I want to help and be helped !
The basic concept of trading for beginners in my opinion should be a simple 2 steps analysis:
[B]1.[/B]is the market ranging or trending?
[B]2.[/B]
a-If ranging, then identify long and short zones and [B]only[/B] place orders in these predefined zones.
b-If trending, wait for counter-trend pullback/correction and [B]only[/B] place with-trend orders on such corrections.
Indicators can be utilized to answer question 1 (typically things like ADX and Moving Averages)
Indicators can be utilized to answer question 2a and 2b (typically oscilators such as RSI and Stochastics)
That is all there is to it. You may choose to use indicators for these purposes, or you may choose to not use indicators and opt for drawn lines such as trendlines, support/resistance lines, fibs and the like. However you choose to go about things, do not stray from the 2-step rules and you should do just fine.
I like to advise it is always better to learn price action. You can’t success with indicators in the long run
Yes, the pricr action I should be the first factor to be studied !
I also agree that it’s too bad you rely only on your action indicators, as has been said here the indicators should only assist you.
Never thought I would give a great content this thread !
Which volume indicator you use in MT4 gp00053?
Leveraging its presence
Money Flow Index (MFI) This is similar to Average True Range indicator, but the MFI adds volume to the calculation.
Price Volume and Trend. (PVT) This one which calculations are self explanatory allows me to see what part of the Wyckoff phase price is currently in. When price is traveling near the bottom means accumulation, a sharp move or move up means Markup. Traveling along the top means Distribution, sharp move or move down indicates Markdown
Studying, studying and practicing a lot and the market
In my MT4 does not have the PVT, you could share this indicator for me?
And what period you use them, fast or slow?
You never go wrong studying and practicing. I’m a full time trader and the majority of my day, is still searching, studying and practicing.
Here’s the link you asked for. I have not modified it. Remember indicators are there to help and verify your analysis, the goal is to learn the material that the indicator is based on.
I think as with every other thing in life, people have different opinion about things. But that does not diminish their importance.
I share same sentiment when it comes to these forex analysis, there are some indicators we can’t overlook, it is a matter of getting the appropriate knowledge about the indicator and why you need it.
A point of note too is that beginners rely too much on indicators, but more advanced traders rely on a slightly different form of analysis like charts patterns, which are easier to understand and implement into your trading.
Technical indicators are simply small components of an overall trading system, and not systems in and of themselves.
I only use bars and fractals to make my trading decisions. I only trade GBP/JPY on the daily chart. My trading plan had me placing an unlimited buy last Friday. Thats how much I trust indicators.