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Indicator Free Trading - Skunny

  • #6,081
  • Feb 17, 2010 3:44pm Feb 17, 2010 3:44pm
Hey, if any of you guys wanna watch the Skippy documentary I was talking about it's on the BBC Iplayer over at the bbc.co.uk.

MD.
Keep smiling
  • #6,082
  • Edited 7:07pm Feb 17, 2010 4:16pm | Edited 7:07pm
Not sure if you've seen this already, but very interesting Thread by Bemac considering what you have been talking about lately.

http://www.forexfactory.com/showthread.php?t=162886
  • #6,083
  • Feb 17, 2010 4:17pm Feb 17, 2010 4:17pm
Quoting Misterdaz
Skippy (all 14 of them) was the main star but there was this emu in it as well. It's funny they used to bring the roo on set to run though a scene and it would get away into the bush, so they would just go and get another one out. Whisky has many uses, I'm using some now to oil my throat!

MD.

Perhaps the title could be 101 uses for good Scotch.
  • #6,084
  • Feb 17, 2010 5:24pm Feb 17, 2010 5:24pm
There's only one real use for scotch! I'll get you one someday.

MD.
Keep smiling
  • #6,085
  • Feb 17, 2010 11:04pm Feb 17, 2010 11:04pm
Good old Skippy.

Reminds me of this Aussie comedy sketch from way back when...
Inserted Video
  • #6,086
  • Feb 18, 2010 12:02am Feb 18, 2010 12:02am
Quoting Checkz
Loss 23.1 pips yesterday on a 1 hour chart trade. I learned that it's very important to know your daily range when trading hourly.
Just looking at that chart, Checkz.... I would not have entered that break north when you did. The reason is because the price did not yet retrace enough from the swing up from the previous day.

Many times in trading fro the 100 to the 138, i think you need to check to see that there has been a decent retrace back from any break of a 0/100 level to consider the move valid.... otherwise you are getting in at an indicating cut of the level and not the best entry level.

Also, I've noticed that sometimes the high/low of the day isn't that accurate for trading with, as a daily candle can flip over to a new one mid-swing... meaning that a break of the 0/100 level is actually going to be a continuation of the swing and will only bounce from that level due to a retracement.
  • #6,087
  • Feb 18, 2010 9:10am Feb 18, 2010 9:10am
hi there!

i was wondering, what exactly do you mean by trading "indicator free"? Is it what other people call "trading price action"?

thanks for taking time guys
  • #6,088
  • Feb 18, 2010 11:25am Feb 18, 2010 11:25am
Quoting FX Compass
Not sure if you've seen this already, but very interesting Thread by Bemac considering what you have been talking about lately.

http://www.forexfactory.com/showthread.php?t=162886
I looked at this thread but it seems kind of confusing. People talking about coding this and EA that is a little over the top for my taste. Im looking for simplicity. However I do thank you for the info.
  • #6,089
  • Feb 18, 2010 11:41am Feb 18, 2010 11:41am
Quoting Naynay
Just looking at that chart, Checkz.... I would not have entered that break north when you did. The reason is because the price did not yet retrace enough from the swing up from the previous day.

Many times in trading fro the 100 to the 138, i think you need to check to see that there has been a decent retrace back from any break of a 0/100 level to consider the move valid.... otherwise you are getting in at an indicating cut of the level and not the best entry level.

Also, I've noticed that sometimes the high/low of the day isn't that accurate...
Actually the trade I made was a mistake on my part. I have been working on my fib box method and kind of got off track when I thought I saw a profitable entry point on the one hour chart. I have also been re reading some of Skunnys old post and one of the main points he made was defining trading ranges. So I am working with the Fib boxes and defining ranges and what I am seeing is some very profitable entry points. Plus I am working on another way to trade Skunnys method where I am using the inner fibs from one time frame along with the fib box method to better enter and exit out of trades with profit. Basically everything Im doing is in a testing phase.
  • #6,090
  • Feb 18, 2010 2:15pm Feb 18, 2010 2:15pm
Quoting Carnegie
hi there!

i was wondering, what exactly do you mean by trading "indicator free"? Is it what other people call "trading price action"?

thanks for taking time guys
Yes, we are using the Fibs to form the framework for price action.

You will see however, they can be used in many different ways.
  • #6,091
  • Feb 18, 2010 4:43pm Feb 18, 2010 4:43pm
Quoting Naynay
Good old Skippy.

Reminds me of this Aussie comedy sketch from way back when...
http://www.youtube.com/watch?v=CpASbAO5LX4
Love it!
Keep smiling
  • #6,092
  • Feb 18, 2010 4:48pm Feb 18, 2010 4:48pm
allright thanks for the answer. in price action, do you only trade with fibonacci?
  • #6,093
  • Feb 19, 2010 12:40am Feb 19, 2010 12:40am
Quoting Carnegie
allright thanks for the answer. in price action, do you only trade with fibonacci?
Yep, Fibs only - no indicators.
  • #6,094
  • Feb 19, 2010 12:00pm Feb 19, 2010 12:00pm
32.4 pip profit.
Attached Image (click to enlarge)
Click to Enlarge Name: Rodneys Chart.JPG Size: 116 KB
  • #6,095
  • Feb 22, 2010 1:29am Feb 22, 2010 1:29am
Quoting djarum11
again?
I have to agree with this post and your previous one Djarum. My fibbing resulted in exactly the same scenarios. However there were lots of other winning trades on either side of these exceptions to the rule. We have to accept that ny system is ever 100% accurate nor foolproof.

The hard pill to swallow is putting the stop at the " 0 " or " 100 " level opposite to the trade breakout end, then having a stop out is a very expensive experience, and something I wouldn't want to tolerate in real life. Have only been doing this so far.

Clearly having a stop so far away from the trade and then stopping out is something we want to avoid. I have been looking at how to identify safer methods of applying the "138% target". I am looking at applying it to a different scenario, rather than just to a Swing-high/Swing low unit. I think it may be more reliable to apply it to a "3 touches of a trendline" unit, and using this as the basis for your 138% target. See attached pic.


I have also been thinking about the numerous small head-fakes that occur and how to avoid those trades too because some of those stop out as well, even the ones where there has been a close beyond the swing-high/low. My answer to these small head-fakes is to not enter the trade until it has gone 8% beyond the 0 or 100 point (-0.08 or 108). This eliminates the great majority, but not all, of the false breaks. It also cuts out some of my profit, but I am glad of more trades going in the right direction.

I also reduce my profit target to a bit less than 38% (33%) for the same reason- some trades never get there, and some don't get there without a big retrace which I don't want to sit through and chew my nails off over.

Would appreciate feedback if you find these ideas helpful.

Regards, Chris
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd1.gif Size: 50 KB
The world's true gold is it s people (CTGC).
  • #6,096
  • Feb 22, 2010 3:10am Feb 22, 2010 3:10am
Quoting CTGCollins
I have to agree with this post and your previous one Djarum. My fibbing resulted in exactly the same scenarios. However there were lots of other winning trades on either side of these exceptions to the rule. We have to accept that ny system is ever 100% accurate nor foolproof.

The hard pill to swallow is putting the stop at the "...
I can see what you are trying to achieve.

But the simple fact is that head fakes and false breaks are always inherent in trading Forex.
It is by this means that the big players draw more traders into an opposing trade, only to swing price back against them and stop them out at a loss.

If you can answer the question as precisely when to enter the trade, then you will have travelled a long way on your journey to Forex success.
  • #6,097
  • Feb 22, 2010 4:53am Feb 22, 2010 4:53am
Quoting Skunny
My advice is this,

Every trade is what it is, if you try to shape it to your comfort level or money management system you are poking a stick at the sleeping bear. He may wake up or keep sleeping, you just don't know. If the trade doesn't offer you the return don't take the trade.....this will get you closer to the Moley Quail.
The Moley Quail huh.
  • #6,098
  • Feb 22, 2010 9:40pm Feb 22, 2010 9:40pm
Most of the time, it's pretty easy to see when the price is going to go through the 0/100 and hit the 138, and that's nice and all, but I've been scratching my head as to how to find good entry points to enter the trade at the reatracement with the most minimal amount of drawdown, with fairly accurate TP and SL (thanks to the fibs).

I'm going to cheat a little and add an SMA50 into the mix on the H1, whilst looking at the last daily candle fibs and extensions. Here is the GBPJPY. The SMA50 is the blue line, while I am cheating again with the orange "Slope Direction Line" indicator on the D1 just to give me overall trend direction to trade in (and since it is down, I'll only make sell trades).

Since the trend is down, I'm looking to go short at a fib at or beyond the SMA50 ... or generally in the area between the fibs it is near to...
I got into this one late...., but if had I had time to see this one coming, I would have got in at that touch at the 38. Entry would be either at the SMA50 or the immediate fib after. SL would go at the fib beyond entry
Attached Image
  • #6,099
  • Feb 22, 2010 10:13pm Feb 22, 2010 10:13pm
Naynay

I don't know about that short ...look on daily ...you're already sitting on pretty solid support level
  • #6,100
  • Feb 22, 2010 11:36pm Feb 22, 2010 11:36pm
Granted, that short was taken at a rubbish position.... it's just demo.

Looking at daily, you're right about the support there... but there's a solid pierce of it some time back, so I "think" we are still going to break it down at some point.

Meanwhile the price has circled the SMA50 (which is also the daily 50 fib) and pin bar-ed off it....

I'm not sure what will happen next...
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