Thanks, Reaver.
I'll have a try.
I'll have a try.
forex price action as an edge
- Thread starter Eric J
- Start date
Quote from cabletrader:
Can't agree with any of that unfortunately
Some indicators can provide useful information and are often closely monitored by market players, for example a 200-day MA.
I can't say I've ever seen anyone selling indicators, the most popular ones are available free with most charting packages, even Jurik's have been rehashed and written for platforms such as MT4 and are now widely available free.
As for value I don't believe it's relevant or calculable, currencies often go to extremes well past what could be considered over/under value, I suppose the idea being to shake out other players, and common sense doesn't really help when the market is behaving irrationally!
"The market can stay irrational longer than you can stay solvent" - (John Maynard Keynes 1883 - 1946)
keep using those indicators cable trader
On the other hand what your calling irrational I call common sense.........
Quote from speres:
keep using those indicators cable trader
On the other hand what your calling irrational I call common sense.........
Yup, averaging 2k pips per month I guess I really need to change my strategy
Guys, you're missing the whole point of the exercise, success/failure does not depend on whether you use indicators or not!
(speres, if you honestly believe the market applies common sense when it comes to deciding currency values then all I can say is good luck with that anyway, you've obviously never experienced totally irrational 'overbought' and 'oversold'
)John Maynard Keynes said "The market can stay irrational longer than you can stay solvent" for a reason you know!
lol
Ok I'll meet you in the middle, $499,975, and I'll even pay for lunch
I'm being facetious of course, to be honest pretty much anything which can be taught or brought is probably not even worth 50 bucks as any prospective purchaser (and potentially consistently profitable trader) should have the insight and analytical thought process to work it out for themselves. That's where the alleged ~90% go wrong, they're too busy looking for a price predictor when they should be focusing on what trading is fundamentally all about.
Your ex was right when he said "all it takes is a few lines on a chart, a bit of PA knowledge and several thousand hours to understand how it fits together", (maybe with the exception of the few thousand hours part!), but at the end of the day it's what an individual trader is comfortable with which counts. Some may perform well with just an empty chart, others may need a host of indicators, both may be just as profitable as the other.
Indicators aren't really anything more than a comfort blanket to help a trader pull the trigger, no-one really knows what price will do, not even the multi-million-dollar corporates with their army of market analysts and top notch economists. So what does that leave? Probability.