If you started with indicators in your trading and eventually develope a profitable system, how do you switch over to using no indicators without screwing everything up?
just watch intraday price action. put on a random position, if it worked, why did it work? if it failed, why did it fail? etc.
If you have only been trading off indicators and not off of reading price action and want to learn to read PA, my personal opinion is you will have to re-learn to trade all over again. I'm not sure how one can go from one frame of reference for picking trades and then switch to another one alltogether and expect there not to be a steep learning curve. I could be wrong but I just feel this will be quite tough.
For a while, off and on, I used one indicator in certain, but not all, circumstances. I felt that in those special circumstances it provided me with a bit more information than what price alone was telling me. More recently, I "discovered" what price action tended to cause the indicator to act in that specific way in those particular circumstances. I now rely on that price action itself rather than its messenger. And so, I have recently been able to wean myself off indicators entirely.
Pardon a stupid question but what exactly IS the meaning of "price action" and does everyone agree with the meaning? I'm assuming price/volume/direction in the most simplistic terms.
If any of your indicators share your price window, create a new price window that has nothing but price. As you try to interpret what price is telling you, look then at the other windows to see what the indicators are telling you. Eventually, you'll find that you're seeing what the indicators would have told you, only you're seeing it ahead of them. LC
In my mind, it refers to price rather than any of its derivatives, be they mathematical indicators based on price, or other variables (breadth, etc). To me, specifically, it refers to price on a chart, OHLC. I used to look at volume, but I no longer do so. I realized over time that it was a false crutch for me. I suppose others may make better use of it
If you use an indicator and are successful with it you are stuck with that indicatror for the most part. Price action alone is used when it is truly price action alone that you use. For example if you trade triangles or flags, you never had need for an indicator anyway.