Forex Price Action Trading: Unclutter Your Charts and Free Your Mind!
Take a chart, any chart that traders use on a daily basis. What do you see on it? Chances are you see price behaviour represented via candlesticks, and there will be various indicators splattered across the actual chart and in separate windows of their own below the chart.
For the purposes of illustration I have mocked up a chart with a bunch of indicators to show what I mean. Have a look at the chart below and I think you’ll get the idea:
Figure 1: Indicator-Cluttered Chart
Please understand that I am a price action trader and so I actually found this process of cluttering a chart with unnecessary information quite difficult! This is after a few years of relying on price action only in my trading. In the early days I found it not only easy to produce a cluttered chart but in fact believed it was necessary, in case I was missing some important element of the puzzle.
Confused yet? Do your charts look like this? If so read on, the following sections will clarify your trading no end: