hi all,
you senior traders, can you share with us your favorite (set) of indicators/oscillators ? there are hell of number of indicators out there. even if i learn them all i can’t apply everything at a time.! so will someone just help me with this! what should i be concentrating on?
Well, by now it is certainly no secret about my triple moving average and the success it has produced in conjunction with a few or 30 different types of oscillators and settings. So, I will happily share them with the world of babypips.
I use a 13 sma, painted yellow, a 39 sma painted bright green, and a 65 ema weighted, (close), painted black or white depending on background color. These are common to every chart I look at and every timeframe.
Add to that a few custom oscillators to determine volume, volatility, and direction, (remember the trend is your friend), maybe throw in a Fibonacci Retracement from time to time to find some interesting targets, (38% line is accurate about 70% of the time on anything larger than the m5), and if you see a continuation, invert the fibo and look for price to continue to the 1.618 line if you are looking at the first major move in a given direction, as I am told that is where the pro money exits, though more often than not I have seen price meet or exceed the 2.000 line.
That would be for longer term trades. As for my scalps of 25 to 40 pips, guess you’ll just have to muddle through and find what works. My customs include a custom MACD, a custom dual overlaid CCI, a custom dual overlaid RSI, a custom Chaos Awesome and a few other toys, oh, sorry, tools that really paint an amazing picture of volume, volatility, strength and direction.
The best tools, though, mean nothing without knowing what you’re looking at and what you’re looking for. If you are looking for tools for MT4, I would strongly suggest taking a look at a thread by MP6140 here in Newbie Island titled “MP — Some of my not so secret secrets”. There you will find some interesting adds for MT4 that should very easily enhance your charts.
Good luck, good living, good loving and good pippin,
Chubs
Don’t use any indicators for generating signals, but I watch volatility for general reference.
the CCI coupled with the fast stochastics in one panel, the DSS coupled with the "accumulation/distribution, a little macd “thingie” to show divergence which helps forecast what happens after the price hits resistance (continue run or retrace, and how BIG a retrace ?).
chart overlays consist of computer generated support and resistance points, a ema and sma x-over for the quickie trades which can lead to 100 pip runs, bollinger bands for FINAL tp points and even whats his names STARC channels used VERY differently on the one minute chart. (a system unto itself but producing sensational returns on the 0.0025 and one minute charts)
and of course, my beloved LRC channels which show the LONGER term historical high, mid point and lows going back years if you choose, and visually shows the TREND in a millisecond — its simply the same as what Tess uses as “zones” but arrayed in the correct trend angle of the currencies movements - - - - - cant beat it with a shovel !
in the never ending discussion of “price action” vs indicators i find price action to be something you FOLLOW, while the way i use indicators is to FORECAST — was on yahoo last nite with a fairly new trader and how i traded the one minute thru 15 min opened his eyes wide (and since he followed the trades, he did pretty danged well also) NOW he understands how one “looks ahead” and i guarantee his trades will increase their profits by many a percentage !
at night (est) i make predictions for the tp price on EU and GJ ---- since making them, every single one has hit perfectly, including a few where the price went DOWN to support and then back up to resistance,[B](we called the BOTTOM and the TOP of a COMBINED TREND CHANGE move that was 8 hours in the future)[/B] all of this happening while we slept !
Price Action, by its very definition, FOLLOWS the action and the prize goes to the desk trader with fastest reflexes (btw, one has to WAIT for a candle to form to understand THAT candle — indicators dont need that time period to confirm, especially if theyve ALREADY told you whats happening)
the INDICATORS will lead your nose right to the tp point (once you know how to trade, of course !), pat you on the back, pull up a chair and serve you your brandy at night while price action will be dashing hither and yon, like a crack dealer being chased by the police.
not breaking a sweat, I produce between 350 and 900 pips a day using these tools, and that does not always include my “overnites” which produce a steady 80 - 100 pips while we sleep !
give me a naked chart that will produce a few hundred pips [B]while i sleep [/B]and i shall pay attention, but i havent yet met one of those just yet !
enjoy and trade well
mp
[I][B]Within the great hall at Elfinore stands a wondrous coffer, precisely four cubits square and securely latched against the outside world. Inside that repository, shut away from impertinent eyes, abides many an intriquing trading secret garnered from around the world and over the ages !
As a child, i used to watch from the darkness as the secrets were debated and annotated by the elders. No one there held a single thought of my presence – BUT I KNOW WHERE THEY HID THE KEY !!
[/B][/I]
Heiken ashis smoothed - price line - zig zags - LRC - S&R - Awesome Oscilator - Waddah Explosion (I like histograms)…to name a few. I’m an indicator trashcan - I’ll try anything…if I like it and it indicates, I’ll add it to the mix.
I’ll never understand why people don’t use turn signals when they are a standard item on EVERY make and model…makes no sense at all
ONE thing to say as far as the heiken-ashi, which are designed to reveal TREND and very good at the job they are.
A H-A CANDLE because of the computing that goes into it, DOES NOT SHOW ITS CORRECT TP POINT UNTIL PAST THAT POINT and the next candle forms !
This can be eliminated by getting something called “barrys support and resistance” custom indicator for MT4, and will show you your tp point, LONG before you reach it and then drop below it because of WAITING on the next candle.
try it
mp
No indicators here either, barring ATR which I use for risk management.
I’ve not seen one that improves my trading, ergo, I don’t use them. If push came to shove, I’ll admit that the automated LRC (called something like SSI I think) is pretty decent (MP will tell you all about it), but I still prefer to draw channels by hand, if at all.
Pilf - I’ve similarly have no idea why people use turn signals; some simple back-testing will show you they have an expectancy of zero, so why use them?
But each to their own, whatever makes you money…
phillistine !
sensible man! 
if you really feel you require some assistance then try keep it basic & simple.
these 2 example set-ups will offer you everything you need as long as you obey the common sense observations of executing in line with the dominant flows, legging in via key levels & adhering to sensible risk parameters.
You can even utilize them in tandem if you feel you need your hand holding real tight.
http://forums.babypips.com/show-me-money-daytrading/18918-40-80-pips-daily-eurusd.html
http://forums.babypips.com/free-forex-trading-systems/1487-between-40-100-pips-per-day.html
you really don’t require anything more complicated than that.
thank you all for sharing,
now if i got new software of something like the SHI channel and want to import it from my METAEDITOR to the platform to use it… how can i do that!. i reach to the level of writing down the software but couldn’t apply it to the frame.!
thx
I am very surprised that most guys answering in this thread are not using indicators.
Maybe I am missing something here??? I really don’t understand how you do to see potential trades? Of course I am a new trader, and that’s why I ask this question.
I use MACD, RSI, Stoch, Vegas, and two EMAs.
only because it doesnt feel rite to leave so much on the table if one enters at a key level, instead of a reversal bottom (or top), do i say this, but maybe i open a new thread with “how to make 100 pips while you sleep” and its cousin, “350 pips minimum per day using support and resistance”
that might be nice
mp
I average 150 pips a night while sleeping, using my indicators and Fibonacci retracement lines to create market orders. Of course, I’m not a pro and certainly can’t see into the future. And for those of you who can, I’d be careful with tarot cards and palmistry.
To those of you who, like the rest of us, are always looking for a better method, any indicators you choose are only as good as your knowledge of how they work and how to read them. MP’s system (should you choose to call it that), is an extremely clear picture of what is really going on, even for newbies. Mine shows all the exact same things, but you have to know what you’re looking at. Truth be told though, I run MP’s set up on a separate pc and use it as confirmation.
Back to those of you who choose to fly by the seat of your pants… I just wonder how many of you believe your magic 8 balls and coin flips. To say you don’t use indicators is an outright lie, as candlesticks are indicators all by themselves. To pretend you are so far separated for the rest of the trading world, including bank traders and the like, that you need no tools at all is not only a lie, but the biggest load of b.s. you could possibly try to feed a newbie. I challenge you all, who say you use no indicators to trade solely from a bid/ask box. Let’s see how good you are then. Thank All That Is Good In The World You Who Use No Indicators Are Not Pilots.
Good pippin,
Chubs
what you using for your pivot s1 r1 overlay?
Price action is simply the footprint of money.
If you observe technical chart references then the most common methods of tracking that footprint are candlesticks & ohlc bars.
If you possess even a basic understanding of the function & behavior of supply & demand, you can then begin to bolt on certain other elements of price action structure, such as peak-trough flow�.basic trend recognition & common price bar/candle prints which quite often offer a clear representation to the current psychology of the market participants.
This simple, clear, unobtrusive framework is all that is required to begin formulating a foundation from which to assemble a workable trading plan in all market cycles.
There is absolutely no need or requirement to begin muddying the waters with unnecessary clutter (unnecessary indicator configurations).
If you choose to do so, & are content with adopting that procedure then cool.
But don�t judge everyone by your inability to learn, absorb & execute the skills to navigate around the price action without the aid of crutches, comfort blankies or stabilizers.
There are enough thread examples on this forum of each type of market activity for folks to begin exploring their preferred method of interaction.
What suits one won�t necessarily suit another, but to childishly dismiss one particular method out of hand because you are unable or unwilling to understand the concepts shows immaturity & inexperience.
Not everyone here has casually sauntered into this business via a couple clicks on a search engine page. Some actually possess industry experience.
Good trading to all.
Personally, being a newbie myself, and only having been trading live since November, and having found an “immature” way of earning a living independently of people like yourself and having mentors who are both retired bank traders and current bank traders, as well as learning the fundamentals of market movement through compiling a data base of passed and current news events, economic view variations of different types of government, and the ability to say what I think without seeming arrogant to those who are also in the learning curve current, I would say, turning less than $500 into over $150,000 in roughly 4 months isn’t such a bad place for me to be coming from at all.
Now I am not a pro, and do not claim to be. But one thing you can always rely on is my willingness to stand up for what I feel is right, to use my current tools and experience to benefit others, and my utilization of my right to call it as I see it. For good manners’ sake, I will not expound on my personal opinions of the seemingly omnipresent nature you and those of your stature seem to claim. More power to you.
In the mean time, I try and help those I can by answering questions rather than openly bashing someone directly, but, being as you have taken the time to single me out and argue you point from your soapbox, feel free to spew your teachings. I am always willing to learn.
If you don’t have the time to teach what you speak, don’t speak to me or use me as a direction please.
Thanks, well wishes for good health and long life, and feel free to jump off that bridge any time you see fit.
Chubs
I do not know you, until the last post I made, have never spoken directly to you, and have no desire to continue to have conversation with you unless you have constructive information that could benefit myself, other newbie traders, or those who ask a question concerning indicators that obviously has nothing to do with you. Or am I on the wrong thread???
I believe the original question to this thread created a topic, to which your trading style and the tools you use are completely different from. So, to create a seat of superiority to someone who was just trying to learn something, and use another trader’s quotes, thereby singling that trader out, you seem to be a bit two faced here.
I just calls it like I sees it. Sorry if my level of education doesn’t seem to fit into your criteria of formidable trading technique, and sorry if I don’t put much faith in things I can’t see, but your seemingly zen approach to trading makes no sense to me as no one, including yourself, has shown me that what you are using works short term, long term, or otherwise, hmm?
So, rather than argue, wouldn’t it be more adult of both of us to get beyond this slight that you seem to believe was directed at you personally, grow up, and share our tools??? isn’t that what babypips is about?
A bit rough Chubspips!! :mad: :mad:
Rhodytrader is a master trader of massive experience.
Tess, Jocelyn and JimmyMac are institutional traders of massive experience.
They and along with many others, including myself, do not use indicators.
[B]We are not ogres just because we do not use them!![/B]
but the biggest load of b.s. you could possibly try to feed a newbie.
Wrong!!
I will explain in my next post.
You use indicators and succeed - fine.
We do not use indicators and succeed too - thats also fine.
[B]I started out in the trading world like everyone else.[/B]
[U]Being new[/U] then, I promptly purchased the book Technical Analysis from A to Z by Steven B Achelis at a trading Expo held here in Perth, Western Australia.
This book is an encyclopedia of indicators, it explains them, gives their mathematical derivations, shows examples and explains in detail how to use them.
A must have book if you are an indicator trader. 
Being a mathematician I was in an especially advantagous position to understand the derivations of the various indicators and understood their use (and abuse) very clearly.
However, I was nevertheless losing at my trading.
Even as my experience grew greatly I was having great troubles making profits.
Being a purchaser of many books, I had one on candlesticks trading and was aware of this method even though I never used it.
One day, in frustration of losing, I studied the candlesticks method in detail.
Suddenly, for the first time in my life, I was making winning trades.
I was amazed!!
[U]I abandoned all indicators[/U], researched and analysed the candlestick method fully and then went on from strength to strength.
[B]I have never looked back.[/B]
Today I am the author of …
http://forums.babypips.com/newbie-island/19339-joy-candlestick-trading-part-2-a.html
