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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. #3681
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    Candlesticks are really good but I think trading with them only could lead to some serious catastrophe if care is not taken, many times, they candlestick that we see could appear in her wrong location and if we are not careful we will likely enter a market that we did not prepare for because we have received a wrong signal and interpretation which leads to losses.

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  3. #3682
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    Trading with the candlesticks with no indicator is actually simple than trading with the candlesticks with indicators, because most of this indicators always confuse us of what to do next, but when we are trading with the candlesticks with no indicator it's very simple for us to determine the next market movement with support and resistance levels.

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  4. #3683
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    Many traders use pure price action and without any indicator. Maybe they like to trade without indicators. The others use indicators as there are various good tools like pivot point indicator with support resistance lines, various trend indicators. Trading without indicators is good choice as there is all information in the form of candle sticks and chart.

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  5. #3684
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    Forex trading success is more of what you know and the confidence that you have in what you know to be able to deliver for you. This is just an example of what you have demonstrated here sir. You knew some few things about trading the market without the use of indicator in a price action trading system like this and that is where you confidence about this trading system is coming from. I believe that developing a personal trading system and getting committed to it is the best.

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  6. #3685
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    Quote Originally Posted by glory3 View Post
    Forex trading success is more of what you know and the confidence that you have in what you know to be able to deliver for you. This is just an example of what you have demonstrated here sir. You knew some few things about trading the market without the use of indicator in a price action trading system like this and that is where you confidence about this trading system is coming from. I believe that developing a personal trading system and getting committed to it is the best.
    Yes so we have to learn and increase our knowledge, increase our knowledge to make good analysis and increase knowledge of risk management. When one is talking about using candles he is probably talking about using price action analysis, also you can prefer to use some indicator on your candles. Having the knowledge about any indicator and strategy will help us to get stronger trading signals.

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  7. #3686
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    All the trader in this market will get maximum knowledge about trade and have some good strategies for working here because if we have such knowledge and learning we develop our plan very well and help to achieve success from it , we always have to make our trade plan very well and with learning and practice we will able to get success .

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  8. #3687
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    Quote Originally Posted by komalam View Post
    Yes so we have to learn and increase our knowledge, increase our knowledge to make good analysis and increase knowledge of risk management. When one is talking about using candles he is probably talking about using price action analysis, also you can prefer to use some indicator on your candles. Having the knowledge about any indicator and strategy will help us to get stronger trading signals.
    knowledge is unlimited traders got no reason to stop learning because they're already satisfied for what they have now. following market movements with candlestick patterns sometimes not always enough to provide what traders need in analysis, that's why it's necessary to improve what we have with our strategy to make it even accurate from previous versions.

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  9. #3688
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    A good knowledge and good practice is mainly important to make our trade plan safe and we develop our strategies also with care and with good planing. Trading with candlesticks without any indicators will be rather crazy as candlesticks are simply the opening and the closing. The reason why I trade with the candlestick is that it is good and I also trade with the use of indicator some times.

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  10. #3689
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    This is an easy concept to trade with the candlestick patterns and without using the indicators is preferable for working well so we must use these strategies which could be helpful to wins money without involving any indicators so working will be easy if we are having the good understanding and proper experience also .

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  11. #3690
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    There are some traders that makes use of the candles with some set of indicators that is how they get to trust the market and trade it that way, I don't make use of indicators sometimes too, so, what matters is that you should be able to trade in a such a way that you make consistent profits, we all could be here for money making but we are doing it in a whole different means of trading.

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