Your eyes according to @SimpleMeLike and I tend to agree.
Useless indicators
- Thread starter wxytrader
- Start date
All indicators are worthless. Absolutely nothing can compete with pure naked price action if the charts are constructed correctly.
What you both said makes no logical sense at all, unless you remove chart's completely from your statement. If you're saying a chart can be valid than certainly you're looking at data that has already happened or else why wouldn't you just use the DOM and order flow?
So let's walk through this. Momentum is absolutely a factor in the way things move in the markets. Therefore you can plot a momentum indicator under your chart to give you an exact calculation of reference for movements, consistency and precision on setups. There's very few humans that would be able to consistently track the exact momentum calculations of something without an indicator there to reference. You'd have to be some kind of savant or IQ above 150, so sure maybe there's an exception. Point is an exception is exactly that, it isn't the standard.
No doubt you don't need indicators to be profitable. But to claim that all indicators are useless, is just not even a logical statement. It really makes no sense. So you're claiming you're going to use a chart to make sound decisions, but a momentum indicator that is plotted just below that and can be even designed to look like the chart above is all the sudden invalid and can't be used to make sound decisions?
Pre internet, pre personal computers, a lot of us humans plotted charts and calculated indicators by hand.
I recommend that before you use an indicator you do exactly that. Get the formula and do your own calculations. Pretty soon you will know what the indicator will indicate just by the way price moves.
You guys are so full of crap. No clue what your obsession is trying to convince people you're some savant, you're literally lying. I'll bet you anything that even within a 2 hour time frame of action there is no way you will be able to accurately mark out and show me exact momentum setups down to a small range. Even if you manage to get one or two, there will be potentially 8, 10 or even more on a smaller intra-day trading chart. You're so full of yourself that's is honestly ridiculous. Just stop.
Even if you did do it it STILL wouldn't be as efficient or as quick which means you would lose opportunity cost. What a joke you're trying to convince people you can calculate faster than a computer.
I wouldn't even consider it within a 2 hour time frame. And I'm nowhere as fast as a computer.
I'm a swing trader. I hold for days and weeks. I live off what I make trading. No other job. How about you?
This place needs to bring back a room or server that has voice. Absolutely ridiculous have to deal with this garbage. Real time debate would stop a lot of this insanity.
It's true.
%K = (Current Close - Lowest Low)/(Highest High - Lowest Low) * 100
%D = (Sum of %K of the last 3 days)/3