A price/indicator combo is the proper way to look at and assess market activity with regard to entries and exits.
By far the most important indicator I use is my trading journal which gives me an indicator on how me, the trader is performing. Am I following my best practices? I am acting out of fear or greed? Am I over trading or to chicken to pull the trigger? What can be improved? Am I drifting from my plan? Am I taking a draw down personally or way to euphoric from recent profits? Etc., etc.
%% Keltner channels, BOC, can be helpful because most of them contain a 10 day moving average; i seldom use MACD because it is so far from price. Even a public noting, with a helpful indicator like KC, can goof them for a while--not a prediction LOL
Do you NEED indicators? Absolutely not. Not anymore than you need a tachometer or speedometer to drive a car. They are just instruments to give information on momentum just like many indicators give information on market momentum. Trading can be done well with them and well without them and certainly the converse is true.....People trade poorly with them and poorly without them. Having said that I choose to use indicators because it speeds up my analysis of markets. I can see what is happening and has happened much faster (10-20 seconds or less) than I can looking at price alone, but that's just how I trade.
My opinion of indicators Automation Trading systems , need indicators for price direction. Manually or discretionary traders, don't really need indicators. They already see price moving and just act. Indicators help for price direction if struggling to design a trading system manual or automated. But keep it simple.
Although of I've tested and proved to myself that all indicators as they are supposed to be used are worthless, there as bout as usefull as a broken clock ( right twice a day ) I cant see anything on the chart all goes random to me without some kinda MA, I can't objectively see the momo without.
Maybe you right if automatic trading need indicator as signal confirmation, manual trading can make with simple way with price action and combine with candlestick pattern, look on all timeframe will getting different information pattern
Do We Need Indicators? I think the question should be, "Do i need indicators? The fact that you're asking this question suggests you probably need training wheels for at least another year.
No, but just ask Xela, she'll give you a thesis-length response on how Bollinger bands are the next big thing....Actually, hang on a minute, that was last week, things can change fast in this industry!!!