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Indicator Free Trading - Skunny

  • #5,981
  • Feb 5, 2010 12:29am Feb 5, 2010 12:29am
Quoting FX Compass
Hi Naynay, can you explain what you mean by this.
I'm not quite sure what you mean.
I meaa that I placed the daily fib extensions over the previous days candle, and then charted the Support, Resistance, and pivot point off the same candle. From the lines that came from that, there was typically one 138 that was floating out and away from the support/resistance levels.

The EURJPY was a hard one to pick on that particular day, because both 138s seemed to float a bit, but the one down below was further away from the support lines than the other one from the nearby resistance line, so I chose that one nearer support and it hit the target.

I think, if there's anything I can learn from this, is that the price *seems*to be attracted to the floating 138, but it must clear the 0/100 fib level first -- otherwise it will do what the USDJPY did and fling the other way.

Well, it worked yesterday. Who knows if it will work on another day though....?
  • #5,982
  • Edited 1:34am Feb 5, 2010 1:15am | Edited 1:34am
Yes the boj buy us treasuries but it's not helping very much at the moment. We need some sign of yield increase from the states as that's the only thing I see moving usdjpy north at the moment. A double dip recession is looking more likely at the moment.

Our mpc bought uk gilts to inject liquidity in the markets this also has the effect of driving gbp down. This would help our exports if only we had any.

I've drawn a tk fib on a daily of eu, I'd done it a while back now, I may have even posted it. The zero on the fib has been pierced around 1.37 ish, this is setting up to head for 1.31. The way things are going.......
Keep smiling
  • #5,983
  • Feb 5, 2010 1:33am Feb 5, 2010 1:33am
Quoting Misterdaz
Yes the boj buy us treasuries buy it's not helping very much at the moment. We need some sign of yield increase from the states as that's the only thing I see moving usdjpy north at the moment. A double dip recession is looking more likely at the moment.

Our mpc bought uk gilts to inject liquidity in the markets this also has the effect of driving gbp down. This would help our exports if only we had any.

I've drawn a tk fib on a daily of eu, I'd done it a while back now, I may have even posted it. The zero on the fib has been pierced around...
Hey Md,

Can you put up a chart for clarification.
  • #5,984
  • Feb 5, 2010 2:29am Feb 5, 2010 2:29am
Anyone just spot the GBPUSD move lower?
I caught it

The set up was almost a complete repeat of yesterday. Price moved towards the bottom of yesterday's daily, danced around it for a bit. Spiked back up again, and when I saw that candle come back down to the price it opened at, I knew we were heading off to the 138.

It got as far as just before the 138, faked out people a bit early before punching itself right through. Watching the punch through was quite something - as the market knew EXACTLY where to land.
  • #5,985
  • Feb 5, 2010 2:39am Feb 5, 2010 2:39am
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd0502.png Size: 27 KB
Keep smiling
  • #5,986
  • Feb 5, 2010 2:57am Feb 5, 2010 2:57am
Quoting Misterdaz
Attachment
Looks nice, if its correct then its headed for the 161.8 extension as price has come from the 50 retrace.

That's a long way down.
  • #5,987
  • Feb 5, 2010 3:41am Feb 5, 2010 3:41am
It's the contagion risk in europe that worries me, Spain, Santander....

MD.
Keep smiling
  • #5,988
  • Feb 5, 2010 4:07am Feb 5, 2010 4:07am
Hey chaps, I've come down with Gammon Flu, I did have Swine Flu but I've been cured.

MD.
Keep smiling
  • #5,989
  • Feb 5, 2010 6:49am Feb 5, 2010 6:49am
Gbp/Usd 41 pip profit
Attached Image (click to enlarge)
Click to Enlarge Name: Rodneys Chart.JPG Size: 147 KB
  • #5,990
  • Feb 5, 2010 7:10am Feb 5, 2010 7:10am
You'll be able to retire soon mate. NFP in 20 mins. What's your view. Bad number, bad news for risk, buy the usd. Good number, good news for usd, buy the usd. So buy usd then. We shall see....

MD.
Keep smiling
  • #5,991
  • Feb 5, 2010 7:13am Feb 5, 2010 7:13am
Quoting FX Compass
Checkz, how you finding the clusters ?

Crystal clear. The book I learn't from (she is regarded as the Queen of Fibs) states the more clustered fibs, the better the signal and strength.

Are you fibbing a single candle or a wave on the Monthly/weekly ?

Oh and I am keeping track of your pips won for my 10% cut at the end of the year .....
I fib a single candle on the Monthly for my trading range then follow it on the daily chart. I have combined both of your method's. I draw fibs on every monthly candle but track it on the daily only moving my daily fibs when the 1.38 fib ext is hit. For example my Gbp/Usd shows a dark red box this is the monthly fib range. The dark blue follows the daily. So what I did was start with the first green candle at the top and I drew fibs on it and everytime the 1.38 was hit I just extended it to the low of the candle that was hit leaving the top of the box anchored at the top of the candle. I then place a dark green fib at the top of the candle that hit the 1.38 ext just in case there is a reversal and I wait for price to do it's thing. I also Removed the Fib Levels and left the price to aviod confusing. It's been working pretty good so far for me.
Attached Image (click to enlarge)
Click to Enlarge Name: Rodneys Chart.JPG Size: 113 KB
  • #5,992
  • Feb 5, 2010 7:23am Feb 5, 2010 7:23am
Quoting Misterdaz
You'll be able to retire soon mate. NFP in 20 mins. What's your view. Bad number, bad news for risk, buy the usd. Good number, good news for usd, buy the usd. So buy usd then. We shall see....

MD.
I really don't have a view I just let price tell me where it wants to go then I follow it. I don't watch lines just boxes. I noticed that when you box price in the breakout will give you your trading direction. Like I said it's been working for me so far but it is a just a theory that just may be based on pure luck.
  • #5,993
  • Edited 9:49am Feb 5, 2010 8:27am | Edited 9:49am
Since im not sure where price is going to and it's Friday(a bad day to trade) I drew a pink fib reversal box on the last low and high which is around the monthly(dark red line) 1.38 fib ext just to get some kind of idea. Oh yeah and im prepared to trade it no matter which way it goes. I might win or I might lose we will see.
Attached Image (click to enlarge)
Click to Enlarge Name: Rodneys Chart.JPG Size: 127 KB
  • #5,994
  • Feb 5, 2010 9:07am Feb 5, 2010 9:07am
Quoting Skunny
Like anything else, just because you didn't enter like you should have, doesn't mean it won't work out. The price needs to go up or down, the way I see it, even if you haven't a clue you still have a 50/50 chance
  • #5,995
  • Feb 5, 2010 9:08am Feb 5, 2010 9:08am
Quoting Checkz
I fib a single candle on the Monthly for my trading range then follow it on the daily chart. I have combined both of your method's. I draw fibs on every monthly candle but track it on the daily only moving my daily fibs when the 1.38 fib ext is hit. For example my Gbp/Usd shows a dark red box this is the monthly fib range. The dark blue follows the daily. So what I did was start with the first green candle at the top and I drew fibs on it and everytime the 1.38 was hit I just extended it to the low of the candle that was hit leaving the top of the...
Hi Chekz,
Quick question. If I read it right, your monthly fib on the GU is drawn to the top of the wick on the high end but only to the bottom of the real body on the low ( when shown on the daily ) or is that a wick on the monthly? Shouldn't the low be the low whether on a monthly candle or daily for the same period? Shouldn't it be drawn the same on high and low??
BTW, I love the simplicity of your system and thhis chart looks like a real winner today.
Thanks for sharing.
  • #5,996
  • Feb 5, 2010 9:31am Feb 5, 2010 9:31am
Quoting mavrix
Hi Chekz,
Quick question. If I read it right, your monthly fib on the GU is drawn to the top of the wick on the high end but only to the bottom of the real body on the low ( when shown on the daily ) or is that a wick on the monthly? Shouldn't the low be the low whether on a monthly candle or daily for the same period? Shouldn't it be drawn the same on high and low??
BTW, I love the simplicity of your system and thhis chart looks like a real winner today.
Thanks for sharing.
It's from the low and high of the last monthly single candle. Also I would advise you to make sure you read the info FxCompass has posted because what im doing is just a combination of what he teaches but instead of paying attention to the inner fib lines I just draw what I refer to as Fib Boxes that box the price in. This is a work in progress so im not advising anybody to trade it.
Attached Image (click to enlarge)
Click to Enlarge Name: Rodneys Chart.JPG Size: 112 KB
  • #5,997
  • Feb 5, 2010 9:53am Feb 5, 2010 9:53am
Thanks Checkz,
I was looking at the two candles in the lower left corner of your dark red box but see now the are December candles.
Still an interesting system.
  • #5,998
  • Feb 5, 2010 11:52am Feb 5, 2010 11:52am
I think it's great you taken the ideas in this thread and developed your method from it. If it works for you and you are comfortable with it then that's the way to go.

The major trend continued after the NFP number. I didn't think it was too bad all in all. At some point this correction will stop and consolidate but that doesn't look likely yet.

MD.
Keep smiling
  • #5,999
  • Feb 5, 2010 12:13pm Feb 5, 2010 12:13pm
Quoting Checkz
It's from the low and high of the last monthly single candle. Also I would advise you to make sure you read the info FxCompass has posted because what im doing is just a combination of what he teaches but instead of paying attention to the inner fib lines I just draw what I refer to as Fib Boxes that box the price in. This is a work in progress so im not advising anybody to trade it.
Looks good Checkz, I think the higher timeframes need to be Fibbed to paint the overall picture first (which is where you start).

The boxes are an interesting concept and seem to be working well so far.

I'll try some testing this weekend, but it looks quite promising.

So many ways to trade Fibs, and you have found another.
  • #6,000
  • Feb 6, 2010 10:42am Feb 6, 2010 10:42am
Anyone know how to reset your account in Forex Tester? Thanks

ed
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