I hardly use any indicators at all any more. I found them very confusing and contradictory. I now only use my eyeball to identify trends, resistance and support lines. I only use adx14 and an EMA20. I have made more money in the last 3 months than i made in the last year since making things really simple. Ant comments?
You might want to watch that webinar about "Naked Trading" that was presented a few days ago on FXstreet.com...http://www.fxstreet.com/webinars/sessions/session.aspx?id=c3c60820-...
Interesting, But i guess that depends on the indicator you been using.
''I now only use my eyeball to identify trends'' LOL...
Less is more, my friend. In fact my charts are usually naked :)
Naked is sexy!!! :D
Not there. Would love to see some account records from myfxbook from those of you saying you make money trading naked.
I am using eight indies, and my account is growing.
I use myfxbook and find it better then mt4i.
I couldn't agree more. When you learn how to read price action, not just on a structural level, but also how it moves in time, you can learn what kind of order flow is behind the price action. By looking beyond the chart, you can glean more information about the market, such as;
-who's in control
-whether there is heavy participation or not
-whether the market is about to reverse or not
-whether the market will keep trending
-where to get in the market
-where to put your stops and take profits
These are all critical to trading. If you can learn these, then you increase the chance you can trade successfully.
In case you did not know, I have a ton of free webinars on price action via fxstreet.com which you can find here;
Price Action Videos
So feel free to check them out. There are also several free articles on the site where you can learn more about price action and how to spot critical formations.