Yea, over dependence on one or two indicators is common mistake that traders make is to depend too much on one or two indicators which may not be enough to predict varied market conditions. Some traders do this to their own detriment to the extent that they lose all their money. While it is good to use indicators so that one will be able to determine when to trade or not it is equally advisable that combination of both fundamental analysis and Technical factors be considered while trading.
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