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Thread: Why I trade with candle sticks and no indicators

  1. #1
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    Why I trade with candle sticks and no indicators

    Hello all.

    Will be sharing to you some reasons why I trade with candles with resistance and support line and no indicators



    Here is a screenshot of My on going GBPJPY trade, I will explain why I took it and why I still held it.

    Attachment 12655

    At arrow 1. being the support area, the formed BULLISH PIN BAR encouraged me to take the long position, because it signals BULLISH ATTACK and at that moment, the weekly time frame was strongly bullis.. So I took the trade and set my stoploss below the pin bar.

    At arrow 2. Being a resistance line which is not too strong(The market tested it not as strong as the below support area. I was expecting a breakout, But a pull back occurred at Arrow 3, I then moved my stoploss to break even(I will explain more of this on the indicator screen shot).

    Then, I waited for a signal that confirms a continuation or a decline in price.. And BOOM!! After some few days, a signal formed for me around the Yellow eclipse area Which gave me the confident to wait for a breakout and it occurred and I am still holding the position and it has moved over 1200 pips!!!


    WHAT I WOULD HAVE DONE IF I TRADED WITH INDICATOR, BOLLINGER BANDS.

    I started learning forex with Bollinger bands.

    But along the line, I stopped using it and learning just candle stick and support and resistance line.

    Here is a screen shot of the same trade with bollinger band on it.

    Attachment 12656

    Arrow 1. Which is a support area with the Bollinger Bands Supported the candle stick, because when a candle breaks from a bollinger band lower or upper bands, it signals over sold or over bought market, therefore at the support area, the market was over sold and it formed a pin bar.. FIne, it'd have supported me to take the trade.

    Arrow 2 Being a minor resistance and the Bollinger BAnds signals a over bought market because the candle at Arrow three broke out of it. THEREFORE ON FOLLOWING THIS INDICATOR, I WOULD HAVE CLOSED MY LONG POSITION AND THEN START SELLING HOPING THAT THE MARKET WILL START GOING DOWN AND WOULD HAVE LOSS MY MONEY BECAUSE THE MARKET CONTINUED THE UPTREND MOVEMENT.


    In conclusion.

    I am not saying that Indicators are bad, or people who make use of it are not profitable, but I just think that as a swing trader, it will not help me hold my position for long, The middle bollinger band is a very confusing area( I will explain it in other threads).

    Also lesson I would want Beginners in here to learn is that:

    1.BE PATIENT. I was patient for some few days to wait for a break out.

    2.TRADE THE LONGER TIME FRAME AND KNOW YOUR S&R LEVELS.

    GIve me a thump up if this is useful.

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  2. #11
    Trader techboy's Avatar
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    Quote Originally Posted by splash View Post
    That's right, they are lagging and most probably will make you make some mistakes some times, I also understands that nothing is that perfect in forex.

    But to my experience the non use of indtcators has helped me to make success in forex trading more than I expected, but still I know that some people out there are making use of it and they are making money.
    Using or not any indicators as long that we have a very good understanding about different market conditions, know how to identify a trend, know how to interpret the chart properly, control our emotions, etc. I am sure the we can make profits in this market no matter what approach we use as long that it is based on the basic foundation of a good trading strategy.

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    " Trading is 70% Psychology, 15% Risk Management and 15% Strategy ! "

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    Quote Originally Posted by techboy View Post
    Using or not any indicators as long that we have a very good understanding about different market conditions, know how to identify a trend, know how to interpret the chart properly, control our emotions, etc. I am sure the we can make profits in this market no matter what approach we use as long that it is based on the basic foundation of a good trading strategy.
    The funny thing is that those who I are known as good traders are not making use of indicators. Well, I am not against indicators but then I know that the indicators is the reason why so many people are losing their money.

    I mean, most newbies will just go and read some things about indicators and then they will come to forex trading to have them implemented without learning, but learning raw price action will help things more better.

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    the decision on working of the pattern strategy those should gives of the better returns on consequence as trader to enter as having with the good experience on managing the different plan of the past terms of attainment. as recognizing the unique on figure with the distinct on name and the customs on characteristic with the formation on referring trend direction those helps to gain with the better confidence with the supports of confirmation as occupying signals of the return with the manage of the pattern strategy analytics of evaluation.

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    Quote Originally Posted by lawners1791 View Post
    the decision on working of the pattern strategy those should gives of the better returns on consequence as trader to enter as having with the good experience on managing the different plan of the past terms of attainment. as recognizing the unique on figure with the distinct on name and the customs on characteristic with the formation on referring trend direction those helps to gain with the better confidence with the supports of confirmation as occupying signals of the return with the manage of the pattern strategy analytics of evaluation.
    Yes, actually experience is that which matters and any one who has good experience will be able to make good amount of money from forex trading.

    Point is that, all strategy works. it is just all about learning and knowing the one that will work better for you, however, in forex trading, we need to have a good skills and knowledge based on the trading methods that will work for us, for me, I prefer the candles and they are just so good.

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  6. #15
    Trader techboy's Avatar
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    Quote Originally Posted by splash View Post
    The funny thing is that those who I are known as good traders are not making use of indicators. Well, I am not against indicators but then I know that the indicators is the reason why so many people are losing their money.

    I mean, most newbies will just go and read some things about indicators and then they will come to forex trading to have them implemented without learning, but learning raw price action will help things more better.
    I agree, success in trading is not just about having good indicators, its about how a trader has good understanding different market conditions and cycle, the psychology to tame his emotions so that he can impose discipline in his trading, trading is an art of mastering the market and our emotions.

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    Quote Originally Posted by techboy View Post
    I agree, success in trading is not just about having good indicators, its about how a trader has good understanding different market conditions and cycle, the psychology to tame his emotions so that he can impose discipline in his trading, trading is an art of mastering the market and our emotions.
    Yeah, that is true, and if we can differentiate between having a good indicator and having a trading system I think we can make money, because traders that has good indicator need to know when not to follow the indicator.

    I mean, it is good to know and have in mind that nothing is really that 100 percent sure and true, there are things that we need to evaluate before taking action, therefore good trader with good decision making makes money with indicators too.

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    Trader lawners1791's Avatar
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    yes the decision on focusing with the pattern strategy of the candlestick drawing by the chart those as trader entering with the good basics on understanding as qualifying the good ways on approaching the chance on capturing trends with the use of figure on formation with the candlestick of the chart. as the support of signals strengthen the better on accuracy on expending good risks with the exchange.

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    Quote Originally Posted by splash View Post
    Yeah, that is true, and if we can differentiate between having a good indicator and having a trading system I think we can make money, because traders that has good indicator need to know when not to follow the indicator.

    I mean, it is good to know and have in mind that nothing is really that 100 percent sure and true, there are things that we need to evaluate before taking action, therefore good trader with good decision making makes money with indicators too.
    Well, there could truly be the distinctions in the use of the indicator and the candlestick trading, because the candlestick trading is in pattern, while the trading of the indicators are for price follow phenomena, and all the time the indicator could be effective, so is the candlestick trading, all depends on the trader working things out.

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  10. #19
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    Quote Originally Posted by splash View Post
    Yeah, that is true, and if we can differentiate between having a good indicator and having a trading system I think we can make money, because traders that has good indicator need to know when not to follow the indicator.

    I mean, it is good to know and have in mind that nothing is really that 100 percent sure and true, there are things that we need to evaluate before taking action, therefore good trader with good decision making makes money with indicators too.
    Price action trading is always best sir and for sure its better than any other kind of trading. The other thing that is good in your trading that is the selection of your time frame. As we can see in daily chart you get a good entry on important support point, and after pullback market again climbed up, daily chart is best to judge the market condition and best to enter and exit in the market. Well done

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  11. #20
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    Buying and selling using the candlesticks isn't a brand new point to become, We type the cost motion by using it too, what is important is actually to achieve the design you need to accompany, as well as if you want you may include sign or even not really. Along the way associated with not really including sign, it is best the actual investor go via the long run buying and selling techniques, this could end up being earnings massing for that investor.

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