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Indicators are liars! Support and Resistance Trading for the S&P emini
- Thread starter ESResistance
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Quote from ESResistance:
Just as an fyi I am still trading the September contract, I always find rollover time a little difficult to trade, and like the new contract to be "worked in" a litttle before I switch
ES, interesting things definetely happen at your levels. I haven't incorporated them in my trading plan yet, but I've been putting them on my charts and just observing.
Thanks for the post BTW.
If you think you see a deer 50 feet in front of you in the field and there are 10 people standing next to you looking at the same deer, if you ask one person to confirm they are seeing the same thing you are . . . . at least to me, that is enough confirmation there is a deer in the field.
Indicators aren't liars they simply tell you what you already can see for yourself HAS ALREADY OCCURED if you can read price direction and strength in the first place.
Using a single indicator to CONFIRM what you already know to be true is simple. Using more than one indicator to confirm what you already know to be true is confusing and adds noises to any decision making process you have or thought you had.
Indicators aren't liars they simply tell you what you already can see for yourself HAS ALREADY OCCURED if you can read price direction and strength in the first place.
Using a single indicator to CONFIRM what you already know to be true is simple. Using more than one indicator to confirm what you already know to be true is confusing and adds noises to any decision making process you have or thought you had.
Quote from ProfLogic:
If you think you see a deer 50 feet in front of you in the field and there are 10 people standing next to you looking at the same deer, if you ask one person to confirm they are seeing the same thing you are . . . . at least to me, that is enough confirmation there is a deer in the field.
Indicators aren't liars they simply tell you what you already can see for yourself HAS ALREADY OCCURED if you can read price direction and strength in the first place.
Using a single indicator to CONFIRM what you already know to be true is simple. Using more than one indicator to confirm what you already know to be true is confusing and adds noises to any decision making process you have or thought you had.
Using an indicator to confirm what price action is telling you is not only redundant but idiotic because it will slow you down.
You got two choices, you can see the call in price, this is the fastest, or you can see it much later via an indicator, if you can see it through price you dont need indicators.
Anyone who uses an indicator to support price is just playing the game of ignorance, since when price needs the permission of an indicator to confirm what it just did ?
Plain and simple, the usage of indicators are for those who cannot read price and that's quite alright but saying you can read price while using indicators well, that raises a flag right there.
Quote from Incognito:
This thread is pretty useful yet board allows thousands of other posts that are as good as poo.
On the other hand you allow the Puretick crap all the day long, why, oh right, because they pay.
Dumbass board.
Amen.
One of the best threads in ages on ET and if the whiners don't ruin it we now have to worry about the moderators.
Price is always your primary source for technical analysis. Indicators are just a bonus. There are trading systems that swear by them. And personally, I think that is just ridiculous. Trading on simply a red and green light signal is not trading. It's laziness and ignorance.
If you really want to learn to trade. Learn the stuff. Don't waste your money on some expensive automatic trading systems. Its about learning how to fish, not allowing others to fish for you. Think about it, without the system, you're basically useless.
Jun
www.IfIspamAgainMyDirtyAssWillBanned.com
If you really want to learn to trade. Learn the stuff. Don't waste your money on some expensive automatic trading systems. Its about learning how to fish, not allowing others to fish for you. Think about it, without the system, you're basically useless.
Jun
www.IfIspamAgainMyDirtyAssWillBanned.com
Quote from tpli:
Price is always your primary source for technical analysis. Indicators are just a bonus. There are trading systems that swear by them. And personally, I think that is just ridiculous. Trading on simply a red and green light signal is not trading. It's laziness and ignorance.
If you really want to learn to trade. Learn the stuff. Don't waste your money on some expensive automatic trading systems. Its about learning how to fish, not allowing others to fish for you. Think about it, without the system, you're basically useless.
Jun
www.Iamadirtyspammer.com
Did you post that link on purpose to get this thread closed?
Just curious
Daniel
Quote from daniel33:
Did you post that link on purpose to get this thread closed?
Just curious
Daniel
Makes you wonder.
I wonder why ET continues with subpar forum software? Allowing a Thread OP the option of no replies or screening the replies would go a long way towards avoiding abuse. Then we don't have to put with with crybabies, whiners, and strange moderator threats.
Also, it sounds like they just delete the whole thread instead of just locking it so that at least the good information that was given can be seen by anyone doing a search. It doesn't benefit anyone when the whole thread is deleted.
Quote from johnpinochet:
Makes you wonder.
I wonder why ET continues with subpar forum software? Allowing a Thread OP the option of no replies or screening the replies would go a long way towards avoiding abuse. Then we don't have to put with with crybabies, whiners, and strange moderator threats.
Can you tell me how long you trade and what's your track record? Thank you.Quote from ESResistance:
Not really much new you can say about Support and Resistance it is what it is I guess.
What I would like to do in this thread is confront the compulsion newer traders have for the excessive use of indicators.
Indicators are the Devil.
With regards to the "big boys" some of the guys in my trading circle of friends have worked for banks and hedge funds, trading fx mainly. The basis of my thinking is derived from what I have picked up from their experiences.
I day trade the ES, I use S/R levels derived from a 4hr and 1hr (no lower) chart mark up my levels and then watch the market as it approaches those levels. Then watch price action in that area and place my trade based upon how price reacts in that area. I have couple of other things I look at but this is the mainstay of my method.
I guess I wanted this thread to be about my aversion to the over use of indicators and to shed light upon how simple trading can be.
Thank you for your comments
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