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Indicator Free Trading - Skunny

  • #6,041
  • Feb 12, 2010 3:02pm Feb 12, 2010 3:02pm
Hey guys I couldn't resist trading this when I saw the price running from the .764 fib line I closed the trade out with a 35.8 pip profit and now I am waiting for the high or low to be broken
Attached Image (click to enlarge)
Click to Enlarge Name: Rodneys Chart.JPG Size: 148 KB
  • #6,042
  • Feb 12, 2010 3:48pm Feb 12, 2010 3:48pm
Quoting RaptorUK
This post: http://www.forexfactory.com/showpost...postcount=5156

gives you the correct levels to use and the reason why.
Hi Raptor. You've never really mentioned how you use fibs, if you do that is. Do you?

I've got pretty close to how Thomknight uses them, I think. They work well anyway. The problem for me is, being a bank trader, you have to trade and with this fib method patience is important so it would be an excellent personal method to trade when one wouldn't have to trade every day.

The below EURUSD chart I've been waiting to break the zero all day, never did. Probably will at some point I imagine.

Attached Image (click to enlarge)
Click to Enlarge Name: eurusd1202.JPG Size: 84 KB
Keep smiling
  • #6,043
  • Feb 12, 2010 4:53pm Feb 12, 2010 4:53pm
Quoting RaptorUK
This post: http://www.forexfactory.com/showpost...postcount=5156

gives you the correct levels to use and the reason why.
Thanx Raptor. I changed the fib levels on my experiment based on a post from a member called WMD at his thread. I´m not comparing his levels with the ones in this thread (which I actually use) it was only my two cents on Fib boxes.

  • #6,044
  • Feb 12, 2010 5:27pm Feb 12, 2010 5:27pm
Quoting Misterdaz
Hi Raptor. You've never really mentioned how you use fibs, if you do that is. Do you?
I followed this thread from Jan/Feb 2008 time and have never really found a Fib method that was consistent . . . for me. More recently I have been following some of Sam Seiden's stuff and this has helped with some of my foundations, as a result I think I am able to apply Fibs better than I did before. IMO, we need to understand what SR is, what makes it, to be able to place a Fib correctly. I've only recently become aware of what causes SR . . . at least what I think causes it, it makes sense in my head anyway.
20 pips a day isn't too much to ask . . .
  • #6,045
  • Feb 12, 2010 7:02pm Feb 12, 2010 7:02pm
Quoting bartstop
``


Have you seen whats called a "1-2-3" set up? That's really all we are doing here. Sometimes it gets a little more complicated than that but really, that's all fibs do is predict where the "3" will end up. Let's start with the current GU chart. See how my fib is drawn. That sharp drop in price is probably a breakout from a previous "cycle". I have measured from the high to the low. From 100 to...
I recently started reading about this 123 setup and began to wonder if this really was what we were doing and the more I trade the more I realize that this is pretty much the same thing. The thing I am noticing is the power of the 1.38 fib ext. If the 1.38 fib ext is hit then you have just created a new low or a new high but when it's not hit and price reverses it then becomes a minor reversal or a sign that the trend is changing. Therefore to me the 1.38 fib ext is basically tell us how to trade. What do you guys think?
  • #6,046
  • Feb 13, 2010 2:22am Feb 13, 2010 2:22am
I was looking at this software comapy's homepage. Seems like they've cracked the fib code... and if you want to pay then $16.000 for the privelege... good for you.

Thing is, they have a video there on how they use fibs and confluence to find market entries and exits. In order to do something like what they are doing in MQL4, you'd probably need to involve MySQL database or something.

http://www.nexgent3.com/index.php?mod=t3
  • #6,047
  • Feb 13, 2010 3:57am Feb 13, 2010 3:57am
I suppose with the fibs I'm trying to pull I am starting with s/r, a swing high or low then by fitting an inner swing to the 61.8, more s/r then I'm looking for a pierce of the zero which creates a future s/r if the fib pans out.

I like Sam's stuff too, he explains the real nuts and bolts behind s/r really well. It's simple really.

The meaning of life, the universe and everything is 42 (Level 42). Living it up, living it up!

MD.
Keep smiling
  • #6,048
  • Feb 13, 2010 2:32pm Feb 13, 2010 2:32pm
Quoting Naynay
I was looking at this software comapy's homepage. Seems like they've cracked the fib code... and if you want to pay then $16.000 for the privelege... good for you.

Thing is, they have a video there on how they use fibs and confluence to find market entries and exits. In order to do something like what they are doing in MQL4, you'd probably need to involve MySQL database or something.

http://www.nexgent3.com/index.php?mod=t3
The Fib clusters they use are easily plotted manually as Checkz and I have been doing.

The centre of their system to decide when to enter a trade is the
BB MACD attached below.

I wouldn't put much faith in this indicator to give high probability entry signals. Bollinger himself rarely uses the Bands for trading.

There are many other indicators that would serve this purpose far better.

I think $16000 would best be put towards your trading account, or stocking up the Bar.
Attached File(s)
File Type: mq4 BB_MACD.mq4   4 KB | 389 downloads
  • #6,049
  • Feb 13, 2010 6:48pm Feb 13, 2010 6:48pm
Anybody looking for some help that is similair to the teachings here on S/R breakouts should google "Nial Fuller's" he has alot of videos and articles that teach about the dreaded pin bar that Skunny warned us about and most of it's free. One of the things I found very interesting was his Fakey's setups to me it's classic Skunny. When I read his article on My Price Action Setups: Pin Bars, Fakey's, Inside Bars I realized that the only price action I remebered Skunny ever talking about was the dreaded pin bar and this explains what Skunny told us to watch out for. Trust me it is some good info.
  • #6,050
  • Feb 13, 2010 7:06pm Feb 13, 2010 7:06pm
Quoting Naynay
I was looking at this software comapy's homepage. Seems like they've cracked the fib code... and if you want to pay then $16.000 for the privelege... good for you.

Thing is, they have a video there on how they use fibs and confluence to find market entries and exits. In order to do something like what they are doing in MQL4, you'd probably need to involve MySQL database or something.

http://www.nexgent3.com/index.php?mod=t3


16 K huh?

You can learn this stuff ,here on FF for free. lol.

Just need to put a little effort on it , that's all.
  • #6,051
  • Feb 13, 2010 7:15pm Feb 13, 2010 7:15pm
Quoting Checkz
Anybody looking for some help that is similair to the teachings here on S/R breakouts should google "Nial Fuller's" he has alot of videos and articles that teach about the dreaded pin bar that Skunny warned us about and most of it's free. One of the things I found very interesting was his Fakey's setups to me it's classic Skunny. When I read his article on My Price Action Setups: Pin Bars, Fakey's, Inside Bars I realized that the only price action I remebered Skunny ever talking about was the dreaded pin bar and this explains...

Love Nial's stuff.
I think he has the best price action course there is out there.
He has a bunch of videos on YouTube about pa there is for free.
  • #6,052
  • Feb 13, 2010 9:29pm Feb 13, 2010 9:29pm
To Skunny & all valuable resources

I am following this thread, almost 2 weeks to finish read all post from beginning upto now.
Fib is always interesting to me.

I guess I owe thank you to you all. It's a nice thread here, with active discussion. Definitely help me as new trader.
I will keep monitor this. Cheers all.

FunPip
  • #6,053
  • Feb 13, 2010 11:59pm Feb 13, 2010 11:59pm
On your daily chart fib boxes we are only redrawing our fibs once the 1.38 ext is hit but if your 1.38 is not hit the very next day and a pin bar or inside bar appears I would draw a fib box on that candle too deleting each
daily fib box that hit's it's 1.38 fib ext. It may be a great way to exit losing trades while giving you a chance to make more on your winning ones. This is just a suggestion that may help in the long run.
  • #6,054
  • Feb 14, 2010 11:08am Feb 14, 2010 11:08am
Quoting Misterdaz
I suppose with the fibs I'm trying to pull I am starting with s/r, a swing high or low
I don't want anyone to stray from their path because of anything I say . . . DYOR . . . but I believe not all swing highs and lows are equal. If you are using Fibs and entering a trade on the break of the 0/100 then, IMO, you want a high/low that is going to get broken not rejected from . . . using a high/low that has had a strong fast move away from it can, IMO, lead to false trade entry triggers.

I remember Level 42 from my student days weren't they named after the top level of the highest multi-storey car park in the world ?
20 pips a day isn't too much to ask . . .
  • #6,055
  • Feb 14, 2010 2:22pm Feb 14, 2010 2:22pm
Quoting RaptorUK
I don't want anyone to stray from their path because of anything I say . . . DYOR . . . but I believe not all swing highs and lows are equal. If you are using Fibs and entering a trade on the break of the 0/100 then, IMO, you want a high/low that is going to get broken not rejected from . . . using a high/low that has had a strong fast move away from it can, IMO, lead to false trade entry triggers.

I remember Level 42 from my student days weren't they named after the top level of the highest multi-storey car park in the world ?
Not sure if you are pulling my leg or not mate. Level 42 was taken from the book Hitchhikers guide to the galaxy.

MD.
Keep smiling
  • #6,056
  • Feb 14, 2010 4:09pm Feb 14, 2010 4:09pm
http://img690.imageshack.us/img690/2391/21410a.gifhttp://img189.imageshack.us/img189/3210/21410b.gifhttp://img514.imageshack.us/img514/9818/21410c.gif
  • #6,057
  • Feb 14, 2010 5:44pm Feb 14, 2010 5:44pm
Quoting Misterdaz
Not sure if you are pulling my leg or not mate. Level 42 was taken from the book Hitchhikers guide to the galaxy.

MD.
Nope, not pulling your leg, take a look on Wikipedia, I don't think the reason for the name is known for sure, Car Park thing is what I was told about 23 years ago could be baloney though . . . DYOR LOL
20 pips a day isn't too much to ask . . .
  • #6,058
  • Feb 15, 2010 1:33am Feb 15, 2010 1:33am
Looks like someones been doing their homework. I think the pierce then a pullback to inner levels is important.

MD.

P.s embarrassingly I need to ask what DYOR means. Is it do your own research?
Keep smiling
  • #6,059
  • Feb 15, 2010 3:13am Feb 15, 2010 3:13am
Quoting Misterdaz
Looks like someones been doing their homework. I think the pierce then a pullback to inner levels is important.

MD.

P.s embarrassingly I need to ask what DYOR means. Is it do your own research?
LOL, yep, you got it. No embarrassment needed.
20 pips a day isn't too much to ask . . .
  • #6,060
  • Feb 15, 2010 8:06am Feb 15, 2010 8:06am
I can't wait til we get to the next page so I can get rid of these scrollbars!. Curses to big giant huge charts!! LOL

ed
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