I’m learning price action. I intend to primarily trade off the daily and 4 hour timeframe using one hour for entry. I think I have a pretty sound process. But, is having a stochastic or RSI on my charts going to make decisions more difficult? I understand the concept of price action being important when at s&r points. Is that enough without the indicator? Thanks in advance!
Depends on your trading style. Some traders use indicators, some dont.
Using price action with s/r levels is a great starting point imo.
Once your really comfortable using price action, you can experiment with different indicators to use as confirmation.
Personally, Im not a fan of indicators because I believe PA and S/R levels are enough if used properly.
Thats just my preference, but to each his own. I think you have to find what suits your trading style. Every trader is different.
Good luck and happy trading to you.
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Thank you for the response. I’ve been on demo for a while now and as far as I can tell, indicators make me overthink. I missed on some trades that I would have taken without the indicator on my screen. Will likely remove it as it seems to cause issues. Any other thoughts or insights from anyone is welcome. Just starting live trading today.
Indicators should be used with great caution.
If you use one, don;t follow it literally. For example, indicators that show over-bought conditions can become lodged in the over-bought zone when price prints a strong and consistent uptrend. Strictly speaking, your indicator would tell you price is now too high, stay out. But this would cause you to miss so much of the with-trend price action.
Also, if you have two or three indicators or even more, be prepared for one to tell you to buy and one to tell you to sell and one to tell you to stay out.
Indicators and price action are guides to what you COULD do, not what the market WILL do.
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Thank you! This was my finding as well. I was using stochastic but it was quite often out of sinc with what price action and structure were telling me. I removed it and will likely only use fib to help with confluence some times, if necessary.
That’s very typical of stochastics, in my experience.
I never found a use for them at all.
Specifically, they can remain “oversold” or “overbought” (weird concepts) for very long periods of time.
I believe the tools (indicators) are created for a reason. It would be wiser to keep an open mind and EXPLORE how the tools can be use to improve our odds in trading.
All depend on the trading habit of the trader. I don use rsi cos agreed with laughingcharlie it always remains over sold or bought for some time n… Good opportunity is over… I use ichimoku n Sar. Cos my trading habit is hunt for reverse. I don’t like to follow the tread, I want the tread to follow me.
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I draw a harder line than most traders when it comes to indicators. I personally hate them for what they have done to me in the past. They’re confusing, they lag the markets, and they make it hard to read the price. I don’t even use moving average lines anymore. I even quit drawing trend lines on my chart! I know it sounds a bit extreme, but I admit my I.Q. can’t handle the confusion of a bunch of competing indicators.
I am a profitable trader, and living proof that you don’t need indicators to trade well.
First time I tried trading I used indicators and it had me twisted up and confused. I started back trading this week with structure and price action. Made 132 pips. Win 3 trades and lost one. I’ll take that.
having stochastic or RSI also on the chart, if you want to learn about price action, can be confusing
it’s easier to learn about price action just from studying price action without the indicators at the same time
Add a bb can also help u to learn more about price action. When price touch the bb n u observe carefully u will find there always sudden move from the price.
i don’t find it, at all
the distance of the BB are set by the person using the indicator, also, they are optional
“mean reversion” is very difficult concept, with forex trading
true that prices on the high or low band must eventually revert to mean, but also possible that when they do so the “mean” will be in a very different place from when the price crossed the band, so this “mean” does not prove much useful
as an example, price can touch the top band and maybe the next time it touches the mean or middle line (MA) that will be higher than when it touched the top band, so the price reverted to mean (top band to middle line) but went up between the two
So far this week I have been using weekly candles and trading in that direction combined with daily close and structure. So far so good. Indicators would have kept me out of both winning trades. They confuse me.
You have to be aware that the indicators are following the price, so they react after the price. Technical indicators must confirm the trend and give you signal when to enter the market.
More rubbish. You’re not chasing a record here bro.
I’m glad I saw these two posts, in this order, made me laugh 
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Im confused by what a technical indicator is???
Do regular indicators feel “misrepresented.”
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I don’t know whether it really means anything at all, but if it does, it’s wrong.
The concern is that the people who most need advice on things as basic as this probably don’t appreciate that Gerhard posts rubbish, so it does the forum harm, really.
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Yeah but we’ll probably be censused for saying so.