I'm a beginner still learning to read the charts. Having a lot of fun actually , studying them daily. Grabbing whatever free tutorials I can off U-tube. I'm yet to define what type of trader I'm going to be, but I am formulating a strategy to work across all time frames. I'm using all the basics to help me understand market structure. Support and resistance (Key levels) , trend lines, Candlesticks and the Fibonacci retracement. My one concession to indicators is the Moving average. My question is this..... I appear to be going down the naked forex route (that might have something to do with the fact that I have the book), should I be incorporating indicators into my strategy or can I go by price action alone ?
@kola25a050f9f3db4947, Hi there! Well you are looking in the right areas, the understanding of market structure. However, you fail to mention the players ( which I mentioned in another response ). In regard to your question, I believe you should understand how the indicators actually affect price movement. Some traders use multiple indicators for a signal to get into a position, some traders may find an indicator and believe it's the 'God' indicator which is right 100% of the time, which as you know is Bull Shit. You also have to take into account that some indicators work well in certain markets and may not in another, however I can not tell you what to do and where to look that's up to you. But I will say there is clarity in the past... (BACKTEST). Also will be posting a video soon about Time Frames and why it is so important. Anyway hope this helps :D
@Louis0702, Are you aware there are Central Banks in the Market? Evening Entire Governments... The structure is very important to understand. Retail brokers are the 4th largest fish IT goes ; Central Banks, Governments, HedgeFunds, Retail Brokers...
You right to an extent, but refusal of market manipulation from these players is idiotic.
beginner here... thanks for this, are you trading when the markets are within a range? theres a similar range on the daily chart on GBPUSD as well that looks similar. do we just wait until the range is broken? thanks