I hear ya, you are a price action trader, so no need for indicators. The same could be said about traders who use fundamental analysis have no need for technical analysis! The truth is, a price action trader can use technical indicators to compliment his or her analysis. Just like how a trader focusing on market fundamentals can use price action as a guide for market entry and exit.
Over the years I have noticed that certain indicators can improve price action trading signals. We all know that no form of analysis is 100% reliable, don't we? Perhaps using a couple of indicators may help you have a higher win rate for price action based trades. Below are the details of the things I have noticed. Open to feedback. Please also share your price action with indicator techniques!
Horizontal support and resistance
Indicator: RSI
Seeing price at a clear horizontal support or resistance is exciting. Seeing price at a clear horizontal support and resistance with an overbought or oversold RSI is even more exciting!
RSI would need to be clearly overbought and oversold and you would still need a trigger or confirmation candle but definitely something worth considering...
Reversal Patterns (head and shoulder, double-top, etc).
Indicator: moving average(s)
Not a moving average cross. Way to lagging for a reversal pattern. But how above price moving below the moving average(s) if a bearish reversal and above the moving average(s) for a bullish reversal?
Example below. Not the best of examples (using the same data as above). See how price confirms the bearish momentum by moving below the moving averages both times? This is a 50 and 100 SMA.
Reversal Patterns (head and shoulder, double-top, etc).
Indicator: MACD
Same as above but this time using the MACD cross...
Trend channels
Indicator: Bollinger Bands
Similar to price at daily or weekly levels. How about price at channel support and resistance with a candle close out of Bollinger Bands as a confirmation?
Once again, same data as used in everything screenshot...
Great post.
Technical experts and all charm are filled for the adoption of the scores. Nature of the team and are done for the attribute for the scores. The school is fit for the adoption of the skilful members for the ideal paths for the citizens.
The next time I read a blog, I hope that it doesnt disappoint me as much as this one. I mean, I know it was my choice to read, but I actually thought you have something interesting to say. All I hear is a bunch of whining about something that you could fix if you werent too busy looking for attention.
This is a really decent site post. Not very numerous individuals would really, the way you simply did. I am truly inspired that there is such a great amount of data about this subject have been revealed and you've put forth a valiant effort, with so much class. On the off chance that needed to know more about green smoke surveys, than by all methods come in and check our stuff.
This is very educational content and written well for a change. It's nice to see that some people still understand how to write a quality post!
It should be noted that whilst ordering papers for sale at paper writing service, you can get unkind attitude. In case you feel that the bureau is trying to cheat you, don't buy term paper from it.
You completely match our expectation and the variety of our information.
Wonderful blog post. This is absolute magic from you! I have never seen a more wonderful post than this one. You've really made my day today with this. I hope you keep this up!