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Indicator Free Trading - Skunny

  • #6,321
  • Apr 2, 2010 11:24pm Apr 2, 2010 11:24pm
Quoting trader365
If I could trade at 100% then I would be sitting on my own tropical island too....
Pursuing 100% accuracy is just an excuse to discard proper MM.

You+Fib+MM=The Grail.
  • #6,322
  • Apr 3, 2010 4:26am Apr 3, 2010 4:26am
Quoting tourderob
Pursuing 100% accuracy is just an excuse to discard proper MM.

You+Fib+MM=The Grail.
Of all the people to quote re the 100% thing, you sure picked the wrong one there lol.

It's not my aim, but per chance I should manage it I'll let you know and you can call me lazy every day.

MD.
Keep smiling
  • #6,323
  • Apr 3, 2010 4:11pm Apr 3, 2010 4:11pm
No, I understood what you were saying. I only picked up the 100% from your post to elaborate further. Wasn't calling you or anyone else lazy per say.

Sorry about the confusion mate... and if you can manage it, I'll be on that tropical island with you drinking mojitos.
  • #6,324
  • Apr 3, 2010 4:44pm Apr 3, 2010 4:44pm
Quoting tourderob
No, I understood what you were saying. I only picked up the 100% from your post to elaborate further. Wasn't calling you or anyone else lazy per say.

Sorry about the confusion mate... and if you can manage it, I'll be on that tropical island with you drinking mojitos.
I know you wasn't calling me or anyone lazy. I just found it amusing as you used a quote from Trader365 who does not like anyone mentioning the 100% thing. He thinks it's a pipedream and misleading for newbies. I can't say I disagree with him.

I always use a protective stop placed somewhere sensible that I am comfortable with and suits my money management. I hope the newbies do too unless they can trade 100% of course lol.

MD.
Keep smiling
  • #6,325
  • Apr 3, 2010 5:13pm Apr 3, 2010 5:13pm
Quoting Misterdaz
I know you wasn't calling me or anyone lazy. I just found it amusing as you used a quote from Trader365 who does not like anyone mentioning the 100% thing. He thinks it's a pipedream and misleading for newbies. I can't say I disagree with him.

I always use a protective stop placed somewhere sensible that I am comfortable with and suits my money management. I hope the newbies do too unless they can trade 100% of course lol.

MD.

Respect to t365 - certainly wasn't taking the quote out of context, again just elaborating further to add my perspective of why people want to trade at 100%... it eliminates having to do some money management.
  • #6,326
  • Apr 4, 2010 5:19pm Apr 4, 2010 5:19pm
Big gap in gbpusd...

Wait until a new swing forms then go.
  • #6,327
  • Apr 5, 2010 2:17am Apr 5, 2010 2:17am
Made two good trades on EURUSD today.

I took trade #1 up to the inner fib levels. Price had nowhere to go other than up to test them. I would have adjusted my daily fibs had price pushed further down past the 0 fib (meaning a continuation of the initial swing), but that didn't happen and it was clearly looking that price was heading up, so I took it up to the first inner fib

Second trade was when I saw price bouncing between daily pivot and lower fib. When the price broke the fib support and didn't hold, that took away any remaining evidence that any of the inner fibs would be supported (and hence there would be no upwards movement)... so the only way for price to go (having entered the inner-fib decision making zone) was to continue the trend back down to the 100 to Support 1 (and may possibly go down further to the 138)

There is a similar pattern forming on the GBP as I speak. Quite a number of good trades there today. I will post that one in a bit.
Attached Image
  • #6,328
  • Edited 9:57pm Apr 5, 2010 2:50am | Edited 9:57pm
A number of trades down to test the inner fibs. Both trades carried some risk (I did not take these in demo, just trying to learn from it). SL would have been at the 100 had I taken them, so R:R would have been risky.

Anyway, I am guessing that price will head down further. Price has already clipped the daily pivot and lower inner fib, as well as price showing good resistance above at the 50,...so given the SMAs about to cross above and head down, I guess price it set to continue on through to the 0 below.

UPDATE: Totally screwed up this fib. Those aren't cuts through the 61... they are bounces off the 61, and hence, the price went up
Attached Image
  • #6,329
  • Apr 5, 2010 6:14pm Apr 5, 2010 6:14pm
waiting for this one to complete to TP on 4h...
Attached Image (click to enlarge)
Click to Enlarge Name: inthisone.gif Size: 42 KB
  • #6,330
  • Apr 5, 2010 6:21pm Apr 5, 2010 6:21pm
this one just developed... waiting to TP - eu1h
Attached Image (click to enlarge)
Click to Enlarge Name: inthisoneeu.gif Size: 41 KB
  • #6,331
  • Apr 5, 2010 7:17pm Apr 5, 2010 7:17pm
Quoting tourderob
this one just developed... waiting to TP - eu1h
You still in this trade?
  • #6,332
  • Apr 5, 2010 10:00pm Apr 5, 2010 10:00pm
Quoting speedarad
You still in this trade?
Nope. TP early...
  • #6,333
  • Apr 6, 2010 11:18am Apr 6, 2010 11:18am
MD and Tourderob,

Pretty funny stuff there MD lol. I'm Not an angry guy, as you might all think. I have nothing to gain personally by making my "anti 100% trading" posts. I just hope that it might help someone in the future. If only one person understands my point and why I am so adamant about it, then that will be ok with me.

Trading is not only about 1 aspect. While Money Management will keep you alive to trade another day and ultimately a HUGE part of your success, a trader still needs the other components in order to earn a living. Knowing what part of the trend you are entering/exiting, is it a Counter Trend trade, where is the next auction/rotation likely to occur blah blah blah.

Learn how to take a loss...admit that you are wrong ......and being able to take the next trade in stride without preconceived notions about the outcome, will become your biggest asset.

There is enough $$ out there for all of us in trading land and I hope everyone can afford their there own Island some day.....what or wherever that might be.

Good Trading
  • #6,334
  • Apr 6, 2010 3:30pm Apr 6, 2010 3:30pm
I totally disagree T365...... not really just kidding.

In all seriousness while 100% would be fabulous it really isn't necessary to be profitable.

Anyway did you know they dug up a 2000 year old book in Ireland the other day? It's called "Irish Dancing, what to do with your arms".

MD.
Keep smiling
  • #6,335
  • Edited 6:03am Apr 7, 2010 2:51am | Edited 6:03am
If the 38 holds I'm looking for a break of the zero before I trade. I am mindful of the longer term trend being to the downside.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPJPY070410.png Size: 11 KB


EDIT: I had my stop at the 38.2 on this. It got hit, that's a 100% loser. I broke a cardinal sin, I didn't check what GBP numbers were at 9.30, PMI's were and they were worse. Still the fib failed and they do, that's why we use stops.

MD.
Keep smiling
  • #6,336
  • Apr 7, 2010 6:10am Apr 7, 2010 6:10am
I'm putting my ass on line today, gone short GY.

Attached Image (click to enlarge)
Click to Enlarge Name: gbpjpy070410b.png Size: 12 KB


MD.
Keep smiling
  • #6,337
  • Apr 7, 2010 6:35am Apr 7, 2010 6:35am
Quoting Misterdaz
If the 38 holds I'm looking for a break of the zero before I trade. I am mindful of the longer term trend being to the downside.

Attachment

EDIT: I had my stop at the 38.2 on this. It got hit, that's a 100% loser. I broke a cardinal sin, I didn't check what GBP numbers were at 9.30, PMI's were and they were worse. Still the fib failed and they do, that's why we use stops.

MD.
Can u see another reason why it failed though?? Was a Long trade really the right consideration? I think PA gave a great clue...well in advanced...around the 143.870 area on this chart and shorter TF charts would confirm that.

But what is 100% correct is that you use stops...nice job

Good Trading
  • #6,338
  • Apr 7, 2010 6:44am Apr 7, 2010 6:44am
Quoting trader365
Can u see another reason why it failed though?? Was a Long trade really the right consideration? I think PA gave a great clue...well in advanced...around the 143.870 area on this chart and shorter TF charts would confirm that.

But what is 100% correct is that you use stops...nice job

Good Trading
I was impetuos this morning and new I was trading countertrend, I should have been more patient and waited for the short which I have now taken.

Still, no pain no game eh?

MD.
Keep smiling
  • #6,339
  • Apr 7, 2010 7:14am Apr 7, 2010 7:14am
Quoting Misterdaz

Still, no pain no game eh?

MD.
I guess that's one way of looking at it

Good Trading
  • #6,340
  • Apr 7, 2010 10:14am Apr 7, 2010 10:14am
Quoting Misterdaz
I'm putting my ass on line today, gone short GY.

MD.
What is the significance of your sell trigger at 142.48 ? I mean why there ? if there is no rational reason then why sell there ? not saying you are wrong just trying to understand your reasoning.

This is one of the things I don't understand about Fibs.
20 pips a day isn't too much to ask . . .
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