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Indicator Free Trading - Skunny

  • #5,721
  • Jan 22, 2010 6:24am Jan 22, 2010 6:24am
Quoting Checkz
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.
It stopped at the 76.4, and due to the previous day's action (the weekly 50), I had a hunch it was going to south. I also felt that if it broke higher to and get a bit closer to 100 it may have signaled a reversal, but it didn't... and as it turns out, the 76.4 was the best entry point, although I did not anticipate it to get as high as it did. I expected it to head south after that consolidation before the retail news, but took the breakout up a bit for some pips in that retrace towards 76.4, before setting myself up for the big dip down.



You have my respect Misterdaz, but I'm curious as to why you placed your fib where you did. I seem to be doing my fibs considerably differently ... which works for me, but your results seem a lot cleaner.
  • #5,722
  • Jan 22, 2010 6:49am Jan 22, 2010 6:49am
Do you think that the 1.618 will get hit?
  • #5,723
  • Jan 22, 2010 6:59am Jan 22, 2010 6:59am
Checkz, I'm with NayNay on this one. I'm not as brave as you guys trading thru big numbers, I sat this one out. My colleague tried it and got bent over.

Naynay, it's not that I wont tell it's just not that easy to explain although it is simple when you know what to look for. I have spent close to 3 months reading this thread, testing and learning. From your posts and your charts I would say you are a clever cookie so picking this stuff up should not be too difficult for you.

Thomknight applies fibs like Skunny. Compass uses fibs in a different way but still effective. Thom and Compass are very knowledgeable people as well as being good eggs. Skunny is a mystery.

Chekz used a Compass fib this morning but he must have got one of his felt tips in his eye when he traded.

Never mind checkz, you'll make it back and watch out for the big fundamental numbers, they can shaft you when short term trading.

MD.
Keep smiling
  • #5,724
  • Jan 22, 2010 7:12am Jan 22, 2010 7:12am
Quoting Misterdaz
Checkz, I'm with NayNay on this one. I'm not as brave as you guys trading thru big numbers, I sat this one out. My colleague tried it and got bent over.

Naynay, it's not that I wont tell it's just not that easy to explain although it is simple when you know what to look for. I have spent close to 3 months reading this thread, testing and learning. From your posts and your charts I would say you are a clever cookie so picking this stuff up should not be too difficult for you.

Thomknight applies fibs like Skunny. Compass uses fibs in a different...
Yeah I believe it did. I should have paid more attention to the forex news calendar. Actually I never really paid it any attention because I was so busy trying to firgure out how to trade Skunnys method but I will definitely keep an eye on it from now on. Thanks for the info!!!
  • #5,725
  • Jan 22, 2010 7:16am Jan 22, 2010 7:16am
Quoting Misterdaz
Naynay, it's not that I wont tell it's just not that easy to explain although it is simple when you know what to look for. I have spent close to 3 months reading this thread, testing and learning. From your posts and your charts I would say you are a clever cookie so picking this stuff up should not be too difficult for you.
Thanks for the encouragement. I'm only about halfway through this thread, but I've picked up a hell of a lot already. Any place I go go to read about your method?: is it in this thread later on?

To be honest, I'm a better EA programmer than trader and I'm already getting ideas for EAs based on this thread alone.

At the moment, I am sticking to just looking at the fibs from the previous daily candle, and the weekly as well. That's it basically. I just watch price ping it's way between the daily fibs.
  • #5,726
  • Jan 22, 2010 7:20am Jan 22, 2010 7:20am
Quoting edkilp
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
Ed, what day have you drawn your fib on?
Keep smiling
  • #5,727
  • Jan 22, 2010 7:20am Jan 22, 2010 7:20am
Quoting Naynay
Thanks for the encouragement. I'm only about halfway through this thread, but I've picked up a hell of a lot already. Any place I go go to read about your method?: is it in this thread later on?

To be honest, I'm a better EA programmer than trader and I'm already getting ideas for EAs based on this thread alone.

At the moment, I am sticking to just looking at the fibs from the previous daily candle, and the weekly as well. That's it basically. I just watch price ping it's way between the daily fibs.
Can you post a weekly chart showing which weekly candle you have your fibs drawn on? Thanks alot!!!
  • #5,728
  • Jan 22, 2010 7:25am Jan 22, 2010 7:25am
Quoting Naynay
Thanks for the encouragement. I'm only about halfway through this thread, but I've picked up a hell of a lot already. Any place I go go to read about your method?: is it in this thread later on?

To be honest, I'm a better EA programmer than trader and I'm already getting ideas for EAs based on this thread alone.

At the moment, I am sticking to just looking at the fibs from the previous daily candle, and the weekly as well. That's it basically. I just watch price ping it's way between the daily fibs.
I can program a bit too although I have never tried MT4. I think using the fibs has a very human element to it, you need to look and fiddle to find what you are looking for so I don't think this will lend itself to automation.

The clearest stuff has, for me anyway, appeared since page 288. Remember Thom and Compass both do different things.

Good luck, MD.
Keep smiling
  • #5,729
  • Jan 22, 2010 7:28am Jan 22, 2010 7:28am
I just noticed, you are from Japan? We only ever seem to get Aussies or Yanks here, oh and the odd Brit.

Welcome.
Keep smiling
  • #5,730
  • Jan 22, 2010 7:38am Jan 22, 2010 7:38am
Quoting Misterdaz
I just noticed, you are from Japan? We only ever seem to get Aussies or Yanks here, oh and the odd Brit.

Welcome.
Sorry to burst your bubble, but I'm an expat Aussie.
Where are you from? Don't tell me you're a sheep-sh***er?

Anyway, thanks for the tip. I will get to reading more.
I am trying to bash out my own system, and I seem to have something that sorta works, but I need some more experience and study I think.

And Checkz, I don't think we'll see a hit to the 1.6 (or 1.3) until we clear another big number on the way down....
I am looking at the last week candle fib retracements...
  • #5,731
  • Jan 22, 2010 7:58am Jan 22, 2010 7:58am
No wonder your english is so good, there again you are an Aussie so that's a stroke of luck!

The sheep thing is an old joke here. I'll leave the sheep for the Kiwi's, I like mine on my plate with mince sauce or if I'm pi55ed, in a kebab.

Thom looks for respect on the inner fibs as a starting point and so do I...now.

MD.

PS. I'm English old boy. Common Londoner really me ole china.
Keep smiling
  • #5,732
  • Jan 22, 2010 7:59am Jan 22, 2010 7:59am
Quoting Naynay
Sorry to burst your bubble, but I'm an expat Aussie.
Where are you from? Don't tell me you're a sheep-sh***er?

Anyway, thanks for the tip. I will get to reading more.
I am trying to bash out my own system, and I seem to have something that sorta works, but I need some more experience and study I think.

And Checkz, I don't think we'll see a hit to the 1.6 (or 1.3) until we clear another big number on the way down....
I am looking at the last week candle fib retracements...
Thanks for the info
  • #5,733
  • Jan 22, 2010 8:08am Jan 22, 2010 8:08am
Quoting Checkz
Thanks for the info
I suspect that it's going to go there. We just cleared 1.6100 by 3 pips.
3 seems to be the magic pip-number over the line that signals the direction of price -- eventually.

Something else I discovered while playing with fibs were fibs-in-fibs!
(No "Yo Dawg" jokes please )

I'll get a picture to explain that in a sec
  • #5,734
  • Jan 22, 2010 8:10am Jan 22, 2010 8:10am
I tell you what. My trade calls don't work out worth a sh!t.
  • #5,735
  • Jan 22, 2010 8:13am Jan 22, 2010 8:13am
Quoting bartstop
I tell you what. My trade calls don't work out worth a sh!t.
Which call was that?
Keep smiling
  • #5,736
  • Jan 22, 2010 8:19am Jan 22, 2010 8:19am
Quoting bartstop
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
  • #5,737
  • Jan 22, 2010 8:20am Jan 22, 2010 8:20am
Here's what I was talking about. Note that this is just some weird feature that I stumbled upon, and I still haven't worked it out yet......

Note how the price respects the yellow fib lines between the red fib lines.
(The red fib lines are the previous day's fib lines)
In this case the yellow fib lines were made between the last day's 0 and 138.

Chances are, one could fib within fib within fib etc. etc. ad infinium.

Between fib levels, the yellow fibs seem to give good guidace as to where to move my stops depending on which yellow fibs get cleared, as sometimes we don't always hit the other side of the daily fibs and get flung back the other way.

hmmm.....
Attached Image
  • #5,738
  • Jan 22, 2010 8:50am Jan 22, 2010 8:50am
Quoting bartstop
Well your fib didn't set up or trigger so we can treat that as a tracking fib. I'm sure never traded it so that's all that matters.

MD.
Keep smiling
  • #5,739
  • Jan 22, 2010 8:54am Jan 22, 2010 8:54am
I can't quite view your charts at the moment as I am using my Iphone but the most important thing about trading is if you have a method that you understand and it works for you then use it. It's the old saying, if it's not broke don't fix it.

MD.
Keep smiling
  • #5,740
  • Jan 22, 2010 9:08am Jan 22, 2010 9:08am
Do you think that the 1.618 will get hit On the Gbp/Usd?
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