I have been pretty much a Wyckoff student. Supply and demand, overbought /oversold. But I have had some serious questions in my mind about this method, but it must be a good system, because Wyckoff became very rich using it. On the other hand I came across some Bill Williams videos and he claims there is no overbought or oversold conditions in the market and that technical analysis is useless due to the fact that most proponents of technical analysis lose money. And if technical analysis worked they would not lose to the extent that they do. So, with this in mind it still leaves some questions. Bill Williams claims technical analysis doesn’t work, then why did he come up with his indicators, such as the Alligator, Gator, Awesome and Fractal indicators, (which I believe (Fractal) is referring to Elliot wave analysis.) Which are technical indicators, so he is contradicting himself. And if there is no overbought or oversold conditions in the markets why does he say trends become over extended. This would contradict anything he says about overbought and oversold since trends usually reverse at higher and lower prices. Also I suppose he is referring to his chaos theory of the financial markets. On the other hand he does raise some good questions about the markets. Has anyone used his indicators to any degree of success?
I have used his indicators. Got rid of them for the same reason, I got rid of most indicators especially the ones like his where they call tech analysis by another name and want you to buy his sizzle instead of someone else s sizzle. Do yourself a favor and stick with Wyckoff or anything called VSA, Supply and demand, Order flow, These methods are steak that have sizzle.
Take any currency pair on any time frame, or all currency pairs on all time frames. And you will find out one thing and that’s that the market moves up, down and sideways. Technical, Fundamental, Discretionary analysis is measuring where price has been; where is it now; what caused the movement. Once you have that, use the current volume spread; or order flow; or supply and demand,(all the same thing) to project where it price will go. Then based on that, you make your entry, stop loss and profit targets, not some indicator that changes color.
If you are a Wyckoff fan (like me), you believe the market is always in one of four stages and always follows the same order. If the pair is accumulating after accumulation next phase is markup When pair stops marketing up, it moves to distribution. When the pair is finished distributing, price goes to the markdown phase, then on to accumulation again. and so forth. You don’t need bill Williams, bill Clinton, wild bill or any other bill trying to sell you a indicator or indicators or theories that because it changes color or price is above or below a couple of lines. Of course that’s my opinion. Hope that helps.
Gp
grab yourself a copy of volume price analysis by anna coulling.
Became much more successful since reading and applying this knowledge. Good examples of how to apply volume to price action.
Thanks for advice on Wyckoff vs Bill. I do use Wyckoff a lot. Use moving averages also and resistance and support levels. What mostly I don’t understand is why so many pro traders say they don’t use technical indicators and yet when you see them analyzing a chart, what usually pops up! You got it! An indicator of some sort. So please all you Pro’s out there that say you don’t use technical indicators, fess up! You know your lying or at least say you don’t if you don’t and if you don’t then leave the indicators out. I myself, sorry to say I have found a few indicators useful. Right now I have found the force index or indicator very interesting, and if it proves useful then I’ll say so, I also use volume and volume indicators. Yea I know maybe I don’t need them, but then again maybe I do!
Am I only one who think that these pals do want to make money or name on us? Strange feeling 
Exactly, don’t get hung up on what any trader tells you. Especially when they say the trade blind, 99% do not. Look past a couple of words to to see what they’re really saying in whole. You’ll find most of it to be semantics. I like you in the beginning found traders advice to be very frustrating. Keep on learning and practicing what your learning and go into every conversation with an open mind, and you might find out the person doing the talking in whole is saying the same thing as you. Example
Chart where pair is ranging.
How do you know if this is accumulation or distribution? You canalize it and that can be done a lot of different ways, bb, moving averages support and resistance but this is my favorite. Not cause it’s different, but cause it saves me time
Next add a horizontal line where the line will touch 3 or 4 points above price (the more the better) and a lower horizontal line where price has touched 3 or 4 points. If price breaks above the line then it’s accumulation going into markup, if price breaks below pair was in distribution and moving into markdown.
You can confirm with any indicator, including support and resistance. Now there are quite a few different ways to do what I just demonstrated, as well as confirmation. For example I don’t trade any pair if that pair has any announcements left for the day. I want to see how fundamentals affected price once they are done. But I now several traders who trade news using different indicators. But like I said try to keep an open mind. But it’s hard when someone tells you don’t apply technical analysis. Anyway hope that helps
Gp
I have always said that it is best to create your own and not follow anyone.
When you say accumulation going into markup and crossing the line, I believe you mean the support line, correct? Interesting look on this, looks like you use the zig zag indicator with support and resistance.
In the illustration above it does not mean support or resistance. It’s the high and low of the previous candles.
When you draw your support and resistance plus ZZ you get this
The upper and lower lines can be made using Support and Resistance, Candle wick to wick, candle body to body, upper and lower line of BB, previous days high and low etc. The market only moves 3 ways. Up, Down Sideways. When price moves above the upper or lower lines, it means price is going up (Markup) or down (Markdown) . What ever gauge you use to determine the high of a range and low of a range, use it constantly and remember nothing works every time, so make sure you have a stop loss. You will also cut down on your losses by using other indicators, momentum, support and resistance to confirm.
Got Yea!
Interesting look on A/D. Thanks a bunch. Funny how there is so many different ways to trade and different methods. Trading really is an art as well as a science.
