Indicator Free Trading - Skunny

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How is this thread still in Trading Systems and a better question how is this thread even still alive. The dude is a total fraud and snake oil salesman.

And it should be in under evaluation at least if anything seeing as he is a commercial member.

Why trader365 jnr?...I don't get it

I actually think everyone that was a member of his club was skunny except me. He made it look like he had a waiting list....pretty clever. Anyway, I don't think anyone really uses his stuff with any consistency. I had used fibs in the past and it was hit or miss. Sometimes it seemed perfect and other time ur scratching ur head, like, WTF just happened??
Price Action is key and that's what skunny wanted me to teach him along with his then, IT person, in a private chat room, away from all of his other students. Then the Vegas thing happened and well......you know the rest of the story.
Hey Doesn't skunny live in Minnesota too.

Good Trading

I hear ya dude. He should change his name to scammy

Good Trading

Good to see that you are still hanging aroud! Seems like things have gotten a little crazy aroud here. It's kind of sad but that's life. Looks like this maybe the end of Skunnys thread since nobody seems to have firgured out what he was trying to teach and those that did are sworn to uphold his secrets. Be careful aroud here things are getting heated!

In my opinion, Fibs have been around long before Skunny was born and will no doubt be around long after we have all gone. I still check on the thread with the hope that I can sharpen my skills and learn something from others that can improve my trading.
If anyone needs a question answered, I am happy to help.
I expect nothing more or less than that.

I'm with you guys. If anyone wants to discuss general fib trading ideas there's nothing wrong with that. Maybe we should take it to another thread away from the Skunny enigma, it attracts too much ire.

MD.

Im glad you are still willing to help thats encouraging to know!

Name the place Md, I'll be there.

That's sounds good to me just let me know. I think that alot of people have a bad taste in there mouth when it comes to Skunny and this thread. I also have been looking at Bobokus webstite and found an article entitled Forex: Fibonacci & Price Action that is in line with some of the things that Fxcompass taught and Skunny. The problem I have with Bobokus thread is he has so many lines drawn on his charts that it's hard to determine what's exactly going on and I don't know if I have the strength to read through another trillion page thread. So what ever you guys decide is fine with me.

Clean and simple suits me. No simple jokes please!...

MD.

Thank you for the reply. I have read other posts that are skeptical of Skunny. I have no idea if he was or wasn't being dishonest, wish I knew the guy enough to know this. What I do know from what he shared is that the way he views the market is unconventional but rational a large percentage of the time. I'll say it one more time, re-read his posts and look at price movement on the hour time frame of any currency. I personally have studied the EURUSD and the GBPUSD. The hour time frame because it is a happy medium between signal to noise ratio, if you know what I mean. It gives you a lot of price action to view with less noise than a smaller time frame.

Skunny's fibs are not based on swings. They start with a swing, but that is the only time he uses the swing, as the swing progresses in either direction the way he walks his fibs becomes less conventional and almost backwards (at least from the way I learned to use fibs).

For everyone, I don't want to give the impression that I know Skunny's method. I'm basing everything I say on what I have understood that he was saying (which could be entirely different than what he was actually saying). I hope this makes sense.

If you don't understand support and resistance, how it interacts with the swing and fibs, and what cycle price is in (long or short), I have found that fib piercing is at best a coin flip in the long run. When Skunny talks about 100% trading, I think he is idealistic and philosophical. He mentions human error. Well, I would say that as long as we are human, we will have errors so there goes 100% trading.

I will warn everyone that when I think the time is right I will be capitalizing on what I have learned here at the factory and the many books, courses and hours spent in front of the charts. When I think I can help people be better traders, that's when I'll know that time is right. This is not the reason I am posting at this time. I genuinely have learned a lot from this thread and Bobokus', and I am contributing because of this.

I am posting a simple hourly EURUSD chart with fibs drawn the way I see them. There are three boxes. These boxes are simply the area that is between the 100% and the 138% extension of regular fibs drawn based on my interpretation of Skunny's postings. Again in Skunny's tradition this is just a hint. Let's see how this plays out over the next week or so.

I like to keep the fundamentals in mind as well. It would seem that the Greece debt issue has been minimized at this point. The last treasury auction was a little less contested (a little uneasy). Employment in the US is still a lot but the curve is headed in the right direction. The humongous healthcare bill has just been passed.

http://www.forexfactory.com/attachme...5&d=1269881189

What u Plan on doing sounds great and very noble. Just a note of caution to anyone reading this thread. Forgetting about human error, if you think u can trade at 100% you are just setting yourself up for failure. Trades that don't work out are a huge part of trading....this is what tests the mental aspect. How do we deal with losses, being wrong, making mistakes, getting caught during a news event etc. Why put that kind of pressure on yourself unnecessarily? Why would anyone wanting to help another trader, especially newer traders, plant the seed that 100% trading is possible? Not only is it ridiculous but it is the SINGLE most harmful thing that a trader should expect.
I have placed well over 200k trades during my 15+ years as a full time trader & will tell you, that the "100% thing", is no way to look at this business. Yes, this is a real business. Goals, Objectives, a Plan, a Budget etc.

As far as fibs are concerned I guess the real question is whether or not price action is a result of the fib or is it the other way around? If the fibs line up and give u good entry and exit areas that's great. Stochastics, RSI etc., if those things work for you that's fine too. I know people talk about the negative folks on this thread and I know they are talking about me as being one of them. The fact is I just can't stand it when people are taken advantage of...but I won't go off on a tangent for the sake of staying positive.

What I'd really like to say, again, is that PA is the biggest key in this business. This is not about the little guy as most of us know by now. This is about the banks, institutions etc. You and I will collectively never ever make a dent in this market. This is an auction market and the goal is to find fair value @ any given moment in time....no matter the time frame. Where is the unfair hi and low @ any given moment in time. The markets will find fair value, whatever that might be, auction there(sideways action) and then move towards the next area of commercial (bank, institution) interest. When price reaches a certain level, do you think it is because of a 138% fib extension or because of something else. Having been on the commercial side of the business I know the answer to that. This is obviously the debate and we are all entitled to our own opinions.

At least try to incorporate this kind of thinking if you are going to use the fibs. Maybe it will be an eye opener.....maybe not.

Good Trading

To be fair and objective I have to say that I think I just about agree with everything you wrote in that post . . .

If I could trade at 100% I don't think I'd be posting in here with you lot, I'd be sitting on my own tropical island somewhere.

Just kidding!

I'm realtistic T365, of course.

Raptor, good to see your helmet is still in one piece!

MD.

Now you know why I keep it on . . .

Hello again. If we are to believe Skunny was onto something then his fibs were sometimes pulled halfway along a swing, yours start at the end of a swing, your larger one I am not sure where. (See post #137) Are you pulling to the nearest resistance above price for longs? Visa versa for shorts.

I do something similar but look for conformity with a swing on the 61.8 then further respect from there.

I suppose I'll get BBQ'd now for mentioning the S word.

MD.

Edit: I see how you got there now.

Glad to hear it. My biggest grievance with skunny is the fact that I was a member of his site for a few months and many of the traders sent me PM's asking me if I am trading at 100% or how long does it take to trade at 100%. I was blown away by the fact that people deeply believed that 100% trading is possible. Some were college kids just trying to scrape the $100 monthly fee, some were on a tight budget and were getting no answers.

Anyway, the point is, I was making live calls for skunny via skype...real time....day in and day out on the S&P e mini and forex mkts. & I was usually done trading shortly after the NY session opened. He wanted me to show him what I was doing in a private room and he didn't want me to share it with the others in his club. I think many of you know the rest of the story.

So if he really wanted to help people, everything shouldn't have been such a secret.

If I could trade at 100% then I would be sitting on my own tropical island too....and I'm not kidding. Unfortunately many people in his club thought it was possible....or very close at the very least. 95-97% is a very large burden to have on your shoulders. I will tell you the only 100% sure thing in trading, as long as the mkt is open. If you draw a horizontal line any where on a chart, I can guarantee that price will trade above or below that line. Other than that, anything can happen. So why not just follow the old saying.....keep your losses small.

When u start to see where the commercial interest is you will kow the logical place to put your stop. This doesn't mean your stop will never get hit, it just means that it is the most logical place to put it. If the stop is too far from the entry, then you need to figure out the proper risk:reward ratio for your acct size, risk tolerance or balls....whichever.

I was still using fibs when I became a member of skunny's tribe but PA was really still the key. I thought if I could fine tune my use of fibs I might be able to add a few % points of profit to my bottom line. Getting rid of tools/indicators after so many years of using them is a very hard thing for a trader to do. Conversely, having a visual aid on the chart....in the form of an indicator is a very comforting thing for a trader....seasoned or newbie. We seem to feel a sense of reassurance when we have a "magic" line below us as support.

It's like having green candle for up bars and red candle for down bars. The color itself sets of an emotion. If u r long and u see red it's a bad thing right? It starts the fear/greed emotion, it changes the chemical balance within the brain and we don't think as clearly. I'm not a Dr. and I don't know how this happens exactly but I do know when I feel anxiety....and it sux. So why put myself at even more of a disadvantage than I'm already in. Thats why I changed the colors on my charts to black and white....it's just a personal thing to help me gain a little bit more of an edge.

Man, all i wanted to do was make a short little comment and I went and got diarrhea of the mouth. Pardon me for not erasing most of this post but I'm too tired to go back and pick out the points I was trying to make. Besides most of the babble, I hope some of this makes sense to someone.

Good Trading

All your stuff makes sense mate. I trade for a desk too. I ended up here cos I was trying to lose the indicators and I have, so that was at least one achievement for me. The rest of this shit... I don't know it's my pet fascination. Skunny, an enigma to me, to you first hand experience with a bad taste for sure. I wouldn't have joined his site anyway, I'm just too tight with the cash.

I'm more a Thomknight disciple to be honest, I have made sense of his stuff and been pretty successful with it. Still Thom never tried to sell anything he'd have probably mixed the words up on the contract. Where is he anyway?

Take care and have a nice day!

MD.

Im with you MD I saw what Thomknight was getting at and I ran with it and boy has it paid off. I think trader made some damn good points too. I have been obsessed with this thread since I read it and he is totally right about 100% being a burden to try and achieve. Some months I trade 100% but then when a trade turns to a loser I sure feel like one so yeah 100% is too much stress.