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Naked Candlesticks

  • #1
  • First Post: Jun 11, 2008 5:54pm Jun 11, 2008 5:54pm
What are you opinions on just trading candlesticks with trendlines + S/R? Is it profitable? Hard to do?

I got tired of all the indicators, and I just want to trade simple with nothing on my charts except trendlines and support and resistance.

Anyone else trades this way?

I heard that with most traders it doesnt matter what indicator they use, its psychology + MM. Thats why we have some traders using a system and consistently winning while others use the same system or indicator and lose.

Any thoughts?
  • #2
  • Jun 11, 2008 7:23pm Jun 11, 2008 7:23pm
wow...
candle stick pattern + S/R are a very nice combination of technical analysis as a system.
I know a boy that has just starting his forex but already profiting much only from candle stick and S/R. You may check his way of trading in his blog here
http://candle-line.blogspot.com/

Good Luck'
hope it helps'

cheer
anggara
  • #3
  • Jun 11, 2008 10:32pm Jun 11, 2008 10:32pm
Quoting Xenaga03
What are you opinions on just trading candlesticks with trendlines + S/R? Is it profitable? Hard to do?
There is alot of debate re: indicators but eliminating all the indicators as you mentioned was the start of major profits in my account. And it was easier to analyze. Just take the time to know price action and don't forget pivots.
History is written by the victors.
  • #4
  • Jun 12, 2008 6:41pm Jun 12, 2008 6:41pm
If your looking for a candle stick thread, on babypips.com in the newbie section tymen1 has a very informative thread about candlesticks, he is very good with them.
  • #5
  • Jun 12, 2008 7:46pm Jun 12, 2008 7:46pm
I know all the candlesticks patterns but I dont know how to be profitable with them basically put, how do I use them within the market context?
  • #6
  • Dec 28, 2008 12:52pm Dec 28, 2008 12:52pm
Good, i am newbie to froex, till now more than 70days in forex world. and i have been experienced a lot with indicators last two months, at the start very liked them, at the end fed up with them, just relying on indicators forbidding me to be a real trader, so now i am begining to work with the price action only based on naked chart those candlesticks...i am searchig on that way... learning everyday... Price Action, Price ActionPrice ActionPrice ActionPrice ActionPrice ActionPrice Action............

At the final, wish you all to be real trader, and have success all of you!

Joldas.
  • #7
  • Dec 28, 2008 2:27pm Dec 28, 2008 2:27pm
If you got tired of all the indicators because they are just a graphical representation of price and have no "predictive power", then I think you will eventually face the same disappointment with candlesticks. They (candlesticks) are just a graphical representation of price and have no predictive power.

Even though it is a good thing to drop indicators, looking for patterns on candlesticks is no different than looking for patterns on indicators, either way you are still doing "graphical pattern recognition" or whatever you want to call it.
"I say high, You say low, You say why, and I say I don't know..."
  • #8
  • Dec 29, 2008 6:58am Dec 29, 2008 6:58am
Quoting Ricardo.
If you got tired of all the indicators because they are just a graphical representation of price and have no "predictive power", then I think you will eventually face the same disappointment with candlesticks. They (candlesticks) are just a graphical representation of price and have no predictive power.

Even though it is a good thing to drop indicators, looking for patterns on candlesticks is no different than looking for patterns on indicators, either way you are still doing "graphical pattern recognition" or whatever you want to call it....
Hello!
Then which u are trading? how do u trade usually? thanks.
  • #9
  • Dec 29, 2008 1:51pm Dec 29, 2008 1:51pm
Market structure, news, headlines, order flow, rumours...those are the things I'm trying to learn. Anyway, my point was that there's nothing special about candlesticks, it's just a way of translating numbers (prices) into a chart. Bars, candles, lines, it's all pretty much the same in my opinion.
"I say high, You say low, You say why, and I say I don't know..."
  • #10
  • Dec 29, 2008 7:48pm Dec 29, 2008 7:48pm
Quoting Xenaga03
What are you opinions on just trading candlesticks with trendlines + S/R? Is it profitable? Hard to do?

Any thoughts?
Indicators can be good, if you master them, however to most they serve to confuse and destroy accounts. Trading with just candlesticks and trendlines is what a lot of the best traders do. Price is king: therefore follow the price and the trend. Price action and trend lines are number one.
Probability Professor
  • #11
  • Last Post: Dec 30, 2008 6:31am Dec 30, 2008 6:31am
Quoting Xenaga03
What are you opinions on just trading candlesticks with trendlines + S/R? Is it profitable? Hard to do?

I got tired of all the indicators, and I just want to trade simple with nothing on my charts except trendlines and support and resistance.

Anyone else trades this way?

I heard that with most traders it doesnt matter what indicator they use, its psychology + MM. Thats why we have some traders using a system and consistently winning while others use the same system or indicator and lose.

Any thoughts?
I average over 1000 pips per month using a chart with support/resistance and candlesticks. And nothing else.......

The great thing about trading is that there are *so* many ways to do it (profitably). The best thing a trader can do is to find a system and stick to it, learn it inside and out, see it during different markets and then, slowly, you will see the $ roll in....

[Unless of course you were one of the lucky ones who started making money immediately........I sure wasn't one of those.]
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