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Indicator Free Trading - Skunny

  • #5,861
  • Jan 28, 2010 4:27am Jan 28, 2010 4:27am
Quoting bartstop
Care to elaborate?
Got in at the break of the low 1.3992 , bank some pips at 1.3956 and with the rest I got out at BE.
  • #5,862
  • Jan 28, 2010 5:50am Jan 28, 2010 5:50am
Did Anybody buy Gbp/Usd. Well I did but Im ready to get off from work so I can try to close out my position with some type of profit. Im not sure about the U.S. news coming up. Better to be safe than sorry!
  • #5,863
  • Jan 28, 2010 7:01am Jan 28, 2010 7:01am
I got home and closed my trade out with a 72 pip profit. I also decided to fib this small up swing to see where price may go. I may trade it.
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  • #5,864
  • Jan 28, 2010 8:26am Jan 28, 2010 8:26am
Hi Ak, you been following all this madness? I can't see your chart very well from my Iphone, what ccy pair is that?

Checkz, you still been fibbing the dailys? You seem to have had a few winners from what I've seen. Glad to see you doing well.

The eurgbp fib I posted yesterday hit target overnight. I went long gbpjpy overnight, that hit target. I also went long usdchf, that was break even last time I checked.

MD.
Keep smiling
  • #5,865
  • Jan 28, 2010 12:31pm Jan 28, 2010 12:31pm
MisterDaz, check your PM.
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  • #5,866
  • Jan 28, 2010 12:58pm Jan 28, 2010 12:58pm
Quoting Checkz
I got home and closed my trade out with a 72 pip profit. I also decided to fib this small up swing to see where price may go. I may trade it.
Hey Checkz, nice trade.

This is exactly why News announcements must be watched carefully each day and Fibs can never be 100% accurate.

This triggered trade on GBPUSD only made it to the 127 instead of the 161.8.
US employment data released drove it down hard.

The reversal trade -23.6 to -50 was triggered and finished almost instantly.
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  • #5,867
  • Jan 28, 2010 4:32pm Jan 28, 2010 4:32pm
Quoting FX Compass
This is exactly why News announcements must be watched carefully each day and Fibs can never be 100% accurate.
There is a school of thought, that I have heard from more than one source, that says that News does not change the direction that price was taking, it simply makes it get to where it was going quicker . . . if this is the case, a Fib, if correctly placed would still be valid despite News . . .

I tend to agree . . . but then I don't know much.

DYOR
20 pips a day isn't too much to ask . . .
  • #5,868
  • Jan 29, 2010 1:20am Jan 29, 2010 1:20am
It would appear somebody diasapproved of Jessica. I can't say I'm surprised, she didn't have any makeup on.

MD.
Keep smiling
  • #5,869
  • Jan 29, 2010 3:37am Jan 29, 2010 3:37am
Quoting Misterdaz
It would appear somebody diasapproved of Jessica. I can't say I'm surprised, she didn't have any makeup on.

MD.
I'm outraged, where do I complain.
If I've gotta look at that sheep again, Ill need to start drinking more.
  • #5,870
  • Jan 29, 2010 5:53am Jan 29, 2010 5:53am
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Keep smiling
  • #5,871
  • Jan 29, 2010 8:06am Jan 29, 2010 8:06am
I recently started using a line chart to filter out false breakouts. Made 75 pips on the Gbp/Usd this morning.
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  • #5,872
  • Jan 29, 2010 8:34am Jan 29, 2010 8:34am
Yes line charts takeaway a lot of noise but they reflect the closing price only. I have been looking at them myself a lot lately, quite nice for picking s/r levels.

MD.
Keep smiling
  • #5,873
  • Jan 29, 2010 8:44am Jan 29, 2010 8:44am
Quoting Misterdaz
Yes line charts takeaway a lot of noise but they reflect the closing price only. I have been looking at them myself a lot lately, quite nice for picking s/r levels.

MD.
Here's a chart using the line chart that shows the Hi-top dark blue line
Closing price-middle light blue line
Low-bottom red line
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  • #5,874
  • Jan 29, 2010 9:35am Jan 29, 2010 9:35am
Quoting Misterdaz
Attachment
Tre Bien!

TK

Lots of very good simple trades this past week eh? Hope you gents took the punters' lunch money!
  • #5,875
  • Jan 29, 2010 9:44am Jan 29, 2010 9:44am
Had an indifferent week this time around. Made a couple of mistakes. Last week was fantastic. Where have you been, enjoying life eh old boy?
Keep smiling
  • #5,876
  • Jan 29, 2010 10:28am Jan 29, 2010 10:28am
Quoting Misterdaz
Had an indifferent week this time around. Made a couple of mistakes. Last week was fantastic. Where have you been, enjoying life eh old boy?

Patience! Chuckle. It is more tired then me after a flight of stairs.. but it is true as the nose on my face. I am sure you know this... but for greener traders... I would wait 364 days for the one trade i knew was 100%. Let them come to you. You don't like them? don't get into a kerfuffle and scrobble your noggin trying figure it out. Why bother? because the RR was good? pish posh that is rediculous in my book.

I have been on vacation more often then not as of late and I am thinking I might just do that for a while hence my absence. Interesting to see the movement here into a sr trend based fibbing set....for that I would heartily just reccomend a simple horiz sr line and pa... it is cleaner...but that is me.

I have always been of the mind set that fibs are rubbish ( because they are far too complicated for sr trend trading) and still am... except for skunnys use (predictive). Trading sr via simple sr zones and breakouts and educated guessing is far easier the standard trend fibbing to me. two or 3 lines and a break out. Lemon Squeezy.



TK
  • #5,877
  • Jan 29, 2010 12:05pm Jan 29, 2010 12:05pm
Today I have been switching to a line chart on eurusd and placing horizontal lines at obvious peaks and troughs. I have then sold into rallies at the line touches. I haven't lost and am still short with another 40 pips guaranteed.

I have daily fib tracking eurusd currently looking for 1.3680 ish I believe. If we hit, which looks highly likely then 1.31 looms.

Fundamentaly it does not surprise, soon you will be able to pick up your own Greek island.

MD.
Keep smiling
  • #5,878
  • Jan 29, 2010 3:06pm Jan 29, 2010 3:06pm
Quoting Misterdaz
Today I have been switching to a line chart on eurusd and placing horizontal lines at obvious peaks and troughs. I have then sold into rallies at the line touches. I haven't lost and am still short with another 40 pips guaranteed.

I have daily fib tracking eurusd currently looking for 1.3680 ish I believe. If we hit, which looks highly likely then 1.31 looms.

Fundamentaly it does not surprise, soon you will be able to pick up your own Greek island.

MD.
Interesting transition to line charts.

I have also been testing the previous daily or Monthly Fibs and trading of support or resistance on line charts. Definately removes all the noise.

Amazing results so far. There is a great thread on FF called Peaks and valleys if your interested in some very good entry and exits using this strategy.

Paired with Fibs, this appears to be quite succesful so far.
  • #5,879
  • Jan 29, 2010 3:24pm Jan 29, 2010 3:24pm
Quoting Misterdaz
Today I have been switching to a line chart on eurusd and placing horizontal lines at obvious peaks and troughs. I have then sold into rallies at the line touches. I haven't lost and am still short with another 40 pips guaranteed.

I have daily fib tracking eurusd currently looking for 1.3680 ish I believe. If we hit, which looks highly likely then 1.31 looms.

Fundamentaly it does not surprise, soon you will be able to pick up your own Greek island.

MD.
I believe if memory serves I am targeting... 1.17..how long.. who knows. Fair play mate. I don't not trade that way. I will just pick hourly to daily charts. I don;t much care where it goes ( other then for sport and pub talk) long term just care about right now. In and out. No muss or fuss 20 pips is enough for me anyday as long as I know I will get them no doubt.

Good on ya for line charts...I personally ahve no use for em , but I am sure the same principals apply somehow. I used to just trade bar charts mainly(non fib). Lines don't give (me) the data I am looking for. As always..if it works for you it works. the right way is the way that works... for you. Don't give a fig about other blokes trading.

TK.
edit: fundamentals? For shame ,chuckle.
  • #5,880
  • Edited 4:59pm Jan 29, 2010 4:41pm | Edited 4:59pm
I've been flicking briefly to lines as it takes away all the noise of candles. The peaks and troughs stand out nicely. I have then placed horizontal lines on the major peaks and troughs. I then flick back to candles and draw hopefully a nicely respected fib. I then play it from there. If the s/r line coincides with certain fib levels then even better. I then take the trades off s/r. As usual the higher time frame s/r trump the lower.

I've seen the peaks and troughs thread I believe Compass, Pring on Price and all that jargon. Simple but effective trading. I made 4 winners today with it. Another good thread is No brainer trades.

Well chaps did any of you get to see Avatar in the end?

MD.
Keep smiling
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