Quote:
Originally Posted by thehawkman  Define "system". I hope you don't mean using indicators? |
Indicators are one part of a system, but not the only part, at least in my system. There's also price overlays like fibonacci retracements, support and resistance (supply and demand areas), trend lines, price action, fundamentals, etc etc etc. They all contribute to many systems. I do use indicators (a few), but I don't let them tell me what to do. At the end of the day I am a discretionary trader. There might very well be a bullish MACD cross, but if price forms a reversal pattern after a move up, and there seems to be a lack of commitment to take price higher, I won't go long. This is just
one example... Indicators
are useful, but you can't let them do your thinking for you. You have to think for yourself, obviously.