The new voodoo lines indicator has been quite the buzz of the market, with many people claiming they could receive benefits on the same day. There’s been a lot of conversation around these indicators. In fact, many traders are doubting the authenticity of the reviews being posted. This article aims to provide an unbiased and comprehensive view of this new indicator and analyze the public sentiment behind it.
Have You Heard of Voodoo Lines?
Voodoo lines are the newest technical indicator put out by Simpler Trading. It’s supposed to predict future support and resistance. Any trader worth his or her salt knows the importance of support and resistance trading. That being said, a superior technical indicator that can predict the future is revolutionary.
However, there has been a lot of doubt from traders about the validity of indicators and whether or not they are truly useful. Every year Thousands of traders search endlessly for an indicator that can help them trade more successfully. Some find what they are looking for, others search endlessly. To this point, there hasn’t been an indicator that can tell the future. If that were the case, no trader would fail. Is that what these voodoo lines do? Let’s read on.
What Edge Does Voodoo Lines Give Its Users?
Trading demands us to do a cost-benefit analysis before entering every single transaction. Therefore, it’s imperative to include some outlook on the benefit that Voodoo lines give its users.
Voodoo lines claim to have mechanisms that help traders know market trends and give you critical information to determine them. Trends end at support and resistance; which can also indicate that the trend is likely to continue.
While the concept isn’t that new and trend lines, moving averages, pivots, and many other indicators are used to find support and resistance. Voodoo indicators are slightly different because they remain in the same place overtime. The indicators stay consistent like pivots for many years; or even decades. The reason for this is that these lines are designed to uncover levels long before price reaches them.
The Voodoo lines tool can help make Fibonacci trading and other tools more accurate. And therefore, help a trader maximize their profit potential with precise entries, exits, and profit targets. Finding confluence among your indicators helps add more confidence to the trade. When you purchase Simpler Trading’s Voodoo lines package you’ll get a tutorial explaining how to use it in detail. The more time you spend practicing in a simulator will help you avoid getting in or out too early and efficiently time your market entries and exits.
Another edge this indicator gives its users is that it saves you from having to be tinkering with programming. For people who don’t come from a trading background and are new, this can be an excellent tool because it’s relatively simple to follow. And it doesn’t require you to have extensive technical analysis or trading knowledge. The lines appear on the chart and automatically plot support and resistance for you.
Are Voodoo Lines That Good?
There’s been a lot of conflict over this indicator since it’s release. In fact, many traders prefer Elliot Waves because they’re more comfortable with counting waves. Every trading tool has one shortcoming or another.
They too have critics. And Voodoo lines are not that different. Contrary to some reviews, the tool doesn’t solve all the trading problems in the world. Nor does it churn out profits every single time. I believe that that’s an exaggeration on all fronts.
Some individuals have come forward with their own experiences. These claim that the trading tool is too complex and confusing for many. Despite the efforts to make the tool easier to use and accessible, there’s still a certain level of difficulty and complexity attached; resulting in incorrect decisions being made or taken.
Most of the confusion also stems from the different individual interpretations that come in from price action. However, most analysts are still in some form of agreement on the interpretation of past price movements.
What Does This Technical Indicator Look Like?
Voodoo lines are built on similar projecting levels based on long-term wave structures with very little ambiguity. The lines are a fix for the biggest problem with Elliot waves. In fact, the lines make use of long-term levels for their projections, and they can remain in the same place for many years until a significant turning point occurs.
An individual can trade against the different voodoo levels without giving any importance or regard to what the lines might represent. Still, these lines’ presence can help make more informed trading decisions and help identify the different levels, trends, and relationships.
The color of the lines doesn’t matter if you’re carrying out trades in a 5 minute or 10-minute interval. But it becomes essential for longer-term contracts and moves. Once you have a little practice, you can uncover some common indicators as the prices interact on various levels. You can look at testing and continuation patterns, test and reverse patterns, spike, and then fail patterns.
Problems With the Indicator
One problem with the Voodoo indicator is the long-term charts and the continuous contract. When plotting a continuous contract, the data from before the recent rollover is mathematically adjusted.
In other words, there’s a high probability that you’re being shown price in places where no contract was ever traded.This means that the indicator can also be unrealistic for the long term.
Many traders have used online platforms to express their inability to understand this indicator’s groundbreaking factors. Investors well versed in the market claim that this indicator brings in nothing extraordinary. Why? Because of the availability of free indicators on numerous platforms.
There seem to be millions of similar indicators available in the market. The argument is that Voodoo was better because of the intersection of fib and Elliot waves. However, the belief by traders is that it’s better to draw Fibonacci lines, and Elliot waves yourself. In fact, it’s not incredibly difficult to make Voodoo lines yourself.
It’s been observed that while John Carter does list many indicators for sale, he only uses a handful of indicators in his sessions. Suppose you’re someone who already has a couple of indicators that you’re comfortable with. In that case, it seems slightly pointless to get another one and adjust your trading according to it. Especially if there’s a high chance of an increased complexity level.
You can definitely try out Voodoo Lines if you believe it’s a worthwhile investment and suits your trading needs. If that’s the case, try it out! Don’t let other trader’s thoughts cloud your own. If used right, it can serve as a profitable indicator and help you cash in on opportunities. The indicator is still new. So it might take some time for it to be refined to perfection. Try Voodoo Lines with a special Bullish Bears discount here!