Nice to know! Which trading method is working for you; just go for it! Best wishes!
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Oh man, I get caught so often thinking I understand how the markets will react to a news event. Might as well flip a coin.
Keep it simple, S&R trend lines drawn on 4hr and day , direction on the 1hr and enter via the 15min with 2 ema 8 & 50. Learn to read the charts from a top down approach to see the bigger picture. If you only watch the moon you miss the stars
Happy trading
Langers
I’m using only 2 indicators, but they are rather complex: FlowTrader and CycleTrader from Clearstreamfx
Hi everyone!
Number of indicators depends on market situation. I mostly prefer to use more than 3 indicators to best analysis.
I used 3 indicators to enter the deal. Two main indicators and one as a signal confirmation. I am very tired of constant observations, confirmation that all the necessary indicators coincided. I just hired programmers to combine the three indicators into one. The signal detection process has become much more efficient.
It worths if you learnt trading to combile soe trading tricks. As for the indicators I will also say never stuck to anyone indcators, You have to find righ tmarket analysis for that you have to struggle, practice and see what suits you. FInally you will get 2 or more indicators that can guide you about market with their reading and setting. readings then it is easy for you to decide about trades.
For a trial period in '20 I am reducing my indicators to 1 EMA. I was only referring to 2 or 3 MA’s anyway, have not used any off-chart indicators for years. But that’s not to say they don’t work, its just that in trend-following they are not essential.
I may start a new thread to log progress with this. Its part parcel-trading and part strong/weak trading as described in @Dennis3450’s famous thread.
I intend to check the 20EMA slope on each of the 28 leading forex charts and log whether the slope is bullish or bearish for each currency. There are 7 charts per currency: noting the slope as bullish/bearish gives a total of 7-0 for a unanimously bullish set or 0-7 for a unanimously bearish set. The plan then will be on Monday morning UK time to buy the 7-0’s and sell the 0-7’s. Hold until Friday lunch-time (or some time Thursday if in the money and total net gain is accelerating).
0 for forex.
Price action is my indicator.
I have used RSI and a few others for short periods when I started out. Also used MAs in the very beginning to help me determine trend direction but once that came natural I even removed MAs.
Are you trading all of those TFs or is it a combinations of TF you look at, but trade on maybe just the daily or 4H?
What are these about?
Yea , me too the cloud is a beautiful thing when it’s formed…
Good advice right there
No I dont trade all, I just watch them to get a better informed decision on direction
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Yea, that makes more sense. Thanks for sharing!
Definitely start simple, then fine tune once you’ve got more experience with market movements and reaction.
I think that two or three will be quite enough, but of course a lot depends on the chosen strategy and the dynamics you are used to. Although I have an acquaintance who works with one indicator from Fibonacci, of course it is a complex indicator, but nevertheless he uses only this one.
In my opinion, it’s a great solution when you can combine several indicators, one of which I would take the trend and several levels, so you can determine both short-term and long-term positions with maximum accuracy. This is really handy if you are used to working hard and actively.
Ditto!
For me price is everything. Price action is the only thing that i follow to make actual trading decision.
However, i try and have a glimpse of RSI just to get an rough idea if there’s a short change of trend (Only in Shorter time-frames though)
Anybody utilizing pivots?