of course candle says nothing again with this post moderate and excessive are operational terms valid only in the context of WHETHEER YOU ARE MAKING MONEY.
I remember reading a post here at ET from bobcathy1 about an article that Don Miller at TradingMarkets had written one day where he said he just had his moving averages up on the chart w/o price. So I guess all he needed that day was for the 5 SMA to cross the 15 SMA to get his trade off. Can you believe this one? Maybe we don't need price or volume. Just the indicators themselves...
Yes, it was definatly interesting as a concept. My trading is 99% MAs. But it is just too weird not seeing the price candles creep up and down.
In his book...Pit Bull--lessons from Wall Streets Champion Trader. He talks about using moving averages and something he called "The magic T". Plus, he gives details on several outside sources he subscribes to, that provide charts with different indicators. And, it seems like, if I remember, he subscribes to some service that custom makes charts for him with just his preferred indicators. I guess you can afford that when you're Marty Schwartz...hehe It's a good book by the way...
The reason why there are so many books of many kinds are selling in the market is because people needs to learn more than just prices data alone. Many elite traders may not need anything besides prices data for profitable trading, but others would, unless all indicators beyond price data are poorly affecting trading decisions. I just don't know the answer as I understand not many of them.
I read the book a few years ago. I didn't remember him talking about indicators. My bad. I think what he meant by techinical analysis is using mainly price though, as opposed to fundamentals. You don'thave to have indicators for technical analysis.