(binned per thread starter’s request) Trading with only basic con

Some say using basic concepts of technical analysis is not enough to be a successful trader. It would be interesting to see if there are traders here who are trading with only very basic concepts.

An example is a trader using only horizontal support and resistance or trend lines. I don't want to limit basic to what I've mentioned here so please when you post identify how your trading is basic.

But, please always post a chart and a brief explanation of how you are using your basic concepts.

Disqualifiers: custom indicators, charts with numerous indicators, using advanced theories such as Elliot waves or Harmonics.

You don't have to prove profitability to post and comments criticizing this are not welcome.

I'll go first with something I'm working on directly as a result of other's questioning the validity of very simple trading and that such trading is not possible.

So here is the current EURUSD 5 minute chart. All I have on this chart are horizontal lines drawn from swing tops and bottoms. I've also put in some arrows pointing to large candles. I'm looking at how price reacts as it either approaches a top or bottom and how certain candles or candle formations (price action) alone might signal a trade and how a trade entry might best occur. So very undeveloped at this point.



EDIT: Basically same chart with some notations along the lines of what I'm thinking.

Hi!

I don't know if I can be disqualified, but if time can be used as additional... but you also have lines and time on your chart, so it is ok I think

Working hours: London Open - NY open +2 hours.

If candle closed lower Asian low - short, if higher - long.

That's great Ryuryu! Looks quite basic to me! Are you using this consistently?

Thanks for your kind words! I'm using it to trade long on crypto spot mostly. On forex I'm trading imbalances on 1m TF, but there are so many indicators you will disqualify me

P.S. Please keep in mind if you want trade crypto with that approach you have to shift working hours. Crypto day somehow starts at +3 hours from forex. So the Asian Session calculations must be shifted (moreover there are only Asian session haha). But it is also good for forex, I just found it very slow and I don't like trades that last more than few seconds, but this thread is not about my preferences.

Excellent, I have been observing the same basic concepts since a week and concluding that it works the same way you mentioned. you are an awesome person. Thank you for sharing the good info. Please give us more inputs if you come across

Great idea Winston Reed (https://www.forexfactory.com/winston*reed)!
This is a very interesting thread, I'll follow it and try to share if I can.
Thanks!