Why do traders use so many indicators? | Page 21 | Forex Factory

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Why do traders use so many indicators?

  • #401
  • Feb 20, 2020 7:05pm Feb 20, 2020 7:05pm
Quoting moodybot
{quote} Oh dear, name calling. Debate lost.. wipe the spittle off.
people leave, but this thread will go on for ever
  • #402
  • Feb 20, 2020 7:06pm Feb 20, 2020 7:06pm
Quoting BWilliam
{quote} Can you demonstrate targets on a chart ? I asked the same from TimeTells
If you reread my previous post regarding the two charts that were placed here a few posts back , the two lines, they WERE targets, now been taken out.
  • #403
  • Feb 20, 2020 7:09pm Feb 20, 2020 7:09pm
Quoting moodybot
{quote} If you reread my previous post regarding the two charts that were placed here a few posts back , the two lines, they WERE targets, now been taken out.
Let me try phrase it correctly.

How does a trader identify a target ?

How do we define a target ?
Simply put, what is a target ?
Know what you trade
  • #404
  • Feb 20, 2020 7:12pm Feb 20, 2020 7:12pm
Quoting moodybot
{quote} I fully understand the concept regards indicators, thank you.
Ok.
  • #405
  • Feb 20, 2020 7:14pm Feb 20, 2020 7:14pm
Quoting BWilliam
{quote} Let me try phrase it correctly. How does a trader identify a target ? How do we define a target ? Simply put, what is a target ?

H4 zoom out, unbroken weekly High Lows will do as a starter. Two lines close together, herd mentality.. or area of considerable interest. They form an area where stops remain, also where price in the future will react to the areas inducing further stops or better still a cash deposit ready to be collected by the Algorithm. Long and short traders will get decimated by price movement at those levels taking out stops and subsequent trailing stops..the algorithm has to move away from the levels...at that point.. I, we, Pete, Dave, Kevin and most certainly George will trade.
  • #406
  • Feb 20, 2020 7:17pm Feb 20, 2020 7:17pm
Quoting TimeTells
They are specific targets that are 'targeted' for a reason. Try and think why they MIGHT be targeting and who (institutions, hedge funds) might have their stops there thinking "hey this is a safe place to put our institutional stops". IMHO the algo targets the biggest players, yes, NOT the smallest retail targets that get swept up in the moves.
If I understand correctly, targets are institutional stop loss. How do we know where institutional traders place their stop loss ?

This assumes that institutional traders put their stop loss in about the same place, there is somehow some coordinated thinking among thousands of institutional traders. How do we know that ?
Know what you trade
  • #407
  • Feb 20, 2020 7:19pm Feb 20, 2020 7:19pm
Update: EURUSD

Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD Long Update.png Size: 20 KB


Draw 0. Unrealized Net 2.3. Target 16.3. RR 2.3. Probability 99.9%
  • #408
  • Feb 20, 2020 7:34pm Feb 20, 2020 7:34pm
Just to be clear - don't want any Troll getting this wrong.

I am trying really hard to do this without my System, to proof the OP's beliefs. I have nothing else to use as a "proof" for EURUSD because nobody else including the OP himself has been willing to put themselves out there and make a call on EURUSD at this time.

So, for me, trading without my Tech is scary stuff. I just don't feel comfortable doing it. It feels..... well...... Naked.

Feels like trading without underwear - not having a Panel to look at. Just bizarre to me personally. So, I'm going to do the best job I can with this no Magnitude pig.
  • #409
  • Feb 20, 2020 7:40pm Feb 20, 2020 7:40pm
Quoting JetTrader
Just to be clear - don't want any Troll getting this wrong. I am trying really hard to do this without my System, to proof the OP's beliefs. I have nothing else to use as a "proof" for EURUSD because nobody else including the OP himself has been willing to put themselves out there and make a call on EURUSD at this time. So, for me, trading without my Tech is scary stuff. I just don't feel comfortable doing it. It feels..... well...... Naked. Feels like trading without underwear - not having a Panel to look at. Just bizarre to me personally. So,...

Having an opinion is not trolling. Chasing around after people is... Aussie very much guilty on that one. Going long off s 3 year low.. I wouldn’t argue against. Timing for me would be nearer London open.
  • #410
  • Feb 20, 2020 7:40pm Feb 20, 2020 7:40pm
Quoting JetTrader
So, for me, trading without my Tech is scary stuff. I just don't feel comfortable doing it. It feels..... well...... Naked. Feels like trading without underwear - not having a Panel to look at. Just bizarre to me personally. So, I'm going to do the best job I can with this no Magnitude pig.
Imagine you do a major operation without the help of CT scan and other sophisticated equipment.
Know what you trade
  • #411
  • Feb 20, 2020 7:42pm Feb 20, 2020 7:42pm
Quoting JetTrader
{quote} It is quite clear to me and anyone with knowledge of the subject matter that you don't even know what questions to ask. So, the fact that you got an answer that clearly should resolve the matter for you and you still retort with a response that has no probing value (Whatsoever) is prime evidence that your biggest problem here is that you are struggling with understanding the underling premise. {quote} What you were trying to say (then) and what you are actually saying (now) are two entirely different things. That's the problem. You are not...

Too much talking...

Buddy.. you want to win the discussion, I can tell.. Hey.. you are a pro at discussing with people mate, you win! You are the best at talking... that's for sure.
Just notice the difference between a guy in this thread that shows proof of profitability for years... And you...

When The guy writes, he is simple.. He writes a sentece. No need to talk, his numbers talk for him.
But you mate... Too many words, too much talking, but no proof at all.

You want to write about how awesome and pro you are and say to people how wrong they are??? That's great, go ahead..
But come back in 12.9 month...

Cya buddy, I am just wasting my time here haha

Cheers.

PS: Actually, 2 people here with profitable Trade Explorers. And you are actually discussing with both.. Just think about it.
  • #412
  • Feb 20, 2020 7:45pm Feb 20, 2020 7:45pm
Quoting moodybot
{quote} Having an opinion is not trolling. Chasing around after people is... Aussie very much guilty on that one. Going long off s 3 year low.. I wouldn’t argue against. Timing for me would be nearer London open.
glad to be of service moody you trolled me so i guess you have to live with it
people leave, but this thread will go on for ever
  • #413
  • Feb 20, 2020 7:45pm Feb 20, 2020 7:45pm
Quoting BWilliam
{quote} Imagine you do a major operation without the help of CT scan and other sophisticated equipment.
It just feels wrong, William. Just wrong. Even in demo, it makes me feel creepy. I can't see a damn thing! Somebody please light a match or something.

Ah, wait a minute, William. Ya know what this feels like. It feels exactly like Gambling. Vegas Baby.
  • #414
  • Feb 20, 2020 7:49pm Feb 20, 2020 7:49pm
Quoting JetTrader
{quote} It just feels wrong, William. Just wrong. Even in demo, it makes me feel creepy. I can't see a damn thing! Somebody please light a match or something. Ah, wait a minute, William. Ya know what this feels like. It feels exactly like Gambling. Vegas Baby.
In Vegas after 10 reds bet black.

How do I know ?

Experience. Stare at the history board long enough you know when black comes. That's naked chart gambling in Vegas. They win millions this way. Experience.

In bacarrat the casino provides the main road history charts. The cards will visit the support resistance or targets marked on those charts. Be sure to place your bets when the charts hit the targets. Meanwhile record down those targets from hundred of tables. Wait patiently for targets to be hit. That's the trick.
Know what you trade
  • #415
  • Feb 20, 2020 7:52pm Feb 20, 2020 7:52pm
Quote
I am trying really hard to do this without my System, to proof the OP's beliefs. I have nothing else to use as a "proof" for EURUSD because nobody else including the OP himself has been willing to put themselves out there and make a call on EURUSD at this time.

Just to be clear no one including myself ever asked you to make calls without using your system, at all. You are doing this by your own choosing. No one is asking you to force clearly bad trades that you would not take otherwise, which you even stated yourself. You are doing that on your own. Why? I don't know, maybe you just like tooting your own horn. I actually said to post your trades with your system and I will tell you how I would trade it without using indicators. Then you argued saying candlesticks are indicators so technically I cannot even have a proper discussion with you. How can I make a call when you will just refute whatever I say with your faulty logic?

Also, if you really wanted my opinion on this trade you could have simply asked nicely, that would be a nice change from this arrogant attitude you seem to have developed exponentially throughout this thread.

How the f**k did you even decide to take that trade without any chart or indicators anyway? Are you just doing this for laughs? Maybe I am missing something here. Anyway, I'll bite.

As I stated twice before regarding EURUSD. EUR is currently weak and USD is strong, so buying EURUSD right now is just simply a risky trade with low probability. Can you maybe scalp it for some pips? Maybe. Is it worth the risk? Not imo. Also, yes it may bounce and go for 200 pips, but that's just not likely considering the current value of this pair.

It is most likely going to continue lower, but right now is not a good time to enter short either since there very well may be a pullback, it's just a no trade for now, as most trades are unfortunately. Out of the 100 possible trade setups you can find in a day, you are lucky to have 1 that is actually a high probability one. And by that I mean, one that you can hold on for at least a few days and get a nice move on it. Of course, if you are a scalper then this doesn't apply to you, but that isn't my style.

If you want to see my daily chart outlook of EURUSD once again, check my post #302 in this thread for a visual. EURUSD has broken a strong level where sellers are clearly overpowering buyers at the moment to the point where, the amount of buyers right now are significantly less than sellers and the pair is continuing to lose value.

The only next logical level from a charting perspective that you will find is on the MONTHLY chart. At around the 1.07 level. This pair has not been that low since 2016. So, if anything riding it down to that level seems like a better trade than trying to buy at this point, but as always I could be wrong, and anything can and will happen in the Forex world.
  • #416
  • Feb 20, 2020 7:55pm Feb 20, 2020 7:55pm
Quoting Aussi
{quote} glad to be of service moody you trolled me so i guess you have to live with it
Not remotely interested in trolling you. But you do seem to rock up anywhere I have posted, and usually you’ll refer back to George.. but let’s play fair, let me post on your threads?
  • #417
  • Feb 20, 2020 8:01pm Feb 20, 2020 8:01pm
EURUSD Monthly Chart.

For those of you who want a visual of what I am talking about. It's not rocket science.

Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD.png Size: 22 KB
  • #418
  • Feb 20, 2020 8:05pm Feb 20, 2020 8:05pm
Quoting viptrading
The only next logical level from a charting perspective that you will find is on the MONTHLY chart. At around the 1.07 level. This pair has not been that low since 2016.
Are you recommending a short trade now or a buy at 1.07 ?
Know what you trade
  • #419
  • Feb 20, 2020 8:07pm Feb 20, 2020 8:07pm
Some trades I am personally currently in that may prove to be nice.

GBPCAD Buy
XTIUSD Sell
XRPUSD Buy

My reasons for taking them are many. I have a separate thread for that. There I explain all my trades, why I took them, why I got out too early and missed out on profits (which happens a lot). Most recently I exited NZDUSD and AUDUSD when I most definitely should have stayed in, same with GBPUSD. I also explain why I cut losses short, how I hedge out of losing trades etc.

Please, do not take the above three trades I am in unless you do your own analysis and agree, and more importantly have a risk and exit plan. If a trade of mine goes wrong I have ways of recovering or reentering, or sometimes just cutting it out completely. The entry is only 10% of the trade.
  • #420
  • Feb 20, 2020 8:08pm Feb 20, 2020 8:08pm
Quoting BWilliam
{quote} Are you recommending a short trade now or a buy at 1.07 ?
I recommend nothing right now. I am not a guru or FX mentor. All I can say is I am currently not holding any positions for EURUSD and I already explained why.
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