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Indicator Free Trading - Skunny

  • #5,901
  • Feb 2, 2010 4:58am Feb 2, 2010 4:58am
Weekly and Daily Cluster - perfectly lined up for 1.5795 target at 161.8 extensions.
I'm in this already from the 0 lines.

These clusters are proving deadly accurate.
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  • #5,902
  • Feb 2, 2010 5:47am Feb 2, 2010 5:47am
Absolutely. In all my trading methods/systems I do not use any indicators. I haven't looked at T.A. (macd's, stochastics, fibs etc..) for over 10 years. I honeslty believe it is all a complete waste of time,effort and money.

Price......(volume in stocks) is all my systems are built on.
  • #5,903
  • Feb 2, 2010 6:01am Feb 2, 2010 6:01am
Quoting FX Compass
Weekly and Daily Cluster - perfectly lined up for 1.5795 target at 161.8 extensions.
I'm in this already from the 0 lines.

These clusters are proving deadly accurate.
Hi mate, I can't quite see what you have done there, looks like you have 2 fibs drawn in exactly the same place.

MD.
Keep smiling
  • #5,904
  • Feb 2, 2010 7:01am Feb 2, 2010 7:01am
Im thought that we were going to head upwards?
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  • #5,905
  • Edited 7:29am Feb 2, 2010 7:27am | Edited 7:29am
Just eyeballing a 1 hour cable chart at the moment is easy to see that the prevailing trend is down. We seem to have formed a bottom at 1.5850 with a new higher low at 1.5900. There is nothing to say cable cannot move up from here but the first hurdle would be to get through resistance at 1.5970.

I've got my eye on the last low at 1.5900, if that breaks I'd be looking for a move back to 1.5850.

MD.
Keep smiling
  • #5,906
  • Feb 2, 2010 8:01am Feb 2, 2010 8:01am
Quoting Misterdaz
Just eyeballing a 1 hour cable chart at the moment is easy to see that the prevailing trend is down. We seem to have formed a bottom at 1.5850 with a new higher low at 1.5900. There is nothing to say cable cannot move up from here but the first hurdle would be to get through resistance at 1.5970.

I've got my eye on the last low at 1.5900, if that breaks I'd be looking for a move back to 1.5850.

MD.
After rechecking the previous daily candle I discover that I had drawn my fibs wrong also the candle show that we were in a downtrend. My bad I just got off work need sleep.
  • #5,907
  • Edited 2:17pm Feb 2, 2010 8:23am | Edited 2:17pm
Quoting Checkz
After rechecking the previous daily candle I discover that I had drawn my fibs wrong also the candle show that we were in a downtrend. My bad I just got off work need sleep.
Here's a quick take on what I think is a TK type fib, he might tell me off though. I'd be looking for a long at the break of 1.5952 on this to 1.6000 ish.

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EDIT: I've been re-reading Thom's post of late and have today discovered something I have been overlooking. A pierce of the zero line above would be required but not make this fib ready for trading....
Keep smiling
  • #5,908
  • Feb 2, 2010 3:56pm Feb 2, 2010 3:56pm
Hey guys,

I have been working with fibs intensely for about five months now, trying to grasp the ideology of finding the fib that is "in play" by matching support and resistance into the fib frame. I actually hadn't been to skunny's thread on here for a long time, and I didn't realize people still kept it active. Although I am making progress, sometimes I wonder about the whole legitimacy of the concept.

My question for you guys is are any of your earning consistent profits on a live account using skunny's ideology?

Thanks,
R
  • #5,909
  • Feb 2, 2010 4:12pm Feb 2, 2010 4:12pm
Quoting Checkz
Im thought that we were going to head upwards?
Fibs within Fibs and waves within waves.

It is not uncommon to have a short time Fib and wave heading up before it turns down again to resume the major trend.

This is why I am finding Fib clusters a very usefull tool to clear all the smoke.
  • #5,910
  • Edited 4:40pm Feb 2, 2010 4:13pm | Edited 4:40pm
Quoting Sirens
Hey guys,

I have been working with fibs intensely for about five months now, trying to grasp the ideology of finding the fib that is "in play" by matching support and resistance into the fib frame. I actually hadn't been to skunny's thread on here for a long time, and I didn't realize people still kept it active. Although I am making progress, sometimes I wonder about the whole legitimacy of the concept.

My question for you guys is are any of your earning consistent profits on a live account using skunny's ideology?

Thanks,
R
Well I've spent about 3 months in here, nearly given up twice but I think I am really getting somewhere. I am a full time trader for a living but i don't use any of this stuff live......yet!

Fx Compass trades a method with fibs and he does ok I belive live.

There is another character here who drops in from time to time by the name of Thomknight. His method is a little bit more difficult to discover but well worth the effort. Thomknight trades for himself as well if I am correct and from what he says he does very well indeed.

MD.
Keep smiling
  • #5,911
  • Feb 2, 2010 6:17pm Feb 2, 2010 6:17pm
Quoting FX Compass
Weekly and Daily Cluster - perfectly lined up for 1.5795 target at 161.8 extensions.
I'm in this already from the 0 lines.

These clusters are proving deadly accurate.
Im not sure I understand why you drew your fib cluster the way you did it looks like you just refibbed the last two daily candles which is the last weekly candle re fibbed.
  • #5,912
  • Feb 2, 2010 6:24pm Feb 2, 2010 6:24pm
Quoting Checkz
Im not sure I understand why you drew your fib cluster the way you did it looks like you just refibbed the last two daily candles which is the last weekly candle re fibbed.
Fibs on weekly (5 Days) and last two days.

They have given an almost perfect lineup on the cluster.

It really doesn't matter how many Fibs, you place, as long as they are pulled correctly. The purpose of the cluster is to confirm the strongest price point for the pair and clear up any confusion as to where price may be heading.

Try fibbing a pair in different directions and different timeframes and see what you see...
  • #5,913
  • Feb 2, 2010 6:25pm Feb 2, 2010 6:25pm
Along the lines of what you are looking at, but with the Fib correctly anchored at both ends (crucial).

http://www.forexfactory.com/showthread.php?t=75922
  • #5,914
  • Feb 2, 2010 6:41pm Feb 2, 2010 6:41pm
I have seen that thread a long time before I stumbled in here and met you lovely folks!

I am more taken with your and Thom's stuff.

Anchored at both ends yes I agree. What Thom does is pre-empt the anchor before we get there. From the more I uncover that other anchor can be finely tuned as more points tick off the list on the way to the perfect setup.

I'm not quite there but I think I have been missing something. It's now just a matter of getting the order of play correct.

Goodnight.
Keep smiling
  • #5,915
  • Feb 2, 2010 8:42pm Feb 2, 2010 8:42pm
Quoting FX Compass
Weekly and Daily Cluster - perfectly lined up for 1.5795 target at 161.8 extensions.
I'm in this already from the 0 lines.

These clusters are proving deadly accurate.
After re reading this post it sounds like the downtrending weekly candle calls the shots for the daily allowing us to enter into this trade on the daily at various 0 lines that are in line with the down trend. Therefore this keeps you in the trend. So trying to counter trend trade can be done but it seems like it would be far more easier to enter in at the 0 lines. Am I looking at this right?
  • #5,916
  • Feb 2, 2010 9:18pm Feb 2, 2010 9:18pm
Quoting Skunny
This is just a quick example of what I'm trying to say.

The green is monthly sell signal. when moved down to the weekly you can see where you might enter for a good trade (black). Once you get a direction you need to try and utilize that information for a better entry or confirmation. Had the price broke long instead of short you could follow it and wait for the the short signal. You could trade this long (if it broke long) and make pips.....but why? If we went long on a break we would be going against the higher time frame and then we need to...
  • #5,917
  • Feb 2, 2010 9:18pm Feb 2, 2010 9:18pm
Quoting Checkz
After re reading this post it sounds like the downtrending weekly candle calls the shots for the daily allowing us to enter into this trade on the daily at various 0 lines that are in line with the down trend. Therefore this keeps you in the trend. So trying to counter trend trade can be done but it seems like it would be far more easier to enter in at the 0 lines. Am I looking at this right?
Absolutely right Checkz.

The trend is your friend, and countertrend trading is highly risky.
At least I know if I stuff up an entry for whatever reason, and I am
in the direction of the weekly trend, then it is going to come back and pick me up again on the way through.
When the higher timeframes cluster in the direction of the overall trend, it is pure gold.

Trading countertrend with Fibs, takes the highest degree of accuracy.
Furthermore, the trader must be accutely aware where he is in the cycles at all times or the market will turn fast and resume the major trend.
  • #5,918
  • Feb 2, 2010 9:21pm Feb 2, 2010 9:21pm
Hey Checkz, you seem to be able to bring up a lot of Skunny's past posts easily.

Do you recall many where he refers to clusters ?

I am interested in looking into it further without having to wade through all the pages again.
  • #5,919
  • Feb 2, 2010 9:22pm Feb 2, 2010 9:22pm
Quoting FX Compass
Absolutely right Checkz.

The trend is your friend, and countertrend trading is highly risky.
At least I know if I stuff up an entry for whatever reason, and I am
in the direction of the weekly trend, then it is going to come back and pick me up again on the way through.
When the higher timeframes cluster in the direction of the overall trend, it is pure gold.

Trading countertrend with Fibs, takes the highest degree of accuracy.
Furthermore, the trader must be accutely aware where he is in the cycles at all times or the market will turn fast...
Thank you sir. This information is going to make me some!!!
  • #5,920
  • Feb 2, 2010 9:25pm Feb 2, 2010 9:25pm
Quoting FX Compass
Hey Checkz, you seem to be able to bring up a lot of Skunny's past posts easily.

Do you recall many where he refers to clusters ?

I am interested in looking into it further without having to wade through all the pages again.
I think I printed up some of this info but it's at home and Im at work right now but I will check and see!!!
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