Trading without any indicator (use candlestick only)
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August 22nd, 2009 01:44 PM #1
Trading without any indicator (use candlestick only)
does anybody know how to do that? is it possible?
August 22nd, 2009 04:34 PM #2
Yes, it is possible, although candlesticks can not really be used in Forex trading the way they were developed. In 24H trading there are no gaps between daily candles, which eliminates many "pure" candle patterns. I wouldn't recommend using only candlesticks, but in combination with other basic trading concept, like support/resistance, retracements, maybe moving average, etc. You can keep trading very technically simple, with candlesticks being primary tool.
Read more about Candlesticks and Forex.
Last edited by grunwald; August 22nd, 2009 at 10:07 PM.
August 23rd, 2009 12:06 PM #3
sorry, so,what i mean is that, with only see the candle, can we know where is the buyer/seller put their order?i am very sure that there are only a very few people who can trade like this, they can know that buyer/seller will buy/sell in x.xxxx level.
August 25th, 2009 11:11 PM #4
No, happy, candlesticks that already formed do not tell you where future orders are placed. They just indicate likely support/resistance zone. What you need is to access to an order book, to see size and location of pending order. Even if you could get form your broker, it would only be a sliver of total Forex volume, so not vey accurate. If you could see order book of, say Deutche Bank, that could be useful. Ubfortunately, it is not readily available. However, you can still use candles with good result.
Here is couple of example of Candlesticks in Forex trading.
August 26th, 2009 01:48 PM #5
but i am very sure that in this world,there are only a very-very few person who can do that,may be only around hundreds (below 1 thousand) person around this world. they can see where is the buyer/seller will take order / take profit. very amazing, isn't it?i am 100% sure about that,although i haven't known one of them.
August 26th, 2009 06:49 PM #6
Happy, I'm afraid that you either have some concepts crossed, or you have problems explaining it. See if you can re-word your question.
August 27th, 2009 03:14 AM #7
i am sorry,my english is very bad. so what does i mean is that, i want to know if there are any person that can trade only using candlestick. only with cs,they can see where are the buyer/seller put their order or take profit. from my opinion, the past represent today, today represent the future. so,can u understand what does i mean? i hope u do. ty.
Originally Posted by grunwald
August 27th, 2009 06:11 PM #8
Haha I don't think it is possible. Nobody knows future, even best traders, Indicators are of course not ultimate solutions but the same goes for candlesticks
Originally Posted by happy.trader77
August 28th, 2009 02:45 PM #9
Originally Posted by MarioX
but, i'm really really sure/belief that someone can do that.
September 11th, 2009 03:02 PM #10
Originally Posted by joeyb
this idea is come from me, i am thinking and belief that there are only a few of people can do that (may be not more than 1,000 persons around this world)
September 21st, 2009 06:23 AM #11
Yes it is very possible to trade by using just candles (time x price)
September 24th, 2009 05:31 AM #12
it is not impossible not to use candlesticks to trade, it was actually use as an old method for the traders before and yes you can definitely make trade without it. the reason why most traders now a days use candlesticks is to know the trading range for the day as well as the opening and closing price. If the open price is higher than the close price, the rectangle between the open and close price is shaded. If the close price is higher than the open price, that area of the chart is not shaded.
September 25th, 2009 08:30 PM #13
This is always an interesting question. Here's my take on it: When someone says that they exclusively use candlestick charts or "no indicators" what they usually mean is that they trade based on price action. And thats great, nothing wrong with that. After a while, you can "train" your eyes to see price action using nothing but a chart.
So, if I add an SMA to my chart, am I no longer trading based on price action alone? Of course not, I'm still using price action but I'm now using an SMA to help me along. It's a little like orienteering, a task where you find your way only with a compass. Sure, you can use the compass exclusively, but it becomes so much better when you use a compass AND a map. You're still doing the same thing (navigating around) just different tools to make life easier and there's nothing wrong with that.
September 26th, 2009 07:34 AM #14
At the barest level candles as just a way to graphically show price and over a given period,
as does a line chart, a bar chart or even a point and figure chart.
For many to view the data in candles is more visually pleasing and easier for many to read,
as opposed to reading figures like a tick-tape or another form of graphic representation.
What is it that people are ultimately trading...?? ( that is a rhetorical question...lol )
For many candles work as do many other forms of charting and technical analysis, it all comes down too....ONE thing... what works for individual?
Then,, more important than a trading methodology is Risk & Money Management, BUT...
BUT... most importantly is ones Psychology.
September 29th, 2009 02:40 PM #15
could u give more explanation pls?ty
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