i don't use indicatos
Hi
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?
Replies to This Discussion
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Permalink Reply by Big Pippin on -
I use two indicators Rsi14 and BBands to measure trend stregth and help with timing. I get most of my info from Monthly, Weekly and Daily trendlines.
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Permalink Reply by Chartist Lion on -
Interesting. But who is to say the EMA20 is the best of the moving averages? ;)
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Permalink Reply by 2ndSkiesForex on -
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.
Kind Regards,
Chris Capre
2ndskiesforex.com
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Permalink Reply by Rachel Downs on
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Hi, I was wondering what you mean by "looking beyond the chart"? Thanks in advance.
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Permalink Reply by 2ndSkiesForex on
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Hello Rachel,
This is a good question.
When most people talk about price action, they are only talking about the physical structure of what they see on the chart such as the patterns, or candle formations or support/resistance levels, etc.
However, this fails to grasp two things about price action, that is 1) how price moves over time (critical and communicates a lot about what is happening) but also 2) to look beyond the chart at the order flow behind the price action. This is far more valuable than just trading pure physical structures without understanding the price action behind them, along with the current price action environment.
Not sure if you know this but I teach a free class with fxstreet every week on Trading Price Action every Tuesday at 10am EST which is free. In this class I teach what it means to read price action and look beyond the chart so hopefully you can make it.
Does this answer your question about 'looking beyond the chart'?
Kind Regards,
Chris Capre
2ndskiesforex.com
Twitter; 2ndskiesforex
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Permalink Reply by Rachel Downs on
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Yes, good response, thanks.
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Permalink Reply by Peter jcp on -
Hi Jim - Had not noticed this posting first time round - and i hope its still working well.
Overall, i understand your view and you are correct to use your eyes as the main way to view what might be happening next.
I have tried so called "naked trading" on many differnt time frames with moderate success - but in the end i now use many different set ups to assist my decision making.
My main contribution is not to use loads of different indicators unless you know how to "marry" them all up and what ever main indicators you use - do not use them on standard settings. Try every setting other than standard and you will find a better "view" - which can assist in reducing the "lag effect". My main indicators are eyes- price - pattern and a clock. - regards Peter
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Permalink Reply by Dawid on
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Price action, fibo levels and harmonic trading it's essential.
i think trader don't need anything more.
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Permalink Reply by 2ndSkiesForex on
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Hello Dawid,
Tis an interesting combination and can be a powerful one.
It is also important to remember there is no 'monopoly' on trading as there are many methods to lead to a successful trading career. Its really a question of objectives, such as what are your goals, vision of trading, time horizons, risk appetite, and style that will ultimately shape the synthesis of your trading.
What is most important is you are completely comfortable and know your methods inside and out. That is when you will see the best results and the most natural process.
Kind Regards,
Chris Capre
2ndskiesforex.com
Twitter; 2ndskiesforex
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Permalink Reply by Lisa on -
I heard on a program last night …
and I’m not going to be able quote-it exactly
(maybe I can later if I hear-it again)
but, it was about how in Botany, ...
some plants resemble more than one classification ...
and the student was asking how to label a particular type.
The 96 year-old professor took off his glasses ...
and said something along the lines that, at some point, ...
Science becomes Art ~ experience and intuition take over.
The announcer went and described how the best in any field ...
have a 6th sense or intuition that takes over.
Similar to how some great Jazz musicians can’t even read music ...
and people will say, “how then can they play like that ?”
It makes me think of how in the “Market Wizard” books, ...
that the great traders don’t talk about technical tools, ...
but about the psychological aspect of trading (?)
very *cool*
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Permalink Reply by Rachel Downs on
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Cool..
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Permalink Reply by 2ndSkiesForex on
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Really - this is your reply to the subject? Strange as I got no reply to my last response to you.
Se la vie -
BTW - saying EUR strong buy doesn't really give people any context of the trade without the stop, what your seeing, etc.
But not sure regardless how this applies to the discussion of this forum.
Chris Capre
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