For a pure, seasoned, nonemotional trader, that might be true. For traders who still have emotion clouding their objectivity, indies can serve a useful purpose.
All indicators are some sort of interpretation of price. Usually it is significantly delayed. Why not just trade price and price alone? ---------------------------------------------------- oddio Your question is the same as asking the following: why don't all people use the same basic religion? Why don't all people eat the same basic food? Why don't all people wear the same style and type of clothes? Thank goodness they don't... agpilot
There are some indicators that are used by so many people that to ignore them is to deprive yourself of some of the best s/r info out there.
Consider the following corresponding statement: All geometric theorems are derived from basic axioms. Why not use the axioms only? Make sense?
jamis, with regards to your example of the down day, what if the bulk of the volume had been above the previous days close (making it an "up" day at that point in time), yet a sell-off occured late in the day on low volume that dropped the price down by 0.75. How do you interpret that? Would you still believe that distribution is going on? I'm not trying to be a smart a**, but trying to figure out the use of volume as it relates to price movement. As an aside, has anyone used VAP as an analytical tool? I can see where it can be used to "determine" areas of high/low volume at any given price, but do the high volume areas truely act as support/resistance? any ifo would be much appreciated. Everytime i google "VAP" or "Volume-at-Price" I usually end up at sites regarding Market Profile..which i thought was different (time-segmented volume analysis with price). Thanks in advance. Dave aka - "always learning"