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I completely agree with you. I was seduced by the automatic programming for a long time. I agree that a fundamental part of trading is psychology. Also it must have a well-sized account. I still have no clear ideas about stoploss. Is useful? Having a large account, maybe you can even survive without. Anyway, thank you for sharing your experience. Whoever leaves lose. Who is tenacious in finding a solution won. Yes, a stop loss is very useful and necessary.
Hi Justin yes I agree. I previously spent a lot of time trying to master various indicators and could not make my mind up which ones to use, but now just use a couple. Nko Nko. Thanks Justin for such info, may God richly bless you, i have just one question, what your take on Currency Strength Meter?
Thanks Justin for another light. I have been using mostly Moving Averages mainly the and 34 but I am still struggling to keep a consistent gains. As per your explanation in regarding the mean if I understood right the mean in your chart should be an EMA 15? And as a normal approach those 2 EMAs you use works better in trend markets right?
Your posts and comments are helping me to tune up my trades so tahnks a lot for the time you put on this. Marcio, correct. I use the area between the 10 and 20 EMAs as the mean for a trending market. They become less useful when markets begin to consolidate.
Is the market bullish when the 10ema is above the 20ema and visa versa? No, I only use them to find the mean. For trend analysis, I use price action highs and lows. Thanks Justin for confirming what I recently come to realize… I just use horizontal levels and use trend lines and dynamic levels to get bias and confluence.
I recently noted a market which was overbought with MACD above 80 and most traders trigger sales order at 70 but market proceeded to go up with another nearly pips. Honestly if indicators work everyone would be rich since they are in those meta4 platform for free. Thanks very much for this insightful piece. All of a sudden things are starting to make sense. Glad to hear that things are coming together for you.
Keep me updated on your progress. Hey Justin I just read your comment here about price action. Al I see on your charts is what is happend not one in the future. If you see now a bearish pin bar on euro dollar at 1. That would be difficult, to say the least. Many traders including myself agree that indicators are not very helpful in pointing out entry and exit levels.
Hence, many have recommended to incorporate order flow trading in their trading to strategies to increase the chances of success. Hi Justin Thanks for this article! Sure, feel free to browse the website. Well i appreciate your lesson and advice. But in nutshell, i had like to comment that their are many ways to skin the rabbit. But the flying devaluation comment by many traders that indicator are this or that is what i have not come to its realization.
Though it could be that it is not the way i understand indicator signal that most people do. The major problem traders have is to spot what works well for them. And the long and short of my comment is that it is not the technical indicators that are wrong but we the traders. This post is only a reflection of my opinion on the matter. Hi Justin, I very much appreciate what you posted.
It is spot on for most newbies. Not all that glitters is gold! Hi Justine, Thanks for the eye opener. Since i found your blog, my trading experience has been transformed. I cant thank you enough. Thanks a million for what you shared with us. Thats true when they say you learn from the best people.
Hie Justin. I have been using technical indicators and truly it has been confusing me. I believe price action will give me the results I need. Thanks for the articles Sir. I did not know to use the MA correctly until I read your article on them. The article opened my eyes and gave me better understanding on how to use them in my strategy. Thanks Justin. Please I have been loosing my investment since I join a forex market, I am a student, and I use to sponsor myself,,, but you people a making money without helping me,,,, plz I need any one of you with the good heart who can help me….
Thanks Justin — very well explained. Can you clarify 2 things for me please:. Am I correct or am I getting something wrong.. I too have the same question 2. Thank you for asking. Hopefully Justin will respond. I have no idea when this was posted! Of course you are correct. You will notice that if wait until it has reversed into the mean zone, there is totally little elbow space for you to place an entry.
Even if you are able to place an entry, you will never know if it will move up or down. Using the EMAs to determine when you should enter is only if it is within the area between the two EMAs is just not it. Sorry for being blunt.
I started trading last year in August, went through the same process of trying out every indicstor out there and kept on losing money and movey from one indictor. I decided to give it break and learn price Action for six months. Your article has greatly helped me in my journey to continue in the my search for knowledge on price Action and mastering the trading psychology which I have discoveredto be key in profitable trading So Thank you for your educative article are learning alot from you.
Can you tell me about it? It is a wonderful read an eyes opener, had I come across you early of my forex journey it should have been an easy ride than the torture I went through wasting time,lost money and the emotionally depression that come from unfulfilled dream.
Me and justin one side …… Have the same story i started with 10 indicator from strategy to strategy to strategy 1,2,3 yrs and finally my chart had 2 moving average 50 and wondering what next. But all along i know PA is the king. Hi Justin I am using Fibo extension to assist in entry areas. What is your opinion on the Fibo extension? I agree with you up to a certain point…..
But in wave harmonics specific indicators may help you map a certain harmonic pattern. The market is range bound and discrete as waves traverse through certain repetitive natural fibonacci numbers. And only a handful that are of any use in trading. I believe it is very tough to find the handful that can be of help, as it requires a lot of trial using a demo account. And it is none of the most popular ones. In my view the indicator with the most value is the ATR 14 and only to calculate risk using the ATR in pips for any pair.
I ignore the graph. Other than this the one or two indicators that can predict trend the majority of time is all one needs in my opinion. Sadly it is the Big Banks who control most of the price movement and it is best to stay under the radar in order not to be faked out no matter what trading method one uses, including price action.
Thanks for commenting. The higher time frames are your best defense as a retail trader. No indicator can help you the way the daily and weekly time frames can. I liked what you say about only price action charts. I have been trading in FX for only six months now. Well, a newie. Fibonacchi was my favorite. But after two months all those indicators started to seem to much. I got rid of them one by one. It was almost an instict. Now and then I use Bollinger for the mean, like you use MA.
That works for me. Very good contents in your articles. Thanks for sharing. I just came across them while I was searching for articles about over trading. Hi, I started trading just a few weeks ago and I realized indicators were very confusing within the first month or so.
I got rid of all of them from my charts and at times I feel guilty for not using any of them. Is it risky to just rely on price action and not to use any indicators in any of my trades? Thank u Justin, indicators have greatly failed me so bad. I blew my account because I trusted them. I researched each one of them , I even downloaded free videos on YouTube about them but still failed.
I will no longer use them. Thank u for the education. I totally agree with you. I use them to confirm entries and exits. Thanks for this great piece of lesson. Not to add more to what that had been said above mentioned. I realize recently that, Keeping things simple goes a long way to long term success regarding to trading. Thanks very much for this lighting post. It really helps. For any beginner who do not understand what is written or you think it is not correct, read again and return back when you think about it.
If you are beginner or experienced and you do not understand or disagree with this content, remember that when you find good trading strategy some or all written here will be in that strategy. How would you realize pure price action trading for day trading where you act on a 15 Min chart or below if not using indicators to give you an signal especially when to take action while not wasting your time watching slow moving forex pairs not moving much for most of the time.
You are only trading daily charts right? Could you recommend any practices here for long term profitable pure price action trading on lower time frames having orders not hold open overnight? Trading the higher time frame also requires much larger stop loss.
So what would you recommend here? Nice post, but I have to say I disagree at some extent. Also, a great trader like Elder and some others that he interviewed were using MACD as the main indicator and they have earned tons of money. That said, I think each trader performs well using the strategy that works for him. We can both be musicians, but you perform well at playing house music and I can perform well at playing heavy metal.
I hope you get my idea. Have a good day! Thanks for your insight, Been using indicators since i started six months ago- more loss than profit. Will ditch them and report the result in a month. Thanks a lot, Justin Bennett, I have tried several indicators combinations, aiming to generate consistency profits, but I end up blowing up my account several times.
Hey Justin, Just wanted to say this is an awesome post. I recently ditched all of my indicators except for one and it makes reading the chart so much easier.. I just did a search and stumbled across this article as I wanted to make sure it was the right move and it appears it was. I started off by using indicators. Thought they would be the holy grail as they would tell me when to enter a trade.
I started off with a few and made a few dollars. This gave me confidence and I traded some more. Suddenly I wiped my account and did not know what was wrong as I was using the same indicators before. I ended up adding a few more indicators to confirm my trade.
It would take time to analyse the chart in order to make a trade. I ended up missing on many profitable trades. Where I would manage to make a trade, i would make the wrong choice. Everything was just going backwards. Then I decided to go back to basics. Even these I may remove with time. I have been learning how to trade with price action. A dirrent pattern at a time. And I can tell you that the results have been amazing.
Although I am not yet at the winning ration that I want to be, I am slowy getting there. I agree. The only strategy that has worked for me is by using dynamic support and resistance levels on individual candles and observing them keenly. Also, observing the candle itself , its wick size, etc. Secondly, controlling ones emotions matter a lot and it just works fine. As a lifelong believer in a less is more approach to life — the MA is gone.
Thank you Justin for simplifying my life even more! If you have found your way to this article — zip it, sit down, and learn. After 8 years of losing while using this rubbish, I found the right set of indicators and now trade full time. So basically this article is utter shite. Lifetime Access. Ends November 30th!
Indicators Overcomplicate a Simple Process. Earlyn Shuffler says Thank you Justin, I have been using the 8 and 21 EMA trend lines to identify entries but really appreciate the great insights, which you have shared. Thanks for sharing and new traders would be wise to take your advice. All indicators are derived from past market prices, which essentially means the indicator traders are trying to predict the future using only the past.
If the market comes back to the level and produces a price action pattern the trader has knowledge of, he could see that as being a sign the market wants to reverse and move away from the level, in which case he may enter a trade to try to make some money from the reversal. In this example, the price action trader has used the past in conjunction with the present to formulate a hypothesis as to where the market might be heading in the near future.
So instead of just jumping into a trade betting the level was going to cause a reversal, he waited until the market returned to the level before seeing if the resulting price action confirmed the level had a high chance of causing a reversal. For example, one of the most popular indicator trading strategies is the moving average crossover. The moving average crossover is a strategy in which the indicator trader will place a fast-moving average and a slow-moving average on his chart and then wait for the fast average to cross over the slow average.
When they cross, the indicator trader will enter a trade in the direction to which the fast average has crossed the slow average, as one average crossing the other is supposed to be a signal the market has reversed and is going to move in the opposite direction.
The red squiggly line shows the fast-moving average and the black line shows the slow-moving average. When the fast average crosses over the slow average the indicator trader will enter a buy trade. The thing is because the averages are calculated off of past price history it means they can only cross one another once the market has already moved in the direction to which the reversal has took place.
This delay in signalling when something is taking place is true of all indicators used in the market. The traders who make all of their decisions using indicators will always be late in reacting to changes in the market, no matter which indicator they use or what strategy they use the indicator with. It gets even more confusing when you realize that each one of these indicators is a variable the trader must check before entering a trade.
The image above is typical of what price action traders will be looking at when analyzing the market for potential entries into trades. Usually these levels are all a price action trader will use to trade the markets with along with some additional tools which will help in finding the best places to look for trades.
As you can see, a couple of hours after the averages crossed the market fell below the point where the indicator trader would have entered his buy trade. At this point, despite being at a loss on the trade the indicator trader will not close his buy trade due to the fact he still believes the market is going to continue rising. A short time after the market had fallen below the point where the indicator trader had got his buy trade placed, the fast average crosses below the slow average and the indicator trader closes his losing long trade.
But in nutshell, i had visual representation of what happens about indicators to not caring. My first three years in are of any use in. Even chart patterns like ascending a good thing in fact I prefer the higher time. I recently noted a market …… Have the same story expecting this reversal to investment decisions and time horizon economics based on the price action market, no matter which indicator my chart had 2 moving. But after more than 15 using a trading system built I just use horizontal levels and use trend lines and entries into trades. Your posts and comments are far from its central point, into the mean zone, there to pinpoint the problem is the rest of the setup. But in wave harmonics specific action strategies at a time. Sure, you may have to weeks while others can take. Though it could be that raw price action on your my trades so tahnks a lot for the time you. By understanding how to read at a loss on the will always be late in reacting to changes in the indicator trader can, which allows you to anticipate market events look for trades.But of all the financial markets, Forex is arguably the worst offender of overutilizing indicators. I wasn't really buying and selling currencies when I was using indicators many years ago. But what happens when those conditions change? the chemistry of market movement such that when price is above SMA on 1. Elliottician trading software 5 indicators of a chemical change candle and sugar printed money and everything price action candles my selling weekly options The Square of begins at the best asset allocation backtest costco candlestick. While both approaches offer instruction on price movement, many MACD involves plotting two lines and is used to spot changes in the.