Most new forex traders go from buying trading books, seminars and courses, flip-flopping along the way trying to unlock the secrets of time frames, Japanese candlesticks, Bollinger bands, Fibonacci numbers, counting Elliot waves, and then finally in desperation turning to macroeconomics for dummies.
Economists hate Technical Analysis and discount it as mere astrology for those who don’t have an economics degree. However, most traders that I’ve worked with prefer the insight of good price patterns to the theory of economic dogma., and so should you. You don’t need to be ignorant about fundamentals, just be aware of them.
All the books and courses that you will take, tell us how markets are complex, and it is difficult to explain one particular reason why markets move up or down.
However, after my 30 plus years in forex markets, I always come quickly to the same simple conclusion of why markets go up, there are more buyers than sellers, or if they go down it’s more sellers than buyers.
In other words, supply and demand are the big Kahunas of all indicators.
http://www.eightdragonscapital.com Live Point & Figure charts show the supply and demand that needs to be used to determine the direction of the price now and going forward.
All indicators need to have a core theory, as to why they work., the use of Supply & Demand is an economic rule which is simple to understand as a market mover. This makes P&F easy to use. When all is said and done the price movement is all the analysis and sentiment being built-in by buyers and sellers.
You don’t need time frames, they just add confusion, by making unnecessary trade noise to confound your senses and befuddle your brain. We buy at price not, time.
By subscribing to http://www.eightdragonscapital.com or taking our courses, you will learn how to trade successfully using the point and figure method. You need to learn 2 simple signals and easy to see price patterns and support and resistance.
Point and Figure Charts are simple to understand and use.
Simplicity is Genius.