday's smash through the Daily 161.1 on the downside and the break of the weekly 50 fib yesterday, we've been in retracement mode to today's daily 50.

Now the price is stick between today's daily 50 and the 61.8. Should the price break either of them, we're in for a breakout I think. I suspect it will break down given the break of the weekly 50 yesterday.... but the market has a mind of it's own as usual.

UPDATE: Forgot that there's important retail news ahead of this, worse than usual in predicted. Price has broken the 50, may head to the next fib up, but after that, who knows? What does everyone think?
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  • #5,716
  • Jan 22, 2010 2:32am Jan 22, 2010 2:32am
Do we think the eur/usd is goin to the 138.2? I'm in there now,but it's not movin much at the moment.

ed
  • #5,717
  • Jan 22, 2010 3:48am Jan 22, 2010 3:48am
Just traded the GBP news. As expected. Big wind up before the big drop.
More free money.
  • #5,718
  • Jan 22, 2010 5:10am Jan 22, 2010 5:10am
Quoting Checkz
Thanks for all your help and keep helping us because I think your method is the closet way to Skunny's teaching than all the other methods here.

I got In a little early on this Gbp/Usd candle but my stop is at the .764 inner fib in case it heads upwards and profit target is 5 pips above the 1.618.
My pleasure Checkz, after all, we are all in this together.
  • #5,719
  • Jan 22, 2010 5:22am Jan 22, 2010 5:22am
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Keep smiling
  • #5,720
  • Jan 22, 2010 5:47am Jan 22, 2010 5:47am
Lost 72 pips on Gbp/Usd this morning due to an early entry. My question is, Did price stop at the .764 or .618 inner fib. Im just trying to make sure.
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