For the purposes of this exercise, put to the back of your mind everything that you have read about trading and technical analysis. Your best approach to technical analysis will be what you discover for yourself: it will be more meaningful to you, more enduring and easier to trade. If what you discover rings bells with what you’ve previously learned, then great! That reinforces things and makes them real to you.
Find some time that you can focus undisturbed, without phone calls or text messages, etc. This is allocated as “time that you own” and really is your own time in every sense.
Load a random chart (any timeframe will do) from your preferred instruments. Remove all indicators, any grids or lines, so you only see time and price candlesticks (about 150 bars to the chart screen should do it).
Now go to the start of your chart history, and begin the process by scrolling through, one bar at a time, from history to today and allowing a reasonable amount of time for each bar
This exercise is obviously all about reading price action – really reading it. When you become competent at it and can start predicting where price will go to, using no indicators and just price bars and previous levels, along with some Fib’ tools, you’re becoming a good technical analyst and well on the road to becoming a professional trader. The hard part though, after mastering the reading of price action, is to master yourself – but that’s another story.
Most of you will have already done something like the above exercise; perhaps whilst testing every indicator and combination of indicators that you can fit on to your chart. It will be so much more rewarding when you can analyse naked charts and make your own predictions from what the history of price has told you.
You do not need any indicators to be able to trade. eWavesHarmonics just removes a lot of the manual process that you should be doing yourself and helps to remind you of what is important, where the key levels are and where price might go to. Nothing will ever beat what the human brain can interpret from reading price action; especially the brain of a seasoned trader who has studied decades of price action, from back-testing as per the above exercise and live trading.
The Trader Training Course teaches how to read price action if you need some help along the way but see what you can find for yourself.
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