Unfortunately I use too many at the same time (well, mostly just the same indicator used multiple times).
It makes the chart ugly as hell, but it can deliver some incredibly high probably trades if you’re willing to spend the time hypothesizing where the next reversal will be
Excellent! Thanks for sharing. Can I ask what time frames you mainly trade?
I’ve been watching the daily for overall trend using EMAs (26, 50, 200) and just a long term view of price and direction. And often also using MAs to set S&R levels.
I haven’t spent much time with MACD. Any tips to share? Thanks!
Great question and a query I’ve had for some time now. My personal view is that there is no set indicator to use or combine with thats 100% with positive trade results instead i would say its a personal preference, I read about most indicators on you tube clips and although they all make sense i trialled a single indicator and also trialled two or three indicators. At the end of it all I came to the conclusion that support and resistance is with a single line ruled for each is useful. I find it most important looking back in the past where the S and R stood previously. I look at 4 hour 1 hour then 5 minute charts, if i’m not sure Ill go back further to daily even weekly. Yes I agree it may look too colourful and confusing the eye . SO what I did was gradually add indicators of preference and either keep them all or reduce one or two
I have read on Ichimoku and I find it very helpful and resourceful for entering and exiting trades. Its quite amazing actually. The creator must of been some type of Einstein. My other favourite is Donchian Chanel that indicates resistance and support combined with MA and Sars indicators. MACD is great also but I find that the Donchian Chanel pretty much works similar to MACD. This is whats worked for me quite well and just a personal view. Interesting to hear further from you on how you found it. Good luck !!
This has been my prefered process. Set very apparent trend lines starting at the Daily, but looking back throughout the year. Then add in some MAs, and play around with the different time frames, mainly H4, H1 and M30.
The few people I have come across Ichimoku have similar feedback. I’m very early in my education of it, but it definitely looks interesting. Any tips to share?
I’m not familiar with this. Perhaps they’re similar to Keltner Channels and Bollinger Bands, which get discussed more frequently. I will give it a look over and see if it works for me.
Many professional traders do not use indicators. For example, professional stock traders use “plain” chart with volume. Of course, they also have Time&Sales, which forex traders haven`t, but chart+volume, actually, enough for trading.
Most of the forex indicators are attempts of non-professional to find easy way, magic strategy to consistently win.