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Indicator Free Trading - Skunny

  • #6,541
  • Apr 21, 2010 5:09am Apr 21, 2010 5:09am
Quoting bartstop
Looks like we got our pierce.
Wow, you were up early, did you sh1t the bed?

MD.
Keep smiling
  • #6,542
  • Apr 21, 2010 5:27am Apr 21, 2010 5:27am
Good morning all. Just wanted to post an interesing chart on Cable. I wasnt able to post yesterday because of a video card malfunction. Best of luck to you today.

K.I.S.S.
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  • #6,543
  • Apr 21, 2010 8:54am Apr 21, 2010 8:54am
Quoting Misterdaz
Wow, you were up early, did you sh1t the bed?

MD.
Not sure. Let me go check......................
  • #6,544
  • Apr 21, 2010 8:57am Apr 21, 2010 8:57am
I've been looking at places where fibs line up, and I've noticed that in many cases, there are candles which show respect to either side of a fib that appears to line up, as if to say "Hello! I'm over here!"

This following chart looks like something I saw earlier on the GBPJPY, and I'm starting to wonder if it will follow the same pattern....?
Attached Image
  • #6,545
  • Apr 21, 2010 9:27am Apr 21, 2010 9:27am
And now this fib gets even more interesting.
Candles are gripping the fibs all over the place....

Are we still going down?
Attached Image
  • #6,546
  • Edited 10:46am Apr 21, 2010 10:29am | Edited 10:46am
You could have found a few good setups today, here's one on cable. 61.8 - pierce - back to 38 then break 0 to target. Done! Put another rib on the barbie.

Attached Image
Keep smiling
  • #6,547
  • Apr 21, 2010 4:23pm Apr 21, 2010 4:23pm
Quoting Misterdaz
You could have found a few good setups today, here's one on cable. 61.8 - pierce - back to 38 then break 0 to target. Done! Put another rib on the barbie.

Attachment
Yes very nicely done sir! I missed that one.

K.I.S.S.
  • #6,548
  • Apr 22, 2010 5:22am Apr 22, 2010 5:22am
I thought I'd post this one for the group to look at.

K.I.S.S.
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  • #6,549
  • Apr 22, 2010 5:44am Apr 22, 2010 5:44am
Here is another one for the gents in the room. I hope you are having a good one over there in jolly old England Misterdaz. Good morning to you sir!

K.I.S.S.
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  • #6,550
  • Edited 6:54am Apr 22, 2010 6:24am | Edited 6:54am
Quoting KissFan
Here is another one for the gents in the room. I hope you are having a good one over there in jolly old England Misterdaz. Good morning to you sir!

K.I.S.S.
Bright and sunny here in good old blighty! It would appear that the risk pairs are coming off this morning. When cable gets anywhere near 1.55 I believe larger market players are coming in on the offer, it would appear to be the line in the sand atm.

With the 2 charts you have posted, the GBP YEN now being null and void, they both have the pierce between the 100 and 61.8 pull. On these a zero break is tradable but more risky and requires more room to breathe where stops are concerned, not my favourite setup.

With the AUD I'd like to see another pierce and a pullback to the 38 or 50 before taking the break. Here's my take from a 4h perspective. You could take the zero break but you would need a stop at least above 0.9303, not great rr. Note no interference from my larger red 4h fib.

Attached Image (click to enlarge)
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MD.
Keep smiling
  • #6,551
  • Apr 22, 2010 6:41am Apr 22, 2010 6:41am
Greek bond spreads are getting wider and we also have UK GDP tomorrow. Both these points are causing risk to come off imho. Looks like support for cable at 1.5380 atm.

MD.
Keep smiling
  • #6,552
  • Apr 22, 2010 7:00am Apr 22, 2010 7:00am
Quoting Misterdaz
Bright and sunny here in good old blighty! It would appear that the risk pairs are coming off this morning. When cable gets anywhere near 1.55 I believe larger market players are coming in on the offer, it would appear to be the line in the sand atm.

With the 2 charts you have posted, the GBP YEN now being null and void, they both have the pierce between the 100 and 61.8 pull. On these a zero break is tradable but more risky and requires more room to breathe where stops are concerned, not my favourite setup.

With the AUD I'd like to see another...
I agree with you on GY and now we have our pierce on AU

K.I.S.S
  • #6,553
  • Apr 22, 2010 7:14am Apr 22, 2010 7:14am
Quoting KissFan
I agree with you on GY and now we have our pierce on AU

K.I.S.S
I don't have a pierce on my data, there's one before the 61.8 but not after yet. My latest low is 0.92496.

MD.
Keep smiling
  • #6,554
  • Apr 22, 2010 7:50am Apr 22, 2010 7:50am
You got me thinking on the AUD and I shifted my fib back to an earlier pullback at the red square. The green counts as our piercing then we pulled back to within 2 pips of the 50 at the yellow square. A trade triggered at 0.92719.

Attached Image (click to enlarge)
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MD.
Keep smiling
  • #6,555
  • Apr 22, 2010 8:21am Apr 22, 2010 8:21am
I am a new trader and am finding my feet. I am having trouble controling my entry points and I feel I am to eager to get into the market. Then when I jump the gun and enter to late I panic and close my possition.

Looking at the charts for AUDUSD I see some very minor resitance around 9270. I am thinking of shorting at current levels (9255/60) with my stop at 9275 and target at 9210.

My reasoning for this is the negative outlook for the day. I dont see any strength in the AUD in the short term and nothing to push it back towards 9300.

Even if good home sales are recorded this should support USD not AUD?

Your thoughts are appricated.
  • #6,556
  • Apr 22, 2010 8:25am Apr 22, 2010 8:25am
Quoting Misterdaz
I don't have a pierce on my data, there's one before the 61.8 but not after yet. My latest low is 0.92496.

MD.
If it looks like a pierce, smells like a pierce, acts like a pierce it must be a......... difference in broker data.
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  • #6,557
  • Apr 22, 2010 8:33am Apr 22, 2010 8:33am
So my short at current levels is ok? I shorted at 9256. Stop tight at 9274. What do you mean by pierce?
  • #6,558
  • Apr 22, 2010 8:42am Apr 22, 2010 8:42am
Pierce off!! We got one now! Looks like a big swinging dick of a pierce to me.
Keep smiling
  • #6,559
  • Apr 22, 2010 8:44am Apr 22, 2010 8:44am
Quoting rotteraa
I am a new trader and am finding my feet. I am having trouble controling my entry points and I feel I am to eager to get into the market. Then when I jump the gun and enter to late I panic and close my possition.

Looking at the charts for AUDUSD I see some very minor resitance around 9270. I am thinking of shorting at current levels (9255/60) with my stop at 9275 and target at 9210.

My reasoning for this is the negative outlook for the day. I dont see any strength in the AUD in the short term and nothing to push it back towards 9300.

Even...
I'm gonna sound like Yoda now but you must learn patience and the other big bug bear with trading, fear and greed. It's a cliched term but it is true.

Your analysis looks pretty good to me.

MD.
Keep smiling
  • #6,560
  • Apr 22, 2010 9:24am Apr 22, 2010 9:24am
Quoting rotteraa
So my short at current levels is ok? I shorted at 9256. Stop tight at 9274. What do you mean by pierce?
It's looking pretty good atm dont you think. We can never really be certain in anything but use our best estimates and tools available to us. You could move your stop to break even then you would have a free trade. The worst that will happen is you make nothing. It is really something you have to find your own feet with. 0.9212 looks a good target.

MD.
Keep smiling
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