Lagging, schmagging. This is such a tired and lame canard. Guess what? All analysis is based on past data. Why? Because There Is Nothing Else!! What, you think there's some special cache of future data that's available to traders who turn their noses up at indicators? Seriously? Even the PA traders dismiss indicators, as if they aren't using past data as well. What a joke. The car analogy is stupid because there is no windshield that allows you to directly see "the road ahead" (aka the future). Fortunately if you're smart enough, the past is all you need to succeed in trading. And if you're not smart enough, ... Fortunately there are other careers besides trading. The past is prologue. Use it.
TA is also one of the methods for forecasting: https://en.wikipedia.org/wiki/Forecasting "Forecasting is the process of making predictions of the future based on past and present data and analysis of trends".
Why do weather forecasters use data from the past? Because that is only what they have... Also if my lag is 20 minutes but I am usually in the trade for hours, what difference does it make?
The sad never do wells throw up this lagging false flag without realizing how blatantly stupid it makes them appear to those of us who have this nailed. Anything can be an indicator. For instance APPL can b used to PREDICT (not describe the past but to PREDICT) the future. But only if an OFFSET correlation exists. The fools that plug in the standard correlation function don't have sense enough to calibrate the index from centered [0] to leading [-1] ...within an indexing format where [1] is lagging. No doubt they're not even sharp enough to notice the negative sign between the square brackets that distinguishes leading from lagging. Get this thru your heads people. [0] is centered, it's not lagging. Of course there's the issue of insuring a correlation exists. A leading correlation with a value of zero is still going to b worthless. But a leading correlation with a value of 1 or -1 is priceless. @Magna, if u can't appreciate this that's fine but if u ever get tired of Jim Nestle and essentially rid us of his nonsense it's possible ET could rebuild it's reputation. Who knows? Maybe Db, spydy and others will take an interest. Imagine PTJ here with JN calling him a moron. BUILD IT.
The best use of an indicator is when it agrees/confirms other TA - price action/time, price pattern factors. When it doesn't it just a squiggly line to ignore.
If it doesn't work why does every trader around the world have screens with charts? Why look at order flow from people whose judgements were probably made using TA?
why does every trader around the world have screens with charts? Again, not true. Yes some traders have screens with charts. Perhaps most. But every trader? Not true. Heck I don't even have screens.... GAT
If indicator helps to make you money it makes perfect sense to keep using it. A lot of people have false expectations of an indicator, they think or were sold this idea that you have to follow the indicator and it will make you money. Well that's nonsense. An indicator is just a tool. Whatever you choose to use needs to be part of a money management complete system and you will require experience, it's not a matter of blindly following an indicator.