Could be...although, I remember in the book he was very keen on the 10 period ema. He even took the time to show the readers how to calculate it. And, I definitely agree with you that, one doesn't necessarily have to use indicators to be a technician.
If one were to only use price and not any indicators then aren't we just using price as the indicator? That would still mean we are using an indicator, but it is price we are using as the indicator... And if we are using price as our indicator, then is it lagging itself? Price moves, and you do not know which way it will go until after the fact. So if you anticipate, then you are gambling. If you wait until price moves, then you are lagging the price movement just as if you were using an indicator that lags.
I guess that would be a case of gambling were we talking about making bets on each single tick. I think the point of being able to trade from price alone though is that we as humans are incredibly sophistacted in our recognition abilities and can take a myriad of imperfect shapes and classify them and deal with them in ways that no mathematical indicator is able to do. The vast array of possible permutations of patterns and shapes on a chart is mind boggling, and yet we can recognise them as a flag or a triangle or whatever the pattern represents to us, even when they are imperfect, and including all the variations of them and still arrive at the right conclusions with experience. Over time, we can recognise the little nuances that make a set-up a really good one, a reasonable one or simply OK or even weak and trade (or pass) accordingly to it. So yes, we do also to some extent lag the market, but everyone will always be lagging the market unless they are the individual causing the movement at that moment in time. Best Natalie
imo, the best way of trading i've found is when price hits certain points, while also watching the price action around those points for better entries/exits...no indicators.... that's what #1 Trader does...
To me, an indicator such as a moving average or oscillator helps me to see what I may be missing by watching price alone. The only analogy I can think of is this: Think of price as a human heartbeat. When you're in the hospital, sometimes the doctor needs to know more about your heartbeat than he can tell by just listening or feeling. He needs some sort of visual aid. Something that will show him whether your heartbeat is strong or weak, steady or erratic, to high or to low. Now, the doctor might be able to do all this by just listening with his stethoscope, but having you hooked up to a machine with an indicator on the screen, just makes things a little easier to see. I know...it's a crappy analogy, but's it's all I could think of...hehe
Not a crappy analogy, it's a good one. The one thing I have seen many fall prey to is, losing sight of the basics major and minor S&R. We must also remember that although we are using lagging (behind the trades) indicators, it's looking at everything in its context. Once in a while, its a good idea to clear all of the "spaghetti" of the chart and look at the main picture. I've found that after a while, I dont display the MAs anymore, because Im watching the stock everyday. Once a week I run through my scans, long after the market has closed so I have a relaxed and objective view.