No Indicator Trading System

Was that level drawn around the UK open time please ?
Great thread by the way.

is that the blue one with "Viagra" printed on it. Don't put it in the cake mix - unless you are making rock cakes

Just looked at 1 and 5 and 15 minute charts of Cable. Wish I hadn't
Some great ideas that I could use for tightening up analysis of my own trades.
( Do you pay particular attention to the levels around UK Open ? )
Thanks Island

a long day.

While I have had lots of experience trading, using indicators (moving averages, RSI) in my early years, now trading naked charts (it took a long, difficult period of a complete mind change Inthebox!), I am always blown away by the simplicity (and beauty) of price charts and their narratives. Price has a memory, sell orders get filled at premium, buy orders get filled at discount, and when there are few orders around, the market makers move price to where there are more. Pretty simple, really.

I know it's easy to post a hindsight chart, but as they say, hindsight builds foresight... so here is my take on GU H4 with SR levels.

I understand Island takes trades straight off the line chart, as price reaches those extreme S/R levels... i admit I'm not there yet, I would drop down to lower timeframes to find entries. Personally I'm a fan of all candlestick reversal patterns, including Morning star, Evening star, hammers, inverted hammers, hanging man, M & W Patterns on M15/M5, etc. However I can see the power and simplicity of Island's style.

One question I have for Island is - how do you know when a S/R level going to be a Primary level (strong) or a secondary level (weaker)? Is it based on the number of supports/rejections at that price? Or big round numbers? Or whether price is at premium/discount extremes?

The reason I ask that (and I know it seems a really basic question) is because I struggle with taking trades as price is reaching 'a level.' Maybe I have lingering 'doubts' issues from my days of using indicators... anyway I continue to grow and develop.

Thanks to Island and all who positively contribute here.

Oh and here is the same chart zoomed out to show the origins of some of those S/R price levels.

I thought someone might find this useful.
The chart posted combines the line chart which tracks only closing price , with the H and L of price as if it was a candlestick or bar chart.
Blue Line = closing price. aka a Line Chart
Black lines = the high and low that a candlestick makes before it closes.
Your charting package needs to have a certain type of moving average in order to construct this ... but the chart display does not show a moving average.
The application I have is on MT4 and listed as Moving Average. This version might be special because it allows you to select different parameters as.. high and low ... thus giving the black lines. The setting should be for MA 1 which is the same as the Line Chart... the two charts below are identical.. just posted that way... sorry.

Hi Traders,
A couple of educational charts for you covering.
Trading times
Pairs to trade
Who is controlling the market
You will see why I only trade the opens
Use these charts to fine tune your trades
Don't play the Amateurs game
Know what the Pros are doing and trade with them
Enjoy

Hi T,
Just posted a couple of charts for you, that should help

Regards
Rob

Levels to be aware of.

Hi Traders,
This is how I see things, maybe it will, maybe it won't

Last chart...
Catch you later

Short AU at market open. 4hr Support could be an issue!

3Pt SL
23 TP for 7.5R

Lol, your 3.00 open confused me Rob. I'm an Aussie expat in Thailand, thinking in Sydney time. Nice trade. Thanks

3.00 is my terminal time (MT4)
it is when the market first gets active.
My SL got taken out on that trade, however I am back in at same price for another go
.
Update: 2nd trade now at breakeven.

Bit of tug of war going on with AU.
Update: Out for now -1R for the day

I'm supposed to be taking the day off but the wife has not found me yet. She will if she follows the power lead to the wardrobe

For people who are confused about Rob's trading time, below are the times in GMT. You can convert to your local time and also check your MT4 platform time.

Rob's trading times are:
03.00 to 4.30 Asian Session ============== GMT LONDON TIME: 01.00 AM to 02.30 AM ======= Pairs to trade: AU EA GA UJ AJ XAUUSD
10.00 to 11.30 Euro Session ============== GMT LONDON TIME: 08.00 AM to 09.30 AM ======= Pairs to trade: EU GU AU UJ EJ GJ EG UC GER40 XAUUSD
15.30 to 17.00 US Session ============== GMT LONDON TIME: 01.30 PM to 03.00 PM ======== Pairs to trade: EU GU AU UJ EJ GJ EG UC GER40 XAUUSD

3.00 AM (MT4) ---> That's the time when SGX, HKE, and SSE open. Tokyo, Sydney, and NZ open a bit earlier and India opens a bit later. So all together, the ASIA open is a complex one.

Many Thanks