What system are u currently using?
How did you end up using that one? Was there a system initially that you took that one from?
Did my own research, looked at 100s of indicators, countless hours of testing, but goal was to keep it simple and very much rules based.
Old system:
EMA13, EMA 21, EMA 34, EMA 90 - Trend, Breakout, Resistance and Support
Stochastics - 5,8,3 - Momentum
RSI - Overbought/Oversold conditions and divergences
New system:
Ichimoku Kinko Hyo - Trend, Breakout, Resistance and Support, Momentum
Stochastics - 5,8,3 - Momentum
RSI - Overbought/Oversold conditions and divergences
Here you go. Enjoy! Definitely more technical than other indicators. Lots going on with it.
I haven’t heard of TSI. Is that much like RSI? Thanks for sharing your details.
Totally agree. You need to find what works for you, and even if it works for others, not anywhere near a guarantee that it works for you.
Looks like you went simpler. How long were you on the old system?
not really, just finding the right indicators to
- flag a possible trade (TSI)
- confirm whether it is or not 3 x EMA of which 1 or 2 would be used depending on whether the trade is with or against trend
- Decide on stop and target (ATR) although that’s a guide at entry and may change if TSI still pointing up
- Decide whether to remain with trade or exit earlier or later than 3 above (TSI/ADX)
TSI
https://stockcharts.com/school/doku.php?id=chart_school:technical_indicators:true_strength_index
that looks like it would work quite well
About 3 or 4 years maybe?
Actually the way I use ichimoku as compared to EMAs is about the same complexity. I just like that Ichimoku is a more visual system so i can easily see momentum, trend, S/R at a glance.
Agree; just a small correction: support/resistant level to confirm!
From what I recall… trend lines make terrific illustrations of support and resistance…
Good Trading!
Well my favourite ones are RSI, Momentum and Moving Average indicator. Some of their combinations yield quite successful results
It’s true; trend line is very much useful trading tool; on the other hand, fibo plays an important role!
As do a gazillion other indicators. as you gain experience you will see that.
I’m using Ichimoku, Pivot Points, ADX, SMA and EMA. I believe you can get enough info to enter trades by only understanding the market structure, Fibs, and having major support and resistance zones clearly marked up. Oh and most importantly TRENDLINES
WHOA, this gave me an instant migraine! So much confusion on one chart! Shame!
No idea on this trading tool; is it trend based tool?
If your using more than 2 indicators on your chart, it’s high time for sanitation. Professional traders combine 1 with their personal insight. The insight to filter market Momentum is key.
Down to one indicator now, 50EMA. As ever, no off-chart indicators.
Trend Trading is great, indicators are great, I prefer simple trend lines most of the time, trend line breaks and patterns.
I find it easy to draw the lines in my spare time, really simple exercise. I like daily charts or perhaps 4 hour charts.
I have never been a great artist, straight lines is about the best I can do.
At one time I used different systems with indicators, now I find that the trendlines and patterns suit my personality.