No Indicator Trading System | Forex Factory

Options

Go to
Permalinks
Print Thread

Related Instruments

AUD/JPY, EUR/JPY, AUD/USD

Similar Threads

Please suggest a simple & effective Method/System of "Trading System" Forum to newbie 182 replies

HYBRID: trading system within a trading system 31 replies

WatchMyZone trading system - WMZ system 7 replies

Day Trading system - Simple system to make money 51 replies

Trapping System: Way to Fully-Automated Trading System 47 replies

Attachments: No Indicator Trading System
Exit Attachments

No Indicator Trading System

  • #1
  • First Post: Edited 4:54am Nov 26, 2023 12:18am | Edited 4:54am
Hi All,
I am posting my no indicator intraday system for you to use as your own.
I will go through the system from start to finish and when completed I will post live trades and answer any questions you have.
The system is based on support and resistance of which I can use daily, 4hr, 1hr, 30m and 15m to establish a trade entry.
I do not get it right everyday so no promises.

All support and resistance is marked up / plotted on a line chart.

Attached Image (click to enlarge)
Click to Enlarge Name: Line chart SR.png Size: 15 KB


Lets look at some different time frames so you get the general idea.

Plot horizontal lines on the most recent peaks and troughs.

Attached Image (click to enlarge)
Click to Enlarge Name: Daily line chart SR.png Size: 16 KB


Now change time frame to 4hr chart.

Attached Image (click to enlarge)
Click to Enlarge Name: 4hr line chart SR.png Size: 15 KB


Adjust the lines so that the daily lines are on the 4hr peaks and trough

The following chart shows the 4hr lines before adjustment to 30m.

Attached Image (click to enlarge)
Click to Enlarge Name: 4hr lines on 30m TF.png Size: 29 KB


Now do the same to the 30m chart so it looks like this.

Attached Image (click to enlarge)
Click to Enlarge Name: 30m line chart.png Size: 15 KB


I will get to 15m charts shortly.

Notes on support and resistance.
The support and resistance lines will not always line up perfectly, sometimes they will but most of the time not, you just have to work with what you have got, you need to be flexible.

The next chart / charts I want to discuss is my trading screen. I have two charts open all the time, one is line SR and the other is a candlestick chart with recent SR lines added. If you do not have room on your screen for two charts you can set up a line chart and toggle between line and candles.

Attached Image (click to enlarge)
Click to Enlarge Name: Trading Screen.png Size: 22 KB



Support and Resistance Lines
SR lines are basically a price where there is a strong change in belief has occurred of the market price / currency value.
They are reaction / rejection points that we can use to our advantage.

Attached Image (click to enlarge)
Click to Enlarge Name: Reaction Rejection.png Size: 25 KB


SR is visible on all time frames. The following chart shows 4hr SR and 30m chart with 4hr SR plotted

Attached Image (click to enlarge)
Click to Enlarge Name: SR different TFs.png Size: 28 KB


The next chart is the 30m candle chart showing rejection candles

Attached Image (click to enlarge)
Click to Enlarge Name: Rejection candles 30m.png Size: 14 KB

We now have a support zone and rejection candles. Next we want to get into the trade and this you will find interesting.
The majority of traders enter trades when everything lines up in their favor, I am talking moving averages, MA crossovers, MACD bullish etc.
If you use this approach you will find it difficult to succeed with any trading system.
I will explain....

The following chart shows a textbook Close above MA type trade. The only problem is you are giving away way to much of your funds in the stoploss.
Attached Image (click to enlarge)
Click to Enlarge Name: MA Entry.png Size: 17 KB


More to follow.......
Your trade order needs to be in the right place at the right time.
  • #2
  • Nov 26, 2023 1:45am Nov 26, 2023 1:45am
Subscribed. I love charts simple and clean. I think it's a good idea. I am curious to see what will follow. Thank you very much!
  • #3
  • Nov 26, 2023 2:57am Nov 26, 2023 2:57am
Quoting kofix11
Subscribed. I love charts simple and clean. I think it's a good idea. I am curious to see what will follow. Thank you very much!
Hi kofix11, You're welcome.
Your trade order needs to be in the right place at the right time.
  • #4
  • Edited 5:00am Nov 26, 2023 4:50am | Edited 5:00am
The following chart is how I enter trades. It is an average setup and just an basic example. over the next few days I will show you how to select the better trades.

Attached Image (click to enlarge)
Click to Enlarge Name: Rejection bar entry.png Size: 16 KB
Your trade order needs to be in the right place at the right time.
  • #5
  • Nov 26, 2023 6:17am Nov 26, 2023 6:17am
@Islandfx911
You explained your objective ways of marking support/resistance
Well done

Can you please explain what the blue rectangle means in your system?
How do you enter if you don't have nearby candle wick like that?

Cheers
  • #6
  • Nov 26, 2023 6:19am Nov 26, 2023 6:19am
nice! thanks for sharing. Please post more trade examples.
  • #7
  • Nov 26, 2023 10:30am Nov 26, 2023 10:30am
Quoting Islandfx911
Hi All, I am posting my no indicator intraday system for you to use as your own. I will go through the system from start to finish and when completed I will post live trades and answer any questions you have. The system is based on support and resistance of which I can use daily, 4hr, 1hr, 30m and 15m to establish a trade entry. I do not get it right everyday so no promises. All support and resistance is marked up / plotted on a line chart. {image} Lets look at some different time frames so you get the general idea. Plot horizontal lines on the...
It seems you said a system without indicators, but at the end the MA indicator appeared.
Moreover... the support and resistance levels are built incorrectly
  • #8
  • Edited 11:34am Nov 26, 2023 11:19am | Edited 11:34am
Have you ever thought with a right set of indicators you can see all the things you want to see on just 1 chart? instead of 4?

Candlestick give you only 4 snapshots high, low, open, and close. And that’s it.

Indicator is based on the range of the price history. It gives a lot more info on how the prices was compare to now.

To me, although I have traded naked for a few years, trading without the indicator is like you try to swim with only 1 arm. Can you swim in the calm water with 1 arm? Yes, you probably will be able to and will do just fine. And yes I had a few impressive runs trading naked. But what about in a raging ocean with countless rogue wave? Are you well prepared for it? I learned my lessons and paid my price solidly depends on just the candles and price level.
If u luv happiness, start w/ discomfort, make friends w/ pain and failure.
100 Hits 0 Miss All Time Return: 35.8%
  • #9
  • Nov 26, 2023 11:53am Nov 26, 2023 11:53am
Quoting FXSayWhat
Have you ever thought with a right set of indicators you can see all the things you want to see on just 1 chart? instead of 4? Candlestick give you only 4 snapshots high, low, open, and close. And that’s it. Indicator is based on the range of the price history. It gives a lot more info on how the prices was compare to now. To me, although I have traded naked for a few years, trading without the indicator is like you try to swim with only 1 arm. Can you swim in the calm water with 1 arm? Yes, you probably will be able to and will do just fine. And...

Are you smart share your system? If not will ever do it, make no sense to teach other to swim right? I think it is a good start here and trading can be done without an indicator. See in commercial section you will find someone who share it daily.
Perfection is the enemy of good enough!
  • #10
  • Edited 2:00pm Nov 26, 2023 1:35pm | Edited 2:00pm
Following!

essentially MTF s/r confluence with rejection candle for entry
  • #11
  • Nov 26, 2023 1:42pm Nov 26, 2023 1:42pm
It will be a good to see how this here move further. I am follow now.
Perfection is the enemy of good enough!
  • #12
  • Nov 26, 2023 2:23pm Nov 26, 2023 2:23pm
Just loaded up a few charts and loving the results so far. Changed around the TFs a bit to fit my faster paced scalping style, but fundamentally the same concept. Thanks for sharing!
  • #13
  • Nov 26, 2023 3:52pm Nov 26, 2023 3:52pm
Quoting Merka
@Islandfx911 You explained your objective ways of marking support/resistance Well done Can you please explain what the blue rectangle means in your system? How do you enter if you don't have nearby candle wick like that? Cheers
Hi Merka,
There are a few more charts and information to follow. I will wrap things up today hopefully as not completed yet.
Your trade order needs to be in the right place at the right time.
  • #14
  • Nov 26, 2023 3:58pm Nov 26, 2023 3:58pm
Quoting PMI-LowRisk
{quote} It seems you said a system without indicators, but at the end the MA indicator appeared. Moreover... the support and resistance levels are built incorrectly
The MA chart I posted is used as an comparison. I do not use indicators. SR levels on my charts are how I see them. Thank you for your input.
Your trade order needs to be in the right place at the right time.
  • #15
  • Nov 26, 2023 4:01pm Nov 26, 2023 4:01pm
Attached Image (click to enlarge)
Click to Enlarge Name: screenshot.png Size: 30 KB


Could this work?
  • #16
  • Nov 26, 2023 4:40pm Nov 26, 2023 4:40pm
Quoting FXSayWhat
Have you ever thought with a right set of indicators you can see all the things you want to see on just 1 chart? instead of 4? Candlestick give you only 4 snapshots high, low, open, and close. And that’s it. Indicator is based on the range of the price history. It gives a lot more info on how the prices was compare to now. To me, although I have traded naked for a few years, trading without the indicator is like you try to swim with only 1 arm. Can you swim in the calm water with 1 arm? Yes, you probably will be able to and will do just fine. And...
I appreciate your reply. I'll be posting some more charts today regarding entries that may clarify my reasons for not using indicators. I open to all constructive comments.
Your trade order needs to be in the right place at the right time.
  • #17
  • Nov 26, 2023 4:43pm Nov 26, 2023 4:43pm
Quoting MachineLearn
{image} Could this work?
Please wait until I have posted all system information.
Your trade order needs to be in the right place at the right time.
  • #18
  • Nov 26, 2023 4:59pm Nov 26, 2023 4:59pm
Subscribed. I love naked graphics. If you join S/R and Candlestick you can get a solid system.
  • #19
  • Nov 26, 2023 5:20pm Nov 26, 2023 5:20pm
Quoting Merka
@Islandfx911 You explained your objective ways of marking support/resistance Well done Can you please explain what the blue rectangle means in your system? How do you enter if you don't have nearby candle wick like that? Cheers
Hi Merka,
The rectangle is used to create a Support / Resistance zone to enter trades from.

Attached Image (click to enlarge)
Click to Enlarge Name: Support Zone.png Size: 26 KB


I will discuss in detail shortly.
Your trade order needs to be in the right place at the right time.
  • #20
  • Nov 26, 2023 5:39pm Nov 26, 2023 5:39pm
A support zone is established using the high and close of the support candle.
A resistance zone is established using the low and close of the resistance candle.

Attached Image (click to enlarge)
Click to Enlarge Name: Support Rejection Candles.png Size: 15 KB
Your trade order needs to be in the right place at the right time.
5 traders viewing now