No Indicator Trading System | Page 91 | 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

  • #1,801
  • Jun 29, 2024 4:51am Jun 29, 2024 4:51am
Quoting Inthebox
{quote} just an opinion. switching time frames around would give a better picture. you see the d1 red candle closed above support. using the higher time frame h1 and new york open for entry would be more convincing. {image} {image}
Thanks ITB. I understand how you plotted the 4H and 1H to get the set up, its beautiful. How did you see the daily support please?
I plot lines on the daily peaks and troughs to see daily SR – I would have used the one higher up
Do you plot the rectangles on the line and candlestick chart also?
Attached Image(s) (click to enlarge)
Click to Enlarge Name: screenshot.png Size: 27 KB
Click to Enlarge Name: screenshot.png Size: 25 KB
Click to Enlarge Name: screenshot.png Size: 38 KB
  • #1,802
  • Jun 29, 2024 5:41am Jun 29, 2024 5:41am
Day Trading to Swing Trading

June month end, so I update my chart with the Monthly swing levels using the same Line chart as in post#1.

GBPUSD June 28 new York Close

Monthly chart
- MN Swing levels aka SnR (violet colour lines)
Attached Image (click to enlarge)
Click to Enlarge Name: GU Jun28 NYClosed MN swing levels 29-6-2024 6-01-57 pm.png Size: 19 KB



Weekly chart
- check for big candle ... WRB and WCC candles

- we have a WCC previous week Jun 17 to 21 close, this is the range of the market

- and this week Jun 24 to 28 did not close out0of-this WCC high-low

Attached Image (click to enlarge)
Click to Enlarge Name: GU Jun28 NYClose Weekly WCC 29-6-2024 6-02-59 pm.png Size: 19 KB

> next, drop down to the Daily and 4H
...



...
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #1,803
  • Edited 6:50am Jun 29, 2024 6:35am | Edited 6:50am
Quoting Mellifluous
{quote} Thanks ITB. I understand how you plotted the 4H and 1H to get the set up, its beautiful. How did you see the daily support please? I plot lines on the daily peaks and troughs to see daily SR – I would have used the one higher up Do you plot the rectangles on the line and candlestick chart also? {image} {image} {image}
i like to draw htf support resistant using candle high low and close rally base drop.
for the rbd if you find too many lines, you can refine week with day. day with h4.
let's look at what happened last week circled in d1. i had hightlighted 5 zones in h4.
there were further 3 zones in h1.
what do you think? are you able to enter a trade in h1?
if not, go further down to lower time frames and look at these 8 zones.
you can draw horizontal lines on line chart, rectangles on the candlestick chart with the high low to the body range.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: screenshot.png Size: 16 KB
Click to Enlarge Name: screenshot.png Size: 11 KB
ITB - Seeing Orderliness amongst 'Randomness'
  • #1,804
  • Jun 29, 2024 7:27am Jun 29, 2024 7:27am
Quoting emmanuel7788
Day Trading to Swing Trading June month end, so I update my chart with the Monthly swing levels using the same Line chart as in post#1. GBPUSD June 28 new York Close Monthly chart - MN Swing levels aka SnR (violet colour lines) {image} Weekly chart - check for big candle ... WRB and WCC candles - we have a WCC previous week Jun 17 to 21 close, this is the range of the market - and this week Jun 24 to 28 did not close out0of-this WCC high-low {image} > next, drop down to the Daily and 4H ... ...

On my Daily chart for Day Trading, I see the Daily SnR

GU Daily Jun28 New York Close

- I have the Weekly WCC High-Low range which can be support and resistance too is range-bound market type condition,


Attached Image (click to enlarge)
Click to Enlarge Name: GU Jun28 Daily NYClose 29-6-2024 8-15-51 pm.png Size: 28 KB



Next, drop down to the 4H
- with only the Daily SnR (red lines) I will look for trade setups in LTF - H1, M30 and M15
- I trade once every 4Hr and following the H4 price action with the Daily SnR and Weekly SnR
- It is during the 4Hr when the different market sessions Sydney, Tokyo, Frankfurt, London, New York, Chicago, etc. opens and closes,

H4

Attached Image (click to enlarge)
Click to Enlarge Name: GU Jun28 NYClose 4H 29-6-2024 8-18-44 pm.png Size: 25 KB


- to see the Weekly candle Open. High, Low and Close, I simply turn on the Weekly candle

- most LTF trade setups/entries are during the open hours of the 4HR candle period.

H4 with Weekly candle,

Attached Image (click to enlarge)
Click to Enlarge Name: GU Jun28 NYClose 4H with Weekly candle 29-6-2024 8-24-20 pm.png Size: 25 KB



...
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #1,805
  • Jun 29, 2024 7:32am Jun 29, 2024 7:32am
Quoting emmanuel7788
{quote} On my Daily chart for Day Trading, I see the Daily SnR GU Daily Jun28 New York Close - I have the Weekly WCC High-Low range which can be support and resistance too is range-bound market type condition, {image} Next, drop down to the 4H - with only the Daily SnR (red lines) I will look for trade setups in LTF - H1, M30 and M15 - I trade once every 4Hr and following the H4 price action with the Daily SnR and Weekly SnR - It is during the 4Hr when the different market sessions Sydney, Tokyo, Frankfurt, London, New York, Chicago, etc. opens...

GU M15 for Monday July01 Intraday Trading

- Daily candle price action and Weekly WCC Range bound candle,

- Most probably buy setups ...

- but wait for the 4H candles then London 6AM 4Hr trade window

Attached Image (click to enlarge)
Click to Enlarge Name: GU Jun28 NYClose M15 for Mondy Jul01 trading 29-6-2024 8-29-30 pm.png Size: 25 KB




...
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #1,806
  • Jun 30, 2024 12:05am Jun 30, 2024 12:05am
Hi Em,
What you have just posted sums up the system and what is required to successful.
Planning and preparation for the trading week is essential.

Your trade order needs to be in the right place at the right time.
  • #1,807
  • Jun 30, 2024 1:00am Jun 30, 2024 1:00am
Hi Traders,
I have had some messages regarding the system and wanted to post charts on how I do my weekend analysis.
There may be differences between the way Em and I plot SnR on our charts but the end result should be the same.
If you have any questions please ask and Em, ITB or myself will likely answer.

First chart is Monthly.
I have plotted what I class as the major SnR and plotted rectangles where multiple touches have occurred.
At this point I want to say ALL support and resistance on your charts is important.
You will note that there are some peaks and troughs that have gone trough the SnR lines I have plotted. (I will get to these in a bit)
Attached Image (click to enlarge)
Click to Enlarge Name: GU Monthly.png Size: 18 KB
Your trade order needs to be in the right place at the right time.
  • #1,808
  • Jun 30, 2024 1:07am Jun 30, 2024 1:07am
The next chart is Weekly.
I have left the rectangles that were plotted on the Monthly chart so you can see them on the lower time frames.
As you can see the lines are pretty close to the line chart peaks and troughs.
At this stage I have not moved any lines.
Attached Image (click to enlarge)
Click to Enlarge Name: GU Weekly.png Size: 18 KB
Your trade order needs to be in the right place at the right time.
  • #1,809
  • Jun 30, 2024 1:10am Jun 30, 2024 1:10am
Now the daily time frame chart with SnR lines and rectangles in same location.
Attached Image (click to enlarge)
Click to Enlarge Name: GU Daily.png Size: 18 KB
Your trade order needs to be in the right place at the right time.
  • #1,810
  • Jun 30, 2024 1:17am Jun 30, 2024 1:17am
Now I am going to start to fine tune the SnR.
You have to remember that plotting SnR does not have to be exact, you may plot a line on a different peak or trough than what we would. Don't stress about it, we just need to be in the area where we can capture a trade at a lower time frame.
I have added green lines which represent the key daily SnR. Rectangles have not been moved from original monthly chart.
Attached Image (click to enlarge)
Click to Enlarge Name: GU Daily Lines updated.png Size: 21 KB
Your trade order needs to be in the right place at the right time.
  • #1,811
  • Jun 30, 2024 1:21am Jun 30, 2024 1:21am
Next.
I have plotted black lines that I consider the strongest of SnR.
Nothing much has changed, the SnR on Monthly, Weekly and Daily correlate pretty well.
Attached Image (click to enlarge)
Click to Enlarge Name: GU Daily Reinforced SR.png Size: 21 KB
Your trade order needs to be in the right place at the right time.
  • #1,812
  • Jun 30, 2024 1:35am Jun 30, 2024 1:35am
OK, lets start looking at the SnR lines and which ones will come into play.
I have added a red line because it has bounced off SnR four times.
As you can see the lines have space between them, this creates a SnR zone of which is significant to your trading.
Attached Image (click to enlarge)
Click to Enlarge Name: Daily Multiple SnR.png Size: 21 KB
Your trade order needs to be in the right place at the right time.
  • #1,813
  • Jun 30, 2024 1:48am Jun 30, 2024 1:48am
As you can see from the charts I am building a picture in my mind of where SnR is, and by doing this analysis I am increasing my chances of getting the right the lower time frame trade.
Your trade order needs to be in the right place at the right time.
  • #1,814
  • Jun 30, 2024 1:54am Jun 30, 2024 1:54am
This chart is the 4hr with multiple lines plotted of all significant SnR.
It is too crowded to trade like this so I will save it as a template because I will only use nearby SnR for lower time frame trades.
Attached Image (click to enlarge)
Click to Enlarge Name: 4hr Multiplle lines.png Size: 18 KB
Your trade order needs to be in the right place at the right time.
  • #1,815
  • Jun 30, 2024 2:11am Jun 30, 2024 2:11am
All the charts I have posted today will give you an idea / understanding of how I look at SnR.
I will say that what you do and how you trade is completely up to the individual. I am just showing what works for me.

The 4hr chart is where I start my analysis. I will look at 4hr line chart each morning and plot the nearby SnR within and just outside the average daily range.
The average 10 day range of GU is 61 pips, so lines that are outside of this range on Monday are of no interest to me.
Fridays close was 1,2643 therefore I would plot 4hr SnR lines approximately 70pips higher and 70 pips lower than the close price. The market may gap up or down but I would add additional line if needed.
Attached Image (click to enlarge)
Click to Enlarge Name: GU Range.png Size: 13 KB
Your trade order needs to be in the right place at the right time.
  • #1,816
  • Jun 30, 2024 2:15am Jun 30, 2024 2:15am
This is the 30m chart with 4hr SnR lines plotted.
Does not look like much at the moment does it?
Attached Image (click to enlarge)
Click to Enlarge Name: 30m Chart.png Size: 16 KB
Your trade order needs to be in the right place at the right time.
  • #1,817
  • Jun 30, 2024 2:26am Jun 30, 2024 2:26am
On this chart I have added some 30m SnR lines and adjusted the 4hr SnR lines.
I use this side by side with candlestick chart.
I will explain later, gotta go out for a bit.
Attached Image (click to enlarge)
Click to Enlarge Name: 30m Line Chart Monday.png Size: 17 KB

Attached Image (click to enlarge)
Click to Enlarge Name: 30m Trade chart.png Size: 17 KB
Your trade order needs to be in the right place at the right time.
  • #1,818
  • Jun 30, 2024 6:14am Jun 30, 2024 6:14am
Hi Traders,
On the 30m chart of GU there is key Support and Resistance at 1.2635. I would pay attention to this number over the coming days and watch how price reacts at that price.
Attached Image (click to enlarge)
Click to Enlarge Name: GU 30m key SnR 1.2635.png Size: 14 KB
Your trade order needs to be in the right place at the right time.
  • #1,819
  • Jun 30, 2024 6:23am Jun 30, 2024 6:23am
The 15m Chart is showing that price rejected 1.26354 support multiple times, also note the daily open was 1.26354.
Attached Image (click to enlarge)
Click to Enlarge Name: 15m Chart price action Friday.png Size: 14 KB
Your trade order needs to be in the right place at the right time.
  • #1,820
  • Edited 6:44am Jun 30, 2024 6:33am | Edited 6:44am
Key SnR to monitor for entries.
Price has been kept above 1.26354 this tells me that at this stage I should be bullish on Monday. Anything can change at open though.
Attached Image (click to enlarge)
Click to Enlarge Name: Key SnR to monitor for reactions and entries.png Size: 14 KB
Your trade order needs to be in the right place at the right time.
6 traders viewing now