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>With all due respect, you
> seem to have quite a narrow definition of "indicator
I don't mean to take this sentence out of context, but I believe that it is
the nub the issue.
Indicators are, so far as I am concerned, all those in the analysis
techniques box in my Supercharts. I have collected over 100 in my time and
they are all lagging and, for day trading purposes useless.
Take today's action on the bonds: look at the chart and you will see
exactly what I mean. Price patterns, support and resistance and other
tools will give you a much better and faster and more profitable result than
using an indicator. That ADX was right - miles after the event. Fine,
perhaps, for position trading, or showing how clever it is after the action
is all over - but, frankly, useless to a day trader who is reading the
market as it goes along.
The wedge or whatever you want to call it was the signal. At the time.
Clear and simple. No lagging. No the ball. What else do you want? The
J-Hook into new territory was the signal. Measuring the retracement means
using a tool, not an indicator. Support and resistance are facts in the
market. They are not indicators. They happened and can be relied on.
Price action is the market showing what it is doing, as it is doing it. If
it forms a wedge it is telling what it is doing. What indicator can work as
fast or as accurately as that? What? Tell me. I will use it. So would
about 50 or so others on this list who trade in my like fashion.
Anyone can use whatever they like. That is there privilege. All I know is
that what I have found to work and can show works, works.
'Nuff said. Supper time over here...
Bill Eykyn
www.t-bondtrader.com
"Learn to read the tape"
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