Indicators this, indicators that, but have you stopped to ask yourself, “Must I really use indicators in order to succeed trading on Olymp Trade?” That is the exact same question we seek to answer in today’s post.
Let’s make it more interesting. Let’s discuss How to Trade Without Indicators on the Olymp Trade 1 Minute Strategy.
What is a 1-minute strategy?
The 1-minute strategy is any trading strategy whose trading duration lasts 60 seconds only. No matter what you use to generate your entry and exit signals, the trade ends after 1 minute only.
Can you trade the 1 Minute Strategy on Olymp Trade without using any indicators?
Of course, you can, let’s find out more.
Setting up your Olymp Trade Chart to Trade the 1 Minute Strategy Without Indicators.
Set up your Chart in the following ways:
- Adjust your trade duration to 1 minute if trading Fixed Time Mode.
- Adjust your chart type to Candlestick type and adjust your candlestick timeframe to comfortable timeframes like 15 seconds or 1 minute.
- Adjust your candlestick timeframe to a comfortable time frame like 15 seconds or 1 Minute for easy analysis if trading Forex Mode or on MT4.
- Remove all Indicators present on your chart and leave it very clean.
Trading Without Indicators on the Olymp Trade 1 Minute Strategy.
The following are ways in which you can trade the 1-minute strategy without Indicators on Olymp Trade:
Price Action is simply the behavior of the price or how the price reacts to market conditions. Observing price action does not need any indicator or oscillator, does it? Of course not.
So what’s more about Price Action? Here’s what you need to know before about price action before starting to trade without indicators.
Price Actions Have Dead Zones
A dead zone is where the price seems not to move. Neither the bulls nor the bears are trading aggressively.
Just by observation, you will notice minimal activity on both sides.
Have a closer look at the kind of candlesticks in this zone and you will realize that the price seems not to go anywhere, neither up nor down.
No swing highs and no swing lows are being formed and seemingly, neither buyers nor sellers are carrying the day.
The situation is like a balanced action or a draw between the bears and the bulls.
If you spot a dead zone, don’t trade.
Prices may not move in your favor.
The red zone is where the price is moving.
Either bulls or bears are carrying the day from just the simple observation of the price and intense activity is visible.
There is a lot of price movement here and the kind of candlesticks that form seems to depict the dominance of a particular side, either the bears (down) or the bulls (up).
Swing highs or swing lows are being formed and it is clearly obvious from observation that either buyers or sellers are winning the battle.
Now that your trade is only one minute, this is the point to enter a trade.
Place as many trades, each after the other, bagging the profits while this zone lasts.
You entered your trade in the Red Zone and do not really know when the time is right to end that trade?
It is in the End Zone that the trade exit is most suitable.
This is the zone of maximal profit after the price has moved in your favor for the much you have waited.
By observing candlesticks in this zone, you can see market exhaustion depicted by smaller candlestick progressively.
This is the time to leave with your accumulated profits.
Note this is as much the worst zone to enter a trade as the dead zone. Wait till you get to another red zone to trade again.
Observing Support and Resistance Levels.
You actually do not need any lagging indicator to tell you that the price seems to reverse after hitting certain levels.
You can observe with your naked eye and see such a zone where the price seems to reverse downwards severally (resistance) and upwards severally (support).
Observe without any indicator, let the price reach that resistance level, retest the level or break it, and then trade in the direction of your bias.
Do the same for a price that moves to the support level.
You already set up your chart to be the candlestick type.
The tussle between bears and bulls is represented in candlesticks and observing the patterns formed by several such candlesticks can be enough to predict where the price will move next.
In as much as candlestick patterns may not be adequate to make trading decisions, some candlestick patterns are actually an adequate signal as they are.
Some of these self-sufficient candlestick patterns include the Abandoned Baby Candlestick Pattern hammer, Bullish engulfing, bearish engulfing, and many others.
Nonetheless, you can couple the use of candlestick patterns with the observation of support and resistance levels without the need for any indicator and still win.
You realize that not all profitable trading strategies require the use of indicators. Trade the Olymp Trade 1 Minute Strategy today and enjoy endless profits.