Why I trade with candle sticks and no indicators - Page 374
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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. #3731
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    Trading is something we need to be done with many signals from the market and naturally such kind of thing will not be simple or even easy. If we see some condition in the market then we want to see several confirmation before we can become brave enough to trade. And that is why some traders trade with candle sticks. But personally speaking, this is not enough at all as more and more mistakes will come with this alone.

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  3. #3732
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    If traders will watch the videos of other experienced traders in any youtube channel so they will see that most experienced traders use candle sticks and charts without indicators. The reason is that these traders do not need indicators because all information is written in the form of candle sticks and chart and trader can do analysis well.

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  4. #3733
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    In forex trading, if we really want success then we must need get knowledge, learning and improve our trading skills that really help us in trading and we can earn a huge amount. I believe that indicator can make me a lot of money but after trading with indicator for some times I now notice that without a better understanding about the market myself no indicator can work for me.

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  5. #3734
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    This is traders choice that they want to use indicators or they want use candlestick trading methods in trading. I like use indicators in trading because they are give us best trades and help us to trade according to the market trend. That is reason I always like to trade with indicators and according to the market direction and my indicator is give me best trades.

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  6. #3735
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    Indicators are never give us good result in trading that is reason now mostly traders are like to work with candlestick chart patterns and its types. We must follow the market trend with good planning and use those trading methods that are give us easily good money and use candlestick chart patterns with higher time frames traders will get good result in trading.

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  7. #3736
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    Quote Originally Posted by isaac View Post
    Indicators are never give us good result in trading that is reason now mostly traders are like to work with candlestick chart patterns and its types. We must follow the market trend with good planning and use those trading methods that are give us easily good money and use candlestick chart patterns with higher time frames traders will get good result in trading.
    Yes ,you are right dear. Indicators are really helpful in trading and with the help of these indicators we can develop new trading strategies . Actually indicators help us to analyse the market and to predict the upcoming moves of market by calculating the trend . We can also trade with the help of candlestick patterns and it is also best for effective trading . I believe that trading with the help of candlestick patterns is better option for long term traders and trading with the help of indicators is best for scalpers . Learning is necessary and we can select trading method according to our behaviour ,requirements and the method that we feel easy .

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  8. #3737
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    It is one of best way for experience trader only because if we are using daily candlestick pattern and there is no indicator in trade we have option of wining , we must have to make our plan very well , with practice and with enough learning we chose our trade strategy in favor so we all should make every trade very carefully.

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  9. #3738
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    Quote Originally Posted by tejaravi View Post
    In this unlimited market if we trust on limited resouces so that will decrease our chances of wining, you are right about it that only candlestick does not give trader always wining and overall success to us , but if we want to work safely in this market we develop other resources as well for trading smoothly and for highly earning .
    But we should work for willing the better earning ratios and in this regard we have to control on the risks and having the better skills of learning and better experience will help us in making the profitable trade so we should use the candlestick patterns which indeed very important for taking the benefits and earning from them more progressively.

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  10. #3739
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    The way traders trades in the market determines their success. I don't think there is any special way to being profitable, all I can see are just different trading methods that we have gotten for ourselves and then the learning we will be needing to become profitable. Trading with the use of candle is really good and profitable, however the trader just have to have other means by which they can confirm all trades before taking them.

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  11. #3740
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    Candlesticks pattern with the trend line is a good and effective strategy to make use of, this trading style is very profitable we can make good money from this trading strategy, it's not necessary that we must use indicator to trade before we can earn, I prefer using the candlesticks with trend line with no indicator, because using indicator with the candlesticks pattern will only make things difficult for me.

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