Indicators or no indicators.
Great suggestions. I admit I don't use many indicators myself, but remember please that fibs, trendlines, candles, and pivots are just that, they are indicators, more or less manipulated by the trader and how or where the trader places them. My point is one of agreement. I recently read, and agree, that successful traders rely upon technical analysis 20% and the other 80% is their ability to control emotions, manage risk, and willingness to change their initial idea or perception of what is happening in the market. As I become more successful, I keep coming back to that line. As a chartist, I rely on trend lines, fibs, patterns, and pivots in defining minor and major support and resistance. That is the purpose. Identfy resistance where selling is strong enough to interrup or reverse an uptrend, and support where buyers out number sellers. These donot have to be horizonal lines accross all time, but can be diagonal as in trend lines or short lines as in double tops, or necklines.
Thanks again for the great thread. It started as a simple question and has led to more. If their are any more strategies they would be greatly appreciated.
I will try the strategies listed.
Dave
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