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12 Technical Analysis Forex Tools to AVOID always

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  • 12 Technical Analysis Forex Tools to AVOID always

    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?

  • #2
    thank you so much. this video is very helpfull me and my friend

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    • #3
      What should we use in their place instead?

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      • #4
        12 forex analysis techniques will be running when done consistently.

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        • #5
          Thank you this video is very interesting and instructive .

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          • #6
            So the core of technical analysis this is figuring out where the heck the next price will move, whether willing or unwilling to Ride down.

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            • #7
              Yes, that's pretty much the gist of it.

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              • #8
                Hi GodAtum

                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.

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                • #9
                  anyone who sees this video will understand about forex analysis.

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                  • #10
                    Indicators of any kind are a self fullfilling prophacy including support / resistance.

                    That means the more people are using it the more they are seeing the same thing. This is good and bad.

                    Good that momentum might be on tour side.

                    Bad in that institutional traders know what you see and short squeeze your position in the hope to stop tou out.

                    You will be surprised how well you do by doing the opposite of what your first instinct would be.

                    There is no best indicator.





                    Sent from my SM-N920I using Tapatalk

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                    • #11
                      Do you avoid using indicators then?

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                      • #12
                        every tool is useful if you know how to use it.

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                        • #13
                          Originally posted by mlawson71
                          Do you avoid using indicators then?
                          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.

                          Sent from my SM-N920I using Tapatalk

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                          • #14
                            Some people do manage to trade successfully using indicators though? Or so they claim.

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                            • #15
                              Originally posted by mlawson71
                              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.





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