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Indicator Free Trading - Skunny

  • #6,501
  • Apr 19, 2010 1:41am Apr 19, 2010 1:41am
Quoting Qqe
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..
It broke the support line (0 fibo), so the trade canceled
  • #6,502
  • Apr 19, 2010 1:57am Apr 19, 2010 1:57am
I ended up taking that geppy trade twice because price bounced up from my earlier TP without actually reaching target.
Another 20+ pips for me.

Potentially looking at another landing around the 138.890 position
Attached Image
  • #6,503
  • Apr 19, 2010 3:45am Apr 19, 2010 3:45am
The last wish of the Icelandic economy was to have its ashes scattered over Europe.

MD.
Keep smiling
  • #6,504
  • Apr 19, 2010 4:42am Apr 19, 2010 4:42am
Quoting Naynay
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...
Sorry mate I'm trying to work out what you are doing. So in that downswing you are placing your 50 under the last swing low. Why the 50? Anyway I suppose it makes sense if that support does not hold then we can attempt a short with a stop above the last swing high. Am I on the right track?

MD.
Keep smiling
  • #6,505
  • Apr 19, 2010 5:34am Apr 19, 2010 5:34am
Here's one I took this morning. I consider this a safer setup. 61.8 to pierce then a perfect pullback to the 38. I then took the zero break. My rr on this kind of setup is 50/50 but with a high probability of winning.

Attached Image (click to enlarge)
Click to Enlarge Name: uc190410.png Size: 11 KB
Keep smiling
  • #6,506
  • Apr 19, 2010 6:56am Apr 19, 2010 6:56am
Quoting Misterdaz
The last wish of the Icelandic economy was to have its ashes scattered over Europe.

MD.
Getting a little dusty over there?
  • #6,507
  • Apr 19, 2010 7:05am Apr 19, 2010 7:05am
You wouldn't know there's any dust. My boss is stuck in Italy. Anyway it's all headed your way.

MD.
Keep smiling
  • #6,508
  • Apr 19, 2010 7:21am Apr 19, 2010 7:21am
Quoting Misterdaz
You wouldn't know there's any dust. My boss is stuck in Italy. Anyway it's all headed your way.

MD.
We could use it. I hear it makes good fertilizer.
  • #6,509
  • Apr 19, 2010 7:33am Apr 19, 2010 7:33am
I guess it's time to draw a new fib?
Attached Image (click to enlarge)
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  • #6,510
  • Apr 19, 2010 7:55am Apr 19, 2010 7:55am
I went to 4h and zoomed out. I fibbed the last upswing and settled on the red chap. Your blue fib is my black. It is complete but price has not left it. I wouldn't trade that pair atm. Looks like we could head for 141.00 for a sell.

Attached Image (click to enlarge)
Click to Enlarge Name: GY190410.png Size: 19 KB
Keep smiling
  • #6,511
  • Apr 19, 2010 8:34am Apr 19, 2010 8:34am
Quoting Misterdaz
I went to 4h and zoomed out. I fibbed the last upswing and settled on the red chap. Your blue fib is my black. It is complete but price has not left it. I wouldn't trade that pair atm. Looks like we could head for 141.00 for a sell.

Attachment
This one shows a long bias. Lots of respect.
Attached Image (click to enlarge)
Click to Enlarge Name: gy move fib.gif Size: 23 KB
  • #6,512
  • Apr 19, 2010 8:47am Apr 19, 2010 8:47am
I chose the last major low as the swing point for the 100 and started working up. If you look on a daily the bias is down.

I'm just dicking around now looking for a sensible setup.

I was happy with the CAD earlier, that was a live one. God I feel knackered today, I gotta stop sitting up all night talking to unknown yanks and aussies in chatrooms.

MD.
Keep smiling
  • #6,513
  • Apr 19, 2010 9:06am Apr 19, 2010 9:06am
Hope all is well in Pipville today!!!
  • #6,514
  • Apr 19, 2010 9:13am Apr 19, 2010 9:13am
Just woke up I suppose?
Keep smiling
  • #6,515
  • Apr 19, 2010 9:22am Apr 19, 2010 9:22am
Quoting Checkz
Hope all is well in Pipville today!!!
GM sir! Markets are moving nicely for some profit.

K.I.S.S.
  • #6,516
  • Apr 19, 2010 9:44am Apr 19, 2010 9:44am
Quoting Misterdaz
Just woke up I suppose?
Yup!
  • #6,517
  • Apr 19, 2010 11:01am Apr 19, 2010 11:01am
Here is one I took this morning. The arrow bar pattern is simply a modified double inside formation and can be traded as a reversal or continuation. EU 15 min chart.

K.I.S.S.
Attached Image (click to enlarge)
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  • #6,518
  • Apr 19, 2010 3:20pm Apr 19, 2010 3:20pm
I took this one this morning. I am a true believer in 40ema pullback trades. This one I was fortunate enough to have an IB form off the 40 for a good RR entry. I am flat after 67 pips. I ddnt want to push my luck anymore as 67 pips off of a 15min chart is very good for me. Here is a prediction for fun. Price will pullback again to the 150ema and head up to 1.5358 and th 365 before coming all the way back down to 1.5150.

K.I.S.S.
Attached Image (click to enlarge)
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  • #6,519
  • Apr 19, 2010 3:29pm Apr 19, 2010 3:29pm
This is my other trade today. Entry was 123.71. Same concept as above I just closed way too early. This was really a good day trading though. 120 pips between 3 trades. I love using the fibs as a "framework". I hope that these charts add value to this thread and thanks for your help and ideas guys.

K.I.S.S.
Attached Image (click to enlarge)
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  • #6,520
  • Apr 19, 2010 4:15pm Apr 19, 2010 4:15pm
It's nice to have you and your charts around buddy. I've spent a good few months in this thread, initailly wasting my time so I thought until Thomknight came along. There are some other innovative guys here too, FX Compass being one of them. I can't mention that BarTstop character, he's just crazy!!

I'd like to discuss Thom's stuff in more detail when I get a chance.

Untill then.

MD.
Keep smiling
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