I am requesting a list of the most commonly used indicators and a short description of each, researching them is not easy as there seems to be millions-
I just want the say… 10 most common ones (or more if you are really bored) and a single sentence describing its function.
Something I can pin up on the side of my pc
Any responses would be greatly appreciated.
May helpful posters recieve a million pips each daily for at least a month.
Support/Resistance - Lines where price is likely to find weakness. It’s a self-fulfilling prophecy.
Price Action - The best indicator in the world.
Everything else…
Wait… there was more?
-Edit-
EMAs (additionally, EMA-based Bollinger Bands) - I kind of like these. Simple and intuitive. It’s laggy, but that doesn’t matter to me because I don’t use them as entry signals.
MT4 help section has a description of a lot of indicators. lease remember that Indicators use historical data and in no way gaurantee that the future will react the same way. It is thought by a number of traders that the best indicator is Price Action (PA) and I would humbly suggest that you study that first
Maybe someone could shed some more light on Price Action i did some research but wasn’t impressed with anything i found? if i could get some links or anything to better explain this that would be great. Thanks
-Kyle
isnt mr “trend is an illusion” banned? lol or is that someone else. anyways
main indicators are S/R levels, fib levels pivot levels, and MAs all pretty self explanatory
Agreeing with mastergunner, start small by learning the reversal candlesticks (hammers/shooting stars, engulfing patterns, evening/morning stars, dark cloud/piercing, haramis, etc). You should have a knowledge on why hammers signal reversal (what price does that makes you believe a hammer should be a turning point).
Steve Nison has some books and various DVDs on candlesticks that you might want to look at.
You can, then, work up to bigger candle formations: double tops, candle formations, even elliot wave, if you so choose.