Indicator Free Trading - Skunny

Quoting FX Compass

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Hi Checkz,

straight forward trade yesterday.

I entered at 78.6 short - target was the 0 line as per my predicted targets post.

SL was the 100 line and if it was hit then I would have reverse traded it to the 138.2 also as per predicted targets post.

Projected targets are nearly always hit, and if not there is a very strong reversal trade in play.

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Quoting FX Compass

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Hi Checkz,

I view a break as the candle body closing through the line and a pierce as the wick only running through the line. As previously stated, the candle wick tends to represent volatility on the candle and not true price which is shown in the body.

I am always more interested in how the body reacts to the line than anything else. If it costs me a few pips to get in, I have more insurance to confirm that the move is for real when the body closes through the line.

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Quoting Checkz

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Do the same rules apply with the fib fan. Price has to break the 0 or 100 line for the trade.

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Quoting Checkz

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I thought that we paid attention to the candle bodies & not the wicks because that's where the price really is. This is why I asked you whether the price was at the .618 or .786. So do I pay attention to where the wicks retrace to or not.

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Quoting FX Compass

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Checkz, I have re-posted the same chart that has confused you, but this time with one more Fib added to clear the smoke for you.

If I wasn't certain about the starting point (whether 78.6 or 61.8) for the short trade, then I would create a Fib cluster to confirm.
Observe attached chart.

See the small blue rectangle on the left. Price has stopped at the -38.2 which means our upside target for the single wave Fib is 138.2 and it should also be the starting point for the larger daily short trade.

Notice the daily 78.6 is clustered in this area...

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Quoting Checkz

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Thanks alot

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Quoting Misterdaz

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The wife's at church so I thought I'd sneak on here a bit quick!

I've been looking at EURUSD on a daily timeframe, trying to forecast the extent of the current move down, I still need to do a bit more work yet but I have come up with what Thom might call a tracking fib, maybe slightly better than that.

The internal 61.8 and 50 have met with respect but the fib is not ready to fire until we breach zero at 1.3682 then it would suggest 1.3125 is on the cards. If Greece can come up with a solid solution then this fib may never execute.

Remember,...

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Quoting Misterdaz

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Here's the latest EURUSD hourly chart. I'm looking for longs on this. i've got respect where the arrows are and a pierce of the signal line. So far the trades I have done well with I have had respect of the 61.8 then the 50 in that order, not 61.8 then 38.2, we will have to see how this one pans out.

We've got a fib cluster at the -138.2 of my hourly red fib and the 38.2 of my daily black fib. Compass is this where you see the double tap?

I'm gonna look at the weekly now.

MD.

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Quoting Misterdaz

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On this one I see a chopped down view of the daily, a validated fib waiting for a trigger. I have gone with fibbing the immediate price action on each timeframe. On the attached chart I could have fibbed the prior upswing which I guess would produce a fib which would just about get in the way of the current downswing.

MD.

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