I would think its more about quantitative understanding. Indicators are just like on your car. Yes they say left and right, but they have no means to tell you if the road is clear, or you have fuel, or there is a road you are on and so forth. Be careful with these indicators I personally have my own software. Unlike anything out there. But its designed more for objective trading than coincidental indicators. Probable causes are more important overall.
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Here are a few things that might possibly help you overcome your problems -
- Draw price action patterns. Mark support and resistance levels, study the highs and lows, and start identifying candlestick clues.
- Choose some, and be clear that you want to trade only a specific type/types of patterns. Chasing for each and every pattern type will get you more confused.
- Don’t use too many tools and indicators, and stop trying every new indicator that launches. Stick to only 2 to 3 indicators. Don’t use EAs
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Yes, after a number of years trading i still find that self-drawn lines are my best indicator.
It is normal to feel overwhelmed as a beginner. It would be better if you just focus on learning about the basics first before anything else. It does seem a little complex when you start learning from scratch. But trust me, it does get a lot easier once you get used to the technical stuff. Take your time and keep learning without burdening yourself with too much information at a time. Take it slow and all the best!
What have you settled on? Any progress?
I am not going to complicate it too much. I will focus on the big picture. So basically looking at where the market is consolidating, potential breakout points from the consolidation phase which I will analyse using the Volume indicator, and then identifying trends, again, using the volume indicator.
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Keep the trades simple and do not over complicate technical analysis by using a number of tools and indicators. This will only confuse and make you feel overwhelmed.
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We can never over-complicate any trade by using technical indicators or tools as they help us to predict the Forex movement if we know their correct analysis, so one should be fully aware about their usage in order to track the price movements.
@YouBuyWeRush you’ve said it in a nutshell. May I ask how u use the Volume to identify which direcrion might breakout?
All indicators can be useful if they are used correctly.
But don’t you agree off-chart technical indicators are helpful but not essential? And surely you would set a limit per trade as to how many indicators to consult?
There is a wide variation in how traders choose indicators, as some use only support and resistance to track chart movements, while others use more complex indicators to fully comprehend and execute their trades, so it’s more of an individual choice.
I use a combination of chart pattern and support & resistance.
it really depend. research first how those tools work. like difference between SMA and EMA. RSI and MACD and so on. then once you have chosen which one you prefer. try DEMO with these tools at least a few months or so it depends. then if it works well for you then go for it. keep at least 2-3 indicators.
you should also find out if market is trending or not since moving averages won’t work in ranging markets. an ADX could be a good one for this purpose. then you have indicators such like RSR or Stochastic. They both deliver more or less the same information while i think rsi is better for trending markets and stcohastic would fit better in ranging markets but at the end of the day it’s a question of taste.
in a short anweser you could say you just need 1 indicator to find a trend and 1 indicator to confirm the trend. and never forget: the best and fastest indicator is price itself 
happy trading
Honestly, all the indicators tools you mentioned are only worthy of the rubbish bin.
The are just fancy calculations of what has happened in the past.
The best would be volume profile and depth of market.
The next best is simple trend lines or support and resistance lines.
And where are you going to find either of those for spot forex? It is a decentralized market. Accordingly, volume is not known or recorded. The only volume figure a forex broker has, to pass on to you, is his own volume.
And depth of market, too: spot forex trades are not in any “market”, they are simply bets against a counterparty on the price movements of that counterparty’s own products.
Even though you are answering his question 15 months after he asked, you are not, I hope, suggesting to an overwhelmed beginner that he should enter trades on the basis of that “information”?
Then why do you imagine they are widely used by so many successful, professional traders?!
Your advice is perhaps designed to match your username?
Fortunately the person asking hasn’t been online here for a year and probably won’t see your comments, but it is bad enough that about three quarters of the posts here are made by bots, traffic farm services, spammers and self-promoters: when even normal human members start offering advice like yours to an overwhelmed spot forex beginner, it really undermines the entire purpose and function of the forum.
I am not surprised there are apparently such member retention problems here. 
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If you want to do research, you will find that people with real industry experience working for large financial institutions don’t use any indicators.
I have done my own research and learned this!
Also once again doing research you can find futures platforms have depth of market and volume profile information for Euro/Dollar and other Majors.
Just because this website doesn’t have information that agrees with me, doesn’t make this website correct.
Do your own research.
And all those longstanding expert institutional traders interviewed by Jack Schwager in his three Market Wizards books, many of whom discuss, explain and comment in some detail on the indicators used on their former and current trading floors? They are all just making it up for fun, are they? 
And the standard French settings for the MACD indicator, for institutional forex trading, are now known professionally as French settings just to lead beginners astray rather than from having been developed and used for decades formerly at Crédit Lyonnais and currently at Crédit Agricole, by institutional traders, are they?
And all the authority websites like Investopedia are just bluffing, are they, when they state that indicators are very widely used by institutional traders?
And all the textbooks by former and current institutional traders (like Dynamic Technical Analysis, publ. Wiley Trading) in which institutional trader authors discuss some of their trading-floor charting indicators (though often without giving away the settings)? They are all fictional, or ill-informed and misguided, are they?
And all the Japanese banks claiming to use their own different settings of Ichimoku indicators? They are all delusional, are they?
I did, earlier this year when I started learning the basics.
You, apparently, did not.
I imagine that people reading this thread, who have some working neurones, will not have great difficulties in deciding who actually knows a little bit about what they are talking about here. Or in using a search engine for two minutes to check it out for themselves.
And after that they will quickly realise that the endless, countless bots and spammers here talk more sense than you do, and maybe they will join me in adding you to their ignore lists.
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Obviously you don’t understand the original point of the original post at the beginning of the thread here.
For someone who is overwhelmed with the huge list of technical indicators available the truth is that you don’t need any of them. There are lots of extremely successful traders who don’t use any technical indicators.
In fact those you highlighted mentioned in the book Market Wizards lent more on Economic Fundamentals that gives them information on the direction to trade and only relied on technical indicators to determine what price level to enter and or exit their trade.
At the end of the day the major influence on any financial market is Central Banks and the Economic indicators they consider when considering how the economy is performing and what they action they might need to take. Definitely not a technical indicator.