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Indicator Free Trading - Skunny

  • #6,141
  • Mar 10, 2010 5:39pm Mar 10, 2010 5:39pm
Quoting Misterdaz
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.
Yea I've been looking for a good scalping strategy and I'm going to test it tonight. I'm thinking 5 or 10 pips and get out. Whadda you think?


Bartstop
  • #6,142
  • Mar 10, 2010 6:58pm Mar 10, 2010 6:58pm
Quoting bartstop
Yea I've been looking for a good scalping strategy and I'm going to test it tonight. I'm thinking 5 or 10 pips and get out. Whadda you think?


Bartstop
Im scalping off of the one hour chart for a few pips here and there.
Attached Image (click to enlarge)
Click to Enlarge Name: Rodneys Chart.JPG Size: 145 KB
  • #6,143
  • Mar 10, 2010 8:54pm Mar 10, 2010 8:54pm
Quoting Checkz
Im scalping off of the one hour chart for a few pips here and there.

What method are you using? Are you looking for bounces off inner fibs?



Bartstop
  • #6,144
  • Mar 10, 2010 9:17pm Mar 10, 2010 9:17pm
Quoting bartstop
What method are you using? Are you looking for bounces off inner fibs?



Bartstop
Im basically drawing fibs on a single candle on the one hour chart and then switching to a 15 minute chart to see how it plays out. Im in a trade now I will post it when it's completed.
  • #6,145
  • Mar 10, 2010 9:48pm Mar 10, 2010 9:48pm
Quoting bartstop
What method are you using? Are you looking for bounces off inner fibs?



Bartstop
I traded off a single candle on the one hour chart then switched to a 15 minute chart applied a downward trendline and exited the trade early with small profits here and there.
Attached Image (click to enlarge)
Click to Enlarge Name: Rodneys Chart.JPG Size: 115 KB
  • #6,146
  • Mar 10, 2010 10:51pm Mar 10, 2010 10:51pm
Thanks for the welcome MD!!

Appreciate your help!
  • #6,147
  • Mar 11, 2010 1:21am Mar 11, 2010 1:21am
Quoting bartstop
Yea I've been looking for a good scalping strategy and I'm going to test it tonight. I'm thinking 5 or 10 pips and get out. Whadda you think?


Bartstop
I don't know why Jaquille uses 2 bars. A 2 bar 30 minute breakout is no different to using a 1 bar 1 hour breakout if you see what I mean. You would have to use tight stops like you stated, I would probably use 10 pips. It's down to your nature really, are you a very disciplined person? I can't handle 5 minute trading myself, gives me ulcers. 1 hour would be calmer or at least 15 minute.

What Checkz is doing is not dissimilar, I have looked at fibs on 1 hour candles myself. You don't even have to use a fib you could just draw a line top and bottom.

Jaquille does give some good pointers on watching price action though and they are very simple but useful pointers.

Checkz, if you haven't had a chance go have a look at jaquille's thread especially to read his price action stuff, continuation patterns etc. If you know this stuff already then apologies.
Keep smiling
  • #6,148
  • Mar 12, 2010 2:33am Mar 12, 2010 2:33am
Here's a nice GBPYEN setup I took this morning. I've taken some profit for 30 pts, letting the rest run.

Attached Image (click to enlarge)
Click to Enlarge Name: gbpjpy120310.png Size: 13 KB


MD.
Keep smiling
  • #6,149
  • Mar 12, 2010 6:43am Mar 12, 2010 6:43am
Anyone paying attention to the new lows on u/cad ? what do you guys think?
  • #6,150
  • Mar 12, 2010 8:00am Mar 12, 2010 8:00am
Sorry mate I was out to lunch and I have been trading GBPYEN anyhow but I see your point.

This chart is a bit "after the Lord Mayors show" as we say in england but anyway.

Attached Image (click to enlarge)
Click to Enlarge Name: usdcad120310.png Size: 9 KB


MD.
Keep smiling
  • #6,151
  • Mar 12, 2010 8:01am Mar 12, 2010 8:01am
Quoting Misterdaz
Here's a nice GBPYEN setup I took this morning. I've taken some profit for 30 pts, letting the rest run.

Attachment

MD.
Watch those longs. I see resistance in the 138.50 range.
Attached Image(s) (click to enlarge)
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  • #6,152
  • Mar 12, 2010 9:15am Mar 12, 2010 9:15am
I'm out old boy, hit my target @ 137.40. Fib worked a treat today. Thanks for the heads up though.

MD.
Keep smiling
  • #6,153
  • Mar 15, 2010 10:38pm Mar 15, 2010 10:38pm
We're going down to the 138 on the EURUSD today.

There's a typical pattern forming... A break past 2-days ago low followed by a retrace into the 61.8, most likely to be followed by another attack on yesterday's low. There'll be a pin bar push back up before it loses ground and slides all the way down.

The fibs on the attachment are yesterday's daily fibs (a shot down through the 76.4, or 2 days ago 0)

The round number 1.3700 was yesterday's support. It will most likely be today's resistance before dropping us down

You can call me Zoltan
Attached Image
  • #6,154
  • Mar 15, 2010 11:32pm Mar 15, 2010 11:32pm
Slight correction. We may very well hit today's 161 (2-days ago 138).
The news report coming out today seem to be suggesting it as well.
And as I speak, the pair is making some very wicky candles around 1.3700
  • #6,155
  • Mar 16, 2010 3:16pm Mar 16, 2010 3:16pm
Here comes the rally.
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  • #6,156
  • Mar 16, 2010 4:13pm Mar 16, 2010 4:13pm
Do you think it's going straight ot he 138 or we due a pullback to the 50 or 38?

MD.
Keep smiling
  • #6,157
  • Mar 16, 2010 5:12pm Mar 16, 2010 5:12pm
Quoting Misterdaz
Do you think it's going straight ot he 138 or we due a pullback to the 50 or 38?

MD.
I think the size of this weeks candle will say a lot. We're only 2 days in to it and it's already as big as last weeks.

USDX is at the bottom of it's range. I bet it lays down a nice reversal candle and charges upward to break out of this range.

Of course I've been wrong many times before. We'll see what happens.

One more thing, the work picture here in Kansas City is picking up, if that is the case all over the country, we may see a big drop in unemployment claims which could trigger the fireworks.


Time will tell.



BarTstop
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  • #6,158
  • Mar 16, 2010 5:39pm Mar 16, 2010 5:39pm
Might see some fireworks on NZDUSD soon.
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  • #6,159
  • Mar 16, 2010 6:08pm Mar 16, 2010 6:08pm
BarTstop.

NZD and AUD fairly resilient.

Glad to hear work picking up, I hope you have enough mate. NFP could be interesting in April.

I hope the Fed don't raise yet, they might ruin my money market positions.

Been down the other end of the thread tonight, might have clicked a bit more of Skunny's stuff, might not...

Take care.

MD.
Keep smiling
  • #6,160
  • Mar 18, 2010 9:54am Mar 18, 2010 9:54am
Whats up guys? I know I have been away for a while but I was lured away for a moment by the attractiveness of the ichimoku indicator and thought I could use it to help me trade Skunnys method better. After many failed attempts I decided to go back to trading in a way I knew I could trade somewhat effectively. As I have stated before when I first started trading Skunnys method I Came across an article written by Dick Thompson that help me trade Skunnys method better than I ever have been able to trade it. This method says that the results that have been seen is a probability of somewhere between 70%to 90% that once price penetrates one end of the candle or the other it will reach the 138% extension. I have been trading this why for a while and the results have been pretty good.I just wanted to let you guys know that I am still here and I will post some of my winning trades when I get a chance. Plus I just got back from Vacation so im ready to trade!!!!
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