Now, why I don't use them anymore would be a good question... I think that a lot of it comes just from experience. Intraday I found that I did very well just relying on watching the patterns developing in the market using candlestick charting, the 20 and 200 simple moving averages and watching pace and volume. All in all, most indicators are just based off price and volume anyway and keeping things simple helps to eliminate second-guessing oneself.

A tool I used to rely on fairly heavily until up to about 3 years ago were Fibonacci lines. I found that in the indexes in particular they worked extremely well to help pinpoint the intraday reversal zones. With practice though, I began to have a pretty good idea where these levels would fall without having to draw them on the charts, and so, as with the other tools I have tried, I phased that out as well, although in my opinion I found that tool to be the most useful of the three discussed here and the one that I still do mental calculations for. It is also one that I recommend to newer traders to help them learn how to use support and resistance better since that is one of the main cornerstones to technical analysis.

So, I guess you could say my point is, if you are comfortable using an indicator, then all the power to use. Just use it consistently and study it closely until you understand the workings of it. Most indicators work best under certain market environments and you can use them extremely well "by the book," but once the market changes, so too does how well the indicator works. Thus, the key to using any supplemental tool to understanding the markets is understanding under what circumstances your tool/indicator works best and under which it does not.

Additionally, keep things simple. Think of as a bit like dating. If you meet 10 women and try to start dating them all at once, it's going to take you a lot longer to get to know them individually than if you starting dating just one. Plus, you are bound to run into a ton of conflict and not know which way to turn. Which of them is the most honest or most reliable? If they have different opinions on something, who do you believe?

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