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Indicator Free Trading - Skunny

  • #6,121
  • Mar 4, 2010 4:10am Mar 4, 2010 4:10am
Quoting Naynay
No harm done though, as there was no loss.
So you aren't using your stop position to calculate your trade size ? How do you calculate your trade size ?
20 pips a day isn't too much to ask . . .
  • #6,122
  • Mar 5, 2010 3:26pm Mar 5, 2010 3:26pm
Has anybody heard from FxCompass lately?
  • #6,123
  • Mar 5, 2010 4:33pm Mar 5, 2010 4:33pm
How you doing? I think we are all still about, but looks like we've all found something we can use and are off using it! I'm sure Compass is about.

You still winning Checkz?

MD.
Keep smiling
  • #6,124
  • Mar 5, 2010 6:41pm Mar 5, 2010 6:41pm
Quoting Misterdaz
How you doing? I think we are all still about, but looks like we've all found something we can use and are off using it! I'm sure Compass is about.

You still winning Checkz?

MD.
Pretty much! I took sometime to study price action to help me use Skunnys method more effectively. So I haven't really been doing alot of live trading lately.
  • #6,125
  • Mar 6, 2010 1:24am Mar 6, 2010 1:24am
Quoting Checkz
Has anybody heard from FxCompass lately?

Hi Checkz and Md, I'm never far away.
  • #6,126
  • Mar 8, 2010 11:35am Mar 8, 2010 11:35am
Trying out Skunnys method on a smaller timeframe?
Attached Image (click to enlarge)
Click to Enlarge Name: Rodneys Chart.JPG Size: 130 KB
  • #6,127
  • Mar 8, 2010 3:24pm Mar 8, 2010 3:24pm
Real nice looking pinbar on the weekly. Plus price bounced off this area back in February '09.

If price doesn't start heading north, I'll kiss MD's limey a$$.
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Click to Enlarge Name: gu.gif Size: 15 KB
  • #6,128
  • Mar 8, 2010 3:32pm Mar 8, 2010 3:32pm
I get no respect but I see some respect.
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Click to Enlarge Name: gu h1.gif Size: 15 KB
  • #6,129
  • Mar 8, 2010 4:42pm Mar 8, 2010 4:42pm
I've seen the pin bar, lot of buyers there. We could head back up to 1.54 - 1.56. Was convinced GBP is finished this year and Dollar is king. We'd have to to get above 1.58 to impress me.

You still looking at the other stuff BarTstop?

Attached Image (click to enlarge)
Click to Enlarge Name: GBP080310.JPG Size: 70 KB
Keep smiling
  • #6,130
  • Mar 8, 2010 7:03pm Mar 8, 2010 7:03pm
Quoting Misterdaz
I've seen the pin bar, lot of buyers there. We could head back up to 1.54 - 1.56. Was convinced GBP is finished this year and Dollar is king. We'd have to to get above 1.58 to impress me.

You still looking at the other stuff BarTstop?

Attachment
Actually I canceled my J16 membership. After viewing all the training material the only thing left is the private forum. I think I can get the same thing in the public thread for free.

I'm still pulling fibs but PA and trendlines seem to work better for me. My biggest problem is still overtrading. I find myself looking for reasons to take a trade instead of being patient and waiting for a really good setup. I am getting better though. I only took one trade today, and lost.

What about you? How are the fibs working out?


Bartstop
  • #6,131
  • Edited 4:33pm Mar 9, 2010 1:29am | Edited 4:33pm
Quoting bartstop
Actually I canceled my J16 membership. After viewing all the training material the only thing left is the private forum. I think I can get the same thing in the public thread for free.

I'm still pulling fibs but PA and trendlines seem to work better for me. My biggest problem is still overtrading. I find myself looking for reasons to take a trade instead of being patient and waiting for a really good setup. I am getting better though. I only took one trade today, and lost.

What about you? How are the fibs working out?


Bartstop...
Well BarTstop, I've been using the fibs in what I believe to be a Thomknight fashion although I still have a few questions for him though I doubt I'll ever get an answer now. He seems to have vanished off the face of the earth. I've made 40% on a demo account since the end of Jan, that's with a few "user errors" thrown in so I'm quite happy with that. You do have to exercise patience and not snatch at trades. I generally win though so Thom wasn't telling lies.

It's order of setups that I am still struggling with though. I look for the following. Pull the fib off a major pivot to fit a 61.8 pullback to it. Then look for a pierce of the zero. Then look for a pullback to the 50 or 38 then take the break of the zero. Long winded I know but they generally come off. As I said patience is the key.

I'll try to start posting my trade setups to give you and others an idea. Who knows maybe Thom will show up.

MD.
Keep smiling
  • #6,132
  • Mar 9, 2010 4:48pm Mar 9, 2010 4:48pm
Here's a trade setup on 1 hour EURUSD. I'm looking for shorts. I've pulled the fib and fitted a lower swing to the 61.8. Price has then been down and pierced the zero line, green box. We then see a pullback to the 38.2. We could set an order to sell at the break of 1.3582 (red box) but I will play it ultra safe and put my sell order at the zero line. I will set my stop just above 38.2 and target the 138.2. R/R just about 50/50 but these seem to win more often than not.

Price may not go down there, no problem I'll wait for the next bus.

Attached Image (click to enlarge)
Click to Enlarge Name: eurusd0903.JPG Size: 70 KB


MD.
Keep smiling
  • #6,133
  • Mar 10, 2010 12:59am Mar 10, 2010 12:59am
Hi everyone!!

This is my very first quote on any forum. I have justed started to read from the beginning, so it will be some time before I catch up.

Sorry to repeat whats already been said, but thanks SKUNNY!!!!

There may be hope for me yet!!!

I may have to ask questions that have already been asked......please be patient.

Thanks everyone......I look forward to being part of the community.
  • #6,134
  • Mar 10, 2010 1:30am Mar 10, 2010 1:30am
Quoting xxxxLearner
Hi everyone!!

This is my very first quote on any forum. I have justed started to read from the beginning, so it will be some time before I catch up.

Sorry to repeat whats already been said, but thanks SKUNNY!!!!

There may be hope for me yet!!!

I may have to ask questions that have already been asked......please be patient.

Thanks everyone......I look forward to being part of the community.
Welcome 4x. You'll certainly be in good company here, there are a few convicts hanging around this thread.

You might find the Skunny part of this thread a bit frustrating, he sows a seed but doesn't really give a lot away. Some say he had ulterior motives bit I now think his ideas were genuine.

You may learn a most of the stuff here by Reading from about October last year. There various methods going on here based around one central theme. I believe Thomnight uses fibs in the closest way to Skunny's original concept. There other ways too, watch out for FX Compass posts too. He uses fibs in a slightly different way but all good stuff.

Good luck.

MD.
Keep smiling
  • #6,135
  • Mar 10, 2010 7:35am Mar 10, 2010 7:35am
Quoting Misterdaz
Here's a trade setup on 1 hour EURUSD. I'm looking for shorts. I've pulled the fib and fitted a lower swing to the 61.8. Price has then been down and pierced the zero line, green box. We then see a pullback to the 38.2. We could set an order to sell at the break of 1.3582 (red box) but I will play it ultra safe and put my sell order at the zero line. I will set my stop just above 38.2 and target the 138.2. R/R just about 50/50 but these seem to win more often than not.

Price may not go down there, no problem I'll wait for the next bus.

Attachment ...
One thing I have noticed, fibs work great in a trending market. But when price consolidates, you will get your ass handed to you. The following is the only way I have found to make pips in a ranging market.


Draw trend lines to define the price range. Find a level where price is "flipping" from support to resistance. When price gets in to the upper/lower "zone", look for reversal bars (pinbars, outside bars, inside bars). Trade the break of that bar. Your target will be the price flip or the other side of the range. I usually close half of my trade at the flip and set SL to BE.

Here is the current EU set up. It looks like GU might be in the early stages of a range.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eu range.gif Size: 25 KB
Click to Enlarge Name: gu range.gif Size: 16 KB
  • #6,136
  • Mar 10, 2010 8:36am Mar 10, 2010 8:36am
Quoting Misterdaz
Welcome 4x. You'll certainly be in good company here, there are a few convicts hanging around this thread.

You might find the Skunny part of this thread a bit frustrating, he sows a seed but doesn't really give a lot away. Some say he had ulterior motives bit I now think his ideas were genuine.

You may learn a most of the stuff here by Reading from about October last year. There various methods going on here based around one central theme. I believe Thomnight uses fibs in the closest way to Skunny's original concept. There other ways too,...
I politely disagree md. although frustrating I believe skunny's posts are the most important to focus on.
  • #6,137
  • Mar 10, 2010 11:55am Mar 10, 2010 11:55am
Did anybody trade this? Gbp/Jpy one hour trade this morning. I didn't trade it because im testing out another trading theory!!!!
Attached Image (click to enlarge)
Click to Enlarge Name: Rodneys Chart.JPG Size: 130 KB
  • #6,138
  • Mar 10, 2010 1:20pm Mar 10, 2010 1:20pm
I do agree, Skunny's posts are the most important to focus on considering he was the originator of the thread. They just don't click in my tiny little mind. This thread has gone off on many tangents since and I found Thomknights stuff appealing to me.

My eurusd trade failed today. Looks like I sold the bottom of the Market. Can't win em all.

MD.
Keep smiling
  • #6,139
  • Mar 10, 2010 2:38pm Mar 10, 2010 2:38pm
Quoting Misterdaz

My eurusd trade failed today. Looks like I sold the bottom of the Market. Can't win em all.

MD.
Another range trade. Notice the bearish outside bar.

Make sure your fib doesn't set you up to trade in to the top or bottom of a range. I haven't taken the time to look but I bet that's what happened on my failed fib trades.


Bartstop
Attached Image (click to enlarge)
Click to Enlarge Name: nu range.gif Size: 20 KB
  • #6,140
  • Edited 4:48pm Mar 10, 2010 4:10pm | Edited 4:48pm
You have a point, though ranges do break. That's a major low for eurusd though so I was pushing it.

You been in Jaquille's thread? Interesting method, not too sure about the stops though.

MD.
Keep smiling
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