It beats me too, why waste the whole time watching charts when indicators can do the job. This is the reason why these indicators were made, those who invented it know that there are chats, but how can the charts work more fast and effective.
Therefore; indicators came in.
For instance; Bollinger Bands has the ability to cover and go long when daily closing price crosses below lower band. Cover and go short when daily closing price crosses above upper band.
Watching charts all day might not give you such results
I used to use Double Bollinger Bands and they work extremely well along with a CCI oscillator.
No see the chart just above and the red major pivots. Now Just wait for one to get painted and trade until the next red major pivot appears. Pretty simply ugh!
True, but not in the time it tells the story after every war.
That is correct, the candle does tell the story after the skirmish how it takes at least two candles to start to display the structure that is occuring. Its the structure a trader needs to understand.
Exactly my point. The indicators can do that and we donât need to stress on it.
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I certainly agree
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We can see the pattern without any tool just using candle chart; isnât? Whatâs the necessarily of technical tool in this case?
Luck, your question is good. There are a few candles mostly Pin Bars & Dogi that provide very good clues, inside bar, engulfing bar, large bar.
As for patterns, I look for two or more bars consolidating for a breakout.
Or a three bar reversal which often time have a hangman or gravestone clande at there apen.
For a trend continuation I get the slope between S&R wait for a two/three candle pause/consolidation then get on the train until its time to get off.
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I liked the color combinations; different but eye catching; interested to use!
Thx, It helps stop glare when trading at night or in low light conditions.
It beats me, because I see no reason why you should stress yourself waiting for charts when there is an easy way to go about.
Anyways, people vary and we donât have to force our opinion on others.
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Ok,you know how simple things everyone can follow.Thatâs why 90% are loosers.
Yea khanfiasa,if everyone followed the indicators and be successful.Who would loose money and who would gain money.Do you think the banks wait for indicators.Know how to read when they put their money and follow them.Like a presidential car,you follow it the road is clear of nonsense traffic.
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Most people lose because they donât respect the rules for risk management.
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I had to read all the way to the end of this thread to find the best answer.
Candle sticks are also indicators, everything what they shows is a history as wellâŚ
You guys could be right that indicators offset your entry timing due to calculations and entry signal but it is simply a different trading approach.
By using an indicator based strategy you rely on technical and statistical data to have an edge and there is nothing wrong with it. The only problem is your trading efficiency suffers. Agreed?
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So what do you offer to use instead? Price action? Itâs same as entering any bus arriving to the station, donât caring about the route :).
All trading approaches have their pros and cons, too biased position or preference towards some of the methods or trading style usually gives no trading edge.
I first suggest to put everything on the side and to look up the correct topics about Forex, such as what moves the market, what is liquidity, what is orderflow, and some other important stuff.
With that knowledge and proper studying, you will be able to understand price movement and turn it into your own strategy.
So, in short, yes, price action (or in other words reading price) as good as possible will give you very high efficiency in trading. But that is also something that you do not study for couple months only - it takes time which most are not willing to put in.
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Exactly, therenât a strategy you use in the market that doesnât have a down side, it is all about hoping for the best at the end of the day. Whether we read the charts directly or use indicators, the bottom line is getting the results right at the long run.
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