What Indicators ?

tradingteacher

Junior member
34 0
Sometimes people send me screen shots of their charts asking me for my opinion on the direction from the chart displayed.
I have a look and I tell them, "I have NO idea, I can't even see the price or candles!"

Some traders loads their charts up with all kinds of indicators, and they are thinking when this crosses with this and that touches that, so long as this is over that I am in.."

WHAT?

This may work for you - it is a total info overload for me.

When it comes to indicators I could trade on a chart with NO indicators and I would much prefer to than loading it with a ton of them.

All these indicators are trying to tell you one thing and one thing only.

They are trying to indicate where areas of support and resistance will be.

My question is, why not just know where the areas of support and resistance will be lol.

I sit the night before (when it is in the Asia session) and I will work out where the support/resistance will be, fibs can help with this.

I then chart up the areas of S/R so I can send these charts out to the people who I teach so they know what to be looking for the next day.

I will draw these lines on my charts, and I use a pivot points indicator which plots the pivot point and S/R areas, which usually corresponds with the lines I have drawn in.

Then I wait and see how the market reacts to these S/R areas - easy.

I look for reversal patterns, continuation patters (these are the hammers, hanging men, engulfing etc) around the areas of S/R.

EASY.

I do not have a ton of info to process in my brain before I trade and this allows me to be able to do a full analysis on the 7 + pairs I trade in 20 mins tops.

This allows me to check the market only a few times a day and know exactly when there is a high prob of the market changing direction and me being able to scoop up 100+ pips for under a hour of chart reading.

If you like the RSI, the bands the this the that and it works out for you, good for you.

If you are not doing so well with them, it is most likely a case of info overload.

Forex trading is not hard, it is not complicated.

When you make it complicated, you make it hard.

Keep it simple, keep it easy and keep it profitable.

Happy trading

Skype - tradingteacher
 

random12345

Established member
793 280
I'm gonna bite here, it's either that or watch Celebrity Millionaire. I have queeestions.

Well indeed, indicators are often horsesh*t, though you honestly make 100 pips a day....? A DAY, sir? You must be fantastically rich. I only target 15 a day and I'm... comfortable.

I'm sure you're using some correlating pairs if you trade 7 at a time, joint breakthroughs against your S&R must hurt... badly? Did you take any strong support trades on Euro pairs on Thursday for example? Must have got busted up pretty badly.

How can you only check a few times a day if you're waiting for reversals? Using S&R with price action confirmation is fine, but one simply can't check the markets a few times a day in that situation. You can't leave orders at the points of S&R without risking missing the reversal and picking up the trade on the breakthrough instead, which is always a laugh. Could you elaborate on a 'few times?'

What are your opinions on price action reversals being no more than trading the stall at S&R? It's only fate that said bars closed a doji or some other colourful description. Were the clocks reversed 10 seconds at each bar, they could form a different pattern, making one's reversal confirmations just an attempt to explain away betting the stall, which seems easier to me and you don't have to give them silly names. Oh look. The price isn't breaking through at my line. I know. I'll bet the other way and I'm looking at a 60% chance of winning. I'll tell everyone I saw a signal bar though. Mwaha!

Apologies if all imitations are hugely out of context. I can be obnoxious.
 

tradingteacher

Junior member
34 0
"Apologies if all imitations are hugely out of context. I can be obnoxious. "
I actually admire your frankness
Firstly, Thurday we KILLED IT :) Was one of our best days for a while.
I will find my S/Rs table I sent out on Thurs and you can have a look yourself.
100 pips a day is really not all that hard to be honest, and yes, it makes a lot of money.
I have a video here (of a fairly bad day) and it should show you how I only have to check a few times a day and maybe answer some other questions.

If anything I missed, re ask and will answer.

Easiest Forex System. No Indicators. - YouTube
 
 
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