No Indicators Trading Strategy - 2013-01-27 538x218

No Indicators Trading Strategy (NITS) Weekly Report – 27-Jan-13

All requests from NITS Traders to deal with this week, USDJPY on the 4 and 1 Hour charts and EURUSD on the 4 Hour chart.

First up, USDJPY on the 4 Hour chart which has been a great trade for those holding since the Long entry on 15-Nov. The current Trailing Stop is 700+ PIPs “in the money” – A perfect NITS trade.

No Indicators Trading Strategy - 2013-01-27 - USDJPY 4 Hour Chart

On the 1 Hour chart for USDJPY recent events have not been so “rosy”.

After a small losing trade on the Short side the Long trade has taken quite some time to materialise and still now, after being Long for over a week the Trailing Stop is just above the Initial Stop.

Patience required!

No Indicators Trading Strategy - 2013-01-27 - USDJPY 1 Hour Chart

On the 4 Hour EURUSD chart a Long entry was confirmed on the 22nd November last year and depending on Stop placement some NITS Traders may have been Stopped out on 7th December for a Breakeven (give or take a PIP or two) trade.

For those Stopped out a losing Short trade would then have followed before re-entry on 14th December.

The current Stop loss, regardless of entry, is “in the money”.

No Indicators Trading Strategy - 2013-01-27 - EURUSD 4 Hour 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.