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Trading without charts (tape-reading) 35 replies

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Trading Without Charts

Quoting btrfx1
Quoting LauraT
{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,
...
Hey Ben,

It varies. I had a Dow trade last week that triggered short and then, during the trade, went as high as 58 before dropping again. So it never reached the cut-off point at all. On the other hand, I've had trades that have flipped from long to short or vice versa within half an hour.
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}
Thank you for posting this indicator it's awesome, but I was wondering is there anyway to add an alert if the Stoch avg. crosses <60 or >40
As your rules are well defined and the idea is to take visuals and emotion out of the picture, it would seem the next (maybe logical) step would be to automate the process and develop an EA, then you are completely divorced from the charts
" check out The Traders Outpost "
Hi LauraT, thanks for this interesting new method.
I don't use MetaTrader, but the concept is universal.
Watching the price numbers, it was as feeling the price in a different way and it helped me to have another dimension added to sense the market.
Quoting LauraT
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. {file}

unless i've missed something this seems far too simple and basic for it to be profitable with the explanations you have given.
either it doesn't work or some critical written part is missing.

that table doesn't even tell you which way the stoc is facing, what if the stoc is like 65 but turned downwards and you buy based just on the number?
not a very high profitable trade is it?
Quoting LauraT
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. {file}
Many thanks for your sharing.
One thing I wonder is: did you try the EA for this strategy? I think it is simple for coding.
I expected we could use something else to refine the signal for more accurate.
Anyway, your strategy sounds really interesting. I'll try.
I know some traders who trade without charts and trade due to volumes, and moreover they have nice results. Anyway it requires plenty of experience and knowledge in order to start trading by volumes. Sometimes volumes can cheat on traders and this fact is a well known. That's why I can'y allege that trading without charts is a good idea. If you just checking various strategies, then you can try to trade without charts, for example, paying attention only on orders and volumes plus RSI, but I doubt you will be suceeded.
Trading requires serious approach, otherwise it's just a way to nowhere definitely.
Which 3 timeframe combination you would recommended.
Quoting LauraT
{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. 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....
How does it look when a stop loss is too tight?
Quoting RedLineFred
As your rules are well defined and the idea is to take visuals and emotion out of the picture, it would seem the next (maybe logical) step would be to automate the process and develop an EA, then you are completely divorced from the charts
Is it really possible to divorce the trading chart! I don’t think so! Forex market is random & it’s a long game!
Quoting AbdullahBin
{quote} Is it really possible to divorce the trading chart! I don’t think so! Forex market is random & it’s a long game!
Nice One AbdullahBin

أحسنت
Shekh In Desert
Quoting ToSatisfy
{quote} Nice One AbdullahBin أحسنت

Thank you, I really appreciate your feedback!
Quoting kain775
{quote} unless i've missed something this seems far too simple and basic for it to be profitable with the explanations you have given. either it doesn't work or some critical written part is missing. that table doesn't even tell you which way the stoc is facing, what if the stoc is like 65 but turned downwards and you buy based just on the number? not a very high profitable trade is it?
Don't use it then.
All you touch and all you see, is all your life will ever be.
Quoting kain775
{quote} unless i've missed something this seems far too simple and basic for it to be profitable
Tbf, a strategy doesn't need to be complicated to work. I've known traders that have quite successful with pretty simple strategies
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Hello everyone, I have been looking into this. I am in a process of getting a back test script for tradingview. Manual back testing is looking good. I have been using RSI. Going long when average RSI above 60 and exiting when it reaches 40, and vice versa. How is everyone else getting on?
Quoting Silkysilv
Hello everyone, I have been looking into this. I am in a process of getting a back test script for tradingview. Manual back testing is looking good. I have been using RSI. Going long when average RSI above 60 and exiting when it reaches 40, and vice versa. How is everyone else getting on?
Hi.

My purpose in starting this discussion was mainly to invite people to consider an alternative approach to entry triggers.

I would imagine most people would dismiss it as too simplistic, which is fine. But my experience of trading it suggests there is an edge present. I don't trade that way all the time but, when I do, I'm happy with results (as long as trades are managed appropriately).

You should probably consider what I've set out in the thread as a starting point. Entirely possible there are better thresholds that deliver better results. But as I say, main aim was to remove the element of chart analysis. Numbers are a lot less subjective.

Please let me know how your backtesting goes when you have the script - very interested to study your results.
Hi Laura, thank you for your input. A little more information would be good like what has been asked in regards to the direction of the stochastic. Allow also me to add what are the stochastic settings and what timeframe are your trade management or entry timeframe? That way if we are back testing we will all come up with a common or at the very least a similar "vaccine". As it is you are all asking us to prove you wrong but haven't posted any results leave alone methodology. This is not the first concept of trading without charts neither is it the last. There are many concepts out there from dashboard trading to the "7 midnight pairs". If you wanted to help or contribute to the field kindly avail more information. People are too old to start chasing after you.
Quoting klopp433
Hi Laura, thank you for your input. A little more information would be good like what has been asked in regards to the direction of the stochastic. Allow also me to add what are the stochastic settings and what timeframe are your trade management or entry timeframe? That way if we are back testing we will all come up with a common or at the very least a similar "vaccine". As it is you are all asking us to prove you wrong but haven't posted any results leave alone methodology. This is not the first concept of trading without charts neither is it...
Your last sentence makes me much less disposed to devoting any time replying but I will.

Firstly, I don't recall asking anyone to 'chase after me'. I also haven't encouraged anyone to trade using the numbers approach - I simply presented it as something that might interest people. Individuals can choose to take it or leave it, as they wish.

Secondly, I had a quick look at your history and your positive contribution to this place is almost zero.

You asked about stochastic settings - they are already contained within the thread.

You asked about entry timeframe - this is irrelevant as the numbers used (whether based on Stoch or RSI) are averages of multiple timeframes. The composition of those timeframes is up to individual preference.

In terms of the direction of the stochastic, I find it doesn't make a huge amount of difference. For example, if falling to 60 from above, it's a pretty decent spot to potentially catch a with-trend retracement. If rising to 60, it's a pretty decent spot to potentially get in on a relatively newly established trend.

As far as your criticism regarding me not posting results or methodology are concerned, why should I? It's a trading discussion involving a potential starting point for anyone interested in pursuing it for their own benefit. I am not here to spoon-feed you or anyone else. I'm also not, despite your claim, asking anyone to prove me wrong. Again, why should I?

If you think my response is harsh, perhaps you should reflect upon your own communication style. I try to be helpful and pleasant in all my dealings with people here but your attitude makes that very difficult.
Quoting LauraT
{quote} Your last sentence makes me much less disposed to devoting any time replying but I will. Firstly, I don't recall asking anyone to 'chase after me'. I also haven't encouraged anyone to trade using the numbers approach - I simply presented it as something that might interest people. Individuals can choose to take it or leave it, as they wish. Secondly, I had a quick look at your history and your positive contribution to this place is almost zero. You asked about stochastic settings - they are already contained within the thread. You asked...
you know what they say....don't wrestle with pigs, because everyone gets dirty, but they enjoy it.

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This is the results from sept last year. Go long when RSI is above 61 and go short when RSI goes below 40. Its a stop and reverse trade. its not looking good with these entry/exit rules, there is plenty of profits to be had before the exits. I think there is something here. This is a 5 min chart, with RSI on 5/15/30/1hr
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