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    Thread: Why Professional Traders depend mostly on chart patterns rather than Indicators?

    1. #41
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      Default Re: Why Professional Traders depend mostly on chart patterns rather than Indicators?

      Well, before i think most traders focus more eon the use of Forex indicators the most, but nowadays trader it seems like the chart patterns are the most effective in the Forex trading market.Chart pattern trading falls under the category of technical analysis and represents one of the more popular approaches to making buy and sell decisions using charts.

      As a Technical analysts and traders we look for these patterns for their repeatable nature and forecasting value in the charts. and they use to work perfectly, better than making e of those complicated indicators.
      and note many traders still make use of indicators to analyse the trend in the market.


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    3. #42
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      Default Re: Why Professional Traders depend mostly on chart patterns rather than Indicators?

      It is easier to succeed when we trade chart patterns than when we are using any other method of analysing the market, that is why price action traders are the ones that easily grow to become professionals in the Forex market, unlike the other category of Forex Traders that always rely on the indicators that they use.

      Professional Forex Traders believe that when we are stuck with using indicators, our knowledge of the Forex market will never increase because we consistently need information from the indicator before we can trade, this can be very limiting within the market. Indicators based trading can cause you to enter the market at a wrong price and time.


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    5. #43
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      Default Re: Why Professional Traders depend mostly on chart patterns rather than Indicators?

      Quote Originally Posted by paulokepaul     
      Overview: What are the reasons professional traders depend mostly on charts patterns than in Indicators?
      As one who has being in this market for 9 years ,i notice that many good and reliable Traders pay little or no attention to indicators. They take decisions base on chart structures not on signs of indicators. I believe there are reasons but i do not know.Can you share your view on the reasons.
      to answer to this question we need to know the term "profesional traders" are they institutional traders who trade in a real market offices or famous traders who provide their signals in the web or just advances traders who make profit in any market conditions, I think any trader in this market has a totaly choice to trade with whatever tool he want, the success comes with chart patterns as well as with simple indicators, it's the understanding of the trading concepts used for trading which is very important, we can use indicators and profit from the market as long as we know how to use them and apply in our trading process, indicators are also built by programmer and can serve a trader either to provide signals or to confirm certain trading conditions.

      chart patterns are also good trading method to approach this market and used by majority of traders, so the manner we use these patterns what is important in trading and the understanding of the market move which is extremely needed while trading, there are fortunately many ways to trade in this financial world and every trader trade with what is suitable for him.


    6. #44
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      Default Re: Why Professional Traders depend mostly on chart patterns rather than Indicators?

      Forex chart has so many indicators which can be used to analyse the market and there are some indicators which are more accurate than the others. The problem with most indicators is that they lag a lot and most of the time, they give false signals most especially if they are used on lower timeframes. Indicators like Moving Average, Exponential moving average, the parabolic sar, zig zags, etc do give false signals most of the time and that is why I do not use them. But indicators like RSI, stochastic as well as the ichimoku and better indicators due to the fact that they give accurate signals even though they have their own pitfalls. Most of the time, I do not even use indicators and professionals do not use indicators as well but use chart patterns. This is because the chart patterns give more accurate signals most of the time than the indicators and that is why the professional traders make money consistently most of the time. Some professional traders like me combine chart patterns with indicators like RSI and Stochastic oscillators for trend confirmation.


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    8. #45
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      Default Re: Why Professional Traders depend mostly on chart patterns rather than Indicators?

      Trading indicator carries some risk for the forex trader especially when he uses more than one indicator, it is possible that there will be some serious confusion with the market movements per time, there are too many limitations that can come from trading with indicators, that is why that professional forex traders would rather avoid them.

      When used well, indicators can do wonders for the Forex trader, there is an understanding that you will have about the market generally that will cause you to see indicators as something that is developed to act as a distraction from seeing the real thing. Before we can trade forex at this level, we should have practiced well.


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    10. #46
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      Default

      Trading based on the price pattern is known as the price action style of trading, and of course traders prefer this type of trading compare to the indicator base strategy or techniques because its less comprehensive.

      Pattern trading can be the likes of the candlestick patterns, the chart pattern, such as the head and shoulder, the butterfly pattern, the flag pattern, double bottom and double top pattern. There is also the so-called AB=CD pattern, the harmonic pattern,etc.

      Indicators are known to tricky and their signals can r be misleading, most especially when not properly apply. But with patterns, it's easy and straight forwards and many traders are not looking at those pattern which are making it to be more effective.


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    12. #47
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      Default

      Of a truth, while indicators can be very profitable by providing a trader with enough information capable of bringing in good profit, they have high tendency of providing force information about the market movement which is not healthy for a trader whether newbie or professional. To this end, traders prefer to see for themselves on the chart and be convinced about what and what direction the market is to take. While chart patterns and indicators are ways through which a trader can analyse and predict the market, traders tend to use the chart patterns more because they are influenced by the price movement and not possibility of something happening. This is not also to say that using the chart pattern cannot bring loss and for this reason traders will rather combine information from indicators with what the market chart is saying rather than base their prediction on only one part (which is less likely the indicators).


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