Is it wise to use more than one technical indicators

Hi, I want to know other technical indicators that can be use in trading, since the only I know that really works for me is the simple support and resistance. Are there other indicators that are effective and easy to use in every day trading?

And can you show the other ways to improve my trading, do I need to know more about indicators. Is it effective to put three or more indicators in your MT4. Or is it wise to just put two indicators in your trading.

The indicators you use will depend on your trading style. Some indicators work well in trending markets (e.g. moving averages) while others work well for ranging markets (e.g. BBs). So you need to know a bit about your market and environment. S&R are pretty standard technical tools but rarely offer a complete analysis. :slight_smile:

Good luck!

It’s just adding more variables to the process where you have to make quick decisions at the right time.

The only way to know this is by testing (backtesting or forward testing) your chosen indicators.

You don’t want to dump a ton of indicators into your trading because the more you add the more difficult it is to get a consistent idea of what is going on. Different indicators look at information differently; so there are times you may end up with inconsistent or even conflicting information. More is not better.

From the sounds of it, it seems like you’re trading a form of “Price Action Strategy”. Price Action uses S/R levels and candlestick formations to find potential trading opportunities. I recommend doing a forum search and check out some of the extensive threads about it. You’ll be able to find other principles and methods that work in conjunction with what you’re already doing.

Have you tried with ichimoku cloud analysis? I am currently learning its analysis strategy…

Try to get inside the mind of people who use them