How some traders can trade without chart?

I was woundering about some traders strategies, who can trade without charts? How do they do it?

A new little system I have developed trades off the closing prices only. Although I do look at charts, I could possibly trade without them.

http://forexfactory.com/showthread.php?t=28966


be happy. have fun!

Thanks for the response. But I think your strategy is breakout strategy and it still based on charts high or low points.
I just think, people who trade without chart do something different. At least I hope so.

This may get your feet wet: http://www.forexfactory.com/showthread.php?t=10852

Hey, I tried it once & that was my first day in trading. I just followed my instincts & believe or not, I made about $900 on the same day. Entered my trade in the morning, took the profit at night.

But that was only a demo account, lol..

It was only done successfully by Mr. "Boy Plunger" a well known ticker reader of Stock Market Operator books...

Watch the numbers (price)... Detect the move... Jump in and out... You need Currenex or other ECN platform... with one-click buy/sell button...

Is this the pot of gold at the end of the... you know what! Hah!

Nice to hear from you! Currenex, huh? I'll check it out.
I've heard some are not true ECN's. Whatever that means.
Any others good?

You're not running around naked without your rainbow these days
are you?


FXS

No, Sir. It's not a breakout strategy.

Hi FXSurfer......been looking for you @ moneytech....didnt know ure here now....do you have a thread here or a place where you meet with some of traders...?

Just read this this morning.
Qoute:

To be a successful day trader only a broad-brush knowledge of where a particular currency pair has been is necessary. For example, the EURUSD bottomed out about 2 years ago; from a base of around 0.85, rallied to 1.29, now it’s 121. The long-term trend is up, intermediate trend down, and on Friday it dropped about 0.025 so the short-term trend down.


Where do we go from here? Friday’s extraordinary U.S. Non-Farm Payroll Numbers will remain the markets’ focus next week; traders will be looking for further confirmation that the long awaited jobs recovery has began in earnest.

The first test will be March ISM non-manufacturing, due to be released on Monday at 10am ET; if the headline number is better than expected and the jobs component is better than forecast, then EURUSD will drop another 0.01; if ISM disappoints EURUSD will likely not respond much. That is because Fridays’ numbers were awesome and it will take more than one disappointing economic number to change market opinion.

Prior to ISM there are two Eurozone numbers – PMI Services and Retail Sales; if these numbers are below forecast EURUSD will likely loose ground; if they’re good don’t expect much to the upside; market will wait and see ISM before buying EURUSD.

By Monday at 9:50am ET a revised opinion of EURUSD is formulated; incorporating the Eurozone numbers and the price action following release. For example, if the Euroland numbers were good and EURUSD could not sustain a rally that indicates short-term EURUSD weakness; or if the numbers were bad and EURUSD declines that also confirms weakness. On the other hand, if EURUSD sustained a rally on good numbers or failed to decline on bad numbers then a short-term EURUSD strength would be apparent going into the ISM report.

Based upon EURUSD price action after Eurozone numbers release and also absolute price change from Friday’s close to now; going into the ISM number there are two possible scenarios:

1) EURUSD is relatively weak

2) EURUSD is relatively strong


If EURUSD is relatively weak and the ISM numbers (headline and jobs portion) are better than forecast then expect a good-sized EURUSD fall of 0.005 or more. If the ISM numbers are worse than forecast don’t expect much of a sustained upward move.

If EURUSD is relatively strong and the ISM numbers are better than forecast don’t expect a sustained downward move. If the ISM numbers are worse than forecast expect a strong, upside sustained move of 0.005 or more.

Here is how I determine the probable extent of an intra-day EURUSD price move. First of all the EURUSD rarely moves more than 0.005 between 3pm ET and 1am ET. There is no news during that time and therefore nothing significant happens. So if you’re trading the EURUSD during the Australia/Asian time period, you’re trading the wrong currency pair.

Between 1am ET and 3am ET there is usually a 0.0050 or better range in the EURUSD; the European markets open and there is real, natural corporate and other type business to be done. In addition, oftentimes the Asian banks with big orders wait for Europe because the liquidity becomes much greater. But don’t look for 100 point sustained moves during the European morning; they are few and far between.

The real action starts when the “New York” opens; most days there is at least a 100 point range between 7am ET and 11am ET; makes sense, all the economic data is released during this time. 11am ET to 3pm ET runs hot and cold, depending upon how the market is “set up”.

In Summary, catching a 0.01 move during the New York morning is entirely possible, catching a 0.01 move during European morning is a long shot, and catching a 0.01 move during Australia/Asia is extremely rare.


A word on scalping – don’t do it. Consider the following; assume you trade on a platform that makes a four point EURUSD spread and executes your stop losses at your rate. Assume further EURUSD is trading 1.2100-04 and you buy at 1.2104; EURUSD has to move 14 points to 1.2114-18 for you to sell at a 10 point profit; EURUSD only has to move 6 points to 1.2094-98 to stop you out. Think about that – you have a 6/14 or about a 1 in 3 change of winning!

A word on risk reward - it’s deceiving. For example, in the above example the typical response is “but I would leave my stop 10 points away and profit 30 points away”. Think about it; did you really improve your chance of success? Slightly; EURUSD has to move 34 points for you to win; if it moves 6 points against you, you lose. So 6/34 or 5.7 to 1 chance of winning and your essentially getting 3 to 1 odds.

Bottom line is if your broker guarantees stops and spreads the EURUSD price 4 points wide, don’t scalp trade.

There are circumstances when a 10-point stop can work to your advantage; this will be discussed at another time.


Note: Jimmy Young is a seasoned institutional forex trader having 20 years of experience with different banks. He headed up bank FX dealing rooms. He is FX profitability consultant to major European private bank. He manages funds and also trades personal money. Between 1981 and 2004 he was a foreign exchange trader at following banks: Societe Generale, Julius Baer, Fuji Bank, Indosuez, Erste, Hill Samuel, Manufactures Hanover, Paribas, European American.

I traded oil without charts,...i mean its simple press sell, when profit close it...lol, just focus on price and when it stop moving its the most likely it will reverse (it wont stay there,...especially oil),...

Howdy Breeze!
Could be another Surfer Dude over there.
Very nice to meet you!

FXS II

LeveL 2

Not Available @ MT4 :

instinct is everything. you were born with it.

trust your feelings.

Absolutely...

I think most traders would do better if they closed all their charts and just watched the price. It is much easier to trade that way.

I don't think you need any order book information - just the price. This is especially true if you spreadbet.

But that is not possible for most speculators because they are doing other things with their day and being glued to a screen is not one of them.

Actually, has anyone considered trading with a blindfold over your eyes. You would have to have someone verbally update you with prices. I've thought about trying it to see if this might sharpen my trading skills.

Only an expert with magical powers can do that.. If you can do that too, how about playing pokers with your eyes closed??:

Trading by instinct alone pretty much reduces trading to a process of natural selection - the ones with "better" instincts survive, those that have "worse" trading instincts disappear...But then you start running into one of those self-selection effects - where the market gets driven by traders trading on instinct, so that a smaller and smaller set of instictive abilities are the only ones that really work on the market - the two pretty much merge into one another. Sort of like the grasslands and the buffalo. And then someone comes along with a gun.....

And don't forget that a very human instinct (though often not a strong enough one) is to use one's higher brain functions....