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.

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  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.

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    Trader Hukam's Avatar
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    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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    Quote Originally Posted by Hukam View Post
    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.
    I agree with you that the use of technical indicator is just good I am making use of the same bollinger bands, the thing I see is that some traders don't believe on it, I have some other traders too that don't believe on it, but I see it as they don't know ow to make use of those indicators actually.

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  5. #5
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    Quote Originally Posted by Hukam View Post
    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.
    How am I forging things, I am merely saying things that works for me and I am trying to pass information based on who so ever that likes it can actually join me in trading thus.

    Well, I think you got me wrong, I do trade with indicator in the past and now I no longer do that, ultimately I am not clear with my decisions, indicators are not perfect same as technical method, it all depends on the one that works for you.

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  6. #6
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    Trading with the candlesticks is not a new thing to be, I form the price action with it as well, the main thing is to have the pattern you want to go along with, and if you like you might add indicator or not. In the process of not adding indicator, it is better the trader take it through the long term trading systems, this would be profits massing for the trader.

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    Quote Originally Posted by cozard007 View Post
    Trading with the candlesticks is not a new thing to be, I form the price action with it as well, the main thing is to have the pattern you want to go along with, and if you like you might add indicator or not. In the process of not adding indicator, it is better the trader take it through the long term trading systems, this would be profits massing for the trader.
    Sure Buddy, it is not a new thing, it has been into existence in forex trading for over a very long time, just that traders has not really been making use of it the right way, so therefore I decide to say more about it.

    Well, about making use of indicators, I think some of the newbies gets their trades all messed up because they have lots and lots of indicators on their chart, therefore to me, a trader needs to not allowing indicators make his decisions for him or her.

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    Quote Originally Posted by splash View Post
    Sure Buddy, it is not a new thing, it has been into existence in forex trading for over a very long time, just that traders has not really been making use of it the right way, so therefore I decide to say more about it.

    Well, about making use of indicators, I think some of the newbies gets their trades all messed up because they have lots and lots of indicators on their chart, therefore to me, a trader needs to not allowing indicators make his decisions for him or her.
    Indicators can guide us in making the right trading decisions but if we use so many indicators it will only confuse us in making a good trading decisions,indicators are lagging in nature it is better if we can create a strategy that is based on price action where it can give us advance outlook on the sentiment of the market.

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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
    Indicators can guide us in making the right trading decisions but if we use so many indicators it will only confuse us in making a good trading decisions,indicators are lagging in nature it is better if we can create a strategy that is based on price action where it can give us advance outlook on the sentiment of the market.
    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.

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    Quote Originally Posted by splash View Post
    2.TRADE THE LONGER TIME FRAME AND KNOW YOUR S&R LEVELS.
    yes as trader entering with the decision on running of application of the rules with the chosen strategy as moderating with ways on approach as appealing risks on deliverance.
    that more those to leads with the focus on managing the extent strategy as defining use to work with the exit points on measuring returns with the running position with the trading.

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