In my case, I would like to trade with a fresh chart; it helps me a lot to understand the current scenario.
Great! Keep learning mate, always try to focus on the full chart instead of any specific pattern.
Price action to locate the trades, indicators to confirm. Learn to use trend lines and patterns.
1 Like
I use Trending Following and my indicators are RSI and MACD.
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!
Check this thread out on PA Only 21000 replies. Plenty to read. Lol.
2 Likes
So no indicators?
Mate, only Moving Average indicator because of dynamic support/resistant level! Thank you.
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 !!
3 Likes
Thanks for that thoughtful reply!
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.
Thanks so much!
1 Like
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.
I can fully except this! “There’s an indicator for that!”
What about yourself? No indicators in your own trading?
Currently, I’ve added MACD to the mix. Ichimoku is out. Too complicated at the moment, the chart looks too crazy, but I’ll come back to it. Fibs are talked about so much in the analysis I read from various sources that I almost feel you need to keep an eye on them simply because they’re used and followed by so many. Any fib fans out there?
1 Like
I love the fibs, it gives you a great indication on where price will retrace to
1 Like
I’ll have to do a bit more reading on fibs. Is it as simple as finding the recent swing high and swing low of your current time range?
Yea, I learned about them from watching youtube videos, but that’s how you draw them on the charts. Start from the lowest to highest, vice versa. The .382, .5, and .618 levels are the most important in my opinion,
Hey excellent! Thanks for the tips! Any youtube recommendations?
Can you get enough information to enter/exits trades by NOT using a ton of indicators?
This totally depends on your system and your way of reading the market.
I’m interested to hear from you all on how many indicators you’re throwing up on the charts. Are you keeping it simple or going Einstein on your charts?
My reading of the market always begins with analyzing Price Action. I think this is most important. I’m using a lot of indicators to support my ideas - 21EMA, 50SMA, 200EMA; Pivots - Daily, Weekly, Monthly, Yearly; Fibs; Manual S/R Levels (put on sharp swing points); RSI, ADX, Stoch. It’s messy, but every piece of these is intended to give me clues of what’s going on in the market, and I’ve also seen other professional traders use them. (I want to look at what big players are looking at).
Yea, I learned about them from watching youtube videos, but that’s how you draw them on the charts. Start from the lowest to highest, vice versa. The .382, .5, and .618 levels are the most important in my opinion,
Well put. I’ve seen quite a few trading strategies related to fibs, but they are mostly used as S/R levels, Entry levels, Take Profit limits and Stop Loss placement levels. Almost every FIB related system watches closely retracement levels 38.2, 50.0 and 61.8.
1 Like
I think, MACD is the most usable trading indicator! From scalpers to institutional players!