No Indicator Trading System

The shape of the line chart at turning point.

Ahhhh, now it makes sense to me

Waiting to pull the trigger on a UJ short, watching candle closely as we are 5 minutes away from NY open.

Reminder to not be impatient if the setup is not there, we wait for the market to come to our price. Not select a price and hope the market goes to it, no one can tell what the market will do

Update: trade is running
Update 2: shifted SL to BE for UJ short, reasoning provided on second follow up chart
Update 3: UJ short exited at BE, still watching the pair should any opportunities present itself.

Rob, I hope you don't mind me showing the indicator for the trading sessions. I'm using it to make my plotting of previous day's high/lows more efficient. Will remove it in future charts if you do mind. Was doing manually by setting vertical lines as you can see on the day before.

Recommend newer readers of the thread to at least practice doing it without any aids first before relying on indicators to learn and understand better.

I have a few things to say about this trade, but I will wait till the 90minute period has past and update this post in due time.

Update on UJ short:
A few pointers:

1) Shifting of SL to BE
As you can see in the second picture, the price came up to hunt for stop losses. This was shared in an earlier post by Rob where there were many times because of shifting SLs to BE, he missed a good trade, this is a very good example. Trade would have been fine if I left my SL as is, I made an error on the app where I place my trade instead of entering $0 for my stop loss, I actually unchecked the checkbox for SL (open SL) Please do not commit the same mistake as me. It worked out in the end but it could have easily been a disaster (potential wipe of account with margin call). While the trade worked out in the end and I discovered the open SL in time, I can't say that this is a trade I am proud of in terms of the execution.

2) Do not rush your trades.
I could have also entered the trade on the second candle which is in my opinion a much better entry candle than the first and avoided all that anxiety from the first. Retests can provide you with further confidence that the setup is a good one (think double/ triple tops).

3) I could have split my entries.
Fear of missing out was what drove me to enter at the open thinking what if there was no retest to re-enter? I could have split my position, assume i were to risk 1% for the entry. I could have entered 0.5% to keep my FOMO in check. If the re-test does come, I then enter again with another 0.5%. You can split your entries how you like ~0.33% for 3 entries so on so forth.
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Spotted another trade (AU-short, screenshot 1) that you can consider, wait till the candle closes before you enter. The new candle is a much better rejection candle compared to the first. Personally, I would not expect the trade to be one that you can push out the TP level too much because of the prev day high, today's low and the 4hr support all acting as potential resistance. Additionally, the trade has been ranging in a pretty tight zone prior.

Best to take some partial profits along the way at the levels mentioned above if you do take this trade.

Update on AU short:
I am glad I have two examples on the same session sharing the same reflections, points stated above all could have been applied to the AU short (screenshot 3). I have to admit that I did feel the temptation to shift my SL to BE at the candle marked in green, but then I remembered what happened on the UJ trade... The chart also provided three points of entry, but as shared initially this trade is not one I would think that the TP could be pushed out in the short term, reasons were already provided initially.

I also entered gold on a short but was stopped out (see screenshot 4), not much to say except that it shared similar traits to the AU short so I would have taken partials along the way as well. Currently both my UJ and AU trades are running with some partial profits taken already but man what a sweaty session this is for me.

I tried to post potential entries and pen down my thought processes as the session progressed to journal my thoughts as the candles came along. The intention is not to provide signals for readers to act on, but rather more of a "pseudo real-time" journal of someone trying to apply what was shared in this thread.

Having to manage looking for entries, already entered trades and posting in a timely fashion is currently too taxing for me. Nonetheless, this was a very good learning experience and I hope there is something for readers to take away both good and bad.

I will still post my charts moving forward but I'll probably do a recap after the session or the day instead of the current format.

at NYSE open

Just seen this - one minute.

Hi - your comments are welcome.
I have no problem trading my charts ( "Roadmap" - Laura's thread on FF) but I was looking for snippets to improve my understanding of price action. I use levels and times and consolidations etc, approaches gleaned from "The flying Dutchman etc" but the core is "Roadmap" thread. I will continue to study and use your level approach using line charts but will cease to post here to avoid confusion and digression from your approach and related dialogue. You have a great thread Island and, with your permission , I will pop in and study more of your evolving content. Excellent thread - and there aren't many of those

Not wishing to divert this thread by asides but, yes, I use levels, time and higher time frames ( 15;5; and 1 for execution) but, as I repeated above, "Roadmap" is my core and trades were executed this morning around Islands Dax level via a channel break ( as per laura's thread). All good stuff here but I will desist from posting because it digresses from Islands core approach ( because I was after adapting my approach by incorporating elements of Islands)
Great thread.

UJ Feb08 UDPATE:

- I'm still attracted to last Friday' NFP candle with hidden gems

- looking for LTF sell

Attached Image (click to enlarge)

...

i did not trade the uj news.
just for reference on the implementation.

Some setups spotted during today's London session

Like this one the most, exited gold on a small profit since the pairs are correlated and I like this over the gold entry.

Very costly mistake... trade would have been running close to 7R now...

it's a matter of gaining enough experience to trust the method fully.
if you reaches a 70% win rate then everyday just do and repeat the same thing.
even if it is 40/50% win rate you still win at the end of the week because of the RR.

Yes, with the RR from the system, the win rate is not too big of an issue. Will have to put in the work and time to slowly understand how do discern the hares from the tortoises.

no need to be at computer whole day.
total focus to discern only half an hour before any markets open.
you only need the volume to move the market.

islandfx's signature

Yes, don't have the time to be at the computer the whole day as well, in the midst of a yearly commitment all Singaporean sons know too well... Only have the time to look at the markets during London and NY session

Hi folks, been a lurker here for a while. Just wanted to drop a big 'thank you' to you Island for the effort you've put in to your system and generosity for sharing it.
I've been in forex for about a year now trying to take every shortcut to make profits, bouncing around different strats etc, and managed to lose a lot of money in the process. After finding this thread last week and placing some decent trades I honestly felt for the first time that I understood the process of what I was doing and had faith and confidence in my (limited!) knowledge, I don't wanna jump the gun but I really think this could be my 'A-ha' moment. Of course, I started this week with some proper over confidence and got a good spanking from the market but yesterday and today I've been back on track, just gotta keep my focus and not think of the results.
So once again, thanks Island, if I can maintain these results I can't even begin to explain to you what you have given to me and my family.

Some trades I took today:

AUDUSD M30 about 5R


EURJPY M15 just shy of 7R

CADCHF H1 trimmed 50% at 2R, stops flat, still running

Long-ed gold and made my fastest 7.5R yet ....