This is my 12th year trading forex and like every one I learn by first looking and studying charts and indicators. And I was hardly successful to say the least.
But 2 years ago I decided to ditch all charts and indicators and just focus on price alone and I have never look back since and my trading have improved exponentially. I have reach a stage where I can accurately read price levels of EU with more than 70% accuracy with at least 2x reward ratio using between 5-15 pips stop. Others pairs like AU UJ GU are underway but initial findings indicate using bigger SL to achieve optimum rewards which I am not quite comfortable with now compared to EU.
In retrospection I am convinced that I am right and that charts and indicators simply cannot tell you what price will do next aside from showing what had already happened. Those thousands and thousands of charts and indicators posted in this forum are only good for after the fact analysis which is not at all helpful in showing you how to develop a robust trading methodology to read the market price correctly. Whereas price levels show the 'now' and forward PA until either the resistant price level held or support level is broken showing a clear path to react accordingly. For example the current EU PA shows me that it is moving south with resistant at 12249 and the next level to watch is 12190 and if breached then the new resistant will be at 12225 and so on and so forth.
Of course I will have to post more live trade price levels in due course to prove robustness in my method but more important is that I want to prove that Price Levels are indeed more dominant and effective than Charts and Indicators if the forward looking price readings are read correctly.
I will leave you all to find out and decide for yourselves if I am right in my assessment.
Cheers
GS
But 2 years ago I decided to ditch all charts and indicators and just focus on price alone and I have never look back since and my trading have improved exponentially. I have reach a stage where I can accurately read price levels of EU with more than 70% accuracy with at least 2x reward ratio using between 5-15 pips stop. Others pairs like AU UJ GU are underway but initial findings indicate using bigger SL to achieve optimum rewards which I am not quite comfortable with now compared to EU.
In retrospection I am convinced that I am right and that charts and indicators simply cannot tell you what price will do next aside from showing what had already happened. Those thousands and thousands of charts and indicators posted in this forum are only good for after the fact analysis which is not at all helpful in showing you how to develop a robust trading methodology to read the market price correctly. Whereas price levels show the 'now' and forward PA until either the resistant price level held or support level is broken showing a clear path to react accordingly. For example the current EU PA shows me that it is moving south with resistant at 12249 and the next level to watch is 12190 and if breached then the new resistant will be at 12225 and so on and so forth.
Of course I will have to post more live trade price levels in due course to prove robustness in my method but more important is that I want to prove that Price Levels are indeed more dominant and effective than Charts and Indicators if the forward looking price readings are read correctly.
I will leave you all to find out and decide for yourselves if I am right in my assessment.
Cheers
GS