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Indicator Free Trading - Skunny

  • #6,961
  • Feb 17, 2011 8:48pm Feb 17, 2011 8:48pm
Yeah it's hard to analyze someone else's chart especially with multiple fibs. That's why I like your charts since they are easy to read.

The thought is that the daily and weekly candle has to start from somewhere so the fibs must extend once the smaller cycles end.

I really like your daily fib idea. It is simple but appears very effective.
  • #6,962
  • Feb 17, 2011 8:59pm Feb 17, 2011 8:59pm
Quoting newark18
Yeah it's hard to analyze someone else's chart especially with multiple fibs. That's why I like your charts since they are easy to read.

The thought is that the daily and weekly candle has to start from somewhere so the fibs must extend once the smaller cycles end.

I really like your daily fib idea. It is simple but appears very effective.
yes, i like simple !!!
  • #6,963
  • Feb 17, 2011 9:02pm Feb 17, 2011 9:02pm
I have been also thinking about MM and toying with the idea of entering with at least two orders. One for TP1 and the other to move to BE (once first order hits TP1) and then hold for a longer time (a few days or more). If we can get these to BE safely, then we might be able to create a multiplier by holding the second lot for a longer period. I've always been enamored with the profitability of holding for a LT position (start creating my own equity millipede).

Of course, feel free to shoot me down if this sounds stupid.
  • #6,964
  • Feb 17, 2011 9:11pm Feb 17, 2011 9:11pm
Quoting newark18
I have been also thinking about MM and toying with the idea of entering with at least two orders. One for TP1 and the other to move to BE (once first order hits TP1) and then hold for a longer time (a few days or more). If we can get these to BE safely, then we might be able to create a multiplier by holding the second lot for a longer period. I've always been enamored with the profitability of holding for a LT position (start creating my own equity millipede).

Of course, feel free to shoot me down if this sounds stupid.
that is exactly what i do.... hence favouring pairs that tend to string trending days together
  • #6,965
  • Edited 10:12pm Feb 17, 2011 9:15pm | Edited 10:12pm
Quoting darrenlittle
that is exactly what i do.... hence favouring pairs that tend to string trending days together
DL, what is your TP for the LT orders? End of the weekly cycle?
  • #6,966
  • Edited 4:10am Feb 18, 2011 2:57am | Edited 4:10am
I'm using this fib on the hrly at the moment...and looking for entries off a 15min strat (Urban Towers) to get in long should the inner fibs look like providing support...T1 3636.

edit: 9th-14th swing appears to be re-exerting pressure again now from the 61.8....38.2 and 50 levels of this swing have also been respected reasonably well.
Attached Image (click to enlarge)
Click to Enlarge Name: EU fib.PNG Size: 51 KB
  • #6,967
  • Feb 18, 2011 3:10am Feb 18, 2011 3:10am
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)...
...more luck than judgement probably but GU reached T1 earlier this morning....the level also tied in with the round number 6200 and monthly R3.
Attached Image (click to enlarge)
Click to Enlarge Name: GU fib update.PNG Size: 57 KB
  • #6,968
  • Feb 18, 2011 3:45am Feb 18, 2011 3:45am
Hello DL and newark,

I am reading all of your posts with great interest, now practising. I noticed that GJ 1 h did finish at that TP2 level shortly after news came out UK.

Am I totally wrong or is this ONE possibility to fib this ?

And many thanks to darrenlittle, I am learning incredibly well from your clean charts....hopefully more examples coming.

( edit : still adjusting the fibs, the inside levels numbers are inside out, I know )


Michael
Attached Image (click to enlarge)
Click to Enlarge Name: 2011-02-18_1037_GJ1h.jpg Size: 138 KB
Be like water.
  • #6,969
  • Edited 6:38am Feb 18, 2011 6:17am | Edited 6:38am
....now around yesterday's low and the current dominant fib's 38.2...hrly inside candles/bars printing...looking for a long entry to blue fibs T1....does this makes sense to anyone else...on a day by day perspective this week, price is making higher highs and higher lows..but then the 61.8 inner white fib has been respected so should i really be looking for shorts now...confusing
Attached Image (click to enlarge)
Click to Enlarge Name: EU fib update.PNG Size: 54 KB
  • #6,970
  • Feb 18, 2011 6:54am Feb 18, 2011 6:54am
Quoting sidefx
....now around yesterday's low and the current dominant fib's 38.2...hrly inside candles/bars printing...looking for a long entry to blue fibs T1....does this makes sense to anyone else...on a day by day perspective this week, price is making higher highs and higher lows..but then the 61.8 inner white fib has been respected so should i really be looking for shorts now...confusing
ha, BIIIG clue just printing ...i could claim my initial analysis was 'right'....but i won't, it's bullshit.
  • #6,971
  • Feb 18, 2011 7:16am Feb 18, 2011 7:16am
Quoting sidefx
....now around yesterday's low and the current dominant fib's 38.2...hrly inside candles/bars printing...looking for a long entry to blue fibs T1....
T1 hit (1 pip higher, in fact) before backing off. .... time for price to breathe before walking the fib. Thanks for putting up with my rambling, i have enough ideas now for a trading plan based on a fib framework. Thanks to DL for the inspiration.
  • #6,972
  • Feb 18, 2011 7:47am Feb 18, 2011 7:47am
Quoting sidefx
T1 hit (1 pip higher, in fact) before backing off. .... time for price to breathe before walking the fib. Thanks for putting up with my rambling, i have enough ideas now for a trading plan based on a fib framework. Thanks to DL for the inspiration.


well done mate....
  • #6,973
  • Feb 18, 2011 7:49am Feb 18, 2011 7:49am
Quoting msmarple
Hello DL and newark,

I am reading all of your posts with great interest, now practising. I noticed that GJ 1 h did finish at that TP2 level shortly after news came out UK.

Am I totally wrong or is this ONE possibility to fib this ?

And many thanks to darrenlittle, I am learning incredibly well from your clean charts....hopefully more examples coming.

( edit : still adjusting the fibs, the inside levels numbers are inside out, I know )


Michael
looks good, i would still be alert to the fact that you are trading a range inside a bigger range, and those extremes will probably act as s/r levels
  • #6,974
  • Feb 18, 2011 7:50am Feb 18, 2011 7:50am
...zoomed out further on the hrly and this is the more dominant fib in play to the downside imo....but great to see profitable setups within subordinate cycles....'wheels within wheels' All the best.
Attached Image (click to enlarge)
Click to Enlarge Name: EU fib update 2.PNG Size: 54 KB
  • #6,975
  • Feb 18, 2011 7:50am Feb 18, 2011 7:50am
Quoting sidefx
....now around yesterday's low and the current dominant fib's 38.2...hrly inside candles/bars printing...looking for a long entry to blue fibs T1....does this makes sense to anyone else...on a day by day perspective this week, price is making higher highs and higher lows..but then the 61.8 inner white fib has been respected so should i really be looking for shorts now...confusing
remember the direction short or long is only indicated when you have had a piercing of the 0-100 level... you should always take that as your clue to short or long,

also a big range long set up will also have small ranges within it that offer shorts, you might just be trading the retrace of the bigger fib....
  • #6,976
  • Feb 18, 2011 8:03am Feb 18, 2011 8:03am
Quoting sidefx
...zoomed out further on the hrly and this is the more dominant fib in play to the downside imo....but great to see profitable setups within subordinate cycles....'wheels within wheels' All the best.
i think youre getting it mate.... pips coming your way
  • #6,977
  • Feb 18, 2011 8:25am Feb 18, 2011 8:25am
Quoting darrenlittle
current EU trade....

http://i1222.photobucket.com/albums/...ells/eunow.png
finished its cycle... got my profit...

http://i1222.photobucket.com/albums/...ells/eutp1.png
  • #6,978
  • Feb 18, 2011 8:43am Feb 18, 2011 8:43am
Quoting darrenlittle
finished its cycle... got my profit...

http://i1222.photobucket.com/albums/...ells/eutp1.png
bootiful
  • #6,979
  • Feb 18, 2011 4:10pm Feb 18, 2011 4:10pm
12345.... trade the plan! repeat, repeat, repeat

90% win rate this week...

http://i1222.photobucket.com/albums/...obells/5-1.png
  • #6,980
  • Feb 18, 2011 5:54pm Feb 18, 2011 5:54pm
DL,

May I ask how do you determine the amount of retracement you'd like to see before you enter? Do you just need to see a stall at a significant fib?

That was some precise trading. great RR. Much better than what I would have done (enter at the break and possibly add later).
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