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Has anyone ever heard of eminisniper.com?

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monpere View Post
Yes, for some it can be the right combination of indicators!!! Indicators are based on price action. They are showing price action in a very objective and consistent way. The way an indicator shows you a double bottom is going to be consistent yesterday, today, and tomorrow. The way a human being sees a double bottom is subject to the entire complexity of his/her psyche from one day to the next.

With indicator aided trading, what you need to do is find the right indicator, or combination of indicators, and understand how they relay price action to you. They relay price action based on the formula they use to process that price action, just like the human brain processes the bars that they see on the screen. Looking at the picture my Moving Average/RSI/Stochastic indicator combination are presenting to me, I can tell you exactly that the market, is in a strong impulse move, I can tell you the market is chopping around, I can tell you the market is giving you a double bottom, moreover, I can predict to you with pretty good accuracy that it is about to give you a double bottom.

I have yet to know a pure price action trader. A moving average is an indicator, if you just have a moving average on your chart, then you are using an indicator in your trading. The bottom line is, you use whatever can give you an edge. If my dog starts barking every time the market is about to tank, I can bet you I'm sitting him next to me when I trade

monpere, i agree with you to some extent but from my perspective i believe it's easier to trade an instrument without a ton of indicators. However, there is nothing wrong in using indicators. Judging by the high level of failure in the world of trading, i suspect the search of indicators, right settings or combinations is part of the problem. I think learning to read price action is not the hardest thing but rather learning to cope with the forces within yourself that influence your thought, behavior and response to external patterns is as important then money management.

Btw, why do you feel the need to use an indicator to anticipate the formation of a double bottom or top which is probably he most easiest to thing to do or see ?

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