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Indicator Free Trading - Skunny

  • #6,481
  • Edited 3:35pm Apr 18, 2010 3:33pm | Edited 3:35pm
Quoting bartstop
In other words, your stops MUST be on the other side of the 100 line.
Skunny " I also made mention to the fact that stop losses are a huge reason why most traders fail. I'll say it again, if your stop is in a place where you aren't prepared to place a trade in opposite direction, you have some work to do. "


The key to what Skunny is saying is in bold.

The stop loss is not necessarily the 100 or 0, but more so where you are prepared to place the trade in the opposite direction.

Naynay is sniffing along this same path with his comments about the 61.8/50/38.2 fibs.

These three lines are very important if you wish to trade the inner fibs for profits.

  • #6,482
  • Apr 18, 2010 3:58pm Apr 18, 2010 3:58pm
From what I've seen if the fibs on it's going to target even if it takes a round route. That means theoretically the 100 won't get hit. I'm not that brave so in order to keep my rr reasonable I've been taking the setups I know of that fire off the 38 and put my stop just above there.

I'm 50% up since end of Jan plus I had a few
experiments go wrong including a 100 stop being hit. I'm still tweaking but not
unhappy.

MD.
Keep smiling
  • #6,483
  • Apr 18, 2010 4:08pm Apr 18, 2010 4:08pm
Quoting FX Compass
Skunny " I also made mention to the fact that stop losses are a huge reason why most traders fail. I'll say it again, if your stop is in a place where you aren't prepared to place a trade in opposite direction, you have some work to do. "


The key to what Skunny is saying is in bold.

The stop loss is not necessarily the 100 or 0, but more so where you are prepared to place the trade in the opposite direction.

Naynay is sniffing along this same path with his comments about the 61.8/50/38.2 fibs.

These three lines are very...

I guess it all depends on what fib method you are using. I was referring to the methods outlined by Skunny and ThomKnight. According to their teachings a fib isn't tradeable until the 0 or 100 is breached.

Sorry Compass, I should have been more specific. I am aware that your method is a bit different.


Bartstop
  • #6,484
  • Apr 18, 2010 5:03pm Apr 18, 2010 5:03pm
Quoting bartstop
They may not be the caliber of Led Zeplin but I think another band that will be around for a while is the Foo Fighters. I don't know many people that don't like at least one of their songs. I know I'll be listening to them for years to come.


Bartstop
I couldn't agree more Bartstop. They have broad appeal.

K.I.S.S.
  • #6,485
  • Apr 18, 2010 5:24pm Apr 18, 2010 5:24pm
Quoting KissFan
Nice work Bartstop. No doubt in my mind that we are going higher here. I am watching for a possible 15 min in the opposite direction now. Ill post if it becomes a valid set-up. There is a valid set up on EuroJPY on daily for long as well.

K.I.S.S.
So much for going higher. I do think it was a mistake to move the fib like I did. I put it back to the original position and tweaked it just slightly. Look at the respect now.

Also, with the gap over the weekend putting price below the 100 line, this fib is now biased to the short side. I'm now waiting for a bounce off the inner fib levels and a signal from my smaller fib to go short.





Bartstop
Attached Image (click to enlarge)
Click to Enlarge Name: gbpjpy gap.gif Size: 25 KB
  • #6,486
  • Apr 18, 2010 5:29pm Apr 18, 2010 5:29pm
Quoting Misterdaz
Er, you do know one person.
I know you. But you probably listen to Coldplay..............
  • #6,487
  • Apr 18, 2010 5:44pm Apr 18, 2010 5:44pm
Quoting bartstop
So much for going higher. I do think it was a mistake to move the fib like I did. I put it back to the original position and tweaked it just slightly. Look at the respect now.

Also, with the gap over the weekend putting price below the 100 line, this fib is now biased to the short side. I'm now waiting for a bounce off the inner fib levels and a signal from my smaller fib to go short.





Bartstop
Here is your next fib Bartstop.

K.I.S.S.
Attached Image (click to enlarge)
Click to Enlarge Name: gjbartstop.jpg Size: 86 KB
  • #6,488
  • Apr 18, 2010 5:56pm Apr 18, 2010 5:56pm
Quoting KissFan
Here is your next fib Bartstop.

K.I.S.S.
The only problem is that gap, makes me nervous. I'm going to wait until tomorrow for a good setup. I'm also changing brokers. FXDD pulled some funny chit last week. Granted it was only a demo but I think their system screwed up.

I would go back to IBFX but they added an extra digit to the Demo accounts. 20 pips is now shown as 200. That will just piss me off.
  • #6,489
  • Apr 18, 2010 6:12pm Apr 18, 2010 6:12pm
Quoting bartstop
I know you. But you probably listen to Coldplay..............
I'm stuck in the 80's mate. Coldplay are ok but a bit boring. Don't forget I am a bass player, I'm a level 42 man. Still they're old hat now. I like my music funky anyway.

MD.

Do the funky chicken.
Keep smiling
  • #6,490
  • Apr 18, 2010 6:16pm Apr 18, 2010 6:16pm
My GY fib would be here until I have somewhere else to hang my 61.8 hat on. I'm with BarTstop on this one, I'll wait and see what develops tomorrow.

Attached Image (click to enlarge)
Click to Enlarge Name: gy190410.JPG Size: 57 KB


Good night MD.
Keep smiling
  • #6,491
  • Apr 18, 2010 6:25pm Apr 18, 2010 6:25pm
Quoting bartstop
The only problem is that gap, makes me nervous. I'm going to wait until tomorrow for a good setup. I'm also changing brokers. FXDD pulled some funny chit last week. Granted it was only a demo but I think their system screwed up.

I would go back to IBFX but they added an extra digit to the Demo accounts. 20 pips is now shown as 200. That will just piss me off.
I dont like'em either but Im just saying that this is your next fib. I figured out how to pull them. I have been backtesting quite a bit. At first I was pulling a fib and then watching it play out for the most part like it has been taught here. Once the trade would play out, I would think, OK where do I pull the next fib? The answer is in the current fib. Maybe ya'll told me this already and I just didnt get it, but it is spot on. Once a cycle has been completed, in other words once price hits the 618 ext on either side you pull in that direction. Then you watch for PA to tell you when to trade, where to put your SL and when to TP. What I like about this is that I can trade intraday (15min), short term swings (1-4hr) or longer term swings. This is the discretionary part of this method. Pulling the fibs are the only part that shouldn't be in my way of thinking. A knowledge of PA set ups is key imho-pins, BUOB's, BEOB's, popguns, 3 in 1's, arrows, IB's, reverse 3 in 1's, outside-inside reversals, double inside bars etc...

K.I.S.S.
  • #6,492
  • Apr 18, 2010 6:38pm Apr 18, 2010 6:38pm
Quoting Misterdaz
My GY fib would be here until I have somewhere else to hang my 61.8 hat on. I'm with BarTstop on this one, I'll wait and see what develops tomorrow.

Attachment

Good night MD.
I backtested your fib 20 cycles and it looks just fine. Mine is correct as well.

K.I.S.S.
  • #6,493
  • Apr 18, 2010 6:46pm Apr 18, 2010 6:46pm
I'm pretty sure there isn't an Olympic committee that determines the proper way to fib. If it works, go with it.
  • #6,494
  • Apr 18, 2010 6:49pm Apr 18, 2010 6:49pm
Quoting Misterdaz
I'm stuck in the 80's mate. Coldplay are ok but a bit boring. Don't forget I am a bass player, I'm a level 42 man. Still they're old hat now. I like my music funky anyway.

MD.

Do the funky chicken.

So you're more of a "New Kids on the Block" kinda guy?
  • #6,495
  • Apr 18, 2010 7:11pm Apr 18, 2010 7:11pm
Quoting bartstop
I'm pretty sure there isn't an Olympic committee that determines the proper way to fib. If it works, go with it.
I agree with you but I would add that fibbing with success is highly dependant on the context that it is being used in. I am using my fib levels as S/R, pullbacks and TP targets. For this to work, I must use recent history of price as a guide, which is why my fib is "walked" as price moves.

K.I.S.S.
  • #6,496
  • Apr 18, 2010 11:31pm Apr 18, 2010 11:31pm
Quoting bartstop
I guess it all depends on what fib method you are using. I was referring to the methods outlined by Skunny and ThomKnight. According to their teachings a fib isn't tradeable until the 0 or 100 is breached.

Sorry Compass, I should have been more specific. I am aware that your method is a bit different.


Bartstop
No harm done Bartstop, just clarifying for anyone else that may be tinkering with other Fib methods.
  • #6,497
  • Edited Apr 19, 2010 12:29am Apr 18, 2010 11:45pm | Edited Apr 19, 2010 12:29am
Here's what I'm looking at gents...
We're due for a test of 140

I am placing my fib on that swing low on the 50 BECAUSE the inner fibs did not hold for a retracement.

Strangely (or not so strangely), the 100 on my fib is almost dead-on the 140.000 price level......

So I'm thinking out loud, on the topic of stop losses... say we made a fib and traded from the 61 retracement (a fairly safe level to buy/sell into)... and it fails..... we might lose a little cash, but we also need to re-fib. Our 61 retrace may have been a 50...., and in that case, a break of the 61 on THAT fib we could trade it to the 100.
(maybe..... )

Update: made some nice 20+ pips from that move. I took profit at 140.040 to handle my spread on this trade.
Attached Image
  • #6,498
  • Apr 19, 2010 12:46am Apr 19, 2010 12:46am
Made 35 pips today!!!
Attached Image (click to enlarge)
Click to Enlarge Name: Rodneys Chart.JPG Size: 79 KB
  • #6,499
  • Apr 19, 2010 1:20am Apr 19, 2010 1:20am
I can not image forex without Fibonacci extension..Every price action is based on fibonacci extension. I think every trade should learn this strategy.

This is a sample of extension of fib 38.2
A chance to gain 30 pip..

http://i41.tinypic.com/vmy8gm.gif
  • #6,500
  • Apr 19, 2010 1:31am Apr 19, 2010 1:31am
Quoting bartstop
So you're more of a "New Kids on the Block" kinda guy?
I'll box your ears sunshine!!
Keep smiling
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