I have been as of late enamored with the idea of naked trend trading, using pure price action (with no indicators) to “pyramid” trades off peaks and valleys in the direction of longer term trends. I have been considering working off the daily and 4 hour charts.
Now, the “holy grail” that most people ask for is an indicator that can tell them when price [I]changes[/I] direction under certain conditions. This is almost impossible to determine and a central flaw of trading by indicators, in my opinion.
However, I am interested to know if there is any one (or more) truly reliable indicator to measure the strength of a given trend [I]already under way[/I]. I have looked at a few options, including: ADX, Ichimoku, Aroon and the McGinley Dynamic. It seems most people still believe the ADX is the best such indicator.
[I]“Nobody can be exactly like me. Even I have trouble doing it.”[/I]