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Topic: Does pure price action strategy (NO INDICATOR) work for cryptocurrency trading? (Read 226 times)

deisik

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Quote from: el kaka22 on May 29, 2020, 11:11:24 AM

You can just look at the recent price dynamic

If you don't care about indicators and just want to trade volatility, you can even open two offsetting positions, long and short. That will be your entry point if you don't know how and where to start out on your trading journey. Then buy low and sell high in small chunks. After that, rinse, repeat. It will work itself out eventually to your advantage and money in your pocket. As I wrote in my previous post, all you need is capital and price action

sheenshane

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Quote from: deisik on May 30, 2020, 01:10:31 PM

Quote from: Bright_dhykseen on May 26, 2020, 01:14:39 PM

Do you think trading pure price action without indicator works on the crypto market?

It works perfectly as long as you can afford it

I tend to agree with this.
Pure price action with no indicators will work on traders as it is the basic strategy for traders and applicable for newbies or even to the pro traders only if they want to. Pro traders most of the time use a different approach but I'm pretty sure they have used this action for once.

Risk management sometimes is hard to handle for trading in cryptocurrency is always unpredictive and the pure price action would be your best tool to survive in crypto space whether a pro or a newbie but no one can still conclude on the event that may occur afterward and that makes us all hold in our luck only in IMO.

deisik

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Quote from: Bright_dhykseen on May 26, 2020, 01:14:39 PM

Do you think trading pure price action without indicator works on the crypto market?

It works perfectly as long as you can afford it

If you have 1 million dollars and 1 million dollar worth of Bitcoin, you can just stick to a simple trading strategy by selling a little when the price rises and buying back when the price falls, riding volatility here and there without taking care of any indicator whatsoever. And the irony is that you will be able to outperform the market and live off the revenue flow thus procured. All you need is capital and price action to make use of it

bigcash2011

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Quote from: Bright_dhykseen on May 26, 2020, 01:14:39 PM

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 have been trading crypto on and off and before that i was also trading forex and to be honest i have experienced that pure price action trading works best with gold and then other forex currency pairs but for crypto pairs trading long term trends is more beneficial than following price action which sometimes works and mostly does not in crypto market.

el kaka22

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Finding out that entry point and exit point is the trick of the price action anyway. Just like how when you do chart readings, TA, indicators and what not and go into trading after that, in price action you gotta check out whats going on and figure it out before anyone else and react to it which means you gotta find the best entry point and exit points you can.

I prefer to make sure the best entry point is lowest in the recent memory, for example I rather see bitcoin go under 5k before I can go in with ease. That doesn't mean I won't higher up, but if it is under 5k I will be happy to buy. Or maybe selling above 12k, if I ever see it above 12k I will sell it. So, as you can see it is not always about the current moves, you can check bigger picture to see where it holds off and where it drops.

maydna

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I think that can work, but we need to be very careful to determine the entry point and exit point because we don't use any indicator that can help us to analyze more. Perhaps, you can try by yourself at the market, and try to watch the candle, and if the candle is red, then you can prepare to buy the coin at any price you want. After that, if the price can back to the green candle, then you can prepare to sell the coin at the price you want but don't be greedy because you can get stuck without any chance to sell the coin.

But still, it is hard to trade if we don't use any indicator because that is the tools that will help us to determine when we can buy and sell. We can analyze to get more sign that is happening to the current situations.

Bright_dhykseen

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Quote from: FanEagle on May 28, 2020, 12:57:47 PM

Nothing works all by itself in the bitcoin world because bitcoin world can't be tied to one thing for increasing or decreasing at all. You can see tons of people in the bitcointalk world talking about how they made calculations, there are charts, there are numbers and none of them end up working. You want to know why?

Because bitcoin is not forex and it is not tied to anything at all but the buyers and sellers. So no, price action without indicators doesn't work, TA doesn't work, resistance and support doesn't work, nothing ever works. You know what works? All of them works when there is nothing going on that can't be explained, you can make a profit with all of them as long as people are not doing something unexpected like selling 30k bitcoin out of nowhere or buying 500 million dollars worth of bitcoin out of nowhere.

Quote from: BitcoinTurk on May 28, 2020, 03:36:45 PM

Although cryptocurrency markets are manipulative, I think it is not right to make an instinctive decision while doing price analysis. Especially in the process where the market is stagnant and big investors do not make a lot of transactions, it will definitely be a right choice. However, it should not be forgotten that since there is no control or regulation in these markets, prices may react differently according to indicators in some cases. In other words, the use of indicators does not always give the opportunity to gain certain profits, but I think that price analysis should be done by using indicators before buying and selling. For this reason, it is not possible to say yes or no clearly for the question you asked.

Conviction of buyers and sellers is what moves the market in the first place.
All we do (T.A, indicators etc) is just to find an edge in the market that works. Nothing more!

If your edge works for you fantastic! There must surely be something that works regardless the market.

Quote from: exstasie on May 28, 2020, 04:20:26 PM

Quote from: Bright_dhykseen on May 28, 2020, 08:54:02 AM

Backtesting the crypto market to see what works best.
Thank you!

Price action is king. I always consider bar/candlestick analysis and breakouts above or below horizontal S/R as my #1 trading tools. That goes for BTC and any other liquid market. Volume analysis, indicators, pattern analysis, moving averages or trend lines are important but are always secondary to price action.

I agree with this. All strategies revolves around price action.

exstasie

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Quote from: Bright_dhykseen on May 28, 2020, 08:54:02 AM

Backtesting the crypto market to see what works best.
Thank you!

BitcoinTurk

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FanEagle

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Bright_dhykseen

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Quote from: Ucy on May 28, 2020, 02:53:17 AM

I actually don't rely too much (or even atall) on trading indicators. I just look at the charts and consider the fundamentals before trading.
It's as simple as buying low and sell high for profit. Or buying dips and selling highs.
I think it's better to just develop strategies that work for you and stick to them.

Backtesting the crypto market to see what works best.
Thank you!

Ucy

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Bright_dhykseen

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Quote from: GreatArkansas on May 27, 2020, 10:43:01 AM

That is very important so I can YES. For me, I don't need much indicators or any add ons in my chart. With the help of trend lines, you can do trading. Indicators for me is just like make-up or lipstick for women, you can use it or not.
But if you are having trouble with indicator, you can start not using it, and if you already master some basic on trading, you can have time to practice some indicator especially the momentum indicator such as RSI like Stochastic RSI.

Quite helpful

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Bright_dhykseen

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Quote from: hassancisse on May 26, 2020, 05:47:28 PM

Price action works for anything when it comes to trading because in trading past occurences are use to trade i believe indicators lag and are not the best way to trade using candlestick and other historical data is the best way to trade

I agree with this.

Movements in the crypto market made me skeptical.

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stomachgrowls

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Quote from: Bright_dhykseen on May 26, 2020, 01:14:39 PM

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.

Bright_dhykseen

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Quote from: harizen on May 26, 2020, 02:57:09 PM

Quote from: Bright_dhykseen on May 26, 2020, 01:14:39 PM

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.

Quote from: bittraffic on May 26, 2020, 01:23:44 PM

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

Quote from: stomachgrowls on May 26, 2020, 03:36:35 PM

This was helpful. Thank you !

asu

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Quote from: Bright_dhykseen on May 26, 2020, 01:14:39 PM

Do you think trading pure price action without indicator works on the crypto market?

Yep, on a clear price chart. In a simple terms, price action is a non predictive trading technique that shows a trader to read the market by those what @harizen mentioned.

Quote from: harizen on May 26, 2020, 02:57:09 PM

The references that will act as indicators are hype, speculation, news, and upcoming events.

harizen

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Quote from: Bright_dhykseen on May 26, 2020, 01:14:39 PM