Trading without indicators

shug · Thu, 30 Jul 2020 14:10:27 +0000

Just got back into trading after being away from it a long time. Just a note for anyone who is interested. I have tried loads of systems and indicators etc etc for years and now i just look at price momentum and direction for trades. Pure scalping very short time frames. I have been told that scalping is a waste of time and money and its for mugs. I disagree. it can be done. I would love to automate my system but I cant automate time and experience of screen time on the actual markets.

This topic has 356 replies, 16 voices, and was last updated 2 months ago by shug.

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01/19/2023 at 6:56 AM #207664

shug

just drew some random support resistance lines on the chart these are numbers Ill be keeping an eye on

shug
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01/19/2023 at 7:16 AM #207666

shug

daily chart, I like to see a bit of history build up when scalping to get the overall short term moves correct. This market on the 5 min chart has just went down, I could be scalping sell trades but I think we could have a bounce I’ll need to either wait for a bit to let the chart paint some clearer history or zoom in to look for consolidations on a smaller timeframe!

shug
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01/19/2023 at 7:29 AM #207668

shug

I always look at the news ahead encase it affects overall direction opinion and play cautiously close to these announcements!

shug
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01/19/2023 at 7:30 AM #207670

shug

Just curious, anyone trading the us30 here?

shug
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01/19/2023 at 7:57 AM #207671

shug

last 25 years with this market 1 look makes anyone very frightened to sell!

shug
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01/19/2023 at 9:59 AM #207678

GraHal

Yes, I trade the US 30 more than any other Instrument. Many others do … judging by the number of Algos on here built around US30.

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shug

GraHal
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01/19/2023 at 10:06 AM #207682

shug

were do you think this market will hit before a good bounce?

shug
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01/19/2023 at 10:08 AM #207685

shug

32830? think it will reach that? bottom of that consolidation or a bounce before that maybe?

looks like a good strong support in that area

shug
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01/19/2023 at 10:14 AM #207686

shug

support

shug
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01/19/2023 at 10:25 AM #207689

GraHal

Could go as low as 32750 as that is a 86.8% Fib retrace level from the recent high of 34400.

Price is showing small signs of ‘positive life’ just below 61.8 Fib retrace as it just hit an oblique trend line … see attached at red arrowhead

If Price breaks that trend line then it may be downwards to next stop 76.8% Fib retrace at 32933.

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shug

GraHal
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01/19/2023 at 10:26 AM #207691

shug

It has a few potential bouncy supports before it might reach that

Just a note here, this isn’t trading advice!

shug
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01/19/2023 at 10:29 AM #207693

shug

Fantastic! that’s what I love to see. Peoples thoughts, opinions and ideas it brings more and more people together thanks for that!

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GraHal

shug
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01/19/2023 at 10:44 AM #207695

shug

Over the years I haven’t had much success with trend lines unless it lines up with something else like fibs or support and resistance lines when you have both lining up its usually a good trade.

Or maybe I was drawing them wrong LOL

shug
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01/19/2023 at 11:06 AM #207696

GraHal

Signs of a bounce / turnaround off that oblique trend line still going on!

Maybe we should start another thread for US30 Price Action … I know Nicolas had hoped there would be more of this in this particular Forum – Trading Discussions.

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shug

GraHal
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01/19/2023 at 11:10 AM #207697

shug

4 H perspective

shug
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