Confirmation & Exit Indicator

[Mettapips]

Hello,
Do anyone knows of a good Confirmation & a Exit Indicator?

Muchas Gracias

[ontario]

It depends on what timeframe and trading instrument you use. Volatility, liquidity can be different so you have to choose indicators carefully designated specifically for using under your special conditions.

[Casoli]

I would advise you to go to demo account and learn indicators. See how each indicator fits into your chosen trading strategy. Also, try them on different time frames. There are no good or bad indicators, as it all depends on your trading method

[tommor]

Price confirms indicators, not the other way round.

[frandlost]

Price confirms indicators, not the other way round.

This is critical to remember!

Indicators indicate, an indication is a possibility not a fact.

I think of them as a different way of looking at price and pertinent relationships graphically based on the past price action… they are obviously is lagging… It gives you an indication of what might happen

As @tommor says, price confirms what indicators are “suggesting” based on your interpretation of them…

KC

[sloppypenguin]

I am too a follower NNFX and still in progress of backtesting. I can’t recommend any indicators yet, because I haven’t found a good one for myself yet, a few things I observed that can help fellow backtesters:

• I’d stay away from indicators that ONLY just puts an arrow etc on the chart for trade entry. They are ambiguous and often wrong. You want something that visually confirms “it’s coming”, like two lines converging or diverging. This way you can assess the strength of the signal (e.g. if the merging lines are mostly flat, it’s consolidation. If all you see are arrows, then you’d see opposite arrows on each bar, which is not useful). Don’t get me wrong, some indicators shows you lines AND also puts buy/sell arrows, which is perfectly fine.
• Years of backtesting is crucial. Some indicators rock during trending times, and they absolutely kill you when there’s even a minor choppiness. I’d start from the most recent data to back (e.g. 2016-2019 rather than 2014-2017) to capture the current character for the market. Things changed a lot in the past years and Forex trading got more difficult due to manipulation and lower volume.
• Buy/find a good simulator and use it. Let it record the trades and do the math for you. VP’s approach of writing all traders on a sheet is tedious. I can’t endorse products here, but I’m sure your websearch will show you good options. Your broker could be offering a backtesting tool for free - so ask them.
• Keep “Bad” confirmation indicators aside – some make great exit indicators!!
• Back test like a robot. Even when you see an obviously bad entry, take trades on each and every signal. You’ll be surprised how the indicators are unexpectedly correct on some situations – your feelings don’t matter.
• Try to stick to indicators that you can see/change the code (i.e. mq4 format, not ex4). You don’t want your algorithm to collapse if the platform goes away. Of course, if you found an absolute dream ex4 indicator, use it, but always have a runner up mq4 backup for it. If the platform goes away, you can replicate the indicator on the new one, of pay someone to do it for you, which is not possible with ex4 indicators).

Hope this helps, back to the simulator now!

[1odi]

Hello,

Do anyone knows of a good Confirmation & a Exit Indicator?

Muchas Gracias

try volume to get in and use it also to get out, also the lack of volume(activity) might be telling u that s not an ideal time to trade