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Indicator Free Trading - Skunny

  • #6,941
  • Feb 16, 2011 9:02pm Feb 16, 2011 9:02pm
DL,

I was meaning to thank you for posting on this thread recently. Otherwise, I would have never found it. I am on page 150ish so I've read a lot but have much more to go. btw, I love your clean charts. They are very easy to read.

I have many questions (on trading) but I will hold off for as long as I can. How long have you been studying this? Do you also incorporate price action? Many thanks.
  • #6,942
  • Feb 16, 2011 9:10pm Feb 16, 2011 9:10pm
Quoting newark18
DL,

I was meaning to thank you for posting on this thread recently. Otherwise, I would have never found it. I am on page 150ish so I've read a lot but have much more to go. btw, I love your clean charts. They are very easy to read.

I have many questions (on trading) but I will hold off for as long as I can. How long have you been studying this? Do you also incorporate price action? Many thanks.
No problem Newark... yes i do incorporate price action, but it is very secondary...

I read the lot! but to be fair the pdf with the main posts on is the guts of it all... have a look through the attachments...

i will be honest, took me about 10 days to suss out a way of using the system to make consistent profits, a little longer to fine tune the money management (think about splitting your trade into 2 lots, take some profits at tp1, move the rest to b.e)

just remember simplicity repeated is the best trading strat you will ever find....

all we are really doing is buying breaks of resistance and selling breaks of support.... wait for the retrace!!!! reduces your risk and increases your profit
  • #6,943
  • Feb 16, 2011 9:21pm Feb 16, 2011 9:21pm
Thanks DL!

I obviously didn't get to the end. Do you know why this thread ended? Where did Skunny go?
  • #6,944
  • Feb 17, 2011 3:06am Feb 17, 2011 3:06am
Quoting darrenlittle
yes sidefx i am in that trade, obviously the break of todays low would be good and we may well see that tomorrow...

but yes my fibs are in the same position, i wouldnt give to much wait to things being respected to the pip, if that ever happens its probably luck as much as anything.... although it does make you feel good

eu is a pair i trade a lot and I have noticed that price nearly always comes back to test the entry, like today for instance, very useful to know money management wise.....
Been away the last couple of days, thank you for responding...so to follow this up, EU traded higher from the levels posted where we were looking at/in the short, did you take a loss? If not, how did you manage this trade?
Attached Image (click to enlarge)
Click to Enlarge Name: 14th Feb EU Follow Up.PNG Size: 47 KB
  • #6,945
  • Feb 17, 2011 3:25am Feb 17, 2011 3:25am
Quoting samk090905
hi dl,

you make it seem quite simple. you mind sharing your indi's and the rules? you've highlighted your wins mostly but have not explained your strategy. do you mind sharing your strategy and indi's?

or are the postings simply to make us aware that you are collecting pips?

it seems like you have a really simple strategy...you mind dropping some pearls of wisdom?

thank you,
pm sent.
  • #6,946
  • Feb 17, 2011 5:06am Feb 17, 2011 5:06am
Quoting sidefx
Been away the last couple of days, thank you for responding...so to follow this up, EU traded higher from the levels posted where we were looking at/in the short, did you take a loss? If not, how did you manage this trade?
Side fx, this is an easy one to trade and win on, you need to study a little bit about price action,

always be aware of what the daily candle pattern is....

on the daily we had a down trend, then an inside day (tuesday), always look to see which end of the mother candle (monday in this case) breaks...

if i get inside days i am super cautious, this are times you can have a big loss...

the high of the mother candle got pierced, then im looking for the retrace to find its support level... it found it on tuesdays low.... this was the entry...

a real solid understanding of basic price action and candlestick patterns helps, but you always need to be on your toes and thinking....
  • #6,947
  • Feb 17, 2011 5:28am Feb 17, 2011 5:28am
Quoting darrenlittle
Side fx, this is an easy one to trade and win on, you need to study a little bit about price action,

always be aware of what the daily candle pattern is....

on the daily we had a down trend, then an inside day (tuesday), always look to see which end of the mother candle (monday in this case) breaks...

if i get inside days i am super cautious, this are times you can have a big loss...

the high of the mother candle got pierced, then im looking for the retrace to find its support level... it found it on tuesdays low.... this was the entry......
Appreciate what you're saying....although intrigued why you weren't already short around the inner fib levels of the blue fib i posted on Monday?...i'm not trying to catch you out, it's just fib trading has alluded me for years around this very point re entries... Thanks for your patience.
  • #6,948
  • Feb 17, 2011 5:52am Feb 17, 2011 5:52am
Quoting sidefx
Appreciate what you're saying....although intrigued why you weren't already short around the inner fib levels of the blue fib i posted on Monday?...i'm not trying to catch you out, it's just fib trading has alluded me for years around this very point re entries... Thanks for your patience.
ah ok i see what youre saying....

have a look at the chart...

first fib on friday, entered on monday, hit tp1, i closed half and moved second lot to b.e (eventually stopped out)

as we had a tp1 and a new level, moved my fib to monday (second fib)

tuesday we had inside day so i left my fib (on the mother daily candle)

we had a pierce then i entered on the bounce of tuesdays low (double bottom)

this morning that fib hit tp1

now i will put a fib on tuesdays hi/low (see the light blue lines) we have had a pierce but i am waiting looking for that support to be found to signal the move back north.... some big news again today so being careful

http://i1222.photobucket.com/albums/...17at114759.png
  • #6,949
  • Feb 17, 2011 5:54am Feb 17, 2011 5:54am
Quoting darrenlittle
ah ok i see what youre saying....

have a look at the chart...

first fib on friday, entered on monday, hit tp1, i closed half and moved second lot to b.e (eventually stopped out)

as we had a tp1 and a new level, moved my fib to monday (second fib)

tuesday we had inside day so i left my fib (on the mother daily candle)

we had a pierce then i entered on the bounce of tuesdays low (double bottom)

this morning that fib hit tp1

http://i1222.photobucket.com/albums/...17at114759.png
Much appreciated, really helps
  • #6,950
  • Feb 17, 2011 6:07am Feb 17, 2011 6:07am
dont want you to think i never lose side fx, i do, nearly always when i make stupid mistakes, entering without following the rules, but if you do stick to the plan you will do alright...

try and stick to the right pairs though, imho EU GU AU should be more than enough to make you plenty of pips.....
  • #6,951
  • Feb 17, 2011 6:13am Feb 17, 2011 6:13am
Quoting darrenlittle
dont want you to think i never lose side fx, i do, nearly always when i make stupid mistakes, entering without following the rules, but if you do stick to the plan you will do alright...

try and stick to the right pairs though, imho EU GU AU should be more than enough to make you plenty of pips.....
cheers DL, no worries, i only trade EU and GU atm...hope you stick around, your posts are clear and great to learn from.
  • #6,952
  • Feb 17, 2011 6:17am Feb 17, 2011 6:17am
Quoting sidefx
cheers DL, no worries, i only trade EU and GU atm...hope you stick around, your posts are clear and great to learn from.
no problem, already have 1 lot on EU with a nice tight stop just below the 38 retracement, got a pending to add another lot if it goes through the 0 line again... not 100% on this one but it fits the rules so i took the trade
  • #6,953
  • Feb 17, 2011 6:23am Feb 17, 2011 6:23am
DL, one last check - see the GU chart, does this fib placement make sense to you?...resistance pierced and broken upside, with retrace entry opportunity yesterday around Tues low and now heading north to T1 (138.2)...
Attached Image (click to enlarge)
Click to Enlarge Name: GU fib.PNG Size: 45 KB
  • #6,954
  • Feb 17, 2011 6:24am Feb 17, 2011 6:24am
current EU trade....

http://i1222.photobucket.com/albums/...ells/eunow.png
  • #6,955
  • Feb 17, 2011 6:32am Feb 17, 2011 6:32am
Quoting sidefx
DL, one last check - see the GU chart, does this fib placement make sense to you?...resistance pierced and broken upside, with retrace entry opportunity yesterday around Tues low and now heading north to T1 (138.2)...
yep fib placement looks ok, me personally i consider the intraday highs and lows important.... wether thats right or not, i dont know, just my style, so mine was slightly different...

tuesday i woke up to see that crazy drop happening on gu with the news... seeing that i sat out.... good job too, there was an opportunity to get in on the bounce i suppose, but didnt feel good to me...

just noticed actually, i broke my inside day rule here, on Tuesday.... worked out of though...

http://i1222.photobucket.com/albums/...17at123747.png
  • #6,956
  • Feb 17, 2011 7:18am Feb 17, 2011 7:18am
Quoting darrenlittle
ah ok i see what youre saying....

have a look at the chart...

first fib on friday, entered on monday, hit tp1, i closed half and moved second lot to b.e (eventually stopped out)

as we had a tp1 and a new level, moved my fib to monday (second fib)

tuesday we had inside day so i left my fib (on the mother daily candle)

we had a pierce then i entered on the bounce of tuesdays low (double bottom)

this morning that fib hit tp1

now i will put a fib on tuesdays hi/low (see the light blue lines) we have had a pierce but i am waiting...
DL,

Can you explain to me why you placed your friday fib there? instead of a few candles earlier (as shown in my pic)?

And can you explain why you placed your fib on tuesday's high and low? Are you fibbing each day (unless maybe it is an inside day)?

Oh, and you use some tight stops. Talk about good RR ratio.

I was going to refrain from trading questions but your charts stirred up some curiosity. Thanks for any help.


http://i53.tinypic.com/2ihnr4h.gif
  • #6,957
  • Feb 17, 2011 7:29am Feb 17, 2011 7:29am
I consider the intraday high and low levels to be important level, you will see if you do months and months of backtesting that they are nearly always levels of strong support and resistance (maybe something to do with how the big guns trade intraday, i don't know for sure)
but see how the fib i put on friday played out to the pip on tuesday hitting tp1?



waiting for the retrace is key, this is where you improve your money management, smaller losses, bigger wins.... also you dont have to play every trade to the letter, if you are up 40 pips and you havent hit a tp1 level, you can still take profit, its upto you, use some judgement, consider the possibilities of what price is doing.... there is no harm in getting out at break even and re-entering

remember all we are doing here is trading support and resistance, with good money management, technical stops and technical targets
  • #6,958
  • Feb 17, 2011 8:36am Feb 17, 2011 8:36am
Quoting darrenlittle
I consider the intraday high and low levels to be important level, you will see if you do months and months of backtesting that they are nearly always levels of strong support and resistance (maybe something to do with how the big guns trade intraday, i don't know for sure)
but see how the fib i put on friday played out to the pip on tuesday hitting tp1?



waiting for the retrace is key, this is where you improve your money management, smaller losses, bigger wins.... also you dont have to play every trade to the letter, if you are up 40 pips...
Interesting. I have been working on walking fibs up and down. But this seems like a good way to start while I refine my technique. Thanks again!
  • #6,959
  • Edited 8:39pm Feb 17, 2011 8:20pm | Edited 8:39pm
Maybe someone can give me their thoughts on this. I am playing with the notion that a fib cycle can be drawn on each and every S&R line and once the fibs cycle ends, I can keep the original starting point and move to the next point (thereby extending this fib). Plus I start fibbing the smaller cycles. And I extend these fibs (from the smaller cycles) after the cycle ends.

But I think I am wrong in this theory. Here is the chart and the lime green is where I fibbed to and the magenta Xs are TPs. You can see that based on my longest fib, both magenta lines have been pierced before any TPs hit.

I would appreciate any criticism.

http://i54.tinypic.com/2mg0fvr.gif
  • #6,960
  • Feb 17, 2011 8:40pm Feb 17, 2011 8:40pm
Quoting newark18
Maybe someone can give me their thoughts on this....
ive had a look, i cant see what your doing, but run some demo trades, see if you're onto something....
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