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Indicator Free Trading - Skunny

  • #7,061
  • Feb 25, 2011 1:35pm Feb 25, 2011 1:35pm
Love using the fib channels, great tool, you could trade with that only

Price Action and fibonacci tools...

or pin bars and trend lines....

or support/resistance and shooting star....

EU
http://i1222.photobucket.com/albums/...25at193303.png

GU
http://i1222.photobucket.com/albums/...25at193121.png
  • #7,062
  • Feb 27, 2011 7:22am Feb 27, 2011 7:22am
hello darren,

a short question about the fib channels - do you enter any additional fib levels in the properties tab for them, or do you use the default ?

If you don`t mind could you give me a link for your pivot indicator ? I only have a multitimeframe one and I like the clear look of your levels in different colours.

==============

The last question I have is if you take correlation very much into consideration : e.g. Euro looks potentially bullish to me, GBP bearish. Do you expect ( and prepare the fibs placement ) that they get in sync again near term ?


Thanks for the charts, I am learning every day and reading the whole thread once AGAIN....( a bit like KISSfan obviously )


__________
michael
Be like water.
  • #7,063
  • Edited 1:30pm Feb 27, 2011 9:40am | Edited 1:30pm
Quoting msmarple
hello darren,

a short question about the fib channels - do you enter any additional fib levels in the properties tab for them, or do you use the default ?

If you don`t mind could you give me a link for your pivot indicator ? I only have a multitimeframe one and I like the clear look of your levels in different colours.

==============

The last question I have is if you take correlation very much into consideration : e.g. Euro looks potentially bullish to me, GBP bearish. Do you expect ( and prepare the fibs placement ) that...
I have added-38 -50 -61... the fib fan and channels i pull up over the weekend and use the mainly as a trend line guide, every time i look at them I think, you could build a trade strat out of these alone... but my daily fib strat makes the pips so easily I dont really need to look for another strat...

Heres the auto day pivot/fibonacci... i does all sorts and you can go into the settings and turn on/off what you want to see...
http://forums.babypips.com/newbie-is...point-mt4.html

I try not to make any trades based of bias or what pairs should be doing, sure going short on gu and long on eu feels odd, but the whole point of my trading is the rules decide the trade, i just place the order.... My backtesting has told me that if you just traded the plan, forget the news, the bias or any other fundamentals you would still make profit... but i must point put, the one thing i always do is zoom out on my 1hr chart to look at the big picture.... eu at the end of last week was a great example, i had a long signal on friday, but summing it all up it seemed like there would need to be an almighty push for the eu to go higher again.... so i sat out... really thats the only judgement i make, take the signal, or leave it..

I challenge anyone to find a week on euro where you would of lost trading the daily range on the 1hr chart, not saying you wont find any... but youre not going to find many...! and a fair few that could of gone either way... but i have visually backtested the last 2 years, im confident its a solid system..

good luck next week, i will post some more charts...
  • #7,064
  • Edited 6:55pm Feb 28, 2011 6:25pm | Edited 6:55pm
Here is trade I'm currently in, a little late on the entry. You can also see where my SL is. Let's see how it works out. I know we are near previous highs (Daily chart), but I think it has a good chance of breaking though on this move. I was in the GBP move this morning and that is definitely going to go higher in the next few days, IMO
Attached Image (click to enlarge)
Click to Enlarge Name: 022811-skunny.gif Size: 33 KB
  • #7,065
  • Mar 1, 2011 2:08am Mar 1, 2011 2:08am
Quoting darrenlittle
I have added-38 -50 -61... the fib fan and channels i pull up over the weekend and use the mainly as a trend line guide, every time i look at them I think, you could build a trade strat out of these alone... but my daily fib strat makes the pips so easily I dont really need to look for another strat...

Heres the auto day pivot/fibonacci... i does all sorts and you can go into the settings and turn on/off what you want to see...
http://forums.babypips.com/newbie-is...point-mt4.html

I try not to make any trades based of...
Thank you darren, very helpful. I will post charts too - sometimes it seems to be too easy to be true, at other times I have difficulties in finding the correct swing --- well, need more practice.

Best regards,




______________
michael
Be like water.
  • #7,066
  • Mar 1, 2011 3:30am Mar 1, 2011 3:30am
Quoting msmarple
Thank you darren, very helpful. I will post charts too - sometimes it seems to be too easy to be true, at other times I have difficulties in finding the correct swing --- well, need more practice.

Best regards,




______________
michael
if you do enough backtesting, you quickly see that less than 1 in 5 days are reversals... if you have trouble with your swings, just pick the big move of the day on 1hr chart, its rarely wrong, if it isnt clear, move on to a pair where it is...
  • #7,067
  • Mar 1, 2011 3:30am Mar 1, 2011 3:30am
S&P 500...

http://i1222.photobucket.com/albums/...01at084202.png
  • #7,068
  • Mar 1, 2011 8:13am Mar 1, 2011 8:13am
Quoting darrenlittle
I have added-38 -50 -61... the fib fan and channels i pull up over the weekend and use the mainly as a trend line guide, every time i look at them I think, you could build a trade strat out of these alone... but my daily fib strat makes the pips so easily I dont really need to look for another strat...

Heres the auto day pivot/fibonacci... i does all sorts and you can go into the settings and turn on/off what you want to see...
http://forums.babypips.com/newbie-is...point-mt4.html

I try not to make any trades based...
I can't seem to get through to that link. hmm.
  • #7,069
  • Mar 1, 2011 8:42am Mar 1, 2011 8:42am
Quoting newark18
I can't seem to get through to that link. hmm.


Here you got... attached
Attached File(s)
File Type: mq4 vS_PivotsD_v4.mq4   31 KB | 383 downloads
  • #7,070
  • Mar 2, 2011 10:48am Mar 2, 2011 10:48am
EU trade... left out the inside day, made a nice profit

http://i1222.photobucket.com/albums/...ls/eubar-1.png
  • #7,071
  • Mar 2, 2011 1:18pm Mar 2, 2011 1:18pm
Waiting on this one to retrace and break down again.
Attached Image (click to enlarge)
Click to Enlarge Name: 500492204 MBT MetaTrader 4 - [USDDKK,H1]_2011-03-02_13-14-58.jpg Size: 88 KB
  • #7,072
  • Mar 2, 2011 3:25pm Mar 2, 2011 3:25pm
So it went it up and retraced, now I am at BE. Hopefully it will keep going...
Attached Image (click to enlarge)
Click to Enlarge Name: 500492204 MBT MetaTrader 4 - [USDDKK,H1]_2011-03-02_15-20-58.jpg Size: 89 KB
  • #7,073
  • Mar 3, 2011 12:32pm Mar 3, 2011 12:32pm
Quoting darrenlittle
S&P 500...

http://i1222.photobucket.com/albums/...01at084202.png

and again

http://i1222.photobucket.com/albums/...03at144517.png
  • #7,074
  • Mar 3, 2011 1:07pm Mar 3, 2011 1:07pm
I have been experimenting with cycle based fibs and they are much harder (being that I am so inexperienced). Based on my limited experience so far, I don't see many retracement entries based on time based fibs. I could be wrong but I am seeing many more opportunities to enter retracement trades if I use cycle based fibs.
  • #7,075
  • Mar 3, 2011 2:54pm Mar 3, 2011 2:54pm
Quoting newark18
I have been experimenting with cycle based fibs and they are much harder (being that I am so inexperienced). Based on my limited experience so far, I don't see many retracement entries based on time based fibs. I could be wrong but I am seeing many more opportunities to enter retracement trades if I use cycle based fibs.
Newark for the time based fibs you really need to be around for london and new york open..

but swing fibs work equally as well, just make sure you know the order flow and where price is most likely to head,
  • #7,076
  • Mar 3, 2011 3:02pm Mar 3, 2011 3:02pm
Quoting darrenlittle
just make sure you know the order flow and where price is most likely to head,
Can you elaborate on the meaning of order flow?
  • #7,077
  • Mar 3, 2011 4:16pm Mar 3, 2011 4:16pm
Quoting newark18
Can you elaborate on the meaning of order flow?
well i suppose you can say trend.... i will look at a 4hr tf, making higher highs and higher lows, order flow is long, look for long swings on the 1hr to fib...
  • #7,078
  • Mar 3, 2011 7:46pm Mar 3, 2011 7:46pm
Is that less important when using time based fibs?
  • #7,079
  • Mar 4, 2011 5:11pm Mar 4, 2011 5:11pm
Quoting newark18
Is that less important when using time based fibs?

its always important whatever way you trade...

first job everytime you open you chart is to zoom out and see where the order flow is... who is controlling this market? the bulls or the bears?

are we at or near a significant high/low?

if you trade the same pairs every day you should know this already, but i always always do it anyway,, i just ask myself the question? who is in control!
  • #7,080
  • Mar 8, 2011 8:57pm Mar 8, 2011 8:57pm
I am intent on figuring out cycle based fibs. So I am starting from the basics to see what I may have missed. Can someone who is more experienced than me explain why the support (in the blue rectangle) was not fibbed in Skunny's chart?

http://i55.tinypic.com/14mf02t.gif

http://www.forexfactory.com/showpost...&postcount=386

Any help would be appreciated!
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