Daytraders, When was the last time you stripped down to a naked chart and traded without indicators?

Naked

 

Great setup and trade.

 

On the same subject there is a book called "Naked Forex: High-Probability Techniques for Trading Without Indicators" by Alex Nekritin.
A so-so book in my opinion but that's another story.

 

what are indicators?

 

A signal letting other vehicles know when you are about to turn either left or right.

 

I have charts where I don't even have price on the screen.

It's just Wilder's, LRMAs, and Kaufman's AMA.

Indicators are useless? Really don't get where you come up with this stuff.

VWAP is everything.

 

Indicators are not useless, it's just that we don't need them to trade profitably.

 

I'm on the other side of the fence on this one... I started with chart patterns and naked charts but only became successful after I started using indicators.

Incorporating indicators into entry and exit decisions using thoroughly backtested rules added the objectivity that I needed. Every positive expectancy system I've ever created uses at least two indicators (ATR plus one other) and one strategy uses five indicators.

And I'm not ashamed...

 

Granted, indicators do add objectivity to the trading process, but pure price action signals can also be generated with 100% objective rules too.

For example, buy 20-day breakouts, 3 day low stop (and vice versa for short positions).

See, no indicators, and yet the rules are clearly defined in this simple example.

 

Great point. For example I look at prior day's trading range, depth of cups, and open range breakout, none of which use derived indicators.