Trading without indicators

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

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

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

shug
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Average

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!

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

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

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

shug
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Average

Just curious, anyone trading the us30 here?

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

shug
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Average

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

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

GraHal
Participant

Master

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

shug
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Average

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

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

shug
Participant

Average

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

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

shug
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Average

support

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

GraHal
Participant

Master

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

shug
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Average

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

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

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

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

shug
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Average

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

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

GraHal
Participant

Master

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

shug
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4 H perspective

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