No Indicators Trading Strategy (NITS) Weekly Report – 05-Jan-13

A focus on GBPUSD this week, 4 Hour, Daily & 15 Minute.

First up, the 4 Hour chart which was choppy over the Christmas period. Sometimes its best to take a break and sometimes much patience is required whilst markets find direction.

Short, Long, Short and no chance to ever trail a Stop yet!

No Indicators Trading Strategy - 2013-01-05 - GBPUSD 4 Hour Chart

This is a definite shift in crowd behaviour (as defined in the NITS manual) on the GBPUSD Daily chart.

An attempt was made on the 2012 Highs on the first trading day of 2013 only to be rejected.

The (Long trade) Stop which would have been moved up to the Low (around 1.6060) made on 27th December was taken out on Friday.

NITS traders of this instrument will now be Short with an Initial Stop Loss at the High of the year (around 1.6380).

No Indicators Trading Strategy - 2013-01-05 - GBPUSD Daily Chart

Cable (GBPUSD) was, as demonstrated, choppy on the 4 Hour timeframe over the Christmas period but I just wanted to show that opportunities do exist on all time-frames using NITS.

Those trading Cable on the 15 Minute chart from the beginning of the year would have had to wait until early Thursday morning to go Short when the last Higher Low (made on Monday evening was taken out).

The Initial Stop Loss was big (for this timeframe) and those who are more aggressive could have looked to the previous Swing High (shown) instead. Remember, Stops are placed where you believe that, if taken out, the current trend is over – In this instance I personally accepted the larger Stop.

Regardless of Initial Stop placement, the Stop has now been moved 3 times since Entry. The Current Stop is about 120+ PIPs in the money.  Those holding over the weekend are now waiting for the market to take out that Stop and go Long or looking for Cable to continue downhill and take out that Lower Low made on Friday lunchtime.

No Indicators Trading Strategy - 2013-01-05 - GBPUSD 15 Minute Chart

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This report is based on my analysis on my charting package. It may differ to yours as it can be affected by time, market movements, charting packages and broker prices. I accept no liability for loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on any information in this report or analysis.