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Pure Price Action Trading - NO lines or indicators

  • #1
  • First Post: Dec 6, 2013 3:49pm Dec 6, 2013 3:49pm
I am starting this thread to find out if anyone is successful trading a totally clean chart with No lines or indicators? I really do see how drawing lines can be helpful sometimes but I also find them distracting. I have entered many a trade too early or exited too late because of some line drawn that gave me false hope or doubt. It seems as if everything you need to know can be determined by looking at a pure, clean candlestick chart.

What else is there to look for other than classic candlestick formations like the dojo, hammer, pin bar, harami, outside and inside bar, etc?
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  • #2
  • Dec 6, 2013 3:52pm Dec 6, 2013 3:52pm
Not successfull yet but there you have trendlines, fibo, suport resistance and supply and demand.
  • #3
  • Dec 6, 2013 4:42pm Dec 6, 2013 4:42pm
There is so much more to look for
  • #4
  • Dec 6, 2013 4:53pm Dec 6, 2013 4:53pm
Quoting diceman555
There is so much more to look for
please, elaborate
  • #5
  • Dec 6, 2013 5:25pm Dec 6, 2013 5:25pm
Quoting diceman555
There is so much more to look for
I was giving examples of areas on the chart where I price action seemed pretty obvious without any lines drawn.
  • #6
  • Dec 6, 2013 5:31pm Dec 6, 2013 5:31pm
Quoting Mnmlst_Trdr
{quote} I was giving examples of areas on the chart where I price action seemed pretty obvious without any lines drawn.

hey,

i was going to ask...what are those arrows..signals where to enter or highlighed areas for showing direction ?

thanks in advance
  • #7
  • Dec 6, 2013 5:36pm Dec 6, 2013 5:36pm
Quoting bradu
{quote} hey, i was going to ask...what are those arrows..signals where to enter or highlighed areas for showing direction ? thanks in advance
The arrows are where I felt there were obvious price action setups without any lines drawn. It is so distracting to me having lines drawn all over.
  • #8
  • Dec 6, 2013 6:01pm Dec 6, 2013 6:01pm
Hi Mnmlst_Trdr ,
Been trading this style, no indicator an lines for 7 months now with great success. Well, I use median line only, H=L/2. I use 4H, 30min chart & 5min for entry and PA confirmation.
I used to be a proponent believer of indicators, but I got rid of all my indicators as a challenge to myself that in can be done. Well, It can be done!
  • #9
  • Edited 3:12am Dec 7, 2013 2:06am | Edited 3:12am
Wish you all the best with this method, wouldn't you get lots of false signals though? E.g a pin bar is showing a rejection of something if it's not rejecting a line or an ma then what is it rejecting? Same with an indecision candle?

Regards,
  • #10
  • Dec 7, 2013 6:45am Dec 7, 2013 6:45am
Lines are only distracting if you doubt them not when you believe in and follow them.
DON'T TRADE THE DIRECTION, TRADE THE MOVE
  • #11
  • Dec 7, 2013 8:41am Dec 7, 2013 8:41am
Quoting bradu
{quote} please, elaborate
I dont like indis on my trading charts.although I use lines.Watching the quotes at key levels is invaluable.watching the overall market flow is an edge in its self.you can get entry with more confidence
  • #12
  • Dec 7, 2013 8:44am Dec 7, 2013 8:44am
Quoting Mnmlst_Trdr
{quote} I was giving examples of areas on the chart where I price action seemed pretty obvious without any lines drawn.

Sorry mnmist.i wasnt being negative just got destracted and didnt finish my post
  • #13
  • Dec 7, 2013 9:32am Dec 7, 2013 9:32am
I have been trading a somewhat similar method.. find it a lot more better than using trend lines or tons of oscillators.

I only throw in a 200 day WMA as a trend filter.. signals are triggered off candle stick patterns. Been trading this on a demo with a very decent success rate for 2 months now... Call it karma... but when I took on 2 live trades, things went horribly wrong.. EURGBP and GBPCHF... just a few pips from hitting my stop loss.. hopefully it will be a good (yet pricey) lesson to learn, while the trades I took on on a demo hit their TP like a dart hitting the bullseye.

I do intend to continue trading this way though.

P.S: Noticed that you use TV charts... I use them myself and they're pretty good when it comes to post trade analysis.
  • #14
  • Dec 7, 2013 9:58am Dec 7, 2013 9:58am
No indicators are needed in trading. But drawing in boundaries of price help. Wedges, flags and horizontal boxes are some of the most useful tools in trading.
  • #15
  • Dec 7, 2013 9:58am Dec 7, 2013 9:58am
Also a reminder to some, be careful trading in December as we can see some thin markets being it is holiday season.
  • #16
  • Dec 7, 2013 1:35pm Dec 7, 2013 1:35pm
Quoting Mnmlst_Trdr
What else is there to look for other than classic candlestick formations like the dojo, hammer, pin bar, harami, outside and inside bar, etc? {image}
By definition, post analysis there should be a "what" somewhere within the technical analysis. But the question may be a "why". As in: Why wasn't I thinking or seeing or speculating the extreme swing points as the best place to buy or sell?

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Charts are limited in nature. What is the relative location?
  • #17
  • Dec 7, 2013 2:13pm Dec 7, 2013 2:13pm
What else to look for? Beyond candles?

Remember the old adage, the trend is your friend.

Look for a a trending condition that you are trading into. HH, HL or LH, LL.

Don't trade into a mess of consolidation. See a trend clearly.

Price busts thru s/r levels on a regular and seemingly random basis. The reason so many reversal traders have streaks of wins followed by days of being run over by a freight train of price. . . and loss of all the profitable days.
  • #18
  • Dec 7, 2013 3:41pm Dec 7, 2013 3:41pm
Quoting made2trade
What else to look for? Beyond candles? Remember the old adage, the trend is your friend. Look for a a trending condition that you are trading into. HH, HL or LH, LL. Don't trade into a mess of consolidation. See a trend clearly. Price busts thru s/r levels on a regular and seemingly random basis. The reason so many reversal traders have streaks of wins followed by days of being run over by a freight train of price. . . and loss of all the profitable days.
this is very true regarding s r levels.i have 2 ways of dealing with this.firstly if the overall stall point breaks before my chosen trading pair has.i will trade into the level to test .if it bounces I got good exit on entry price.secondly if it bounces or breaks I only take the trade for similar reasons as to first.i let the stall point on overall market direct me
  • #19
  • Dec 7, 2013 5:10pm Dec 7, 2013 5:10pm
I really appreciate everyone's feedback! You all make great points, er pips! LOL
  • #20
  • Dec 7, 2013 5:12pm Dec 7, 2013 5:12pm
Quoting Pipomagic
Lines are only distracting if you doubt them not when you believe in and follow them.
Sort of my point about believing in a drawn in line. I don't want to expect something to happen. Besides, you should always wait for confirmation and the confirmation in itself is a trade entry. No lines needed, right?
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