Indicators that don't require monitoring | Forex Factory

Options

Permalinks
Print Thread

Similar Threads

Require a Couple of Indicators 4 replies

Charts that don't require java? 1 reply

fx hunter require 1 reply

require info on FXCM from experienced trader plz =) 9 replies

All US brokers require a one million dollars by 31st july? 10 replies

Attachments: Indicators that don't require monitoring
Exit Attachments

Indicators that don't require monitoring

  • #1
  • First Post: Aug 30, 2009 7:18am Aug 30, 2009 7:18am
As a newbie,I always found my chart clustered with many indicators which often confuse me in the long run.Which technical trading indicators can I employ easily and move ahead without staying for hours monitoring trades. I am here to learn please.
  • #2
  • Aug 31, 2009 5:33pm Aug 31, 2009 5:33pm
this is a simple method but bery UN-sexy. Let me know if you have any questions.
Attached File(s)
File Type: doc Method Explanation.doc   318 KB | 1,084 downloads
  • #3
  • Aug 31, 2009 7:20pm Aug 31, 2009 7:20pm
Quoting supereagle
As a newbie,I always found my chart clustered with many indicators which often confuse me in the long run.Which technical trading indicators can I employ easily and move ahead without staying for hours monitoring trades. I am here to learn please.
first, understand that there is no holy grail. soon as you get a grip on this fact, take away all indicators you have on your charts except one that resonates with you.

next step is to trust that you know enough already and trade with that confidence. know that when you get stopped out, it is a learning opportunity for you. learn the lesson, then move on.
youtube.com/@jimstradingjournal
  • #4
  • Aug 31, 2009 7:37pm Aug 31, 2009 7:37pm
I'm still learning but, IMO don't use any indicators at all until you're able to trade with consistant success. Then, if you want to try and either automate your trading or just develop a system to generate signals for you - incorporate indicators.
  • #5
  • Aug 31, 2009 7:50pm Aug 31, 2009 7:50pm
Look at price first and see what it's telling you. Then incorporate support and resistance. You will soon find that indicators only indicate what has happened, not what's going to happen.
  • #6
  • Sep 1, 2009 11:18am Sep 1, 2009 11:18am
i often suggest to others to visit james16 thread, &/or strat's, or BillyRayValentine's. there, u can learn to trade with no indicators.
  • #7
  • Sep 1, 2009 3:12pm Sep 1, 2009 3:12pm
Quoting FXSurfer
I'm still learning but, IMO don't use any indicators at all until you're able to trade with consistant success. Then, if you want to try and either automate your trading or just develop a system to generate signals for you - incorporate indicators.
i swear you just read my mind. stay out of my head, jerk.
  • #8
  • Sep 1, 2009 3:31pm Sep 1, 2009 3:31pm
Quoting blacksun1
i swear you just read my mind. stay out of my head, jerk.


Stare into the center, Blacksun...

http://z.hubpages.com/u/211956_f260.jpg
  • #9
  • Sep 1, 2009 3:39pm Sep 1, 2009 3:39pm
Quoting FXSurfer


Stare into the center, Blacksun...

http://z.hubpages.com/u/211956_f260.jpg
Which one?

Attached Image (click to enlarge)
Click to Enlarge Name: rotsnake.gif Size: 303 KB
  • #10
  • Sep 1, 2009 10:29pm Sep 1, 2009 10:29pm
the big one was stationary, while the smaller ones were moving/rotating
  • #11
  • Sep 2, 2009 3:57am Sep 2, 2009 3:57am
You're right. I guess I was on slippery ground entering the conversation anyhow.
  • #12
  • Sep 2, 2009 4:52am Sep 2, 2009 4:52am
ha-pattern,
that one is moving too
  • #13
  • Sep 2, 2009 2:45pm Sep 2, 2009 2:45pm
Quoting gspajon
this is a simple method but bery UN-sexy. Let me know if you have any questions.
Before you read this I want to say I was very impressed with the strategy. I had a look at your document and method. It seems to be well thought through and would suggest a good reward/risk ratio. However, although it is not specifically mentioned, the document refers to EUR/USD.

For example, the stop loss suggested may not be suitable for certain pairs. The Fibonacci retracement, which seems to work very well with EUR/USD from my quick scrutiny, would exclude some of the best trades with other pairs.

Have you tried this strategy on any other pairs?
Gone to a better place
  • #14
  • Sep 2, 2009 3:50pm Sep 2, 2009 3:50pm
I second the suggestion to look at the James16 thread.

When you begin to focus on higher time frames, price action, and support and resistance levels you will be freed from indicator overload.

They have their place for sure, but in the beginning sometimes they do much more harm than good.

I'm finding that it is easier to find an edge, than it is to find the discipline and mental constitution to stick with the edge.
  • #15
  • Sep 3, 2009 8:05am Sep 3, 2009 8:05am
Quoting smikester
Before you read this I want to say I was very impressed with the strategy. I had a look at your document and method. It seems to be well thought through and would suggest a good reward/risk ratio. However, although it is not specifically mentioned, the document refers to EUR/USD.

For example, the stop loss suggested may not be suitable for certain pairs. The Fibonacci retracement, which seems to work very well with EUR/USD from my quick scrutiny, would exclude some of the best trades with other pairs.

Have you tried this strategy on any other...
Smikester...I designed the strategy around the EUR/USD and GBP/USD as those are the only two pairs I trade. I have not tested it on any other pairs however, I would think it should work as well. I was very carefull NOT to "curve fit" and actually came up with the idea while I was debunking another trading plan that was curve fit.

Please keep in mind that it is ONLY a method of entry. And my response was to the originator is this thread as he sounded discouraged.

As anyone will tell you entering is not nearly as important as exiting. That's why I "touch" on the exit plan in this document...take 1/2 the position off at 1.5 times ATR. That means that if the ATR (24 periods) is currently 20 pips...the first target is 30. Then "Milk" the trade from there after raising the stop up to break even. This will save you in a ranging market, and hold you into a trade in a trending on.

You can adjust the fibo level to what ever you want, but I would caution you AGAINST as this starts you down the "slippery slope" of curve fitting. Think about it...if the retracement is deeper than 38.2% you may not have a trend at all, and best you can hope for is coming back to the entry point.

Thank you for your complement however, and I wish you much luck...if you have any further questions just let me know.
  • #16
  • Sep 3, 2009 11:14am Sep 3, 2009 11:14am
Smikester was interested in this follow up...I don't know if anyone else here reading this thread is interested but if so let me know and we'll open another thread to discuss it...

This is basically just an exit strategy I use with ANY entry system and it is based on price movement NOT on indicators...look it over and if there is any interest I'll start another thread.
Attached File(s)
File Type: doc Exit signal idea.doc   260 KB | 788 downloads
  • #17
  • Sep 3, 2009 12:09pm Sep 3, 2009 12:09pm
Quoting gspajon
Smikester was interested in this follow up...
Just the job. Thanks gspajon
Gone to a better place
  • #18
  • Last Post: Sep 29, 2010 8:43pm Sep 29, 2010 8:43pm
Quoting supremeChaos
i often suggest to others to visit james16 thread, &/or strat's, or BillyRayValentine's. there, u can learn to trade with no indicators.
thanks SC... just starting to read the threads.... hehe
0 traders viewing now