"Price Action Only" traders - More likely to be successful?

[SteveNYC]

Quote from baro-san:

PA is like speaking the language, while using indicators is like using a conversation guide in that language. So the performance you get when using PA vs. indicators, is the same when you talk to a foreigner and you learned his language vs. when you're using a conversation guide.

I have a different interpretation on indicators.

Indicators are like the information on the dashboard of your car.

Speedometer is an indicator. It indicates the speed you are traveling.

You could drive without a speedometer. You could get a feel for how fast you are driving by seeing how fast you are passing your surroundings, feeling the winding that is blowing into your car, sticking your hand outside and feeling the wind, etc.

I would prefer to drive with a speedometer than without one.

I think indicators help.

 

[bone]

Quote from Scataphagos:

You could be "all wet" on all of this.

Traders should focus on "correlation"... that is, "what USUALLY happens after a reference event".

No, my use of correlations is HF-oriented and looks more like this:

 

[Instynct]

Quote from SteveNYC:

I have a different interpretation on indicators.

Indicators are like the information on the dashboard of your car.

Speedometer is an indicator. It indicates the speed you are traveling.

You could drive without a speedometer. You could get a feel for how fast you are driving by seeing how fast you are passing your surroundings, feeling the winding that is blowing into your car, sticking your hand outside and feeling the wind, etc.

I would prefer to drive with a speedometer than without one.

I think indicators help.

Thats a very nice analogy. I happen to "drive" without a speedometer.

 

[traderrn]

1. Indicators lag Price.
2. S/R/Trend are determined by Price, not by any Indicator.
3. Yes, some indicators are watched by the big boys, like the 200 MA, etc, not sure how many of the Gazillion indicators are on the screens of the top traders as opposed to Trend Lines, Channels, Support and Resistance.