How many indicators are you using at a time?

Beginner Questions Candlesticks, Chart Patterns, and Price Action
#1

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?

I’m setting my S &R, 3-4 EMAs, and some RSI, and I’ve been reading up on Ichimoku. That, on it’s own, gives my charts a crowded look. And it’s a bit complex, so maybe I look at Fibs or Bollinger Bands.

Can you get enough information to enter/exits trades by NOT using a ton of indicators? Minus the S&R lines, that’s 2-4 indicators.

How about you?

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#2

Sounds like a bagfull of indicators so you can trade almost every strategy imaginable, so that you can always find a reason to buy or sell the same pair, or both at the same time.

Start at the other end, what is your best strategy? Then use the indicator(s) that is essential to make it work.

Easier to find more pairs or markets to trade than to find more strategies to be expert at.

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#3

That’s a great tip right there. Any recommendations of a strategy for a super newb to give a go?

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#4

Keep it simple, easy to learn and understand within 3 days. Follow trends. The strategy tells you what indicator to use but use as few as poss. Demo until consistent. Don’t depend on the indicator to tell you get in and out, its just confirmation of what you already see.

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#5

Hey, thanks for this. Sometimes, as a newbie, I’m expecting specifics and super detail, and maybe that’s not necessary.

I’m going to give your Most Boring Trending Following Plan a look over and get more charting time (and maybe traders!) under my belt. Thanks again!

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#6

A few weeks into learning about Forex, I thought that the more indicators you have, the cooler/ smarter you look. :stuck_out_tongue: Haha. :smiley: Well, I now understand that that’s not necessarily the case. :slight_smile: I’m sure some traders like to keep their charts bare and I think that’s cool too. :smiley: Haha. I use 2 EMA’s, RSI, and ADX because of the system I’m using. :slight_smile:

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#7

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

#8

with EMA 10,25 I AM GOOD TO GO. I JUST AWAIT CROSSOVER AND DIVE AT THE BEST PRICE AFTER PULLBACK

#9

What are you using, and are you using them all because of your system, or because of all of the cool colors?

What pairs are you trading, and what TFs do you normally trade? I imagine you’re waiting for long periods of time, sometimes, waiting

#10

I am not an indicator lover; I use only EMA20 on my live trading chart (for all of the time frames)!

#11

Using them because of my system

#12

My favorite trading tool: Moving Average & fibo; because these tools show horizontal as well as dynamic support/resistant levels.

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#13

EMA20 and that’s it? Impressive. So you trade mainly PA then?

#14

Yes mate, my major is Price Action trading knowledge & experience.

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#15

In my case, I would like to trade with a fresh chart; it helps me a lot to understand the current scenario.

#17

Great! Keep learning mate, always try to focus on the full chart instead of any specific pattern.

#18

Price action to locate the trades, indicators to confirm. Learn to use trend lines and patterns.

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#19

I use Trending Following and my indicators are RSI and MACD.

#20

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!

#21

Check this thread out on PA Only 21000 replies. Plenty to read. Lol.

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