Why do traders use so many indicators? | Page 16 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

How many parameters are too many? 0 replies

Why do so many people use MT4? 55 replies

Why so many indicators, oscillators, and tools on charts 131 replies

What indicators do Hedge Funds use or do they even use one? 12 replies

How many pairs is considered too many? 8 replies

Attachments: Why do traders use so many indicators?
Exit Attachments

Why do traders use so many indicators?

  • #301
  • Feb 20, 2020 8:38am Feb 20, 2020 8:38am
Quoting BWilliam
{quote} If this is true we are all guessing and gambling.
Why do we need to know which side of the market the big players are sitting?,
We only need to know whether we are looking at passive orders or aggressive orders that are being targeted. Once we know where the aggressive orders are sitting, we should know how to trade. Quite simply until the aggressive orders are exhausted, we trade against the sheer panic of these traders having their equity accounts destroyed.
Let the market till you where these orders lay, let it make the move first.
Trading thin liquidity at the boundary of the charts
  • #302
  • Feb 20, 2020 8:43am Feb 20, 2020 8:43am
Quoting BWilliam
Support resistance is a figment of your imagination. Supply and demand exist only in your fantasy. Look at this EU chart, nobody can point out the future supply and demand or support and resistance on this naked chart, Most people use the highest high and lowest low connect lines then name them SR or supply demand as if they were real. Do you see the sillyness of such a notion ? Repeat something often enough and it becomes the truth. If it was that simple we will all be rich. Wake up people. {image}
You cannot be seriously making this argument using a 1 minute chart. LMFAO, omg man please, my sides.
I'm going to explain this to you, and again I really am trying to help and not undermine you in anyway. There is too much of that on here in FF, we should all be working to a common goal which is understanding the Forex market and how to profit from it.

Support and resistance, supply and demand, these are just terms to describe areas where buyers or sellers have entered the market in the past. That is why it is visible on your chart, but again, it is not guaranteed that it will work, they only work if the market agrees, and there are many ways to try and ensure success using this. You can also trade breakouts of these zones, this actually is a real thing, its not some fallacy lol breakouts are real and they happen due to supply and demand, maybe not in a literal sense but the concept is very similar.

Take a look at this DAILY chart of the same pair you posted, EURUSD. You cannot really expect to see working structure on an m1 chart man, I mean sometimes you can see it, but the guys I know who actually trade m1 and understand it have to zoom the f**k out to see the zones properly, not my style but yeah, your doing it wrong man. Idk if your just trolling or you actually believe this.

Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD.png Size: 24 KB
  • #303
  • Feb 20, 2020 8:44am Feb 20, 2020 8:44am
Quoting RickM
{quote} Why do we need to know which side of the market the big players are sitting?, We only need to know whether we are looking at passive orders or aggressive orders that are being targeted. Once we know where the aggressive orders are sitting, we should know how to trade. Quite simply until the aggressive orders are exhausted, we trade against the sheer panic of these traders having their equity accounts destroyed. Let the market till you where these orders lay, let it make the move first.
Passive orders or aggressive orders, tell us how you identify them on the chart.

Is it a standard tool on mt4?
Know what you trade
  • #304
  • Feb 20, 2020 8:45am Feb 20, 2020 8:45am
Quoting RickM
{quote} Why do we need to know which side of the market the big players are sitting?, We only need to know whether we are looking at passive orders or aggressive orders that are being targeted. Once we know where the aggressive orders are sitting, we should know how to trade. Quite simply until the aggressive orders are exhausted, we trade against the sheer panic of these traders having their equity accounts destroyed. Let the market till you where these orders lay, let it make the move first.
You make that sound very easy. It is much easier to trade with them than against them.
  • #305
  • Feb 20, 2020 8:51am Feb 20, 2020 8:51am
demand -supply is just a random knot in the fabric of the order.
  • #306
  • Feb 20, 2020 9:18am Feb 20, 2020 9:18am
Quoting viptrading
{quote} Oh great Mingary is here to call us all stupid, this thread is officially dead. https://www.inc.com/sujan-patel/10-b...ul-people.html
Well, yes certainly that is all that needs to be said.
Not the stupid part .. the Dunning-kruger part..
I was using so many indicators, my screen used to light up like a christmas tree. Over time I have been using fewer and fewer indicators.

Soon, I won't be using any charts, or price, to trade from.
  • #307
  • Feb 20, 2020 9:24am Feb 20, 2020 9:24am
Quoting Mingary
{quote} Well, yes certainly that is all that needs to be said. Not the stupid part .. the Dunning-kruger part.. I was using so many indicators, my screen used to light up like a christmas tree. Over time I have been using fewer and fewer indicators. Soon, I won't be using any charts, or price, to trade from.
Last I read there's passive and aggressive orders on the chart.

Can anyone be so kind to point out where to find those orders on mt4 ?
Know what you trade
  • #308
  • Feb 20, 2020 9:48am Feb 20, 2020 9:48am
Quoting GMD
{quote} I have seen a few of this guy videos.. I believe that he just talks nonsense.
Whatever dude.. you can believe whatever you want.
  • #309
  • Feb 20, 2020 9:53am Feb 20, 2020 9:53am
Quoting viptrading
Support and resistance, supply and demand, these are just TERMS to describe areas where buyers or sellers have entered the market in the past.
I don't think those people who draw lines on their charts think of them as terms.

They truly believe that those are actual future support resistance and supply demand that sits on their charts shown by those drawn lines.
Their trades are based on this staunch believe.
Know what you trade
  • #310
  • Feb 20, 2020 10:06am Feb 20, 2020 10:06am
Quoting BWilliam
{quote}They truly believe that those are actual future support resistance and supply demand that sits on their charts shown by those drawn lines. Their trades are based on this staunch believe.
That's the thing though, they can work that way, the problem is that used alone they wont work long term.

Quote
I don't think those people who draw lines on their charts think of them as terms.
And who do you mean by "those people" are you assuming that everyone here who posted a chart with lines has no idea what they are doing? That's interesting coming from you considering your last post using the m1 chart to support your argument. Again, not sure if you were trolling or actually serious with that post. No one who understands how to use price action based entries would use that kind of a chart in that context....
  • #311
  • Feb 20, 2020 10:09am Feb 20, 2020 10:09am
Quoting ebeckers
{quote} Whatever dude.. you can believe whatever you want.
I am asking you nicely buddy, don't get salty

Is not just about believing mate.. it is what it is.. As long as there is a Market of anything with VALUE.. you name it, Crypto, commodites, stocks, Forex... There always going to be Supply and Demand. If you prefer to think that Youtuber is right. Then that is fine by me..

I am just telling you my experience in my own country.. If there is not enough supply of Argentine Pesos in the Market to maintain its price.. then Demand for US Dollars will increase because people don't want to lose money. US dollars goes up, Argentina Peso goes down.. makes sense??

If this is not basic supply and demand. Then what is it??
  • #312
  • Feb 20, 2020 10:14am Feb 20, 2020 10:14am
Quoting BWilliam
{quote} I don't think those people who draw lines on their charts think of them as terms. They truly believe that those are actual future support resistance and supply demand that sits on their charts shown by those drawn lines. Their trades are based on this staunch believe.
Again I reapeat.. I did not refer to Supply and Demand as something technical.. Just basic economy
  • #313
  • Feb 20, 2020 10:18am Feb 20, 2020 10:18am
Quoting viptrading
That's the thing though, they can work that way, the problem is that used alone they wont work long term.
Take a look at the forum threads. You find plentiful of charts with lines drawn on them. They believe those lines represent future support resistance or supply demand whichever term you wish to use. They wait the whole day until price moves to the drawn line to make a trade at those drawn lines.

What's the difference to watch "price action" whatever that means at the current price instead of at those "special" lines ?

Those drawn lines somehow make a difference compared to any other place on the chart.

That's the believe of support resistance or supply demand drawn lines.
It's not a mere TERM.

Support means some group of people will somehow act in unison to support the price at some price level.
Resistance means some group of people will somehow act in unison to resist the price at some price level.
(Something like a coordinated CB intervention)

Do anyone truly believe that such price levels exist on our charts by merely drawing lines on our charts ?

Once someone bought into a believe it's very difficult and even impossible to see the clear, simple, logical reality before them.
Know what you trade
  • #314
  • Feb 20, 2020 10:24am Feb 20, 2020 10:24am
Quoting BWilliam
{quote} Take a look at the forum threads. You find plentiful of charts with lines drawn on them. They believe those lines represent future support resistance or supply demand whichever term you wish to use. They wait the whole day until price moves to the drawn line to make a trade at those drawn lines. What's the difference to watch "price action" whatever that means at the current price instead of at those "special" lines ? Those drawn lines somehow make a difference compared to any other place on the chart. That's the believe of support resistance...
Wouldnt this be the same for someone who uses indicators believing a cross of two lines means it is moment to sell or buy because of past data???
  • #315
  • Feb 20, 2020 10:24am Feb 20, 2020 10:24am
Quote
Those drawn lines somehow make a difference compared to any other place on the chart.

That's the believe of support resistance or supply demand drawn lines.

Uh...yeah, exactly. I'm not sure what your point is here lol. I think you just want to stay on your side of the fence, and that is fine but I also believe maybe you don't understand how this works. If you did, you would know that like I said before they do not always work, but it's about understanding WHY they work and why they do not work.

Quote
What's the difference to watch "price action" whatever that means at the current price instead of at those lines ?

Because it's a more logical area to assume price may reverse or bounce from. Since it has done that in the past assuming it may happen again is better than just reading price at a "random" spot on the chart. This is why the more recent areas work better than older ones, because the market changes overtime due to value.

I really hope I am not wasting my time explaining this to you. Maybe you just don't want to understand.
  • #316
  • Feb 20, 2020 10:25am Feb 20, 2020 10:25am
Quoting BWilliam
{quote} Last I read there's passive and aggressive orders on the chart. Can anyone be so kind to point out where to find those orders on mt4 ?
What are passive and agressive orders ?
  • #317
  • Feb 20, 2020 10:26am Feb 20, 2020 10:26am
Quote
Wouldnt this be the same for someone who uses indicators believing a cross of two lines means it is moment to sell or buy because of past data???

This. This is exactly the point of this thread. It is the same, and I would argue in my opinion more effective than using traditional indicators, but to each is own. The thing is though, to me, it is much easier to read what the price is doing looking at the chart rather than what an indicator is telling me, but again that is only 10% of the reason why I would enter a trade. The entry is only 10% of the trade.
  • #318
  • Feb 20, 2020 10:27am Feb 20, 2020 10:27am
Quoting GMD
{quote} If this is not basic supply and demand. Then what is it??
The video i posted explains pretty clear why its not.. Offcourse you are free to disagree and that's fine.
  • #319
  • Feb 20, 2020 10:28am Feb 20, 2020 10:28am
Quoting GMD
{quote} Wouldnt this be the same for someone who uses indicators believing a cross of two lines means it is moment to sell or buy because of past data???
YES, YES and YES. It's insane to think otherwise.
Know what you trade
  • #320
  • Feb 20, 2020 10:35am Feb 20, 2020 10:35am
Quoting viptrading
Because it's a more logical area to assume price may reverse or bounce from. Since it has done that in the past assuming it may happen again is better than just reading price at a "random" spot on the chart. This is why the more recent areas work better than older ones, because the market changes overtime due to value.
Is there any proper research done to prove if this is true ?

If this is true as you claim then this is the basis where a edge naturally exist on the chart where reverse or bounce occurs more often then on any other random spot on the chart.

Can you post a link where such research study has been done ?

The point I try to make is the drawn lines represent YOUR BELIEVE.
Know what you trade
0 traders viewing now