is it ok to start off with fibs, bollinger and rsi/momentum indicators to help me place trades to look for Confluence or am i bitting off more than i can chew with using 4 indicators at one time? yes, i understand them and know how they work on a scale of 6…7/10 for all. please let me know
As long as they give you clean entries, clean exits, good trend confirmation, and good targets, overall giving you what you are looking for, you can even have 10 indicators.
thank you. what pair or pairs do you trade
us30? why are indicies better than currencies in your opinion?
I have seen traders using more than three indicators but still making no profit. Although I’ve used more than one, it didn’t make a difference to my profit.
I don’t know about other people … but for me personally it gives me better intraday market conditions than currencies, on a daily base. Rythm is just easier to read and it respects market structure much more often … but again that’s just my opinion based on how I VIEW the market.
All depends on what your strategy is and if they all serve a specific purpose. There needs to be logic to everything on your chart.
Try not to think of how many indicators you should use but how many confirmations you would feel comfortable with before taking a trade confirmation could be candlesticks presenting around support and resistance not just leading and lagging indicators
To me, what matters is if that set of indicators are working well for your trades. If not, then you gotta simplify. But if it is working out, then you’re good!
all the same, you should not use too many indicators in your work, it will not improve your performance in any way