I would learn price action first, because it’s what all indicators are based on. Once I get a deep understanding of price and market structure, then I can look towards indicators.
I believe indicators get a bad rep for wrong reasons. Indicators are bad when traders know more about them than price itself. However, a pure price action trader can easily benefit from an RSI to confirm a reversal.
I’m using this free indicator now that I’ve found in other forum.
It basically list the currencies from strongest to weakest in different time frames. So you just need to pair the strongest and the weakest and so far so good. I’m using it for scalping.
Weird thing is, I’m not looking at the chart and my struggling account got an increase of 10% already in just a day.
I’m not sure if this is sustainable, kinda feel weird because I’m not looking at the chart at all.
I’ve heard about it. What’s it called?
Picking indicators randomly is not a good idea. Because doing so you don’t understand their underlying principles, why they have to work for you. An indicator which constantly generates profit means its predictive potential has been remained unnoticed for others.
In other words you found a store on the other side of a town where you can buy the bread cheaper. But sooner or later others will also learn that the bread is cheaper there and the flow of bread buyers there will lead to rising prices to the point where it becomes equal with prices in other stores. It’s how we reach equilibrium where gains are uniformly distributed for those who try to take advantage of it and reduces for 0 to each. Hope you got the idea - using simple approach which is publicly available most probably will yield 0 desirable results.
In terms of market functioning this is known as market efficiency. Finding indicators which gives an edge requires rigorous testing and experiments, particularly with history simulations. Pick indicators (probably their combination) and test them on history to see their predictive potential. OF course it’s based on principle that history repeats itself what is quite questionable since the market is constantly evolving.
Indicators provide the necessary information to know what is going to happen in the market in the next few minutes, hours, days, or weeks. There are many indicators including moving averages, Fibonacci, candlestick patterns, etc. which are helpful for the predictions.
As per my opinion no one can really say which is better. I believe it will depend on the trader. The price action and indicators are here to help us in our trades. Personally I am using Ichimoku Kinko Hyo to decide on a trade entry and exit. At a glance, the trader can see what happened in the past, what is currently happening in the present, and what is forthcoming. Candlesticks can be used as additional confirmation. But I can trade without candlestic confirmation. So it will really depend on the skill of the trader in using the available tools to become profitable in his/her trades.
Search Richard Krivo ony outube.He is a range trader who uses strong weak analysis. His site is full of helpful videos and he you can also email him with questions and he’ll try to answer. But Like " all systems work some times nothing works all the time" Don’t forget protect ype tour trade.
Hope that helps
Gp
Safety in numbers? Given that the vast majority of traders lose, how do you come to that conclusion?
FACT!! The market does respect SUPPORT AND RESISTANCE but not all the time that is where buyer and seller are line up. We are all using one script FIBONACCI to match not to win win win.
Hello,
If you ignore the news you do so to your peril also do not ignore major or very widely used indicators because volume affects Trade direction and if u ignore at a critical turning point you will get your fingers n even arms burnt.
My advise to you is to use tight money management with any strategy or tool you choose to use.
Indicators tend to work well over a period of time.
Price Action is kink mate, all indicators lag, use them for basic direction but the candles tell the full story in my humble opinion and watch Key data on the Forex Calendar, Dad affects the market more than anything else…
Hope the above helps…
An e perienced trade relies more on the price action than indicators as indicators do confuse them somehow . But as a beginner, you need to use indicators and candlesticks patterns for executing your trades. How many indicators do you use folks?