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FX:EURUSD   Euro Fx/Đô la Mỹ
How many indicators a trader should use?
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Interesting question! While believing the next bar is fairly random I use some analysis to form expectations and be more comfortable entering, I do not distinguish between indicators, lines on a chart and pure price action as they ALL use historical data and ALL in some way imply a future guess. Algorithms can be written for many types of chart drawing and price action and vice-versa. Please inform me of the exception if I am wrong; none of these methods tell you what the next bar will do.
All of that aside I like to be able to see the price action so do not overlay much and at a glance indicators of unrelated types so that their agreement is more powerful. I also draw in an occasional level or trend line.

Agree with number 3 overall and add when you put together a mix you are comfortable with, stay with it.
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a.b PRO Tom1trader
@Tom1trader, I do not agree on the fact that based on past data you cannot tell what the next bar(s) will do with a certain accuracy. In the end, it is what binary traders do and many other people do. For instance, take weather forecasting algorithms, they are based on past-data and they are exceptionally good these days. Machine learning? Same thing, based on observation in order to become more accurate in the future.
To me, it's not that you can't but rather that you have to find the correct way.
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@a.b, Thanks, guess I half trust my mix but have been surprised many times and also read the number cruncher reports i.e. studied SPY 8 years da da da and determined probability within less than 1% of 50/50. I trade options only and direction is often secondary and volatility taking top place for consideration.
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I agree and disagree :) .

I think there is a common mistake people make between Price Action and Price Patterns, I personally know a lot of price action traders who use no indicators in fact some even use just line graphs and interest rates.

I sometimes use a simple RSI at key levels to execute but I never justify a trade because of it. I just use it to identify fakeout levels and retail traps, I trade the above mentioned Price Action which based on interest rates and commercial flows. (which I learned from the "textbooks")

I personally think a more fundamentals (again theres a misconception between economic data releases and economic drivers lol)

but nonetheless nice thoughtful read mate.
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a.b PRO Mutondi
@Mutondi, very interesting point. I'd just say that, in some sense, your "interest rates and commercial flows" are your "indicators" meaning tools which you tested over time. Considering this, you base your strategy on a limited number of validated "tools". Not zero nor too much.. which essentially aligns with what I meant. That said, I probably should have specified that the idea above refers to a pure technical strategy.
Thanks for your feedback and have a good trading week :)
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Although I use 2 MAs as confirmation of entry, naked trading is the way forward and is a skill that requires patience and true understanding of the market. Price Action on its own is the best way forward in my opinion - if you can master this then the use of indicators at MAX should only be to confirm your entries - at MAX.
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PM90 PM90
@PM90, All, yes I believe all indicators are lagging
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I use no indicators. I have been trading successfully for 5 years using only Elliott Wave :-)
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myklfd myklfd
@myklfd, ALL indicators that are available work on old data, i.e. information that has already been processed. You all need something that has the ability to predict which is not based on mathematical formulae using data that was generated yesterday
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a.b PRO myklfd
@myklfd, great job then! :)
Be aware that you could build indicators with whatever data so it is not necessarily past-data only. That said, what's wrong with past data? Most predictive models in scientific research are based on past-data. Take also weather forecasting algorithms, they were developed on past-data and they are exceptionally good these days. Machine learning? Same thing, based on observation in order to become more accurate in the future.
This is just to say that I don't see any particular limitation in working with past-data indicators. Of course they must be well engineered.
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