Yes, without a receive string as long as the monitor gets some sort of reply from the server it will mark the pool member up (it could be 404, 500 server error, etc. but that still qualifies as a response).
The receive string should match a text string that is returned on the first 2k of html on your application, so without seeing your actual application page it's hard to say what that should be.
Some people create a test.html page that just says "Hello BIG-IP" or something and that could be your receive string, if the default application page is dynamic that might be an easier route.
Denny