I’m still developing my strategies. I focues on intra-day trading, no scalping. I have tried my best to grasp some of the esoteric tools like zig-zag, Bill Williams, etc. Perhaps I’m just a fundamentalist? Any comments on successful traditional technical tools such as MACD and moving averages? I’m a little overwhelmed by all the tools, and have just been keeping a forex events calendar instead. Strong opinions either way?
The title doesn’t match the post:confused: As for the title, Fibos are (in my opnion) only correct because so many people use them, not because they’re “mystical” or something.
Now for the post. It really depends how you use the tools. I prefer Overbought/Oversold (OB/OS) conditions. These can be shown by a variety of indicators. You may like to catch and ride trends. Really all up to you. There are a lot of tools, it’s best to just use the ones you know (and get to know the oens you don’t) and use the ones you like. Dunno if you’ve been told this before but it can take upwards of 2 years to become good at trading Forex. Don’t be afraid to take your time and find what you like. My personal favorite technical indicator is the Bollinger Band. I find it the most useful and reliable.