Indicator Free Trading - Skunny

looks like that set up "flew the coop" MD...
Now this is the part I don't get... why did that one fail? (that is assuming that price, on the way down, doesn't fling past a 61 fib set up)

I'm still looking at the pound.
That yellow line is an SMA50

Price *JUST* missed target before flying backwards.
Perhaps more confirmation was needed before going *potentially* further down?

Nice trades on the way up though....

Previous fib did not setup, it was only tracking so be aware of that. It did give me a hint to the upside though so I looked the other way.

Now I wouldn't normally look for a 61.8 hit "before" where I pull from but I'm sure Thom has/does when he doesn't find it on the right handside.

Naynay, we look for a 61.8 fit to begin with then we need to look for further clues within that fib before we can decide the fib is good to trade. The answers are all in this thread, focus on Thom's posts if you want to work it out.

Bear in mind I am not Thom, I have my own interperation, but they aint half bad.

MD.

I still don't understand your "tracking" fib, but obviously it's covered in the thread. I'll take your word for it, and try re-reading it all again.

I also understand why my earlier GBP guess to hit 1.4845 failed. In addition to not having enough fib respect, I skipped over an entire swing to place the fib, which made it wrong.

I'm not sure where you saw signs of price heading back up again... care to elaborate?

Tracking means we are watching for the rest of the setup to happen then the break of the zero. The 38.2 respect never held so the fib never setup, it started to pierce above the 61.8 on that fib which was a hint to me we may be going the other way so I turned it around and low and behold...

Believe me Nayay I pulled most of my hair out trying to figure this out but once you know what to look for it's straightforward. Do read Skunny's post if you want but you will get more benefit from Thomknight if you think there is some value in this.

MD.

This looks like a nice set up on the GBP

UPDATE: Didn't stop at the 38.2 though, so this set up is a bust unfortunately.

Still trying to crack this nut.

This time, using pinbars as fib reference material.
Also noticing how some of these fibs line up closely with daily S/R and pivot levels.
There's a tap at the 61, and later on just recently, the 38, from inside the range.
The 0 level lines up with Support 1... meaning (and correct me if I'm wrong... I probably am) that a break of support 1 will mean a rush to Support 3

Hmm....

Still yet to read the rest of this thread. Must get around to it....

Anybody out there know anything about Skunny?

IMHO his posts are still the most important posts on this thread. I have read many other great posts, but everyone seems to be stuck in a traditional use of Fibs. If I have understood Skunny, and if what I see is what Skunny saw, then Skunny's placement of fibs is almost backwards from a traditional use, and for sure unconventional.

If you are out there reading this Skunny, please pm me.

As a contribution to the thread, I will suggest that you re-read Skunny's initial posts and pay attention to his blurb on support and resistance. In the true spirit of what Skunny was doing, I will not just blurt out what I understand. But, try to understand support and resistance and how it interacts with Fibs, and how fibs interact with support and resistance. Know that isolated highs and isolated lows will mark all support & resistance. At the same time, not all isolated highs and lows are going to be support or resistance. If this does not make sense or is unclear, then I think I will have done Skunny justice. Hopefully your curiosity will make you study the charts even more than you already have. Look at your charts until the above makes perfect sense (believe it or not it does make perfect sense). Then continue reading Skunny's posts on cycles.

I have to say that this thread and bobokus' thread are probably the best threads on the entire site. Again, this is my opinion.

Happy pipping to all!

I'd have also been concerned as there was no pierce of the low on that chart. I wouldn't have traded it.

MD.

Pierces of the zero are important and visibly to the tick hits for our respect. The hardest thing to learn is patience.

MD.

This fib was a winner. What criteria set this trade up do you think?

MD.

Wow... fib respect all over the place. Even before the candle the fib was pulled from.

Here's a perfect setup I spotted just recently on the GBPUSD as it makes it's descent....

Brilliant! You spotted the pierce first. Couple things first though. I try to put the 61.8 on an obvious swing, you fib, although it worked was more risky unless you spotted the swing on a lower tf. Look for perfect respect hits as well.

MD.

I'm now interested in seeing if the current GBP trend goes down to break today's support 1, or just touch it...

It's interesting, because on many times I've seen the 38.2 hit from below with a pin-bar (like yesterday) before going down into a tradable range, but this time it's been hit with a pin from the other side.

I wonder how this will affect price.

Yes, this thread is gold. Skunny setup a trading website called tradefibs.com. $100 a month membership last I heard. I don't know much more than that.

MD.

kiromano.. Excellent post, what a breath of fresh air , thankyou for sharing!

Skunny has a site called tradefibs.com , membership is closed at the moment but you can put your name on the waiting list.
Again I want to thank you for sharing your wisdom and I hope to hear more from you.

Hush.

Care to share your thoughts on Skunny's posts?

I Have some theories.. but at the moment all of my attention is on this chart.

Yes. Let's see some of his trade calls. All very mysterious and in the context of a pay site where our fees go to a charity (or should I say trust fund) it sounds a bit like the Auslanco thread.

He (Auslanco) set up a pay site with emailed trade calls and I'm embarrassed to say I fell for it and the trade calls were absolute rubbish. Indicator based but of course there was a new strategy even more clever in the pipeline. Luckily for me, I was learning price action at the J16 thread and could see where Auslanco was going wrong. We never did find out whether the International Red Cross received any donations.

Of course Skunny is not Auslanco and 100 people paying $100.00 per month into a trust fund set up for poorly babies is not the same either. Put me on the waiting list? No thanks.

Somebody please direct me to 3 of Skunny's trade calls which will astound me and I will write a contrite apology for even hinting at any of this. But after several pages of mysterious meandering round fibs, pivots and "this is really only 1% of it" and "perhaps the stops should have been higher" I suddenly felt really tired. I bet Skunny's a better trader than Auslanco, though. That wouldn't take much doing.