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Indicator Free Trading - Skunny

  • #6,521
  • Apr 19, 2010 5:43pm Apr 19, 2010 5:43pm
Quoting Misterdaz
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.
I'll be looking forward to it Misterdaz. I have read Thomknights stuff extensively and am going to endeavor to read it again. I am printing it out as we speak so that I can take it with me. Their are many who have posted here who are pioneers IMHO. Skunny, Bo, Mr Knight just to name a few and I am grateful to all of them. You and the current batch of posters here are carrying the torch now and keeping this thread alive for many of differing levels of skill to benefit from. You all have much to be proud of with your innovative approach to a very subjective way of looking at the markets. If you ever have any questions for me I'll be happy to assist you in my way of seeing things as all who trade will trade to their comfort.

K.I.S.S.
  • #6,522
  • Edited 2:46am Apr 20, 2010 2:24am | Edited 2:46am
A short and sweet one off the GBPJPY.

I thought I might have been dealing with a drop to the 50 at one point, but my chart tells the story.
Also worth noting that many of the fib marking candles are very pin-barish.
I wish I stayed in this trade, it hit the next extension fib above the 138...
Attached Image
  • #6,523
  • Apr 20, 2010 2:57am Apr 20, 2010 2:57am
I had a look on a 4h. I think you ran into the big fib.

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Keep smiling
  • #6,524
  • Apr 20, 2010 4:47am Apr 20, 2010 4:47am
Quoting qunlebada
i don't use indicators as such.i do have stochastics on my screen but other than that i don't use much.i'm more of a candlestick setup guy and i must admit that i'm doing pretty fine with only my candlesticks.why i don't know but it's been fabulous for me since i started.
If it's not broke don't fix it.

MD.
Keep smiling
  • #6,525
  • Apr 20, 2010 4:51am Apr 20, 2010 4:51am
I was looking through some charts this morning trying to find my favourite setup. This one on EUR YEN fits the bill perfectly. A pullback to the 50 is also in my good books. 61.8 to pierce to perfect respect of the 38, we take the zero break.

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MD.
Keep smiling
  • #6,526
  • Apr 20, 2010 5:28am Apr 20, 2010 5:28am
I have a fib lock-on on the GBPJPY
Going up!

I have been stalking price on this swing trying to find an exact 3-fib pip perfect respect fib, and now I have one. On the next candle, should this one hold above the fib level, we should see some major price action I think...

That blue area gave me a clue of where a fib might be... lots of consolidation AROUND the fib, but we need an exact lock on for trading confidence I think.

We'll see how this plays out.
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  • #6,527
  • Apr 20, 2010 6:10am Apr 20, 2010 6:10am
Quoting Naynay
I have a fib lock-on on the GBPJPY
Going up!

I have been stalking price on this swing trying to find an exact 3-fib pip perfect respect fib, and now I have one. On the next candle, should this one hold above the fib level, we should see some major price action I think...

That blue area gave me a clue of where a fib might be... lots of consolidation AROUND the fib, but we need an exact lock on for trading confidence I think.

We'll see how this plays out.
Naynay, I have been trying to figure what you are doing. You seem to be doing the opposite to what I'm doing, not that it's wrong, it's confusing. When I look for longs, I pull to support but you seem to be pulling to resistance, interesting. Am I right mate?

MD.

Edit: I suppose you are an Aussie, everything is upside down.
Keep smiling
  • #6,528
  • Apr 20, 2010 6:27am Apr 20, 2010 6:27am
Quoting Misterdaz
Naynay, I have been trying to figure what you are doing. You seem to be doing the opposite to what I'm doing, not that it's wrong, it's confusing. When I look for longs, I pull to support but you seem to be pulling to resistance, interesting. Am I right mate?

MD.

Edit: I suppose you are an Aussie, everything is upside down.
I have been trying to figure out what I am doing as well... considering that GBPJPY set up is going pear-shaped.
I've just been going candle to candle trying to find fibs that match well after a new candle has closed.

Forgot about pulling to support though. Whoops!
That would explain the choppy price I guess....
Blast it all.... I am still trying to figure this all out.
  • #6,529
  • Apr 20, 2010 6:34am Apr 20, 2010 6:34am
Maybe this will work better?
Some rather interesting pin bars for resistance there
Attached Image
  • #6,530
  • Apr 20, 2010 6:43am Apr 20, 2010 6:43am
Quoting Naynay
Maybe this will work better?
Some rather interesting pin bars for resistance there
That looks better to my eyes but for me I would not trade that yet. That is not to say you are wrong, you must trade what you know and are comfortable with.

Have a good evening Naynay.

MD.
Keep smiling
  • #6,531
  • Apr 20, 2010 7:29am Apr 20, 2010 7:29am
You watching this?
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  • #6,532
  • Apr 20, 2010 7:46am Apr 20, 2010 7:46am
Quoting bartstop
You watching this?
I'm at lunch picking my nose atm but I'll have a look when I get back.

MD.
Keep smiling
  • #6,533
  • Apr 20, 2010 8:36am Apr 20, 2010 8:36am
I've got resistance coming in above from a 4h at 1.3517. Be careful.
Keep smiling
  • #6,534
  • Apr 20, 2010 6:18pm Apr 20, 2010 6:18pm
That fib I drew would have been tradable had I placed suport on the 50, and traded from the 38 to the 0 (with a stop at the 50)

Again, that pinned bar mapped it out.

Live and learn I guess.
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  • #6,535
  • Apr 20, 2010 8:52pm Apr 20, 2010 8:52pm
Did I draw my fibs right on the Eur/Usd 60 minute chart? Im trying to draw them like you all do but I don't know if im doing them right.
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  • #6,536
  • Edited 1:02am Apr 21, 2010 12:19am | Edited 1:02am
Quoting Checkz
Did I draw my fibs right on the Eur/Usd 60 minute chart? Im trying to draw them like you all do but I don't know if im doing them right.
I'm in the same trade buddy. That chart looks better from a 4h angle, due to the amount of candles it covers. You have to be wary of support on that trade from a larger fib. I've put a trailing stop on mine.

Your fib is spot on though, nice effort Checkz!

MD.

Edit: I was stopped out for 15 pips profit.
Keep smiling
  • #6,537
  • Edited 12:51am Apr 21, 2010 12:35am | Edited 12:51am
Matched up two possible fib positions on the GBPJPY M15

Looks like the fib points upwards. I'm thinking that this is because price has already cleared the 38.2 on one fib

The confluence on those levels corresponds very closely with the inner fibs from the previous swing down (not visable on my chart)
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  • #6,538
  • Apr 21, 2010 1:12am Apr 21, 2010 1:12am
Quoting Misterdaz
I'm in the same trade buddy. That chart looks better from a 4h angle, due to the amount of candles it covers. You have to be wary of support on that trade from a larger fib. I've put a trailing stop on mine.

Your fib is spot on though, nice effort Checkz!

MD.

Edit: I was stopped out for 15 pips profit.
Weekly take profit I think is down there! That could be why you don't get your full trade down there
  • #6,539
  • Apr 21, 2010 1:20am Apr 21, 2010 1:20am
Morning Naynay. You are probably right but I usually just zoom out one larger timeframe and look for a larger fib. Yes I knew I could run into traffic on my EU 1h trade so I put a trailing stop on it. 15 pips is still a win eh?

MD.
Keep smiling
  • #6,540
  • Apr 21, 2010 3:18am Apr 21, 2010 3:18am
Looks like we got our pierce.
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