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?
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.
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
Price action, fibo levels and harmonic trading it's essential.
i think trader don't need anything more.
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 (?)