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Hey guys I just got a book on price action & trading without indicators and it looks excellent. I started a thread for discussing the book, my goal is that people who are reading the book can share their comments, ask questions, and post some charts using the material in the book. Jeff I think this book would be great for you. The guy trades ES on 5 min chart with only 20 EMA.
It is NOT "mine". I am sure traders did this before I was born.
What I have "added" is applied statistics to price movement. I did this first with stocks and then with forex.
Remember what H. Rearden said:
Now, 2 patterns of market behaviour happen on a regular basis:
1) the price breaks to new high's (or low's)
2) the price reverses from new high's (or low's)
If price is NOT making a new low then it must be reversing from the low.
If price is NOT making a new high then it must be reversing from the high.
This is simple. Too simple for most traders. Instead of trusting what their eyes SEE, then want indicators to tell them what price is doing. That morphs into indicators that tell them what price IS GOING TO DO and that is their downfall. The rat beats them.
