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Trading Without Charts

  • #1
  • First Post: Edited Nov 25, 2021 6:40am Nov 24, 2021 4:17pm | Edited Nov 25, 2021 6:40am
Discussion thread - please refer to my Journal post at: https://www.forexfactory.com/thread/...2#post13800372 for full details.

Edit - someone has kindly altered the code for me, so that only the relevant RSI reading is displayed.

There are also now options to choose the 3 timeframes you want to average out. Feel free to experiment with those.

I'd also suggest starting with Up value of 60 and Down value of 40.

Attached File(s)
File Type: mq4 RoadMap_TrendBand_Test5.mq4   16 KB | 1,068 downloads
  • #2
  • Nov 25, 2021 2:31am Nov 25, 2021 2:31am
Sounds good. Don't think I'll be able to help myself though, I'll have to see what the trade looks like on the charts!

Good to see you back.

If you are able to post the mq4 file, someone may be able to make the changes for you.
Good Trading
  • #3
  • Nov 25, 2021 3:04am Nov 25, 2021 3:04am
Follow. This is interesting.
I Think charts it's in some case a little confusing , and amplify your emotions. I'm profitable, ma it's good to prove new idea.
  • #4
  • Nov 25, 2021 3:26am Nov 25, 2021 3:26am
This method will be very interesting to follow, because it seems like it will be a modernized twist to how Jesse Livermore traded stocks with his “price action ledgers” only, in a time period preceding the fancy charts and indicators we have today.

Recently, I have been visually comparing stochastics of the different timeframes on trading instruments. I use Tradingview, so I will be watching the results and findings that everyone has using this method on Metatader, with great interest! Thanks for this thread, Laura!
  • #5
  • Nov 25, 2021 5:02am Nov 25, 2021 5:02am
Its always nice to see you around and exploring new ideas. Stochastic always catch my interest more than anything and will follow and see how this develop.
Which stochastic settings do you use (default-5,3,3) from that dash?
Be Greedy
Dices Return This Week: na
  • #6
  • Nov 25, 2021 6:40am Nov 25, 2021 6:40am
I have updated the first post with the new version of the indicator.
  • #7
  • Nov 25, 2021 6:41am Nov 25, 2021 6:41am
Quoting AKCodingEye
Its always nice to see you around and exploring new ideas. Stochastic always catch my interest more than anything and will follow and see how this develop. Which stochastic settings do you use (default-5,3,3) from that dash?
Hey AK - nice to see you again.

Yes - 5/3/3 for stochastic settings.
  • #8
  • Nov 25, 2021 7:03am Nov 25, 2021 7:03am
Posting examples will be tricky due to not using charts

But I've shorted SPX at 4710.44 due to the RSI value dipping below 40. I'll probably take the trade off, win or loss, just before the open (unless the number goes above 60).
  • #9
  • Nov 25, 2021 7:05am Nov 25, 2021 7:05am
Quoting LauraT
I have updated the first post with the new version of the indicator.
In your journal you mentioned about stoch and your added new indicator uses RSI. Are you using stoch or RSI?
Be Greedy
Dices Return This Week: na
  • #10
  • Nov 25, 2021 7:13am Nov 25, 2021 7:13am
Quoting AKCodingEye
{quote} In your journal you mentioned about stoch and your added new indicator uses RSI. Are you using stoch or RSI?
In my experiments so far I've been using the Stoch dashboard. But it's not free so I'm trying to work with the free RSI-based indicator in order that others can follow along.

So, a bit of both is the answer
  • #11
  • Nov 25, 2021 7:14am Nov 25, 2021 7:14am
Shorted Dow @ 35854
  • #12
  • Nov 25, 2021 7:41am Nov 25, 2021 7:41am
Quoting LauraT
Shorted Dow @ 35854
Took partial profits +23
  • #13
  • Nov 25, 2021 7:47am Nov 25, 2021 7:47am
rsi, stoch, macd?
I don't even care about the whole strategy anymore.
  • #14
  • Nov 25, 2021 8:14am Nov 25, 2021 8:14am
Quoting LauraT
Posting examples will be tricky due to not using charts But I've shorted SPX at 4710.44 due to the RSI value dipping below 40. I'll probably take the trade off, win or loss, just before the open (unless the number goes above 60).
Took profit on SPX.

Attaching a chart just to demonstrate the price action (which I didn't check beforehand).

Attached Image (click to enlarge)
Click to Enlarge Name: screenshot.png Size: 21 KB
  • #15
  • Nov 25, 2021 8:36am Nov 25, 2021 8:36am
Quoting LauraT
{quote} In my experiments so far I've been using the Stoch dashboard. But it's not free so I'm trying to work with the free RSI-based indicator in order that others can follow along. So, a bit of both is the answer
Attached dash do Stoch M5+15+30+60 / 4 in stoch avg so can you run for a while to see if that near match with your dash value. So we don't need two.
Attached File(s)
File Type: mq4 StochBands_Dices_v1.mq4   13 KB | 685 downloads
Be Greedy
Dices Return This Week: na
  • #16
  • Nov 25, 2021 8:41am Nov 25, 2021 8:41am
Quoting AKCodingEye
{quote} Attached dash do Stoch M5+15+30+60 / 4 in stoch avg so can you run for a while to see if that near match with your dash value. So we don't need two. {file}
Excellent, thank you.
  • #17
  • Nov 26, 2021 4:44am Nov 26, 2021 4:44am
Hello,
I have these indicators in my backup folder. Maybe one of these can help you.
I didn't code these indicators, i've just downloaded them for free time ago.
Attached File(s)
File Type: ex4 MTF-Multi-Pairs-Stochastic-Dashboard-Indicator.ex4   25 KB | 591 downloads
File Type: ex4 multi-mtf-currencies-rsi-dashboardB.ex4   36 KB | 520 downloads
File Type: ex4 Stochastic Dashboard.ex4   48 KB | 545 downloads
File Type: ex4 stochastic-dashboard-mtf-indicator.ex4   119 KB | 510 downloads
  • #18
  • Nov 29, 2021 1:02am Nov 29, 2021 1:02am
Hi and thanks for sharing.

How do you place a stop loss, since we don't see graphs?

Are you placing for instance a 10-20 pips stop?
  • #19
  • Nov 29, 2021 1:32am Nov 29, 2021 1:32am
Quoting Alberto_Jazz
Hi and thanks for sharing. How do you place a stop loss, since we don't see graphs? Are you placing for instance a 10-20 pips stop?
Hi,

As I'm only trading with the numbers, I exit my position based on the same thing. So, if I get short a market that has a reading of 39, my exit point would be when the reading hit 60.

Clearly my approach will not suit everyone though. I understand that some people will need a pip/point/monetary stop level. I'm afraid that has to be personal judgement however.

One warning I'd have is that volatility is such that a position can temporarily go against you before the trend re-asserts itself, so I'd advise against having a stop loss too tight.

Ultimately this was a silly experiment whose results positively surprised me. I'd expect people to be wary of the approach for various reasons. But, if you are a numbers person and don't feel overly attached to charts, give it a go and perhaps you'll be positively surprised too.
  • #20
  • Nov 29, 2021 6:47am Nov 29, 2021 6:47am
[quote=LauraT;13804431]{quote} Hi, As I'm only trading with the numbers, I exit my position based on the same thing. So, if I get short a market that has a reading of 39, my exit point would be when the reading hit 60.etc etc-------------

Hi Laura,
From testing to date and the RSI comp values, how long is it taking to traverse those values from whatever instruments you have experience with so far.

As you said above, volatility can temporarily move against a current position, so testing the system will play an important part of the decision making, especially when applying a stop loss value, e.g.(60) from an entry value of say 35.

An example from your work would assist us as we venture into this new world

Ben
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