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Indicator Free Trading - Skunny

  • #6,381
  • Apr 13, 2010 10:28am Apr 13, 2010 10:28am
Quoting Misterdaz
Have a look at EURJPY.

MD.
Just killed this one early for a quick 10 pips.


EDIT: I should have held on to it. It just hit target. Oh well, a win is a win.
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  • #6,382
  • Apr 13, 2010 10:37am Apr 13, 2010 10:37am
Quoting Misterdaz
I'm not the real expert, Thom is but you've pulled from a swing high and fitted you 61.8 to a lower pullback and price seems to be heading down, I just wish it would hurry!

If you are just using these for targets on a J16 trading style then fine but to trade from these in their own right requires a bit more knowledge on the right setups.

Good luck.

MD.
Thx for your quick response MD. I am going to try to understand this completely. Depending on how this bar closes on the 1 hr we could get a retest of 126.68. I'm not trading thsi but it occurs to me that the philospophy
or bias would be that the price will now move to 125.66 before it touches 127.07. PA here dictates that a better short position is emminent.

K.I.S.S.
  • #6,383
  • Apr 13, 2010 10:40am Apr 13, 2010 10:40am
Quoting bartstop
Just killed this one early for a quick 10 pips.


EDIT: I should have held on to it. It just hit target. Oh well, a win is a win.
Looks like my chart could not have been more wrong.

I was looking for shorts when I should have been looking long. I'll get the hang of this eventually. LOL!!

K.I.S.S.
  • #6,384
  • Apr 13, 2010 10:44am Apr 13, 2010 10:44am
Quoting bartstop
Just killed this one early for a quick 10 pips.


EDIT: I should have held on to it. It just hit target. Oh well, a win is a win.
So I guess the fib plot can be used again even after the "cycle" has run its course once already?

K.I.S.S.
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  • #6,385
  • Apr 13, 2010 10:59am Apr 13, 2010 10:59am
Quoting KissFan
So I guess the fib plot can be used again even after the "cycle" has run its course once already?

K.I.S.S.

Ok, here is what we are watching for. The attached chart is a perfect example. You fit the fib to the price action. First you anchor your 0 line at the extreme. Then fit the 61.8 at the pullback. If price passed below the 100 line between those two points (0,61.8) trade the break of the 100 line. Your target is the 138 line.
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  • #6,386
  • Apr 13, 2010 11:04am Apr 13, 2010 11:04am
Another example. I'm in this one.
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  • #6,387
  • Apr 13, 2010 11:17am Apr 13, 2010 11:17am
Quoting bartstop
Ok, here is what we are watching for. The attached chart is a perfect example. You fit the fib to the price action. First you anchor your 0 line at the extreme. Then fit the 61.8 at the pullback. If price passed below the 100 line between those two points (0,61.8) trade the break of the 100 line. Your target is the 138 line.

Bless your heart my fellow Texan! Thanks for the info. That seems extremely simple and straightforward. I have noticed that in some instances these are pulled on the extreme or "zero" line from the body at say 144.387 vs 144.47. Does that matter much?

I am going to post another view of a yen chart shortly. I can see with my knowledge and experience of PA and SR this could be deadly accurate.

K.I.S.S.
  • #6,388
  • Apr 13, 2010 11:20am Apr 13, 2010 11:20am
Quoting KissFan
Bless your heart my fellow Texan! Thanks for the info. That seems extremely simple and straightforward. I have noticed that in some instances these are pulled on the extreme or "zero" line from the body at say 144.387 vs 144.47. Does that matter much?

I am going to post another view of a yen chart shortly. I can see with my knowledge and experience of PA and SR this could be deadly accurate.

K.I.S.S.
Texas? No, that was Checkz. I'm a few miles north, Kansas.
  • #6,389
  • Apr 13, 2010 11:22am Apr 13, 2010 11:22am
Quoting bartstop
Texas? No, that was Checkz. I'm a few miles north, Kansas.
Copy that bro! Sorry. I still very much appreciate your sharing with me.

K.I.S.S.
  • #6,390
  • Apr 13, 2010 11:26am Apr 13, 2010 11:26am
Quoting bartstop
... If price passed below the 100 line between those two points (0,61.8) trade the break of the 100 line. Your target is the 138 line.
If price has already acheived the 1.38 level do we look for another trade elswhere? ie another TF or cross.

K.I.S.S.
  • #6,391
  • Apr 13, 2010 11:38am Apr 13, 2010 11:38am
Quoting KissFan
If price has already acheived the 1.38 level do we look for another trade elswhere? ie another TF or cross.

K.I.S.S.
If price has hit the 138 AFTER the 61.8 touch, then yes the fib has completed. If they pass 138 BEFORE the 61.8 touch, I still trade it.

Keep in mind that I'm no expert and this particular method is new to me.



Bartstop
  • #6,392
  • Apr 13, 2010 11:50am Apr 13, 2010 11:50am
Quoting bartstop
If price has hit the 138 AFTER the 61.8 touch, then yes the fib has completed. If they pass 138 BEFORE the 61.8 touch, I still trade it.

Keep in mind that I'm no expert and this particular method is new to me.



Bartstop
You have been a great help and no need to qualify your observations. I'm a big boy and know how to backtest theory and methodology. I hope that I can be an asset to this thread and give a little back. Ive read most of it over the past couple of months and wanted to have my material in order before I asked any questions. I'll post many before and after charts for all to discuss.

K.I.S.S.
  • #6,393
  • Apr 13, 2010 11:57am Apr 13, 2010 11:57am
Current market. Valid set up for long to 86.77? Ill put this on my watch list.

K.I.S.S.
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  • #6,394
  • Apr 13, 2010 12:04pm Apr 13, 2010 12:04pm
Quoting KissFan
Current market. Valid set up for long to 86.77? Ill put this on my watch list.

K.I.S.S.
That looks good other than the PPZ at 86.50.
  • #6,395
  • Apr 13, 2010 12:06pm Apr 13, 2010 12:06pm
It's also getting late in the day. I'm probably not going to take any more trades. Unless GY decides to make it's move.
  • #6,396
  • Apr 13, 2010 12:08pm Apr 13, 2010 12:08pm
Just killed this for +3 pips. Showing some weakness.
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  • #6,397
  • Apr 13, 2010 12:09pm Apr 13, 2010 12:09pm
When pulling the fib you first have a mind to the current direction of the Market. if you believe we are going down anchor your start point at the swing high you choose to start from and pull back and downwards looking for the next swing to anchor your 61.8 on. The fib is symetrical but your zero should be where we are heading and your 100 where you started the pull. I think BarTstop has them upside down but it doesn't matter because he'll probably crucify me now with some chicken joke.

There is more to this than just that. A larger fib may be in order.

MD.
Keep smiling
  • #6,398
  • Apr 13, 2010 12:14pm Apr 13, 2010 12:14pm
Quoting Misterdaz
When pulling the fib you first have a mind to the current direction of the Market. if you believe we are going down anchor your start point at the swing high you choose to start from and pull back and downwards looking for the next swing to anchor your 61.8 on. The fib is symetrical but your zero should be where we are heading and your 100 where you started the pull. I think BarTstop has them upside down but it doesn't matter because he'll probably crucify me now with some chicken joke.

There is more to this than just that. A larger fib may be...
You made me do it.


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  • #6,399
  • Apr 13, 2010 12:14pm Apr 13, 2010 12:14pm
Quoting bartstop
That looks good other than the PPZ at 86.50.
OK I see that. We may have a nice looking bullish bar on today's close. If she closes like this I would be biased long for the next 24 hrs.

K.I.S.S.
  • #6,400
  • Apr 13, 2010 12:19pm Apr 13, 2010 12:19pm
Quoting Misterdaz
When pulling the fib you first have a mind to the current direction of the Market. if you believe we are going down anchor your start point at the swing high you choose to start from and pull back and downwards looking for the next swing to anchor your 61.8 on. The fib is symetrical but your zero should be where we are heading and your 100 where you started the pull. I think BarTstop has them upside down but it doesn't matter because he'll probably crucify me now with some chicken joke.

There is more to this than just that. A larger fib may be...
I appreciate the nugget for certain sir. The details are important to me. I am doing some backtesting now on AJ. It may take a few weeks but I'm sure I'll have more questions along the way. Thx for your help.

K.I.S.S.
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