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Indicator Free Trading - Skunny

  • #6,001
  • Feb 7, 2010 4:47pm Feb 7, 2010 4:47pm
Quoting edkilp
Anyone know how to reset your account in Forex Tester? Thanks

ed
Not sure what you mean ? initial balance ?

Go from Testing Mode to Edit Mode, Tools Options and set the initial balance. Then when you go back to Testing mode it should be reset.
20 pips a day isn't too much to ask . . .
  • #6,002
  • Feb 7, 2010 4:57pm Feb 7, 2010 4:57pm
Hello there. I think Ed wanted to know what to do once he ran the account down testing. I believe the only thing you can do is stop the test and start again from the beginning.

Where are you in the UK Raptor?

MD.
Keep smiling
  • #6,003
  • Feb 7, 2010 10:06pm Feb 7, 2010 10:06pm
It hasn't quite made it to the 138.2 ext yet. I think it will.
Attached Image (click to enlarge)
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  • #6,004
  • Feb 8, 2010 1:10am Feb 8, 2010 1:10am
That looks like it has nearly hit already. I think we can allow for 5 pips here and there although I can't tell very well from my Iphone. Did you put a trade on it?

MD.
Keep smiling
  • #6,005
  • Feb 8, 2010 1:29am Feb 8, 2010 1:29am
Quoting Misterdaz
That looks like it has nearly hit already. I think we can allow for 5 pips here and there although I can't tell very well from my Iphone. Did you put a trade on it?

MD.
MD,
It still has about 25 pips to go. I didn't put a trade on it, as all the action took place around NFP. I thought it would be a useful exercise to watch the price behaviour for situations like this. If it makes it's way up to the 38.2/50 zone before hitting the 138.2 ext, I would be very interested.
The market has been very quiet during the Asian session.

Cheers
SK
  • #6,006
  • Feb 8, 2010 1:52am Feb 8, 2010 1:52am
In my experience when price has respected those levels in that order the 138.2 gets hit before any pullback but we shall see.

MD.
Keep smiling
  • #6,007
  • Feb 8, 2010 1:56am Feb 8, 2010 1:56am
Quoting Misterdaz
In my experience when price has respected those levels in that order the 138.2 gets hit before any pullback but we shall see.

MD.
Could you explain that one a bit better? Is that for a trade on the way up or down?

Anyway, am looking at the USDCHF at the moment. Seems to have broken a trend line on the way down. The USD action is messing with the decline of the GBPUSD (it has once again broken the 100 on the way down, and is now spiking up in preparation for the swing down, as it always seems to do)
  • #6,008
  • Feb 8, 2010 2:48am Feb 8, 2010 2:48am
Hi mate. I'll go into more detail later as I am on my Iphone. Skong and I are studying Thomknights style of trading, have a look at Skongs last chart. We look for 2 hits of inner respect, a very good setup seems to be 61.8 then 50. This chart is set for shorts. A break of the 0 is one option for a trade on this setup. This is still a work in progress so don't shoot me.

MD.
Keep smiling
  • #6,009
  • Edited 3:52am Feb 8, 2010 3:17am | Edited 3:52am
SK, there is absolutely nothing wrong with your fib but when looking for shorts I believe you should look for the nearest high to the price action to start pulling from then work your way back up the swing until you find a setup. Here's one alternative.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPJPY0802a.png Size: 15 KB
Keep smiling
  • #6,010
  • Feb 8, 2010 3:21am Feb 8, 2010 3:21am
The pound is actually going up I think. GBPJPY broke this trend line. You can see where I have a TP above. The fractals are there to alert me to good points to fib from. I am collecting these fractal candles as data so I can tick off which set ups are still valid and which ones I am done with.

Still experimenting with trading strategies.... although technically I am cheating a bit by adding the fractal indicator. Having said that, it's simply a nice mechanical way to spot high/low candles, which I could do with the naked eye anyway... so don't beat me up over it.
Attached Image
  • #6,011
  • Feb 8, 2010 3:51am Feb 8, 2010 3:51am
Attached Image (click to enlarge)
Click to Enlarge Name: GBPJPY0802b.png Size: 16 KB
Keep smiling
  • #6,012
  • Feb 8, 2010 4:43am Feb 8, 2010 4:43am
Quoting Misterdaz
Attachment
Gotcha. Perhaps the odds of these fibs are reduced the further back you go.

SK
  • #6,013
  • Feb 8, 2010 4:46am Feb 8, 2010 4:46am
Remember, the more data you pull the fib over the longer the timframe you are looking at therefore while the fib could well be right, it will just take longer to get there. The nearer to the action you get, the quicker the outcome.

That's my take on it anyway.

MD.
Keep smiling
  • #6,014
  • Feb 8, 2010 4:59am Feb 8, 2010 4:59am
Quoting Misterdaz
Remember, the more data you pull the fib over the longer the timframe you are looking at therefore while the fib could well be right, it will just take longer to get there. The nearer to the action you get, the quicker the outcome.

That's my take on it anyway.

MD.
I just had another look at tk's charts. The way I have pulled the fibs can work as well, so you're right. The odds appears intact with the respect shown.

SK
  • #6,015
  • Feb 8, 2010 7:33am Feb 8, 2010 7:33am
I closed this trade out early with a 79 pip Loss
Attached Image (click to enlarge)
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  • #6,016
  • Feb 8, 2010 7:43am Feb 8, 2010 7:43am
I closed this trade out with a 46 pip profit. The reason why I closed the Aud/Usd and Gbp/Usd trades was because they had hit there 1.38 fib ext on the monthly chart and I think that Skunny called the hitting of the 1.38 ext a completion. So Im sitting on the sidelines and waiting to see whats going to happen next.
Attached Image (click to enlarge)
Click to Enlarge Name: Rodneys Chart.JPG Size: 146 KB
  • #6,017
  • Feb 8, 2010 7:57am Feb 8, 2010 7:57am
Today was a fairly rubbish day for trading. Looking at most of the daily candles and their ranges, there was no real breach of the top of bottom of a previous daily candle.... so all in all, not a great day for trading on the daily candles and related fibs.

GBPJPY and USDCHF seemed to break their trendlines... I made a bit of profit from the USDCHF, before cutting the trade in profit so the price could rebound off the other side of the trendline. GBPJPY went nuts but may be on the way up.

The GBPUSD did pass the 100 however, but it was a false alarm and caught me off guard. Reason: It didn't retrace up enough into the 61,50, or 38 retracements to be a valid trade, so any downward movement past the 100 could easily equal a false breakout or continued swing down of earlier swing down... which was exactly what happened. I got burnt.

Looking at the daily candle fibs, we only got past the 76 and not into our trade confirmation range (in the 61, 50 or 38) so hitting the 138 from the previous daily candle fib was risky.

Resizing the fib to fit the TP retrospectively, we can see it hit another fib in another timeframe. Now if I could figure out how to know how to resize the fib like this to achieve this trade retroactively, I'd be a rich man.
Attached Images
  • #6,018
  • Feb 8, 2010 8:07am Feb 8, 2010 8:07am
Quoting Skunny
Because you wouldn't enter that trade near the end of another cycle, like I show here. It is crucial when looking at higher time frames to know where you are in the larger scheme of things. Especially if you are going to trade with large stops

Does this answer it?
This is why I exited those two trades
  • #6,019
  • Feb 8, 2010 9:27am Feb 8, 2010 9:27am
Quoting Misterdaz
Hello there. I think Ed wanted to know what to do once he ran the account down testing. I believe the only thing you can do is stop the test and start again from the beginning.

Where are you in the UK Raptor?

MD.
Ah I see, yes I think you are correct, stop and restart.

Birmingham
20 pips a day isn't too much to ask . . .
  • #6,020
  • Feb 8, 2010 9:37am Feb 8, 2010 9:37am
Quoting RaptorUK
Ah I see, yes I think you are correct, stop and restart.

Birmingham
Birmingham eh, I'm SE London. We have family in Sutton Coldfield.

MD.
Keep smiling
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