Why I trade with candle sticks and no indicators - Page 376
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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. #3751
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    Candlesticks is a very safe and profitable trading style we can used the candlesticks pattern without indicator, or we can choose to use the candlesticks with indicators, it's all depend on our choice and what we have really learned to trade with, candlesticks can work without indicator and it can also work very well with indicator, so it depend on trader which one they like the most.

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  3. #3752
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    I like to work with candlestick pattern it is very good option for trading so if we have knowledge and practice about it we should make our plan very well , there are lot of option for trader to be work with these strategies it will give trader good option and have perfect system to be used for successful trade results .

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  4. #3753
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    learner, I am agree with you , for all of us this is soo important to pay attentions on the candlestick strategies that are doing the trade work in the erect manners and through the capacity to trade well and having the skills of learning all matters for taking the better approach on success so we should follow the better ways for open the trade rightly .

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  5. #3754
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    Whether we use indicators or not, what we should make sure is we do a very strong analysis and then proceed to trade anything. Like the thread writer here does not want to make use of indicators, everyone is different and everyone have to recognize what they can prefer. With good skills in analysis Forex is a great opportunity to earn and we have to learn candle stick patterns to be able to do strong analysis.

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  6. #3755
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    Indicators are not good way of trading but if traders are trade with a indicator with patience and follow the market trend with a suitable trading strategy they will get good result in trading. We must follow a trading strategy with patience and its good follow your own trading skills and do not use any indicator in trading.

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  7. #3756
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    If you are decide to use the candle sticks pattern without indicators, then you are looking to trade naked and believe the candle sticks pattern is enough to help you make the right trading that you need. I personally trade naked and for me it's the best way I can follow a proper trading that will warrant I enjoy profits often. Candlesticks system is good and this will go a long way to help us study this patterns and know when to make bullish or bearish trading decisions.

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  8. #3757
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    Candle stick patterns tends to always remain consistent with their movements which could become a way of earning consistently off the forex market and whenever you take times to learn and master then over time then it makes it easy for you to start trading confidently and making money become very easy over time. Candle sticks are good ways to read the price and mistakes are reduced greatly too.

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  9. #3758
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    I like to use indicators because these indicators are really helpful for traders to make good and big profit within very short time period but if we are use indicators only in our trading then within very short time period traders can earn good and high profit from this market and I really like to work with these two ways in my trading.

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  10. #3759
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    These both ways are good and effective for traders and if we are use them together then within very short time frame traders can make good profit on this market. We must need to use candlestick patterns in our trades and never need to use indicators in our trades but if you want to trade with indicators then you must need to choose a good and effective indicator in your trading.

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  11. #3760
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    It will never be that easy to work with the naked chart, naked chart without indicator is very to study, except you are very good in this type of trading style before it will be simple for you, but for newbie who don't have much understanding about the market and a good experience, it will be better for you to assist you trade with the use of indicators.

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