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Indicators tell you what has been happening. They ahve nothing to do with what is about to happen. The ONLY thing that moves the market is supply & demand, or what some call support and resistance.
Indicators don't matter.
News doesn't matter.
When the market reaches a point of resistance (supply) it will retrace or sell off until it reaches an area of demand or support.
I know of people who trade nothing but price.
I know of traders who trade market profile based patterns and use only volume to determine wuply and demand. But they're essentially looking for the same thing. Who enters the market when price reaches a previous point where supply or demand rests.
Check out The Scientific Investor website and download their free primer. |
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Hello Luke,
I am interested in learning more about trading with price action. How long does one take to fully understand the movements of the markets with price only?
The reason I say this is because I just recently started learning to trade on a short term basis. I have read several books that teach trading with indicators. But reading through some of the posts in this forum, I noticed that many traders disregard indicators as part of their trading methods.
I would like to start learning on the right track. Any advise would be appreciated. Thank you