Hi boyz and gurlz, i finished baby pips school and i thought , now i know all indicators and oscilators there is in forex, but then i found one more, how come this indicator is not in babypips school? Im talking about: ICC (commodity channel index).??? Maby there is even more? is there???
If you truly understand every indicator but one, you are beyond most traders level of knowledge - even those with 10+ years experience. Why - because experienced traders know that its more important to know a lot about a few indicators than to know a little about every indicator. Forget about learning more indicators - concentrate on a few that make sense to you. Personally, I only use MAs and Fractals.
Codemeister is right.
By the way do you mean the CCI (not ICC :P)? It’s my indicator of choice, let me share a couple of resources with you.
“The CCI is the difference between the typical price and the simple moving average of the typical price, divided by the standard deviation of the typical price multiplied by the scaling factor”
If you understand that then continue on, if not get to grips with exactly what the CCI is showing you before you considder using it. Secondly my advice on using indicators; use them inteligently, read the charts as well as the indicators and interpret the two as one big picture and you will be fine. Relying on an indicator to flash buy or sell is a strategy doomed to fail.
read this: Commodity Channel Index (CCI) - ChartSchool - StockCharts.com
and this: CCI - Trading the CCI by Steve Fitzsimmons aka Fitzy40
(this is a quick over view of standard CCI trades)
There are are plenty of other indicators which aren’t included in the babypips school, this site only covers the most basic and commonly used ones (although the CCI should probably get a mention).