No Indicator Trading System

Quoting emmanuel7788

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{quote} XAU Mar 20 M30 London 9am {image}

Attached Image (click to enlarge)

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Quoting emmanuel7788

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{quote} Here is my reply to a few PMs over the weekend about this setup. Some members said there was no rejection candle on the M30 and they are correct. Some members also do not see the 'support and resistance SnR levels on the M30 chart. They are also correct. BUT the answers are all in the OP posts and also in the posts which he sent to the Recycle Bin. Here, if you look at the H4 candle on M30, the rejection candle is clear. {image} ... {image}

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Quoting zkchyo

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Anyone like me hesitate to trade 30m rejection candle on a level but trade 15m impulse pullback instead?

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Quoting fxpider

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{quote} Please explain more with a chart. Structurally, 15m and 30m chart do not differ much... most of the time. My main hesitation/struggle is in placing such a tight SL.

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Quoting zkchyo

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{quote} okay. This is 30m. There's a rejection at the level. {image} Instead of trading the 30m rejection, here is 15m impulse and pullback. (Green arrow) {image}

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Quoting emmanuel7788

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XAU Mar 23 London 10am {image}

Attached Image (click to enlarge)

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Quoting fxpider

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{quote} I got it now. In the given example, 15 mins chart definitely has the extra confluence.

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Quoting zkchyo

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{quote} Yes. This is what I mean. Instead of fading a rejection candle, what about looking for a momentum change clue on the lower timeframe and trade the impulse and pullback instead.

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Quoting zkchyo

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{quote} Yes. This is what I mean. Instead of fading a rejection candle, what about looking for a momentum change clue on the lower timeframe and trade the impulse and pullback instead.

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Quoting emmanuel7788

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{quote} just look at each M15 and M30 as a part of the H1 and H4, the 'rejection' can be a price pull-back from a new high or new low, and the higher timeframe dictates... {image}

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Quoting fxpider

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{quote} Entering on the M30 rejection would likely provide a better positioning (aggressive approach) In contrast, taking the M15 pullback is the more conservative approach, though it reduces the overall R:R.

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Quoting emmanuel7788

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{quote} Here is my reply to a few PMs over the weekend about this setup. Some members said there was no rejection candle on the M30 and they are correct. Some members also do not see the 'support and resistance SnR levels on the M30 chart. They are also correct. BUT the answers are all in the OP posts and also in the posts which he sent to the Recycle Bin. Here, if you look at the H4 candle on M30, the rejection candle is clear. {image} ... {image}

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//@version=5
indicator("Higher Timeframe Zone", "HTF Zone", overlay=true, max_boxes_count = 500)
 
// ---------------------------------------------------------------------------------------------- //
// Inputs
// ---------------------------------------------------------------------------------------------- //
i_htf = input.timeframe("240", "Higher Timeframe (HTF)", group="HTF Settings")
i_showHTF = input.bool(true, "Show HTF Zone", group="HTF Settings")
 
// Basic color
i_bullBase = input.color(#26A69A, "Bullish Base Color", group="HTF Settings")
i_bearBase = input.color(#EF5350, "Bearish Base Color", group="HTF Settings")
 
// Transparent
i_bodyAlpha = input.int(85, "Body Alpha (0-100)", minval=0, maxval=100, group="HTF Settings")
i_wickAlpha = input.int(90, "Wick Alpha (0-100)", minval=0, maxval=100, group="HTF Settings")
 
// ---------------------------------------------------------------------------------------------- //
// Data Fetching (current time)
// ---------------------------------------------------------------------------------------------- //
var string htf_tickerid = syminfo.tickerid
 
[htf_o, htf_h, htf_l, htf_c] = request.security(htf_tickerid, i_htf, [open, high, low, close], lookahead=barmerge.lookahead_on)
htf_time = time(i_htf)
 
// ---------------------------------------------------------------------------------------------- //
// Drawing Logic
// ---------------------------------------------------------------------------------------------- //
var box wickBox = na
var box bodyBox = na
var int startBar = na
 
if i_showHTF and not na(htf_time)
    // new htf candle or not
    isNewHTF = ta.change(htf_time) != 0 or na(startBar)
 
    // high and low
    top = math.max(htf_o, htf_c)
    bot = math.min(htf_o, htf_c)
    
    // set color for body and wick
    isBull = htf_c >= htf_o
    bodyColor = color.new(isBull ? i_bullBase : i_bearBase, i_bodyAlpha)
    wickColor = color.new(isBull ? i_bullBase : i_bearBase, i_wickAlpha)
 
    if isNewHTF
        // new candle
        startBar := bar_index
        wickBox := box.new(left=startBar, top=htf_h, right=bar_index, bottom=htf_l, bgcolor=wickColor, border_width=0)
        bodyBox := box.new(left=startBar, top=top, right=bar_index, bottom=bot, bgcolor=bodyColor, border_color=bodyColor)
    else
        // extend to right
        box.set_right(wickBox, bar_index)
        box.set_top(wickBox, htf_h)
        box.set_bottom(wickBox, htf_l)
        box.set_bgcolor(wickBox, wickColor)
        
        box.set_right(bodyBox, bar_index)
        box.set_top(bodyBox, top)
        box.set_bottom(bodyBox, bot)
        box.set_bgcolor(bodyBox, bodyColor)
        box.set_border_color(bodyBox, bodyColor)

Quoting soul4

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I'm looking at EURAUD {image}

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Quoting fxpider

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{quote} The OP always emphasized not trading before the London open.

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Quoting soul4

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{quote} That's right! Waiting! The market may not agree with my opinion. {image}

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