Attachments: No Indicator Trading System

No Indicator Trading System

#881
Feb 16, 2024 2:49am Feb 16, 2024 2:49am

Islandfx911
Joined Jun 2015 | Status: Trader | 1,340 Posts

Quoting emmanuel7788

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{quote} hi Rob Good to see your post. I have closed many trades but none of them 7.5R. Only a few average ~3.8R overall +9.9%. On you chart, I I start with Daily SnR, then 4H Snr, and H1 Snr, I see your setup was near where the most recent 4Hr Snr and H1 SnR were, the question is which candle is the rejection candle. I think most people here have problem with the rejection candle concept. {image} ...

Ignored

Hi Em,

1st trade SL hit.
If a blue bullish candle rejects resistance, that is the signal. The opposite for bearish.

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Your trade order needs to be in the right place at the right time.

#882
Feb 16, 2024 2:55am Feb 16, 2024 2:55am

Mellifluous
| Joined Dec 2017 | Status: Trader | 54 Posts

Quoting Inthebox

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{quote} yours was a touch and short with no confirmation. do you see the following pattern at the current market price? https://www.forexfactory.com/thread/...5#post14731345

Ignored

Hello,
I was reading through the thread and hoped somebody could help me better understand this.
I understand the 123 pattern, I am however a little confused – unless I’ve understood incorrectly, I thought part of the system was, some trades as well as the 123 are valid when price is hitting what was support and now treating it as resistance (so long as within correct times, price has been going up prior to market open, and have rejection candle to sell) but doesn’t always show as a 123 pattern, for example post 290, 400, 451, 568
Thankyou

#883
Feb 16, 2024 3:03am Feb 16, 2024 3:03am

lolxhaha
Joined Jan 2024 | Status: Trader | 125 Posts

Quoting Islandfx911

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Hi Traders, End of the week, I hope some of you got some winners and especially some 7.5R's. Here is a display option using separate window for line chart. Have a good weekend. {image} {file}

Ignored

For those on tradingview, you can get something similar.

(1) Click the (+) button on the top left of your tradingview window.
(2) Enter the same symbol as your current chart, make sure to select the same broker as the one on your current chart.
(3) Hover over the result you identified from step 2, click on new pane.

Make any adjustments based on your preference.

This is particularly useful for those who aren't trading on multiple monitors or wish to be able to see both line /candle charts without resorting to multiple tabs on your browsers.

3rd screenshot is the final result

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#884
Edited 4:41am Feb 16, 2024 3:34am | Edited 4:41am

lolxhaha
Joined Jan 2024 | Status: Trader | 125 Posts

Quoting Mellifluous

Disliked

{quote} Hello, I was reading through the thread and hoped somebody could help me better understand this. I understand the 123 pattern, I am however a little confused – unless I’ve understood incorrectly, I thought part of the system was, some trades as well as the 123 are valid when price is hitting what was support and now treating it as resistance (so long as within correct times, price has been going up prior to market open, and have rejection candle to sell) but doesn’t always show as a 123 pattern, for example post 290, 400, 451, 568 Thankyou...

Ignored

"doesn’t always show as a 123 pattern" I believe this is a misconception. The 1-2-3 is essentially what the system is trying to trade (see post #51)

All the other factors helps to push the probability of success in our favour:

"support and now treating it as resistance" and vice versa is we use to identify the 1-2-3.
"within correct times" ensures that our entry at 3 is supported with good volume
"price has been going up prior to market open", this is not gospel, but it is common knowledge that in order for big orders to fill (from institutions), there needs to be enough liquidity (volume), hence there will be instances when they have to push prices up in order to have that liquidity to push it down or the other way around. We look at what is happening prior to session open because most of the volume is coming in during the first ~90 mins of session's open.
"rejection candle to sell" and vice versa is confirmation that the zone we are looking to enter at 3 is valid, before we enter a trade

I hope this clarifies

Not sure if you meant post #292, as 290 wasn't associated with a chart (see first screenshot)

Post #400, annotated on the charts given on the post (second screenshot)
You can also view both the moves as one giant 1-2-3 (third screenshot)

With what you know now from post #292 and #400, try to use #451 and #568 as practice. Plot your 1-2-3s on the charts from those posts and reply to this post.

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#885
Feb 16, 2024 3:36am Feb 16, 2024 3:36am

Inthebox
Joined Jun 2010 | Status: Trader | 16,699 Posts

Quoting Mellifluous

Disliked

{quote} Hello, I was reading through the thread and hoped somebody could help me better understand this. I understand the 123 pattern, I am however a little confused – unless I’ve understood incorrectly, I thought part of the system was, some trades as well as the 123 are valid when price is hitting what was support and now treating it as resistance (so long as within correct times, price has been going up prior to market open, and have rejection candle to sell) but doesn’t always show as a 123 pattern, for example post 290, 400, 451, 568 Thankyou...

Ignored

i have the candle chart here. are you referring to this?
for me the resistant zone originated from the previous day, or it could even be 3 days before.
where do we draw the line on how to use it?
it is a matter of personal choice whether to take the 123 pattern as valid or not.
for me, i would prefer the see the current market price to form the 123 pattern.
there is only one valid red arrow sell pattern.

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ITB - Seeing Orderliness amongst 'Randomness'

#886
Feb 16, 2024 4:52am Feb 16, 2024 4:52am

ProfitStream
| Joined Jan 2024 | Status: Trader | 26 Posts

Ah, it appears that now is the opportune moment to eagerly anticipate a retracement towards the H4 resistance line, which will eventually pave the way for us to gracefully position a limit order.

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#887
Feb 16, 2024 4:58am Feb 16, 2024 4:58am

Inthebox
Joined Jun 2010 | Status: Trader | 16,699 Posts

Quoting Inthebox

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{quote} refer https://www.forexfactory.com/thread/...0#post14667890 {image}

Ignored

there is no matching direction to the higher time frame during the london session.
wait for the next market open and usd ppi, then the nyse open.

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ITB - Seeing Orderliness amongst 'Randomness'

#888
Feb 16, 2024 5:54am Feb 16, 2024 5:54am

emmanuel7788
Joined Nov 2008 | Status: Trader | 50,220 Posts | Online Now

Quoting Mellifluous

Disliked

{quote} Hello, I was reading through the thread and hoped somebody could help me better understand this. I understand the 123 pattern, I am however a little confused – unless I’ve understood incorrectly, I thought part of the system was, some trades as well as the 123 are valid when price is hitting what was support and now treating it as resistance (so long as within correct times, price has been going up prior to market open, and have rejection candle to sell) but doesn’t always show as a 123 pattern, for example post 290, 400, 451, 568 Thankyou...

Ignored

hi @Mellifluous

The candlesticks reading of 123 pattern is different from the way line charts swing points are interpreted.
Different trading guru teach different things how they read their charts.
For example, naked trader like Joe Ross for example, he read the 123 using candlesticks.
There are other trading gurus like Rob Smiths with his own candle number 1, 2, 3 which is totally different.
Then we have many gurus with different variations of the Malaysian SnR .

The Law of Charts TLOC ... Joe Ross Forex

{download link} here

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Honesty is a very expensive gift. You wont find it in cheap people.WBuffett

#889
Feb 16, 2024 5:57am Feb 16, 2024 5:57am

emmanuel7788
Joined Nov 2008 | Status: Trader | 50,220 Posts | Online Now

Quoting Inthebox

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{quote} there is no matching direction to the higher time frame during the london session. wait for the next market open and usd ppi, then the nyse open. {image}

Ignored

its going to be good later in the US session

the Weekly is the new control and it has the final say which way it will go

the high-low of this Week' candle has been fix now, the question is where will the Close be.

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Honesty is a very expensive gift. You wont find it in cheap people.WBuffett

#890
Feb 16, 2024 7:41am Feb 16, 2024 7:41am

Inthebox
Joined Jun 2010 | Status: Trader | 16,699 Posts

Quoting Inthebox

Disliked

{quote} there is no matching direction to the higher time frame during the london session. wait for the next market open and usd ppi, then the nyse open. {image}

Ignored

gold sell

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