How many indicators are you using at a time?

None at all

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I use an ATR too - but that shouldn’t really count as an indicator as it just shows the average range over ‘x’ time periods (you can calculate this within seconds manually too by simply pulling out your crosshair and dragging from high to low). The ATR indicator does however map the data points nicely for comparison purposes.

Apart from that I’ve also got a SMA which I use when looking to quantify a strong trending market ‘vs’ everything else which the market can and will throw at you.

The rest is classical TA - session highs and lows, round number levels and inflection points [where support turns to resistance or resistance turns to support]

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-I currently have a 20SMA on my charts. I have an ON/OFF relationship with that one. I mostly use it as a dynamic S/R and for filtering certain trade setups.
-I use ATR for setting stops and TP’s, percents or multiples…
-I recently have been using RSI as a momentum indicator and also as a trade filter.

I only use indicators for confluence or as a filter for the bias of my technical analysis. I think anyone looking to learn to trade should learn to read the candles before clouding one’s judgement with indicators.

Naked charts! Have you always traded this way or at some point had a lightbulb moment and said, “Indicators, be gone!”.

I’m trying to get a better understanding of using this when settings my stops. Not sure I’m thinking about it correctly.

I think this is sound advice. I’ve fallen into the trap of taking what an indicator is showing as gospel. I’m being too exact and reliant on just that one data point. Need to work on that!

I also think that anyone looking to learn to read candles should first learn to read price levels. Price is king, the candles are just a lagging indicator.

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Any good resources for this, top of mind?

Not really. Just hours and hours of chart time. Looking at session highs and lows, weekly highs and lows, how price is trending or ranging and most importantly observing how price reacts at these levels. Round number levels are also useful, usually where options are traded from and so naturally attract attention in the spot markets. The big 50% retrace levels of weekly swings are also decent to observe, even when trading on the small timeframes, you tend to get a fade which is worth a trade form time to time.

It’s all about probabilities when using classical black and white TA. You can’t be right all the time, but there’s usually confluence which is worth the time to look at in more detail.

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I used to use a 60sma in 3 time frames, as per the 3 Ducks System, but over time I can now see these without the need for the indicators

Mainly MA and RSI. Others depend but everybody can use every other and can change it how he feels comfort. My only point was the max number of the indicators in use.

I like to keep it simple. Pivot points, along with 50 & 200 EMA and occasionally reference the RSI. Less is more in my opinion.

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Where can we put our stop loss to give us a good, safe level?

2-3 indicators on the chart. I do not recommend more because it may look like this :slight_smile:

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hi mtb, i’m not using any just pure price action and 1 time frame, local price points which make it really simple. I started out a long time ago with macd, and rsi but i find this much more enjoyable and feel as though I a learning the market movements properly.

Sounds like you’re on the right track too :+1:

Its basically dependent on market behaviors and my trading strategies. Generally before making my investment I use to conduct proper market analysis to understand how the market is actually behaving. After that I try to utilize my funds in smaller lots and yes, I generally use pivot points and candle stick charting.

The numbers of indicator does not matters, but the strategy that can help you to earn profit is important and for that you can use any number of indicators.

What is this witch craft?!?! Wow, is there price back there somewhere? This is giving me a headache! :joy:

Can you explain what local price points means? Thanks!

Sure. Local price points are levels (support and resistance) close to the current level in the market.

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I have a few systems, but lately I have been loving my results with this strategy based on literally 2 indicators!
I tested so many options, this one was most encouraging. I do trade other systems too though.

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Thank you, means a lot coming from forum member that has ben around for a while, read a lot of your posts and you make a lot of sense when post. Keep it up as we need people like yourself who drag people down to earth who get into this to be overnight millionaires !