Indicator Free Trading - Skunny

The above title pretty much sums up my thoughts on this thread. I have diligently read through the thread over the last three weeks and have learnt more than almost 5 years (albeit on and off) trading.

Is anyone still trading (or learning) this way, using the fibs as targets etc? I do know Skunny has a site now where he is teaching all of this, but the nuggets of information here are well worth the effort to read.

ScottyB, I understand your arguments and I have read up a bit about what you have said and as such am trying to blend what I have learnt here and taken other info, into a comprehensive system.

Here is what has happened over the last three weeks:

Traded along as I learnt, using smaller time frames (15 mins), using a simple fib, as detailed, looking for breakouts and aiming just short of my target areas, that way I am locking in profits. For last week, traded 100%, no losses, using a quick get in and get out mentality. If a trade turns against me, then I look to the inner fibs, for the PA to signal a bounce and then trade that as well. Luckily all the trades I have taken have been positive in the end, but occasionally had to wait a few hours to hit my target.

I am now at the stage where I want to check the data across a range of platforms and in doing so today, I have discovered that the 3 platforms I have checked have extremely varying data, and therefore varying degrees of success for this method.

My questions are:

1. Anyone trading this method, live successfully?
2. What brokers are you using, if the above is true?

I don't care about you proving to me your accounts or pip count, I want to find who the best brokers are for this way of trading. I intend to do my due diligence anyway and see if the broker fits me....

Look forward to some responses..

TP

Eat this thread up, it will be an important phase for you to pass through. As you progress through it, think about why you like it. As you reflect on these things, think about human nature and what motivates and inspires people to act. That's what trading is really all about and this thread could be very valuable in teaching you this lesson.

I didn't read all the posts yet...but after this i will surely be scrutinizing every bit of fibonacci..this 'thing' amazed me...i wonder why does fibonaccci works?

Hello everyone,

After about 12 years in spot forex, I hv just recently unlocked fib. stuff in my own way and it's by accident.

I never had luck with fibs. Been following this thread from inception in 2007...Never could get it.. Never really understood why fib works and how....

Also, Please read another thread made by BEMAC....forgot the threads name and cannot find it...it's bemacs stuff finding motive waves with corrective waves, in other words corrective waves govern how much the future motive shall go and which direction!!... the motive waves, that we like to trade.

Yes, read a whole lots of thread in the forum...very long time lurker. Newbies also needs to understand support/resistance(sam seiden etc), supply/demand, period. Knowing price action is a must...Please read the thread...price is everything..and few more such as 'drawing correct support/resistance'.

must also know wave theory, a whole lot of it i.e. elliott wave.

After years into it but never gave up. Just about 4 months ago, the curtain just went down and walla....I'm projecting each and every one of the motives in 5m/15m in line...projections may be off for 2 to 8 pips...but all are successful.

There is no substitution for knowledge.

the thing with this method is the losses are far bigger than gains, oftentimes its 1 loss = 3 gains, skunny has said on page 64 thats fine for him but it may not suit everybody, sure it can work if overall the expectancy is positive but personally i prefer to have my losses smaller than or at the maximum equal to my gains.

just a personal thing i guess

I recently found this thread (and I'm only halfway through it), but I've already started applying some of the lessons in a profitable manner; I bought a bounce off of an inner fib and sold when price bounced off of the 138.2 extension of a previous swing (E/U, 15m):

I wish I had been trading when this opportunity presented itself :

A bounce off the 61.8 retracement of the London/NY swing carries price all the way to the 1.382 extension the following day. With the way I've been trading these fibs (a hard stop behind the 61.8, half off at 1:1 R:R and the other half left to run to 1.382), that is some great Risk:Reward.

WOW, it has been a long time since I have checked in. Amazed this thread is still going, well some times anyway. I like the description of it being like a "volcano" that someone posted. How true! I see ScottyB still checks in as well as Brunite. I see many new posters, nice to see.

Hey Grk! Good to see you too!

Yes....I do check in on occasion. I have this thread set to "subscribe" so I get a notice when folks have posted. Many have come and gone. Sizz is one that comes to mind. Thom Knight too! That 3-dog guy. Even good ole ScottyB (but I liked him better as the little old man he first portrayed himself as and less as Adam Sandler....er....I mean Dwight Shrute).

Anyway.....lots of stuff here worth exploring....but no grail giveaways. Those that take 2-3 years looking at this stuff will likely come away with value. I think Grk knows that. The comments were more for the recent folks.

Cheers old mates!!

Darren, as one trying to take in this huge thread, your mention of basics got me wondering.
Would it be possible for you or someone else to just summarise and list key posts in this thread.
Maybe if Skunny agrees, they could be compiled and included in post 1.
I have got to about page 50, and so far, for me the key posts are:
p2 #21,p #45,p6 #81,p10 #137,p14 #202,p19 #279,p23 #336,p 27 #391 p34 #502.
It would help us newcomers get upto speed a lot faster.
Thanks

Here you go mate..enjoy

Much appreciated, Hush. Where was been hiding?
EP

Me or the pdf?

Was so engrossed in the thread, did not expect that the posts would have already been put together. Neglected to check the attachements properly. I see you are just across the pond. LOL.

Have any of you guys just placed a skunny fib on the Tokyo session and waited for a breakout using the 1.382 ext. as an exit? Try it you just might like it.Yesterday produced two winners.

Lets get this baby rolling again - After the markets settle down from all the dollar-franc transaction we should be able to read a few moves. Maybe by Tuesday if the ineptness of our beloved Government Elites have kissed and made up. see ya next week sometime. Great work everyone.

...great with hindsight.

There is a lot to learn in hindsight. That chart says a lot! find how the anchor points correlate with the set up. you'll do just fine.

Spend more time identifying the cycles - it isn't always possible, but the market will show it roughly every other day on an hourly.

There are 3 pieces to the Fibonacci equation - identifying 2 pieces helps you calculate the 3rd.

Remember - applied correctly, Fibonacci tracks natural movement - (when markets are free flowing). When government bodies move the markets (artificially) then Fibonacci will appear to have been false.

Kinda like this here - just the concept is shown.