I do know my indicators inside out and what they are can and can't do. If I use them with this in mind I can make money. Problem is, sometimes I've a tendency to switch off and have an over reliance on the signal they give without an appreciation of what's actually going on underneath. I don't think it's necessarily laziness - It's just that there is too much information on the screen and it's hard to maintain focus for extended periods. This was my rationale for getting rid of them and attempting to read the price. It maybe the case that this exercise just adds another string to my bow and I go back to my old charts. Either way, I think it's a worthy endeavour. I'm open minded and receptive to new ideas and I don't get bogged down with a lot of the dogma and zeal that some traders cling to. So, with this in mind, I thank you for introducing me to the non-time-based charts, I can see that there are many advantages with this approach to filtering price information and will study the charts that you have kindly created thoroughly. Cheers Tim you're a gent.Hi cbrads,
There's a prevailing culture on T2W - and has been for some years now - that indicators are the spawn of the devil and should be avoided at all costs. They lag, they don't work etc., etc. If you have a methodology that you've tested, you're happy with and provides you with consistent profits - then sticking with indicators makes good sense. All that matters is that you understand how they work, what their limitations are and what it is that they're indicating. Too many traders who use them do none of those. So, my advice is don't be proud: if you can make money from a chart that looks like a Jackson Pollock painting - good on you!
Having said all the above, I do subscribe to the idea that looking at a chart without indicators forces the trader to focus on price and what it's doing - as opposed to interpreting (often incorrectly) indicators. However, this won't do you much good unless you have some means of 'reading' price in order to make your trading decisions. I know the good folk on T2W are tired of me saying this - and not many of them agree with me - but I really do believe that for those of us who don't have the skills of someone like dbphoenix' for reading price - will find the task much easier by looking at a non-time based chart.
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With this in mind, attached above is a Kagi chart (with moving averages!) and two longer term Heiken-Ashi charts showing where I think you entered your trade.