Indicator Free Trading - Skunny | Page 297 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

How to free indicator resources? indicator called from EA 7 replies

COT trading system with free indicator 297 replies

No Free Lunch but all the Free Coffee you can drink 736 replies

SWAP free, rollover free Broker? 15 replies

Attachments: Indicator Free Trading - Skunny
Exit Attachments

Indicator Free Trading - Skunny

  • #5,921
  • Feb 2, 2010 9:30pm Feb 2, 2010 9:30pm
Quoting Skunny
Have I addressed fib clusters? I don't think so. Lets add that to our vocabulary.

A fib cluster is when you have multiple s/r or ext's that end in the same area (within 10 pips or so). The reason for the 10 pips is usually due to the bad data feeds or manipulation of data. We all have to live with bad data so don't anyone whine about it. It is just a matter of fact, but if we know the rules we can play the game. I'm not sure I'm comfortable with the word confluence, so lets just say fib cluster.

Fib clusters add substance to the s/r areas...
I think that this is the first post where he addresses Fib clusters
  • #5,922
  • Feb 2, 2010 9:37pm Feb 2, 2010 9:37pm
A cluster is when all the fibs are laying on top of each other, suggesting strong or weak resistance depending on how close they are together.

I am looking at cable again, and I'm not sure how far up it wants to go before flying back the other way. Even though it's silly to trade against the trend on the retrace, I figure it would be fun to try and find the accuracy needed to do it anyway.

The fibs are yesterdays daily candle fibs, follwed by the daily S/R levels.

The price has already cleared yesterday's high and clipped R1. Looking at yesterday's set up, there was a fib cluster pointing at today's 161 and I figured it might have gone that high on the retrace. Currently there is no clustering at 138.1

Still no idea what the price is going to do though.... I will keep my demo trader's hat on while I learn.

Currently strong support clustering sits around 1.5910/1.5900, and further on down at 1.5866, so I figure that they would be price targets on a trend continuation down.
Attached Image
  • #5,923
  • Feb 2, 2010 9:49pm Feb 2, 2010 9:49pm
Quoting Checkz
Thank you sir. This information is going to make me some!!!
Just remember when you are rich and famous, that my fee is only 10% .

Rule the market Checkz !
  • #5,924
  • Feb 2, 2010 9:53pm Feb 2, 2010 9:53pm
Quoting Naynay
A cluster is when all the fibs are laying on top of each other, suggesting strong or weak resistance depending on how close they are together.

I am looking at cable again, and I'm not sure how far up it wants to go before flying back the other way. Even though it's silly to trade against the trend on the retrace, I figure it would be fun to try and find the accuracy needed to do it anyway.

The fibs are yesterdays daily candle fibs, follwed by the daily S/R levels.

The price has already cleared yesterday's high and clipped R1. Looking at yesterday's...

Naynay, important to remember that two things happen with every Fib.

They either cross the 0 line and hit their projected level or they don't and you have a retrace on your hands. Either way, every Fib is accurate to their own story.

A fib cluster is like watching a game of football from three or more T.V's shot by three different cameras around the ground. The game is still the same, but the three cameras show a better picture as to what is really happening.
  • #5,925
  • Feb 2, 2010 9:53pm Feb 2, 2010 9:53pm
Just remember when you are rich and famous, that my fee is only 10% .

Rule the market Checkz ![/quote
That's all!Ok!
  • #5,926
  • Feb 2, 2010 10:34pm Feb 2, 2010 10:34pm
Quoting FX Compass
Naynay, important to remember that two things happen with every Fib.

They either cross the 0 line and hit their projected level or they don't and you have a retrace on your hands. Either way, every Fib is accurate to their own story.
Thanks for the info. I have been looking at prices cross the zero line and am still a bit in the dark about how to read them. Sometimes they blow through and not come back. Othertimes they don't cross, but bounce off and head the other way, and other times they clip it, look as if they're going through the level and then go back the other way, only to come back and blow through it.

I know it's an important level, but how can you read ahead of time how it is going to treat that level?
  • #5,927
  • Feb 3, 2010 12:30am Feb 3, 2010 12:30am
I'm going through reading all the expert calls on the GBPUSD today, and nobody suggesting that the pair is going to escape 1.6020...

..well, Mr market likes 138.2 a lot. It kissed it and is now showing a bit of an allergic reaction. I'm still wondering if yestrday's confluence at the 161 is going to lure it further.... but then there is GBP news coming up....
Attached Image
  • #5,928
  • Feb 3, 2010 12:35am Feb 3, 2010 12:35am
Quoting Naynay
Thanks for the info. I have been looking at prices cross the zero line and am still a bit in the dark about how to read them. Sometimes they blow through and not come back. Othertimes they don't cross, but bounce off and head the other way, and other times they clip it, look as if they're going through the level and then go back the other way, only to come back and blow through it.

I know it's an important level, but how can you read ahead of time how it is going to treat that level?
Nobody will ever know this for sure. Watching lots of Price behaviour makes you much better at picking the direction at the 0 line.

If you find a way that is 100% certain, let me know... cause you then own the largest money machine in the world.
  • #5,929
  • Edited 1:22am Feb 3, 2010 12:46am | Edited 1:22am
Quoting FX Compass
If you find a way that is 100% certain, let me know... cause you then own the largest money machine in the world.
Well I certainly think it is key to the personal ATM we all dream of.

Anyway, my unrealistic half-guessing prediction that price would get to 161, was yesterday I pulled up a chart and placed the prior daily candle extensions on top of the daily S/R levels. I noted that there was support confluence a bit close to the price, but the 161 level also had confluence a bit further away.
So there I am thinking "If I was the market and I could move the price all by myself, respecting the strong levels, to help myself profit the most, where would I move the price to? Well the farthest confluence is the 161, so how about there?"

I'll be in shock if it gets there today. I just don't see any confluence around 138

...unless of course, price has a strong aversion to going near these levels of clusters/confluence... in which case, the 138 was a "safe" place to go. It was the nearest recognisable level away from the fib clusters surrounding it!
  • #5,930
  • Feb 3, 2010 1:24am Feb 3, 2010 1:24am
If price breaks the .236 fib level should I attempt to trade it as a reversal to the 50% fib On the GBP/USD?
  • #5,931
  • Feb 3, 2010 1:34am Feb 3, 2010 1:34am
Quoting Misterdaz
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.

Misterdaz, thanks for taking the time to respond. I will start to post some of the fibs I trade in here from time to time. If anyone else could respond to my original question I would really appriciate it.

Thanks.
R
  • #5,932
  • Feb 3, 2010 1:50am Feb 3, 2010 1:50am
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
Welcome Sirens! I trade Fxcompass method live through a micro account with FXCM. Right now Im breaking even mainly because I have made some foolish decision like continually entering a trade to early and not waiting on the 0 or 100 line break. I can't complain because the money I lose I also make back. So far it's a win win situation for me.
  • #5,933
  • Feb 3, 2010 1:51am Feb 3, 2010 1:51am
OUCH! ... and not even the courtesy of a reach-around.
Ok, all bets are off now.

With those levels taken out, I am now in a sell position. The price cannot go any further up today. It can only go down IMHO. We have taken out Resistance 3 as well as the 161 (there was a fair bit of selling pressure before the big lurch up to the level, meaning that (in my mind) some people got in early before the price was predetermined by the banks to hit it.

Now looking forward to a nice, risk free trade down again. I entered the sell when the price pushed through the 161. I have now capped the stop just behind it sometime after the retreat was confirmed. Virtually no risk at all.

Also looking at the chart, perhaps there is a way to tell where the price will go?
Early in the day, the price dipped over the high of the previous day (signalling a trip upwards?), follwed by a dip down (signalling to enter), and finally followed by the 161 hit.
Attached Image
  • #5,934
  • Feb 3, 2010 2:09am Feb 3, 2010 2:09am
Quoting Skunny
You can use it for any reason you see fit but on a weekly the 62 retracement is an area not an exact number it may cause disruption in a 500 pip range or better. There isn't anyway to trade the information IMO. If you have figured out how it is valuable please let me know. I'm always willing to learn.

You should also know that the price isn't following the fibs inner s/r areas before you try to trade it somehow(from the way you have it drawn). This would be the case on any time frame.
I was reading some of Skunnys old post and came across this one making me wonder what he actually meant when he stated that price isn't following the fibs inner s/r areas. Anybody care to comment on what you think he meant?
  • #5,935
  • Feb 3, 2010 2:13am Feb 3, 2010 2:13am
Quoting Checkz
I was reading some of Skunnys old post and came across this one making me wonder what he actually meant when he stated that price isn't following the fibs inner s/r areas. Anybody care to comment on what you think he meant?
I'm not sure what he meant, but just looking at today's GBPUSD movement, it seems that most of the action happens between the 0 and 23.6
I keep seeing interesting behaviour of the price in between these levels.
  • #5,936
  • Feb 3, 2010 2:55am Feb 3, 2010 2:55am
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
Sirens, the answer to your question is yes, but not using Skunnys ideology.

Reason being, Skunny never spelt it out in black and white.

There are many ways I have seen to use Fibs accuarately.

I think you need to find what suits your personailty and apply it.
  • #5,937
  • Feb 3, 2010 3:01am Feb 3, 2010 3:01am
Quoting Checkz
I was reading some of Skunnys old post and came across this one making me wonder what he actually meant when he stated that price isn't following the fibs inner s/r areas. Anybody care to comment on what you think he meant?
I believe price respects the Fibs inner levels of S/R, but not to the degree of the 0 line and 100 lines which are Kings.
If price breaks either of them, then we have a break above the high or low of the previous wave - a very significant indication that the trend is continuing or failing.

Hence the many attempts to bounce through when these levels are approached.
  • #5,938
  • Feb 3, 2010 3:13am Feb 3, 2010 3:13am
My (tiny) stops were killed by the following spike to signify that, yes, we could go higher than 161 today.

There was a hell of a battle going on at the level, so yes, that price point was heavily important.
I'm still trying to find out why 161 was broken.... any ideas?
Attached Image
  • #5,939
  • Feb 3, 2010 3:39am Feb 3, 2010 3:39am
Quoting Naynay
My (tiny) stops were killed by the following spike to signify that, yes, we could go higher than 161 today.

There was a hell of a battle going on at the level, so yes, that price point was heavily important.
I'm still trying to find out why 161 was broken.... any ideas?

Yesterday's Daily Fib, target hit and down she comes.
Attached Image (click to enlarge)
Click to Enlarge Name: gu1.gif Size: 29 KB
  • #5,940
  • Feb 3, 2010 4:51am Feb 3, 2010 4:51am
Grr... I'm just miffed that my stops were killed (or I entered too early).

If there was some way I could have avoided having my stops killed too early, I'd be all ears. I guess my stop was too tight... but I find it hard to understand why the price went so high above the 161 before the free-fall. What fib was sitting at 1.6070?

UPDATE: Ah, seems it retreated from a two week low of 1.6076
19 traders viewing now