Oh dear! That question didn't inspire any replies at all. I know it is bit of a boring issue but I just wanted to get a feel for what kind of traders there are here on the forum - or are there any at all? Is this mainly an advertising /broker/blog type site? Or are there any new or experienced traders actually participating in forum topics. I haven't visited here much previously.......
I think the false dichotomy of your question could be to blame. I personally use chart patterns for one of my trading strategy and fundamental analysis for another one. I wouldn't say that any of these strategies are based either on Price Action or on Indicators.
Well I did ask if people use both and not just "either/or" and I guess I could have also added the option of "neither". But if people here are really that sensitive to language that they don't reply unless the text is in watertight, legalistic correct, and totally unambiguous, format, then I am too dumb a human to belong here. Sorry that I caused an issue and I'll quietly just be on my way our of here. Feel free to delete me and my stupid posts,,,,,,,,,
I have been someone that has tried every indicator under the sun, tried to make the perfect indicator using various algorithms, and now use a very simple approach. I use market opens, stochastic (5,3,2) and 3 emas and price action. This is all use now. Simplifying what you are doing is key and this works for me. Dont over complicate your life and if you want to know more about my trading strategy, feel free to bung me a PM. Just to give you a heads up, its free. Awesome!! .
Its a dam good idea to know what is going on in the market as it might give you a bias on a trading direction. Really important to have a bit of a fundamental approach!!!.
Good luck in your trading - you dont need it with correct trade management.
I have generally been through the same process over the years. I only use basically three EMAs and MACD. Although crossovers are part of what I look for, I also use the EMAs as a kind of momentum indicator highlighting whether/when recent price movement (short term EMAs) is moving more strongly directionally than earlier (long term EMA) i.e. whether the EMAs are diverging or converging.
I also watch the fundamentals a lot to gauge whether a move is likely to be longer term or brief - and especially to watch out for upcoming releases/events that might impact current price movement.
I fully agree that simplicity is a key issue in building a trading strategy and just adding more indicators does not eliminate false moves. I am a firm believer in the old concept of "analysis paralysis". Managing positions and risk/reward deals with the losing trades with respect to the winners and produces the net consistent gain over time.
My purpose with this thread was really only to get to know some people here and what you are all interested in. Although I joined here some years back I have not been active here so I feel like a Newbie here until I get a feel of how things are.
Hi! Sorry not to have responded sooner, I've been away.
Thanks for your answer. I would also be interested to hear what you see as the advantages of PA and what aspects of PA techniques you find useful.