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Watched this video about how he thinks trend lines, support/resistance lines and chart patterns are rubbish and should not be used What do you experienced traders think of his opinions?
You have been lied to. The technical analysis Forex trading tools everyone told you to use have led to your lack of success. The sooner you get away from the...
I have watched all of vp's content, you need to remember that what ever he says relates to the way he trades and that's on the daily charts using indicators. Just keep this in mind.
I do 1 or 2 and no more to help me visualize where price is in the context of a higher time frame. But over time you will find indicators only show you what you want to see. Another person looking at the same chart with different indicators will see what the wants to see. So its all relative to the trader because your looking at what has already happened in the past. Indicators dont really help as they are lagging.
You want to see price action which show the sentiment of participants. Are they in fear or greed mode. Conflunce this with market structure and your on a good road to have high probability on your side. Indicators by nature are lagging and show you only what you have missed. And whats the point of that.
Some people do manage to trade successfully using indicators though? Or so they claim.
Look for indicators that highlight what is more likely TO happen. In my humble opinion MA and most indicators for example show you what is already obvious on the chart in one form or another. The best indicators are leading indicators.
For example in equities trading. Prop traders buy into stocks based on company earnings forecasts. These forecasts are disclosed during mandated scheduled reporting as part of being listed on an exchange. Traders buy into these forecasts and sell when earning are released during earnings season. Most retail traders buy when earning are released which by than is already too late. The only thing retail do at this time is to provide liquidity for the pros who sell the stock which has already gone up when correct earning are realised.
Take a step back and look at your indicators and ask your self. How do these help me to determine where price will most likely be going rather than where price is at now.
I used to have all these indicators on my chart until i realised they actually dont provide nothing new.
Market structure ie support and resistance and market harmonics as well as price action is the closest you get to non lagging TA indicators.
I find that not all indicators are exposing the same results when applied on different time frames. So, I think that the best approach is to spend time testing your chosen set of indicators. Never use only one, but try to get confirmation of signal from several indicators
Technical analysis is a hard job as there is more chances of mistakes in them. I really found it difficult to analyze the market on the base of technical indicators. I would recommend you to rely more on fundamental indicators. Thank you so much!
I find that not all indicators are exposing the same results when applied on different time frames. So, I think that the best approach is to spend time testing your chosen set of indicators. Never use only one, but try to get confirmation of signal from several indicators
As long as they are leading indicators not lagging, ie:
1) elliott wave
2) fib retracement / extensions
3) candle patterns
4) support and resistance lines / price channels
MA, and a most others are lagging. And only show you what you would already see on the chart. And when you have lots they don't always match up and that confuses people.
Technical analysis is the most popular tool used and applicable to stocks,indices, commodities, futures, cryptocurrencies or any tradable instrumentwhere the price is influenced by the forces of supply and demand.
Technical Analysis is the estimating of future price movements based on an examination of past price movements.
Technical analysis uses the indicators and a wide variety of charts that show price over time.
Technical analysis can be used for any freely traded security in any financial market
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