Indicators

[Luiz_Felipe_Trader]

Hello traders!

initially I apologize for my English, google translator is not doing such a good job!

Wanted to start a discussion about indicators. Since my start in the forex, I see indicators that some on the internet that has always redraw. What is the tip you leave for beginners on the subject?

Would be good indicators that only work only with the MT4 offers us?

What are the types of indicators used?

Are you for or against indicators that already give you a warning (usually represented by an arrow) where the price will move

Let the opinions of you here!

[petefader]

Hello traders!

initially I apologize for my English, google translator is not doing such a good job!

Wanted to start a discussion about indicators. Since my start in the forex, I see indicators that some on the internet that has always redraw. What is the tip you leave for beginners on the subject?

Would be good indicators that only work only with the MT4 offers us?

What are the types of indicators used?

Are you for or against indicators that already give you a warning (usually represented by an arrow) where the price will move

Let the opinions of you here!

You want opinions? OK here’s one. Indicators are useless. When the banks take your money on a daily basis they are not using the “Trend analyzer 3000” that is found for free…or bought for $100 for that matter.

Learn what should have been taught to you in school. Price movement is determined by supply/demand fluctuations. Those that understand the principles will inevitably trade in a particular way, that is more inline with the winners than the losers. I’ll leave it at that.

[Luiz_Felipe_Trader]

You want opinions? OK here’s one. Indicators are useless. When the banks take your money on a daily basis they are not using the “Trend analyzer 3000” that is found for free…or bought for $100 for that matter.

Learn what should have been taught to you in school. Price movement is determined by supply/demand fluctuations. Those that understand the principles will inevitably trade in a particular way, that is more inline with the winners than the losers. I’ll leave it at that.

Yes, I agree with you fully!

I know about the subject, especially when it was very beginner, I myself have lived an experience of being fooled by these misleading indicators.

But I opened this topic more to this debate and I took this conclução that MT4 tools coupled with its analysis of price action combined with fundamental analysis and sentimental is already all you can learn to be profitable in forex.

But I liked your sentence when you say that the forex market is one of supply and demand, not a game of winners and losers.

Trend analyzer 3000 lool :18::18::18::18:

[PipMeHappy]

Ola Luiz!

Try these?

Forex.es • Metatrader 4: herramientas, indicadores, alarmas y EAs

https://www.efxto.com/articulos-forex/4245-que-tipos-de-indicadores-necesito-en-mi-estrategia-de-trading

Buena suerte xx

[Luiz_Felipe_Trader]

Ola Luiz!

Try these?

Forex.es • Metatrader 4: herramientas, indicadores, alarmas y EAs

¿Cómo elegir indicadores técnicos para una estrategia de trading?

Buena suerte xx

hello

This article also serves to something already!

Thanks

[gp00053]

You want opinions? OK here’s one. Indicators are useless.

Although I agree with my friend that it’s about supply and demand, I strongly disagree with him that indicators are useless. It’s not the indicator that’s useless in most cases, it’s the trader using them.
Indicators are designed to help you with your analysis not take the place of it.

When I started trading I used indicators 2 each for the trend, momentum, cycle, support and resistance. Today I start with a candlestick chart. From that plain chart I can see usually in an instant the trend; the trend, up, down or sideways, momentum, cycle; if price is at the beginning or end, support and resistance. The chart shows me if price is moving up, down, or sideways. Two or three charts again just candles will tell me if the shorter term trend is a continuation of the medium and long terms, or something is changing. I’m nothing special, there are a lot of traders that would tell you the same thing. How they started is not how they ended.

People who say indicators are useless come in four camps. 1. Used them without understanding their purpose and had a bad experience. 2. use them to take the place of their analysis 3. used them as an excuse for losing trades, 4. don’t use them anymore because over a period of time and enough trades you don’t need indicators to tell you the trend, momentum, cycle, support and resistance.

People who do use them, find 1. they’re a great training tool, 2. Confirm their analysis, 3. allow them to quickly decide whether or not they want to analyse a trade. You can not help but learn about trends if you study trend indicators, you can not help to learn about volume if you study volume indicators. I don’t think petefader needs a volume indicator, or other indicators to tell him what phase of the Wyckoff theory a pair is in, so does that mean he thinks a simple volume indicator and some of the other indicators he uses are useless? I don’t think so. I follow petes video’s, here’s one that you can take a look at. ttp://youtu.be/uwFrT0BY44g

Like I said I follow Pete and have a great amount of respect for his trading, philosophy. He is one of the traders I used to help me when I started learning and applying Wyckoff. I just disagree with his statement indicators are useless.

In my opinion, indicators come in 5 groups: Trend, Momentum, Cycle, Support and Resistance. I think that especially a new trader should use enough indicators for as long as it takes for that trader to understand the part of the trade they are using an indicator for.
Gp

[Luiz_Felipe_Trader]

Interesting discussion here!

You can be sure that the content is here being good value for my level of trader!

Wyckoff.? What is it !? Made me curious!

I will start researching about it,

About my views on indicators. I think this story of indicators saints we all know that is cheating, but I also think that in my opinion the more indicators you have in your template, more market information you are gathering. So I think the indicators already in MT4 and which are explained here in school is already more than enough, what do you think about this?

But always say that many indicators end up making a mess in your template as regular know? Would not put a reasonable amount of indicators?

gp00053

I see her a few older posts and saw that you know how to use the volume of the market, could pass me some content on the topic?

That sounds interesting

[petefader]

Although I agree with my friend that it’s about supply and demand, I strongly disagree with him that indicators are useless…

Ok, maybe useless if is bit too far, but when I see a new member here asking about indicators I try to give them the best advice, so I’ll put it like this…

If you can’t trade profitably without indicators, then you will not trade profitably with them.

I wasted a lot of time in my beginning years with those damn things…realizing in the end, all they do is average out price movement over time. That’s basically it. That has very limited uses. If this weren’t true, we would have found that magical combo of indies by now…but nope. So again, I think it’s the best advice for newbies to spend time with a naked chart, drawing their own technical analysis, before adding anything in.

[petefader]

Wyckoff.? What is it !? Made me curious!

http://forums.babypips.com/candlesticks-chart-patterns-price-action/41475-supply-demand-vsa-wyckoff-petefader.html

Happy learning.

[Luiz_Felipe_Trader]

Ok, maybe useless if is bit too far, but when I see a new member here asking about indicators I try to give them the best advice, so I’ll put it like this…

If you can’t trade profitably without indicators, then you will not trade profitably with them.

I wasted a lot of time in my beginning years with those damn things…realizing in the end, all they do is average out price movement over time. That’s basically it. That has very limited uses. If this weren’t true, we would have found that magical combo of indies by now…but nope. So again, I think it’s the best advice for newbies to spend time with a naked chart, drawing their own technical analysis, before adding anything in.

Hmmm …

I was wanting to start with the strategy we posted a blog site right here, see! I think simple and suit me and then according’ll be more suiting to my style of trader

What do you think?

The post is this:

Forex System Rules: Triple SMA Crossover

[petefader]

Hmmm …

I was wanting to start with the strategy we posted a blog site right here, see! I think simple and suit me and then according’ll be more suiting to my style of trader

What do you think?

The post is this:

Forex System Rules: Triple SMA Crossover

I explained what I thought, but you do what you’re comfortable with. Ranging conditions will kill you using MA cross. Your entries will always be a step behind the professionals. Enjoy.

[gp00053]

@petefader

If you can’t trade profitably without indicators, then you will not trade profitably with them.

I wasted a lot of time in my beginning years with those damn things…realizing in the end, all they do is average out price movement over time. That’s basically it. That has very limited uses. If this weren’t true, we would have found that magical combo of indies by now…but nope. So again, I think it’s the best advice for newbies to spend time with a naked chart, drawing their own technical analysis, before adding anything in.

On this one I guess we have to agree to disagree. Like I said in my original post. Some traders especially new ones try to use indicators in place of their own analysis, instead of using them the way they’re suppose to be used to assist the trader in their analysis and when it doesn’t work which it never will or like you said we’d all be using the magic combo, they say using them was a waste of time.

I’m sure with a little bit of experience a lot of traders could trade profitably without indicators. I pull up a plain chart and it shows me a picture. The picture addresses: Trend, Momentum, if it’s the beginning, middle or end of a leg cycle, prior support and resistance. You certainly could draw your support and resistance trend channel, fib retracements and volume level. . .but why? Especially if you’re new; but again why. If you use a trend indicator when you first start, if you’re using it the way it’s meant to be used you should learn about trends. how to draw them etc etc. same with momentum cycle, support and resistance.
The charts below tell me a lot more than average price

Plain chart

Support and Resistance More * stronger S or R

Zig Zag shows resistance, support, and trend

If used properly indicators will confirm you’re analsis and saves a ton of time. Again just my opinion. I hope that new traders will take from this conversation, that there is almost never one way to approach a trading method.

But you’re still the best when it comes to S&D
Gp

[gp00053]

@Luiz_Felipe_Trader

gp00053

I see her a few older posts and saw that you know how to use the volume of the market, could pass me some content on the topic?

That sounds interesting

Check out this video 1st
Applied Volume Spread Analysis in Short Term Trading - YouTube

Then subscribe to this channel and go through the video’s already there

This is how to trade profitably. (40) - YouTube

There is also a Richard Wyckoff pdf file you can get. It’s free so just do a search and download it.

After that practice, practice and practice
Good Luck
Gp

MTWyckoffSchematics.pdf (1.12 MB)

[Luiz_Felipe_Trader]

@gp00053

On this one I guess we have to agree to disagree. Like I said in my original post. Some traders especially new ones try to use indicators in place of their own analysis, instead of using them the way they’re suppose to be used to assist the trader in their analysis and when it doesn’t work which it never will or like you said we’d all be using the magic combo, they say using them was a waste of time.

I’m sure with a little bit of experience a lot of traders could trade profitably without indicators. I pull up a plain chart and it shows me a picture. The picture addresses: Trend, Momentum, if it’s the beginning, middle or end of a leg cycle, prior support and resistance. You certainly could draw your support and resistance trend channel, fib retracements and volume level. . .but why? Especially if you’re new; but again why. If you use a trend indicator when you first start, if you’re using it the way it’s meant to be used you should learn about trends. how to draw them etc etc. same with momentum cycle, support and resistance.
The charts below tell me a lot more than average price

Plain chart

Support and Resistance More * stronger S or R

Zig Zag shows resistance, support, and trend

If used properly indicators will confirm you’re analsis and saves a ton of time. Again just my opinion. I hope that new traders will take from this conversation, that there is almost never one way to approach a trading method.

But you’re still the best when it comes to S&D
Gp

Just great!

Wish I had known you a long time ago!

Another indicator would be nice to match the volume analysis would not be the RSI? What do you think about it?

petefader and gp00053

Today I learned a lot!

You are making me have another perspective of the market!

Today I read a lot about what you recommend me to read and watch, even more missing content to read!

Wish I had known you a while ago when I met the forex and have few people stopped by to talk about the topic, you are two good people to talk about it!

Many thanks again!

You are helping me a lot, they are giving me another look at the forex!

[gp00053]

Another indicator would be nice to match the volume analysis would not be the RSI? What do you think about it?
Many thanks again!

You are helping me a lot, they are giving me another look at the forex!

You’re certainly welcome and yes you can use and RSI indicator.
Good Luck
Gp

[Luiz_Felipe_Trader]

You’re certainly welcome and yes you can use and RSI indicator.
Good Luck
Gp

First trade in demo account already 30 pips green ! Very nice !

But one thing I was not sure, I think I’m already getting to undrrstand the points of entry, and the stop? What criteria do you use?

More information, I used only VSA, Wyckoff, support and resistence and trend lines

My stop I used as the main tool the volume

[gp00053]

@Luiz_Felipe_Trader

First trade in demo account already 30 pips green ! Very nice !

But one thing I was not sure, I think I’m already getting to undrrstand the points of entry, and the stop? What criteria do you use?

More information, I used only VSA, Wyckoff, support and resistence and trend lines

My stop I used as the main tool the volume

Congrats on your first trade. Now if you never remember another thing that someone tells you. Remember this. “Nobody ever went broker closing a trade in profit.” That is my number one rule. When I started I was like most newbies and in a lot of cases not so new traders, by trying to pick tops and bottoms of a currency pair. Huge Huge mistake. Instead of trying to pick tops and bottoms. . . Pick profit. When you first start you make mistakes and close to early or too late. As you become more experienced you find it’s much easier to pick profit and you leave less money on the table when closing and lose less by staying open.

I trade more smaller time frames than large. Most of my trades are done on the 30 minute or less, I trade around the news and I trade mostly when the markets overlap. My favorite use to be London/New York, now it doesn’t matter as long as there are 2 markets overlapping and there’s an opportunity I trade. Important note. I said I trade around the news, not I don’t trade the news. I don’t guess what the news, central bankers or anyone else using news to try and predict where the market is going. Example today, I never took a trade until after 1000pm news during London/New York overlap.

I use Wyckoff strategy to see what phase of the 4 price is in, then I use either a trend strategy or range strategy depending on what price is doing.

If the market is trending I use a Fibonacci tool. I enter between the 62 and 50% levels. My stop loss is at the 75% level, I use a trailing stop once price hits 23% level and profit targets are at the 0% retrace, 23% and 32% Fib extensions.

Here’s a great video on how to use Fibonacci. I’m not promoting anything he is selling. Just the video
How to Trade with Fibonacci Levels - YouTube

If market is Ranging between 20 and 40 pips. I use a strategy that’s based on Bollinger Bands. I take the most recent high and low of the range and draw a line through each. When price bounces off the top line, I go long, on the bottom I go short. Stop losses are placed 10 pips past the line depending whether price is moving up or down.

[fxstrategist]

All indicators have their flaws and advantages, it all depends on which ones you understand better.

[Luiz_Felipe_Trader]

Congrats on your first trade. Now if you never remember another thing that someone tells you. Remember this. “Nobody ever went broker closing a trade in profit.” That is my number one rule. When I started I was like most newbies and in a lot of cases not so new traders, by trying to pick tops and bottoms of a currency pair. Huge Huge mistake. Instead of trying to pick tops and bottoms. . . Pick profit. When you first start you make mistakes and close to early or too late. As you become more experienced you find it’s much easier to pick profit and you leave less money on the table when closing and lose less by staying open.

I trade more smaller time frames than large. Most of my trades are done on the 30 minute or less, I trade around the news and I trade mostly when the markets overlap. My favorite use to be London/New York, now it doesn’t matter as long as there are 2 markets overlapping and there’s an opportunity I trade. Important note. I said I trade around the news, not I don’t trade the news. I don’t guess what the news, central bankers or anyone else using news to try and predict where the market is going. Example today, I never took a trade until after 1000pm news during London/New York overlap.

I use Wyckoff strategy to see what phase of the 4 price is in, then I use either a trend strategy or range strategy depending on what price is doing.

If the market is trending I use a Fibonacci tool. I enter between the 62 and 50% levels. My stop loss is at the 75% level, I use a trailing stop once price hits 23% level and profit targets are at the 0% retrace, 23% and 32% Fib extensions.

<img src=“301 Moved Permanently”/>

Here’s a great video on how to use Fibonacci. I’m not promoting anything he is selling. Just the video
How to Trade with Fibonacci Levels - YouTube

If market is Ranging between 20 and 40 pips. I use a strategy that’s based on Bollinger Bands. I take the most recent high and low of the range and draw a line through each. When price bounces off the top line, I go long, on the bottom I go short. Stop losses are placed 10 pips past the line depending whether price is moving up or down.

<img src=“301 Moved Permanently”/>

I completely understand !!

I already have something to study on saturday and sunday

[Luiz_Felipe_Trader]

Congrats on your first trade. Now if you never remember another thing that someone tells you. Remember this. “Nobody ever went broker closing a trade in profit.” That is my number one rule. When I started I was like most newbies and in a lot of cases not so new traders, by trying to pick tops and bottoms of a currency pair. Huge Huge mistake. Instead of trying to pick tops and bottoms. . . Pick profit. When you first start you make mistakes and close to early or too late. As you become more experienced you find it’s much easier to pick profit and you leave less money on the table when closing and lose less by staying open.

I trade more smaller time frames than large. Most of my trades are done on the 30 minute or less, I trade around the news and I trade mostly when the markets overlap. My favorite use to be London/New York, now it doesn’t matter as long as there are 2 markets overlapping and there’s an opportunity I trade. Important note. I said I trade around the news, not I don’t trade the news. I don’t guess what the news, central bankers or anyone else using news to try and predict where the market is going. Example today, I never took a trade until after 1000pm news during London/New York overlap.

I use Wyckoff strategy to see what phase of the 4 price is in, then I use either a trend strategy or range strategy depending on what price is doing.

If the market is trending I use a Fibonacci tool. I enter between the 62 and 50% levels. My stop loss is at the 75% level, I use a trailing stop once price hits 23% level and profit targets are at the 0% retrace, 23% and 32% Fib extensions.

<img src=“301 Moved Permanently”/>

Here’s a great video on how to use Fibonacci. I’m not promoting anything he is selling. Just the video
How to Trade with Fibonacci Levels - YouTube

If market is Ranging between 20 and 40 pips. I use a strategy that’s based on Bollinger Bands. I take the most recent high and low of the range and draw a line through each. When price bounces off the top line, I go long, on the bottom I go short. Stop losses are placed 10 pips past the line depending whether price is moving up or down.

<img src=“301 Moved Permanently”/>

I completely understand !!

I already have something to study on saturday and sunday !! Kkkkkkk

Again i ask you thanks, now the market makes much more sense to me.

You already gave a very good upgrade in my reading of the market !!

Just have to thank, wanded to know how he could maintain contact with you, precious people just like you and pete are very good to look for if you have something to talk about forex !!

Fxstrategist

Depending on indicadors.

As at the beginning of the topic pete talked, a person believe that an indicator will make you a millionare is wrong, therefore you said, it is flawed, it redraws when you least expect it.

The indicators that help you they are not faulty, they just have positive or negative points in my opinion.