No Indicator Trading System | Page 119 | 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

  • #2,361
  • Dec 15, 2024 10:06am Dec 15, 2024 10:06am
Hi Traders,
Chart two I have plotted a rectangle. The reason I have placed the rectangle there is.
1. There are two points of resistance prior to market open.
Attached Image (click to enlarge)
Click to Enlarge Name: Chart 2 EN 15m line chart with rectangle 12 12 24.png Size: 15 KB
Your trade order needs to be in the right place at the right time.
  • #2,362
  • Dec 15, 2024 10:20am Dec 15, 2024 10:20am
Hi Traders,
The next chart, I have added the open line for start of trade for 12 12 2024.
You will note that the market started trading towards the resistance rectangle after market open. At this point I have no idea if the market will react at the resistance or trade straight through it. As I mentioned earlier, you / me have no control of direction. I have no idea what the market will do, I just have to be prepared for an entry setup if it occurs.
If the rectangle is breached it is likely to become short term support. But no one knows that, it is just something that may happen. Who Knows
We must trade in the moment.
Attached Image (click to enlarge)
Click to Enlarge Name: Chart 3 EN 15m line chart with rectangle and open line 12 12 24.png Size: 15 KB
Your trade order needs to be in the right place at the right time.
  • #2,363
  • Dec 15, 2024 10:33am Dec 15, 2024 10:33am
Hi Traders,
So, we started with two resistance tests and a rectangle.
1. I extend the rectangle prior to market open and I wait for a bullish rejection candle.

Note: A bullish rejection candle is when price has been pushed up and a sharp pull back occurs at resistance.

Again price may blast up through the high of the candle and it may become invalidated. No one knows.
Note: I do not give up on a short trade entry if the rejection candle high is breached. I will still monitor for another rejection candle.
Attached Image (click to enlarge)
Click to Enlarge Name: Chart 4 EN 15m line chart with rectangle tested and open line 12 12 24.png Size: 15 KB
Your trade order needs to be in the right place at the right time.
  • #2,364
  • Dec 15, 2024 10:40am Dec 15, 2024 10:40am
Hi Traders,
When you go to candle chart you will clearly see a bullish rejection candle
That is your entry candle.
Sell on close and place SL above high.
Set TP at 7.5R or nearest support to 7.5R
You don't have to be exact, just get in.
Attached Image (click to enlarge)
Click to Enlarge Name: Chart 5 EN 15m candle chart with recjection candle 12 12 24.png Size: 15 KB


This is the first of two setups I trade. I will discuss the other tomorrow if time.
Your trade order needs to be in the right place at the right time.
  • #2,365
  • Dec 16, 2024 1:41am Dec 16, 2024 1:41am
Hi Traders,
I have been out most of the day and am just going over charts.
AJ was a successful trade. It did not reach 7.5R however 4R was available to be locked in at the R61 Pivot.
Entry long was at 97.72, SL at 97.63 (-9) 1R, TP at 98.15 (+43)
This setup is the 2nd type I use.
I will go through it in detail today / tomorrow.
Hopefully we will get some live trades going.

Attached Image (click to enlarge)
Click to Enlarge Name: AJ 15m Long 16 12 2024 TP.png Size: 14 KB
Your trade order needs to be in the right place at the right time.
  • #2,366
  • Edited 2:44am Dec 16, 2024 2:27am | Edited 2:44am
Hi Traders,
I am currently watching EU. News is due in a few minutes so I'll see how it reacts.
keep you posted.

Update: Nothing jumping out at me.
Your trade order needs to be in the right place at the right time.
  • #2,367
  • Dec 16, 2024 3:25am Dec 16, 2024 3:25am
Hi Traders,
I am currently short EN. I do not trade the UK open very often but thought I would post the details of trade to maybe get some questions going.
This is a pullback trade.
Definition of pullback trade.
1. Market has moved with trend and made a solid move before the market open.
2. Market pulls back counter trend at the open to support or resistance in this case.

Will it work out? Who Knows
It is only a 3.3R trade with TP set at DS38 Pivot.
Attached Image (click to enlarge)
Click to Enlarge Name: EN 15m Short 16 12 2024.png Size: 27 KB
Your trade order needs to be in the right place at the right time.
  • #2,368
  • Dec 16, 2024 3:35am Dec 16, 2024 3:35am
EN Update:
Trade at +1

There does not seem much interest in my posts. I may call it a day tomorrow if no interest and let you work it out yourselves.
Talk later
Your trade order needs to be in the right place at the right time.
  • #2,369
  • Edited 8:47am Dec 16, 2024 4:26am | Edited 8:47am
Good to be back, happy to see that the thread is still active with many posts

Took a short trade on EU M15, the first rejection candle was a pin bar, hence no go but a second rejection candle came two candles later. The area of rejection also coincided with last Friday's high, I turned on a session indicator to make the confluence clearer. Currently sitting at about +2R at the time of writing, I moved my SL to BE but included the initial SL during entry for reference.

I'll try to post as much as I can


Update @ NY Session:
EU short Exited 70% of position at 4.5R, remaining 30% SL set to +2R. Price seems range-bound between the two zones, not comfortable to leave the trade overnight only for it to hit my SL.
Added XAUUSD short during NY session. Exited 30% @ 3.5R, remaining 70% hit TP of 7.5R. The rationale for 30% @ 3.5R is to have the position risk-free without needing to shift SL to BE as gold is a very volatile pair, I found it often hitting BEs when I shift my SLs.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: screenshot.png Size: 50 KB
Click to Enlarge Name: screenshot.png Size: 40 KB
Click to Enlarge Name: screenshot.png Size: 47 KB
Click to Enlarge Name: screenshot.png Size: 37 KB
  • #2,370
  • Dec 16, 2024 4:50am Dec 16, 2024 4:50am
Quoting lolxhaha
Good to be back, happy to see that the thread is still active with many posts Took a short trade on EU M15, the first rejection candle was a pin bar, hence no go but a second rejection candle came two candles later. The area of rejection also coincided with last Friday's high, I turned on a session indicator to make the confluence clearer. Currently sitting at about +2R at the time of writing, I moved my SL to BE but included the initial SL during entry for reference. I'll try to post as much as I can {image} {image}

Hi Lolxhaha,
Good to hear from you again.
Pin bars don't offer the best RR. It is wise to wait until the trade is heavily in your favor
I was watching EU for a short. You did well to be prepared and take advantage.
The market is slow most Mondays but anything can happen.
I will be trading tomorrow if I get a signal.
Keep posting your trades

Regards
Rob
Your trade order needs to be in the right place at the right time.
  • #2,371
  • Dec 16, 2024 7:18am Dec 16, 2024 7:18am
Quoting Islandfx911
EN Update: Trade at +1 There does not seem much interest in my posts. I may call it a day tomorrow if no interest and let you work it out yourselves. Talk later
Hi Rob
I'm new to your thread, and I'm very interested in what you have to say and show.
I just started to go through the thread, I'm at page 7, then thought let me look what's going on today. So i found your latest post.
Will continue to work through your thread, and start some backtesting to see how I get along with your method.
Thank you for what you're giving us.
  • #2,372
  • Dec 16, 2024 2:25pm Dec 16, 2024 2:25pm
Hi Rob

When you looking for trades, do you checking daily and 4hr TF for overall direction, and main support and resistance zones from these tf?
Thanks
  • #2,373
  • Dec 16, 2024 3:59pm Dec 16, 2024 3:59pm
Attached Image (click to enlarge)
Click to Enlarge Name: TOOSLOW3.png Size: 32 KB


I noticed the lines on my chart are similar to the lines on your chart.

Cheers!

Attached Image (click to enlarge)
Click to Enlarge Name: BRUCE LEE ABSORB.jpg Size: 8 KB
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #2,374
  • Dec 16, 2024 6:22pm Dec 16, 2024 6:22pm
Quoting Chrobakx
Hi Rob When you look for trades, do you check daily and 4hr TF for the overall direction, and main support and resistance zones from these tf? Thanks
You can plot your main SR lines from 4 hrs, these tend to be areas that your 7.5R TP may stretch into, if it is congested you may want to consider taking partials along the way. Daily tends to form a bias for you to look for trades so you stack the probabilities in your favour, in the case of yesterday since it was Monday, I looked at last Friday instead, session hi-lows and daily high-lows tend to have some significance.

I found that looking at daily across a week tends to give some context, for some pairs but not all, I tend to see the majority of a move in the week made during Mon, Tuesday, Wednesday and pullbacks on Thursday and Friday. It doesn't always happen but enough times for me to pick up. Different pairs have different characteristics. You have to do your "homework" and learn the traits of the pairs you want to be trading.

I suggest picking the session you want to be trading first and then the pairs when you are initially starting don't have too many pairs to work with, 1-3 should be sufficient if you don't see any set-ups as taught here for that day then just don't trade, do not force it
  • #2,375
  • Dec 16, 2024 7:02pm Dec 16, 2024 7:02pm
Quoting lolxhaha
{quote} You can plot your main SR lines from 4 hrs, these tend to be areas that your 7.5R TP may stretch into, if it is congested you may want to consider taking partials along the way. Daily tends to form a bias for you to look for trades so you stack the probabilities in your favour, in the case of yesterday since it was Monday, I looked at last Friday instead, session hi-lows and daily high-lows tend to have some significance. I found that looking at daily across a week tends to give some context, for some pairs but not all, I tend to see the...
Good advice, thanks.
  • #2,376
  • Edited Dec 17, 2024 1:56am Dec 16, 2024 8:12pm | Edited Dec 17, 2024 1:56am
Asia session:

Long UJ with a short rejection candle on the M15, trade went in favour till 2.6R but I wasn't monitoring so I got SL-ed with -1R.
Long XAUUSD with a 1-2-3 pullback on the M15 with a short rejection candle at 2, running at the moment.

For XAUUSD, yes I took a short last night and then another long this morning, in the grand scheme of things I am still short-biased, as long as the price doesn't hold above 2665, but I'm not trying to predict what the market will do, I'm trying to react based on what the market is giving/ telling me.

Update: Both Asia session longs SL-ed totalling -2R @ as of London Session.

London Session:
Re-entered XAUUSD long at bottom of range @ 2648, it also has confluence with price entering the zone of Monday's low. Took some partials at earlier entry zone of Asia to make the XAUUSD pair risk-free.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: screenshot.png Size: 40 KB
Click to Enlarge Name: screenshot.png Size: 45 KB
Click to Enlarge Name: screenshot.png Size: 45 KB
  • #2,377
  • Edited 4:27am Dec 17, 2024 3:52am | Edited 4:27am
Hi Traders,
I am long DAX GER40
Nothing fancy, just a pullback after short term breakout.
Attached Image (click to enlarge)
Click to Enlarge Name: DAX Long 15m 17 12 2024.png Size: 24 KB


Update:
DAX at breakeven

Just wanted to also say, this is a 3R trade as I got in late


Further Update:
SL at +20
Your trade order needs to be in the right place at the right time.
  • #2,378
  • Dec 17, 2024 4:09am Dec 17, 2024 4:09am
Hi Traders,
Sorry not around this morning to post trades. I have been buying gold bullion and to busy to post.
Here is today's trade.
For those who are interested
Attached Image (click to enlarge)
Click to Enlarge Name: EA 15m Long 17 12 2024.png Size: 26 KB
Your trade order needs to be in the right place at the right time.
  • #2,379
  • Dec 17, 2024 5:36am Dec 17, 2024 5:36am
Hi Traders,
Out of DAX trade for +20.
I got into trade a bit late. I moved SL up tight as there is resistance ahead
I had also moved my TP closer to the daily pivot 20372 (3R)
So my system entry was 20315.

Details of my trade:
Buy at market 20318
SL 20305 (-13)
TP 20372 (+54) 4R
SL moved to 20338 (+20) 1.5R

Attached Image (click to enlarge)
Click to Enlarge Name: DAX Long 15m 17 12 2024 SL Hit +20.png Size: 21 KB
Your trade order needs to be in the right place at the right time.
  • #2,380
  • Edited 6:58pm Dec 17, 2024 6:04pm | Edited 6:58pm
Hi Traders,
I am long AJ and GJ. Charts to follow

AJ Trade details:
Long at 97.35
SL at 97.30 (-5)
TP at 97.73 (+38) 7.5R
Attached Image (click to enlarge)
Click to Enlarge Name: AJ 15m 18 12 2024 Entry.png Size: 24 KB


Update:
SL hit (-1R)
Your trade order needs to be in the right place at the right time.
9 traders viewing now, 1 is registered:
erkro