Is there anyone out there who doesn't care about MACD, stochastics, pivot points etc, nor any fixed set of trading rules or (semi-)automated system(s), but rather looks at a stock, thinks to himself, hey, let's buy this one, then, a few seconds, hours, or days later, thinks, let's sell it now, and is doing the whole thing profitably?
Lobster you might have had a number of true answers right up to the last qualifier. On the other hand it seems there are a some "price action only" traders around here. Maybe you need to rephrase the thread and make it something like, "If you aren't using indicators you're a loser." That approach always seems to work. Okay, I'm kidding.
LOL! Actually, I am not using indicators anymore as much as I used to. I sort of have the notion that indicators are "support wheels" for learning to determine price situations, while the better you get (as a discretionary trader), the less and less you will be dependent on them. Some of the very best traders I know (and I'm talking traders who average 5X as much as the "average" successful trader) have evolved to solely trading based on price and volume - nothing else. No indicators. Myself, I'm still far from that stage in that extreme - But I also believe that many of the indicators I'm using today are only there for reasons of emotional necessity / security / reinforcement, rather than reasons of actual practical necessity. I think this is what a lot of indicators are about: Emotional reinforcement. Traders seem to tend to fall in love with their favourite indicators.
I have not been looking at any technical indicators for the past ten months. But I do have a trading plan, which is evolving as I learn more and more. There was a related thread: "All indicators useless ?" posted few months ago. http://www.elitetrader.com/vb/showthread.php?s=&threadid=16370&perpage=6&pagenumber=1
I don't use indicators much at all. I do look at them from time to time and then leave them alone again having satisfied myself that I'm not missing anything by not using them and not actually used them - In fact they just serve to confuse me and cause mistakes... A few lines and some common sense works fine for me. - Indicators are too much like hard work... If that is what you are calling intuitive then I guess that sums up how I trade... best Natalie
I am going to presume you mean lines drawn on a chart versus lines inhaled through a nostril. It is very important to be absolutely clear about the definition of terms around here lately. For clarity's sake mind you. Actually though, I'm thinking that even a few drawn lines on a chart might disqualify your trading. But I will have to defer to Lobster on that one.
If you ask me, anything that can be done by hand (such as trend lines) without using ooperations like addition or multiplication, would not be considered an indicator for the purpose of this discussion. This definition would draw the line somewhere between trend lines and pivot points. However, if you have a moving average on your charts you are not automatically disqualified as a purely intuitive trader. It's not a very clear cut distinction.
By pivot points I assume you mean the calculated floor pivots? (as opposed to a pivot point simply meaning the point at which the market turns????) Best Natalie