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Indicator Free Trading - Skunny

  • #6,981
  • Feb 18, 2011 6:52pm Feb 18, 2011 6:52pm
Quoting newark18
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).
some would say exactly on the 61.8... but that is trading harmonic patterns and yes they are extremely reliable,

i like to look for price to respect a fib then start going the right direction, or a nice candle pattern like a double bottom.... the thing is with a stop just below you are risking very small pips so overall you will always win.. as long as you stick to your plan and trade that plan

you can even wait for it to stop on a fib, then go back your way and cross the next fib.... enter there?..... i know the hardest thing to do is go long when price is going short....

practice and it becomes easier
  • #6,982
  • Feb 18, 2011 9:06pm Feb 18, 2011 9:06pm
darren, thanks for the great charts this week. Question : do you mainly look at 1h and execute trades right from there, or do you drop down to 15min when watching retraces or price behaviour on inner levels ?

Great inspiration, I knew this must work somehow - and now at last practical examples and less cryptic clues....( just joking, don`t want to diminish the great posts by others here )

Have a nice weekend.



___________
michael
Be like water.
  • #6,983
  • Feb 18, 2011 9:17pm Feb 18, 2011 9:17pm
Quoting msmarple
darren, thanks for the great charts this week. Question : do you mainly look at 1h and execute trades right from there, or do you drop down to 15min when watching retraces or price behaviour on inner levels ?

Great inspiration, I knew this must work somehow - and now at last practical examples and less cryptic clues....( just joking, don`t want to diminish the great posts by others here )

Have a nice weekend.



___________
michael

yes i struggled with a lot of the charts... but i kept referring back to Skunny insisting we keep it simple.....

I always stay on the 1hr chart... from there i can see what the daily and weekly are doing by just zooming out a little... no i never find the need to go to the 15m chart.... im sure you can but why complicate it.

Skunny made a very good point that wether you are trading in the usa, asia, or europe, all 1 hour candles will start at the same time... if I am seeing an indication that price is going one way, i want as many people to be seeing it too... not sure if that makes sense or is true..
Ultimately i feel comfortable on the 1hr chart...
  • #6,984
  • Feb 19, 2011 6:06am Feb 19, 2011 6:06am
Hi Skunny, Darren and all,

I made this 2 trades on EU yesterday but in an trend it was easy to made

Greg
Attached Image (click to enlarge)
Click to Enlarge Name: eu1802.gif Size: 40 KB
  • #6,985
  • Feb 19, 2011 6:32am Feb 19, 2011 6:32am
Quoting gregart
Hi Skunny, Darren and all,

I made this 2 trades on EU yesterday but in an trend it was easy to made

Greg
Nice Gregart, like the way you trade the retrace aswell... good stuff

yeah trends make fib trading really easy.... so sensible people trade the pairs that trend more often.... trading is simple, it's not easy
  • #6,986
  • Feb 20, 2011 9:45am Feb 20, 2011 9:45am
Here's a couple, I know I have Gann Zig Zag on one chart, but I used it for other entries on the same chart.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 500473919 MBT MetaTrader 4 - [EURUSD,H1]_2011-02-20_09-19-57.jpg Size: 63 KB
Click to Enlarge Name: 500473919 MBT MetaTrader 4 - [USDDKK,H1]_2011-02-20_09-37-42.jpg Size: 63 KB
  • #6,987
  • Feb 20, 2011 11:59am Feb 20, 2011 11:59am
nice
Quoting knucklehead
Here's a couple, I know I have Gann Zig Zag on one chart, but I used it for other entries on the same chart.
  • #6,988
  • Feb 20, 2011 12:59pm Feb 20, 2011 12:59pm
Quoting darrenlittle
12345.... trade the plan! repeat, repeat, repeat

90% win rate this week...

http://i1222.photobucket.com/albums/...obells/5-1.png
DL,

When do you move your 0 and 100% levels if the next day does not provide a TP? For instance, you set your fibs on day 1. On day 2, price trades above the daily high of day 1 but price does not reach TP of day 1. On day 3, do you keep the same TP as from day 1 or do you re-adjust based on the high and low of day 2? It seems like you are trading time-based fibs (which I just learned recently).

Thanks for any help.
  • #6,989
  • Feb 20, 2011 2:50pm Feb 20, 2011 2:50pm
Quoting newark18
DL,

When do you move your 0 and 100% levels if the next day does not provide a TP? For instance, you set your fibs on day 1. On day 2, price trades above the daily high of day 1 but price does not reach TP of day 1. On day 3, do you keep the same TP as from day 1 or do you re-adjust based on the high and low of day 2? It seems like you are trading time-based fibs (which I just learned recently).

Thanks for any help.

I think this chart may answer your question. If you would have adjusted it, you would have missed any piercings. I did not trade this pair per this system. But, one thing that I see about the first piecing is it never really retraces. This should be a clue that it may be premature to enter the trade. Once it retraces it shoots up. In my opinion, this would have been a good place to use one of Ganns rules, which that a change in trend happens when we get three lower low bars or three higher high bars, opposite the current trend. This would have kept you from entering at the wrong time.
Attached Image (click to enlarge)
Click to Enlarge Name: 500473919 MBT MetaTrader 4 - [EURCAD,H1]_2011-02-20_14-41-57.jpg Size: 44 KB
  • #6,990
  • Feb 20, 2011 2:55pm Feb 20, 2011 2:55pm
Quoting newark18
DL,

When do you move your 0 and 100% levels if the next day does not provide a TP? For instance, you set your fibs on day 1. On day 2, price trades above the daily high of day 1 but price does not reach TP of day 1. On day 3, do you keep the same TP as from day 1 or do you re-adjust based on the high and low of day 2? It seems like you are trading time-based fibs (which I just learned recently).

Thanks for any help.
generally if a trade has triggered the fibs remain until tp1 is hit...

but this is not a hard and fast rule, I will always look at the big picture and see what the price action is telling me... I know thats a bit vague, maybe post a chart of an example and i could give a better explanation...

What i will always try to do is keep my trading simple, i have a plan written down with just 5 points on, i try and stick to this for nearly all my trades, this produces consistency and reliable results.
  • #6,991
  • Feb 20, 2011 3:04pm Feb 20, 2011 3:04pm
Quoting darrenlittle
generally if a trade has triggered the fibs remain until tp1 is hit...

but this is not a hard and fast rule, I will always look at the big picture and see what the price action is telling me... I know thats a bit vague, maybe post a chart of an example and i could give a better explanation...

What i will always try to do is keep my trading simple, i have a plan written down with just 5 points on, i try and stick to this for nearly all my trades, this produces consistency and reliable results.

Ha, I missed the TP part. I thought he was talking about if the fib isn't triggered by the fib plots. Thats what I get for drinkin beer while reading posts.
  • #6,992
  • Feb 20, 2011 3:24pm Feb 20, 2011 3:24pm
I know the chart is messy, but here is one to keep an eye on.
Attached Image (click to enlarge)
Click to Enlarge Name: Greenshot_2011-02-20_15-21-32.jpg Size: 56 KB
  • #6,993
  • Feb 20, 2011 5:10pm Feb 20, 2011 5:10pm
Quoting knucklehead
I know the chart is messy, but here is one to keep an eye on.
I dont really trade that pair... how do you find it?
  • #6,994
  • Feb 20, 2011 5:12pm Feb 20, 2011 5:12pm
Quoting knucklehead
Ha, I missed the TP part. I thought he was talking about if the fib isn't triggered by the fib plots. Thats what I get for drinkin beer while reading posts.
  • #6,995
  • Feb 20, 2011 5:29pm Feb 20, 2011 5:29pm
Quoting darrenlittle
I dont really trade that pair... how do you find it?

MB Trading. This is my favorite pair to trade.
  • #6,996
  • Feb 20, 2011 6:06pm Feb 20, 2011 6:06pm
Quoting knucklehead
MB Trading. This is my favorite pair to trade.
just scanned last week, seems there was some easy pips there last week... if there is such a thing...
  • #6,997
  • Feb 20, 2011 9:18pm Feb 20, 2011 9:18pm
Quoting darrenlittle
just scanned last week, seems there was some easy pips there last week... if there is such a thing...

Sometimes there is. Tonight sucks, I think I have only got about 15 pips tonight. I just missed on about thirty on a 5m. I may use some MM and try for a few more, the 15m USD/DKK is looking good. I am waiting on it to retrace before jumping in. Anything goin on with you this session?
  • #6,998
  • Feb 21, 2011 5:31am Feb 21, 2011 5:31am
Quoting knucklehead
Sometimes there is. Tonight sucks, I think I have only got about 15 pips tonight. I just missed on about thirty on a 5m. I may use some MM and try for a few more, the 15m USD/DKK is looking good. I am waiting on it to retrace before jumping in. Anything goin on with you this session?
i took tp1 gold +30 before i went to bed, 2nd lot took off in the morning +105 and running
  • #6,999
  • Edited 10:39am Feb 21, 2011 6:34am | Edited 10:39am
Gold trade from the market open this week.. TP1 +30 second lot +105 still running

this is a good example of the fact that fibs dont have to be respected exactly, all i did here was focus on support and resistance,
bulls are clearly in control, resistance was broken, price retraced then went back through the resistance level... sometimes it is just a case of looking at the price and trade...

http://i1222.photobucket.com/albums/...ells/gold1.png

http://i1222.photobucket.com/albums/...ells/gold2.png

gold continues to soar +170 now

http://i1222.photobucket.com/albums/...21at163817.png
  • #7,000
  • Feb 21, 2011 10:41am Feb 21, 2011 10:41am
What with the US holiday, i'm cautious trading today. Setup looks OK on GU from friday's swing, retracing to inner (blue) fib 50% and the Monthly R3 pivot...138.2 T1 coincides with the 6300 round number, so on balance i'll take the trade, just need to decide on a suitable entry

Messy, wicky PA though given the holiday....need this to tidy up before taking the risk, i think.
Attached Image (click to enlarge)
Click to Enlarge Name: GU1.PNG Size: 44 KB
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