May I ask which indicators can be combined effectively? I am currently using EMA (50 and 200) on 15m timeframe and candlesticks. I am a beginner so I sometimes don’t know what to do and feel a lack of indicator to ensure my trade. Can anyone help me? Thanks a lot
The indicators you need are driven by the strategy you’re using. If there is a question or an issue or a weakness in your strategy and its outcomes, its possible that an indicator could be added to resolve this. But the strategy comes first, then the problem, then the answer.
Oh, also, the answer might not be a new indicator, it might be just a different view of the price action.
But if you do use an indicator, it must be necessary, it must not simply replicate what another indicator does and it must answer a question which the price chart cannot.
I use the same and also add the 20 with 14 Red and 7 Yellow using MACD . Trade the cross over of the red and yellow . I like the 5 Min time frame to the 30 Min
Oh thank you very much. But I read online posts it said that it using many indicators of the same type might result false indication and ignore other types of indicators. Thus i assume that using both ema and macd could cause such situation? What do you think about it?
Completely dependant on what your strategy is. You are best off getting a strategy rather than putting different indicators together. You need a solid clear plan to trade. Once you have gone through Babypips fully you can look at getting a specific strategy that helps you and that will come with indicators that are suited specifically for that
Hi, it depends on the setting of the indicators, currency pair, time span. As you can see, there are many variables that need to be checked and tested. As already mentioned by @CraigForex2020 , go to the school of pipsology and gain some knowledge then developing the strategy.
You have to find what works for YOU and only you. You will NEVER EVER need to spend 1 penny on any courses, indicators, NOTHING. Forex is all a marketing scheme to get you to BUY, BUY, BUY.
Stick to learning Babypips, breathe, learn patience, enjoy the process, and IF you take $100 and compound daily by 1% in a few years you will have made 10000000‘s more than 95 % of most people here.
I think this is the key. It’s really about you. You can talk with 10 traders about a chart and each might interpret something a little different. Same with whether an indicator works for them or not. Same for a specific pair, or time frame or a particular strategy.
So try different things. Not all at once though. Find a strategy and then trade it!
Thank you for the responses I will definitely look into it