Hey traders, i really want to know your thoughts on this based on your experiences so far.
I am also a trader and my trading strategy is pure price action, no indicator whatsoever.
Do you think trading pure price action without indicator works on the crypto market?
I think you already encounter this subject in your online trading courses. And the fact in 2 years, like you said you quite become progressive, it means your strategy is effective for you in the long-run.
Trading 101: the answer is YES.
The references that will act as indicators are hype, speculation, news, and upcoming events.
Crypto is volatile that even how strong the hype is, it can change for a matter of seconds such as speech from a high profile person, whether a President, businessman, celebrity, etc. sudden exchange hack, whale movement and some statement from that popular crypto-personality.
Of course, it's still good that while relying on pure price action, a basic knowledge about trading indicators should also be apply.
Yes! IMO i believe all strategies revolves around price action.
I trade Forex majorly and just looking to delve into the crypto market.
The major reason for asking this is as a result of the fact that the crypto market is unstable and very volatile.
Asking this question is just a mean to leverage on your individual experiences.
This was quite helpful. I appreciate.
They are watching the candle sticks such as dojis. Some traders are just that skilled that when the candles form something they eventually find something of a pattern. Or there are waves of these candle sticks like the ones they called triangle or shoulder which from it they can come up of what might happen in the next few days.
I believe price action is the foundation of all strategies.
Even indicators revolve around price action.
The instability of the crypto market is what makes me skeptical
Neither both!
Depending on your trading experience when it do talks about price action then you can draw out technicals on your mind without the need of plotting or thats what you called naked trading but you should always put up in mind that no precise indicator or analysis would give out that 100% success rate
specially that we're dealing with a very volatile market.
In all the years that i had experienced on crypto trading, all of trading style i had able to use but i do stick out or end up with technical indicators with some
sort of fundamentals if ever they do pop out.When the market is doing sideways then thats the time i do stop and wait up for significant move
before making an entry again.
This was helpful. Thank you !