Can you share your favourite Indicator

Beginner Questions
1

Hi Experts,

As a newby, I’m still working on learning as much Indicators I can find and their corresponding pros and cons. This way, I can decide which strategies would work for me on a particular situation. Can you kindly share your favourite indicators and let us know how you use it.

Thanks so much…

ChristianForex

2

I personally use:

  • ATR(14) - this gives me the average range of the last 14 candles

  • ATR(1) - this gives me the range of the last candle. Looking at both ATR(14) and ATR(1), I can see how big the last candle is relative to the last 14 candles. Generally speaking, a very small candle will usually be followed by a large breakout, so if ATR(1) is much much smaller than ATR(14), I know there’s some big movement ahead.

  • RSI(14) - I use this to measure short-term bullishness / bearishness and trend strength. It’s not used in any particular strategy but I’ve always kept it on by default.

  • ADX(14) - I use it to identify when the market is in a range. It’s not used in any particular strategy at the moment, though.

3

Wow that’s great info Kevin. I never thought I can look at the candle sticks like that. I’m so new to this…hehehe.

4

1 vote for MACD!

great info whichever way is used, common enough to be part of every single trading software out there and a champion in reliability.

5

I use the Gartley pattern, ADX, Fibonacci & Standard deviation. I use the standard deviation differently than recommended but this system is working very well for me so here we go…

If you don’t know about the Gartley pattern there’s a lot of information on the web site but will explain enough to just tell you about my system.

The Gartley pattern ( or butterfly pattern ) are consist of 5 trade pattern. X,A,B,C,D. And my standard deviation I set five of them in the indicator box. The settings are 20,40,60,80, and 100. The ADX Is set at 14, I Eliminate the 2 dotted lines and just use the solid line in this indicator. The levels are set accordingly… 1,3.50,5,7.50,9,11.50 etc. Again I’m not explaining about the full detail of the Gartley pattern just my system. When I see the pattern reaches D, I look at my standard deviation and if I see they all pinch together and when the ADX go up,bounce off the levels and head down, that’s when I look to trade.

6

MACD, Stochastic, RSI and last but not least Bollinger bands

7

I usually go with general trend, Support-Resistance and RSI.

8

I break a single trade into 5 parts. Trend, Momentum, Cycle, Support and Resistance. My trading platform is MT4. When I first started I used indicators for everything, now I use price action, volume spread analysis support and resistance lines with Fibonacci retrace if market is trending. If market is ranging, I use price action, support and resistance lines, a 24 period EMA and Larry Williams percentage and accumulation and distribution indicators.

9

Support and Resistance

When used correctly, it is very powerful

10

I like RSI and Bollinger bands indicators,. They both are good in their readings, Bollinger Band is awesome for me . I rely on its middle band specially . You need much practice with any indicator to use it in trading then you find its goods and bads. I did experience with different indicators and choose 3 or 4 from them . I did my analysis too with indicators.

11

I use 1 indicator, SMA, in 3 timeframes. I described here how I select entry points

12

I use fibonacci and elliot wave, still learning but works good for me. I am getting consistent returns with them.

13

I want to ask baby pips expert traders , what indicator is best for short trading ? can you share with me ?

15

Just scrolling through to see if The Last Bear wrote ‘price’ yet. It’ll happen. I trade Cable and Fiber, so my favorite indicator is the dollar index, followed by EUR/GBP.