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 !!
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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!
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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?
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I love the fibs, it gives you a great indication on where price will retrace to
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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.
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I think, MACD is the most usable trading indicator! From scalpers to institutional players!
when I started also use multiple indicators - RSI, MACD, Stochastic, Fib, numerous support & resistance lines etc… but just continued losing. the principle indicator is your brain - it’s true when they say it’s all about psychology…
now just use basic price action - higher highs & lows (and vice verss for down) - use 20, 50 MAs to confirm strength of trend - then trade of off (or as close to) a previous support / resistance line. & always use a caddle reversal
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Okay sweet! Thanks for sharing. Interesting to see you still get trading done with a crowded chart. Glad you’re making it work.
I’ll definitely look into Fibs and Pivots more for my trade setups!
Thanks!
The proper professionals and institutional players don’t use indicators, they use trend lines, support and resistance and do business at key/major levels.
As a retail trader, if you followed the same principles, less is better, you will make money consistently.
At the end of the day, indicators are only telling you what has happened in the past - you’re still making the judgement call what will happen in the future.
I keep it pretty simple.
My trading results may offend some people.
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Yes they do
Only because you talk about them in every second thread
First time learn trading forex I am always looking the best indicator, reading certain good indicator the try out, but after bored to looking the best one, and still fail, eventually I am learn to trade with simple way, using naked chart analysis price action and candlestick pattern, although not yet successful I like with this way
I don’t think you’re in a position to speak, I’ve seen your posts, they are ridiculous.
If you think institutional traders and hedge funds sit and use indicators, you need a reality check.
As I said, the amateurs get offended.