there's no need for indicators.. at all EDIT: the easiest way to be profitable in forex is to trade pivot points on a 15 min chart of course this is all my opinion
I only agree somewhat here. Like you, I use the 15 minute as one of my primary charts, but I do use indicators more for confirmation and divergences as they are lagging indicators. For example, on the eur/usd, there is a monthly pivot at the 1.367 area. Now supposing price was to shoot up there as MACD histogram, and perhaps volume is decreasing, I might be looking to sell or scale in short in that neck of the woods. If however we were to have a slow bleed up into that area on steady to increasing volume with MACD histogram rising with price - I would be much more hesitant to trade against that trend. Either way, indicators can be of use, but mainly for secondary confirmations - price action and location is always the first and foremost indicator - and often that fools most of us. I know this much - - -the pros work to specific levels of importance. They know, for example, that 1.35 on the eur/usd is a price many traders, including those who are recently short, have their stops 10 pips (plus or minus) above. Personally, I have no clue when a reversal is coming but I do know that the pro's use round numbers and often will buy into those stops, wipe out as many as possible - up to say 1.36 area - fool traders into thinking price is breaking out, then sell the everloving crap out of it to wipe out all the break out believers. So even tho 1.35 is a strong pivot, one should not automatically expect price to stop right there - more important is to see what happens at that price, then be prepared to trade accordingly - which often means staying on the sidelines - which is also a position.
it's as easy as 1-2-3................ if you don't know what that means , stare at a chart until it does. no spoons.
Volume is the single most worthless indicator. Well, okay, not most worthless, but definitely in the bottom 5. Who cares that volume is making a divergence when price is going higher? Only those 90%.
Falling volume can suggest lack of institutional interest, particularly as price approaches new highs, lows or established support or resistance areas. Same as rising volume or volume spikes can suggest institutional interest. Them wascaly institutional wabbits drive price, and far as I know, volume is the main (only?) indicator of their actions. It's probably about as good an indicator as any other indicator when used together with price and perhaps some other indicators, but alone, I don't think it's worth much. At least it is not a lagging indicator so there's gotta be some way to use it.