Hi everyone - I’m relatively new to forex and very new to baby pips.com! Just a query - does anyone have any advice on which trading analysis tools are best to use when trading EURUSD on 30 min timeframe? On my chart I currently have EMA, Momentum and Awesome Oscillator but which settings are best to use for each of these on 30 min charts? I would like to get reliable settings in place and stick with them so I get used to them, as opposed to constantly changing settings and tech analysis tools. Thank you everyone
There is no best tools. Two traders with same tools see different things.
Thanks Idimitrov - I know there’s no ‘hard-fast’ rule but was just wondering what seems to work for other traders, what systems and tools they’re using. Thanks.
The expandable Shape of the rectangle,
The most common tools we can use is the super dooper babypips calculator which can be found in the babypips tool section.
Fibonacci Calculator: Calculate Forex Fibonacci Retracement Levels
With these tools its easy to use. All you need is a computer or mobile phone to use this. <— needs a basic support and resistance knowledge.
If you feel comfortable gaining profit with 30 min TF its cool and do your best to profit some pippin…
If you can profit Oscillators or other indicator its alright.
Good Luck to your profits and gain more $$$
Personally, I would take the “Awesome Oscillator” away: realistically, whatever you set it to, it actually shows you no more than two moving average lines (and when the histogram crosses the midline, that shows you a moving average crossover). The two moving averages from which it’s compiled and displayed are calculated slightly differently from an SMA or EMA, but that’s small-print stuff of no significant relevance, and it’s not an indicator you need on an M30 chart.
Yes - price action. It’s the best trading analysis tool for trading any currency pair on an M30 or on any other time-frame.
It might help you to set two MA’s with the lower/faster one at 6 or 7 periods and the higher/slower one at about 20-22 periods. It doesn’t really matter whether they’re SMA’s or EMA’s. When the short one is above the long one, both are ascending and they’re diverging, then there’s an upward trend in that time-frame and you should therefore be looking at price action to identify potential long entries. When the short one is below the long one, both are declining and they’re diverging, then there’s a downward trend in that time-frame and you should therefore be looking at price action to identify potential short entries. If neither one of those sets of three parameters obtains, then there probably isn’t much of an identifiable trend in that time-frame and you should be looking at either another instrument or at least at a different time-frame. In time, you’ll be able to identify without using the MA’s whether there’s a trend adequate to be able to enter trades in accordance with it.
I wouldn’t use the Momentum or AO indicators. Spending time looking at support and resistance, and at some other [U]non[/U]-indicator-based technical analysis parameters, including bar patterns, will be a [I]far, far[/I] better and more helpful way to spend time, effort and energy on the learning-curve.
What’s the expandable shape of the rectangle??
Lexys, thank you so much for your response - very helpful and very informative…thanks again
Thanks for your response Ying17, much appreciated
How aboiut naked chart analysis, whether this analysis also used among trader here, I like with naked chart analysis without any indicator and only use candlestick pattern and price action to determine entry point, but might will good for short term trading plan