The Eur/Usd is setting up for a breakout higher. The market was consolidating between 1.4240 and 1.4050. But now with the bullish engulfing pattern the market's momentum has shifted to the upside. Price targets are 1.4300 and 1.4500
Thanks for this thread, I also have a price action thread. It's so much better to just take off all the indicators and crap from your charts. I do sometimes use moving averages for trend analysis and s/r analysis, but that's it, cool thread man.
Yes removing indicators is much more liberating. I too used to use some key moving averages on my charts. Over the years I slowly removed them as well and never looked back.
Nothing wrong in having an indicator to help you confirm what you are seeing, but it shouldnt be used as the main tool for reading the market direction of the instrument you're trading.
I still use a couple moving averages for trend analysis and dynamic support / resistance identification, the 8 / 21 day EMA as per Nial Fuller.