My two cents:
Indicators are best suited for exit, not entry considering indicators show the past and that's all they do.
It's impossible to predict upcoming market direction.
But i can tell you something.
It is possible to predict the future to some extend.
Just not to predict the upcoming market direction, which is impossible and unnecessary.
But i can predict to you, that i will not lose more then $20 on my next trade.
And that is my future prediction, and it is all i ever need.
No indicators no (impossible/unnecessary) prediction attempts of upcoming market direction, no nothing.
You give that some real good thoughts now.
I truly believed in technical analysis and algorithms potential and I searched a lot for two years a way two create an indicator with very accurate signals. I closed 30 jobs and made many indicators, but in the last period I realized what is the truth about indicators, using renko. I created a renko indicator and using it, comparing hundreds of indicators (made by me and not) I found that no indicator can give accurate signals, because with renko you can see what is the real accuracy of the indicator setting it to the smallest period/setting, and if, doing this, the indicator doesn't bypass the one single brick pattern (when there is only one renko brick in opposite direction) and if instead doesn't signal the two or more bricks pattern, that means that the indicator will never be accurate, even if you set it to a higher period, because if it doesn't work in the "small" it will not work in the "big". There is no indicator that can do this: there is no indicator that is accurate, even of sold indicators in the market. I learned that lesson the hard way: INDICATORS ARE JUST AN ILLUSION.
So, I have several fundations in my head: a good strategy is not based on parameters; therefore it is non-parametric. In and out strategy are not the same. Feedforward and AI can adapt EA's to the ever changing market conditions. And the list goes on...
"i am predicting my losses, in stead of my profits." There is Kelly for that :)
First of all, on the Realm of Indicators, you have all the sub-classes of them... Momentum Indicators, Trend following, Trend confirming, Range indicators, Order Book Statistics, Market Volume Profile, Fibonacci Levels, Astrology, Moon cycles, <you name the others>...
If you do not have the very basics of undestanding of WHEN, WHY and HOW the Price moves on your Symbol of choice, you are dead.
As said before in previous posts, Indicators Indicate what is in the realm of its measurement goal, the decision is YOURS.And also, LEARN how to calibrate your indicators to be truthful to your Symbol. I see many people blaming indicators that they even do not know how they work... On the Symbol they chose, and on the Timeframe they are using... It is nonsense all over!
Tip: Learn, first of all, how to interpret candlesticks formation in its very core (BUY/SELL pressure, etc), then you can advance to put some indicators on you chart...
all indicators is working right if you know their language and know what expectations we can have from them. for example assume MA, someone use crossover and someone use bouncing, who that use crossover will tell you MA is suck, but who use bouncing at a right way will tell you MA is magic. or assume your renko indicator.
so all things is depending on our view.
You shall click buy or sell as many times as the number of cycles in the indicators (See oscillators).
Best is when there are no cycles.
INDICATORS ARE JUST AN ILLUSION!