Why I trade with candle sticks and no indicators
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  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.

    Robocandle.jpg

    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.

    Roboindicator.jpg

    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.

  2. #2
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    Well friend remember that we are working in an uncertain market. You can work with your own ways in the market and as far as you are profitable you can be sure that you are moving on the right path. But I do use indicators.Indicators can only work if the trader is able to have a good analysis with its help.It would not be wrong to say its actually the analysis of trader that works and also analysis can g wrong any time and being prepared is the only solution.

  3. #3
    i think maintain good technical analysis.fallow the moment management.we know technical analysis is the base of the business.it is very important.all the indicator are use less if you are not strong about the basics of the business.you must using trading strategy.

  4. #4
    Registered user mohabbat's Avatar
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    Quote Originally Posted by sumiya View Post
    i think maintain good technical analysis.fallow the moment management.we know technical analysis is the base of the business.it is very important.all the indicator are use less if you are not strong about the basics of the business.you must using trading strategy.
    Yes dear brother, at first we should focus on our trading knowledge because this is most important for long survive.some trader always trying to make money quickly. they do not focus on anything. they think indicators is the main key of success but that's wrong.
    Don't loss you hope.

  5. #5
    Quote Originally Posted by mohabbat View Post
    Yes dear brother, at first we should focus on our trading knowledge because this is most important for long survive.some trader always trying to make money quickly. they do not focus on anything. they think indicators is the main key of success but that's wrong.
    We should do our analysis set a reasonable target and trade based upon a good planning. Forex is a continuously changing market and here different methods of techniques are always being devised to make profits. Using indicators or candles or both, all can be good depending how our trading is.

  6. #6
    Quote Originally Posted by PROPENSITY100 View Post
    Well friend remember that we are working in an uncertain market. You can work with your own ways in the market and as far as you are profitable you can be sure that you are moving on the right path. But I do use indicators.Indicators can only work if the trader is able to have a good analysis with its help.It would not be wrong to say its actually the analysis of trader that works and also analysis can g wrong any time and being prepared is the only solution.
    i think if you done about candle stick eudcation then you can do it very easily but if you are a newbie in this field then you have to learn and watch all the day candle with a different time frame but many traders are in a bad situation in this field they are not a good in this field that why they do not learn any thing they just put trade just cause of moving the market,..

  7. #7
    Quote Originally Posted by PROPENSITY100 View Post
    Well friend remember that we are working in an uncertain market. You can work with your own ways in the market and as far as you are profitable you can be sure that you are moving on the right path. But I do use indicators.Indicators can only work if the trader is able to have a good analysis with its help.It would not be wrong to say its actually the analysis of trader that works and also analysis can g wrong any time and being prepared is the only solution.
    well you work on it not worry and not tough at all just to focus on candle pattern you have to watch candle stick with different time zone and then you have to work on it otherwise it is not a simple thing like you think so keep in your mind and then you trade many trader think this is just a simple or without indicator i think it s to much hard so stay away to it..

  8. #8
    Quote Originally Posted by Zahida View Post
    well you work on it not worry and not tough at all just to focus on candle pattern you have to watch candle stick with different time zone and then you have to work on it otherwise it is not a simple thing like you think so keep in your mind and then you trade many trader think this is just a simple or without indicator i think it s to much hard so stay away to it..
    Yes many traders look at the candle sticks and understand little or use the wrong time frames, so land up losing money. Not all traders can analyze the market well enough, only those who are serious can. All traders do use the candle stick charts only difference is successful traders ability to analyze the market is greater.

  9. #9
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    Quote Originally Posted by PROPENSITY100 View Post
    Well friend remember that we are working in an uncertain market. You can work with your own ways in the market and as far as you are profitable you can be sure that you are moving on the right path. But I do use indicators.Indicators can only work if the trader is able to have a good analysis with its help.It would not be wrong to say its actually the analysis of trader that works and also analysis can g wrong any time and being prepared is the only solution.
    Yap, my buddy, i quite agree with you here that we are working in an uncertain market as forex traders and there is no trading system that has the final solution to the problems of the market , if working with the use of the chart without the inclusion of indicators is the best for you, then try to stick to it and do not have to discourage those who are making use of the indicators to trade the market , because they too have so many reasons why they are trading the market with the use of several indicators and not the plain chart.

  10. #10
    Don't forge that technical analysis is the base of this business and all the indicator's are useless if you are not strong about the basics of this business. The knowledge of technical analysis is very important no matter which type of trading strategy you are using. A good knowledge of technical analysis could help us to take wonderful decisions during bad and good market conditions. According to me the use of indicator's are only profitable if we have a good sense of technical study.

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