Trading Without Charts. Are Charts Really Important for Trading!

hey traders in this video we’re going to talk about trading without

charts stay tuned

hey guys welcome to all right so you may have heard of many traders who trade without

charts and this is something that i was very

very into many years ago and this is from a day trading perspective i’ll be very very focused on intraday trading and scalping it served me very very well now however many years are on 19 20 years on

i have developed my style and strategy or

because i’ve got a different trading account size because i have a different experience because of a different lifestyle this stuff into more of a hybrid model

of swing and scalp into one so i kind of looked for a two or three day hold on my trades but my entries

very much still leveraging on that experience i have with trading without charts and reading the tape and reading the price action on a short term basis combine the two it works for me everyone’s different though guys you know whatever strategy works for you or keep doing it and keep trying to improve at it however

something i want to point out is what does actually mean when you say you’re trading without charts

so trading without charts is really um in one way it’s really just looking at the

order flow coming in through the order book and through the time and sales

and looking at level two as well to a certain extent

so really the first thing you do is you ironically you use a chart to define your level so not necessarily you might see okay well i know that i know the all-time high this stock is 100 i know that there’s a key level here but

most of the time we’re going to use charts to define the levels

of interest the areas of interest maybe a support level so you automatically look at your daily chart and go ah you know what there was a market’s come back down there was a big support level here you know this is my area of interest but then

your charts go out the window you’re not interested in the charts then your chart is just to highlight

where you should be focusing your effort because you’re constantly looking at tape all the time

you just go nuts you just go crazy uh and that could be on an intraday basis guys or a swing basis by the way and then you set alerts so you set alerts and say hey um you know i want to be alerted to this stock or this futures contract or this currency pair at this level great right then the level comes up right now it’s time to look at the short-term price action the tape this is tape reading on a very short-term basis and kind of get a feel for what’s going to happen next so you might say you know what i think this may well bounce off it or i think i’m looking for a breakout through because i feel this was a head and shoulders here or it’s a fake out here i’m looking for a target here i want to see if we break through that support level i want to try and feel the response of the market and so this is where you watch your tape watch your price action you’ll watch how the orders are coming through the order book

uh in one way you didn’t necessarily have to do that by the way guys you know that’s like going

into extreme depth of looking at level two and how the level two’s positioning and how time and sales is running but what’s more interesting i think and there’s nothing wrong with that and that’s really a good skill to have and i think it’s essential i think you can do 80 of that just by looking at how price changes how the bid and offer changes without going that extra depth of level two in the sales so

what i mean by this is okay let’s imagine

this level is fifty dollars for whatever arguments say

so you see it print fifty dollars forty nine forty nine fifty fifty forty nine fifty forty nine forty eight four seven back up you start to see how the price you start to feel how price is responding when it goes through the level and back up so does it make a couple of prints through does it then hold and do another shutter does it rock back does it pause how long does it take before it prints a new level lower does it print a new level lower then immediately run back up does it hold it at a level hold it and level hold at a level does it do this does it you know all this stuff is going on in your mind you’re getting to feel how price is responding to that

now if you’re looking at a chart you probably see it as a solid solid candle or a client handle

do you say candle a candle with a wick like we’re doing three minute or whatever it is

but if you’re just watching the tape and the price action

you start to feel the price changes how quickly does price change so you know you’re looking for

momentum is it momentum through is it exhaustion through

is it now we start to look at the speed the size and the response what i mean by this is you guys are going to this massive depth by the way in the price action program if you’re interested in more of this kind of stuff you know some of these things responses

is one of the big things and it’s more on a broader scale but i want to touch on it briefly here

in the speed that we go through a level bang straight through a level are we printing printing printing printing or are we just plotting through like one print two print you won’t see that on the candle you won’t see it if you have a three minute camera one minute candle let’s say it does two prints at the low and then comes back there’s no difference we’re going really low and then pushing back in the low again and pushing back and low again and coming back up you want to see on one minute all we’re going to see is the lowest print the clothes print the high and the open for the one minute candle so the speed of the price is moving through a level a key level and that’s the response of the price it’s a response is it rejected straight away does it hold at it how does it respond to it and the size as well if you’re going to go in depth we should say you don’t need to if you’re going to go in depth and start looking at time and sales and tape and stuff you start to look and see what sort of volume do we have coming through we’ve got smash loads of orders hitting that bid and it running right through but then what’s the response of that if we see size and that happening and they get cascade and it still holds at lows maybe this is going to be the break maybe this is the one you’ve been waiting for if you get that then you get an immediate flush back up immediate bid well that’s just the stock orders being pinged you probably don’t want to get involved in that until later it’s probably the still amount of a lot of buyers they’re holding that a lot of demand stopping that from going lower so there’s all these kind of things that you’re kind of trying to look at so trading without charge is very much a feel it’s very much understanding in your mind and and feeling how price is responding to these different actions and levels and to me the key and guys i’m trying to get this video short it’s a massive topic this is a kind of complete 10 hour topic in itself but just to give you an overview

you know what we’re trading without charts is really about

getting a feel for how price is moving if you look at the old days like jesse livermore and all these kind of guys who were trading back in when was this living more 30s i think he wasn’t he um you know they were literally thinking about price and that was a higher time frame so he was seeing stuff coming through but at the same time he’d be saying stuff in his book like oh you know it just couldn’t get through the 50 or get through the 50 level and would run on then come back straight away every time it would go lower it would get bought every time i get lower be more straight away and that is you know response to a dip response to the dip is immediate bid with size and pace so dip dip bang bid back up you know that strength

dips and it holds and starts creeping back up slowly

maybe the bars aren’t as aggressive so response to things is super super key speed size and you get to start to feel the momentum

and the exhaustion so that’s training that chance guys very very brief summary i hope that’s helped if it has uh you know a like and a share and subscribe and all that good stuff is is much appreciated i know you guys do and i appreciate all your support take care guys keep you yourself see you next month bye-bye you

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