No Indicators Trading Strategy - 2013-01-20 538x218

No Indicators Trading Strategy (NITS) Weekly Report – 20-Jan-13

Surprisingly, a number of you have asked me to focus on Gold this week so here we go. After looking at the Daily chart I look at the 4 Hour and then the 15 minute chart from last week.

The (boring) Daily chart means NITS traders will have been Short for over a year waiting for the Trailing Stop or current Low to be taken out.

As I mentioned, rather boring – But Gold can do this for 12 – 18 months. Outside of these periods, after consolidation, a good trend can be expected (check the historic Daily chart) – I personally favour the Upside.

No Indicators Trading Strategy - 2013-01-20 - Gold Daily Chart

On the 4 Hour chart a Short entry was confirmed on the 4th December.

The High of 1695 on the 2nd January was challenged with a High of 1698 this week. Depending on many points above that high NITS traders placed their Stop, some will now be Long after making a small profit on the last Short trade. Others will still be Short waiting for their Trailing Stop to be taken out (which is probably no higher than 1700).

Of course there is still a possibility that the Low made on the 4th January could also be taken out and those still Short could see further gains.

No Indicators Trading Strategy - 2013-01-20 - Gold 4 Hour Chart

Now onto the 15 Minute chart which has seen NITS traders Long since 4-Jan (quite a long time for a trade on this timeframe).

The Current Trailing Stop is about 12 Points or so “in the money waiting for the next push higher (where 1700 will be key).

No Indicators Trading Strategy - 2013-01-20 - Gold 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.