hi all
I have been through pip school, and reading evrything i can to try and develop my own strategy.i work full time so i have decided swing trading is the way to go. i will only trade the euro/gbp so i can concentrate on understanding its movements. I am however undecided which technical indicators to use. I want to keep it simple, but how do i decide which are the best inicators for my style of trading and currencie pair.
any thoughts greatly appreciated
Martin (uk)
personally, i’d use MACD, PSAR, RSI and BollingerBands, on a 1 day chart,
but thats just me
Hi abner
i am trying to understand why i should use one indicator as opposed to another ie which charactersitcs of an indicator are best suited to certain currencies etc so i can make informed decisions about the factors making up my strategy. Are the indcators you mentioned using based on personal choice or is there a technical reasoning for using them in swing trading the euro/gbp.
Cheers
Martin
Does anyone ever use more than one indicator to predict market movement, or you just consentrate on one and if it performs as predicted you just stick to it. Or do you check it with another indicator just to confirm your predictions, or are they not fusable.
I don’t think that any indicators are best suited to certain currencies. It’s just that some indicators are “standards” and may help in your analysis. In the end, though, it’s up to you which one(s) you choose.
Some people use one, two, or more indicators. Some use so many it’s difficult to see the chart. And, some people trade with no indicators at all.
Here’s a brief overview of some types of indicators and what they’re supposed to do:
Since you’re looking to trade around your job, daily charts are your best best. Take a look at the Ingot’s Rainbow thread for a great strategy that works well on longer time frames.
well i use the above indicators for all the currency pairs i trade. there are set indicators for any one pair, my system works for me and what i do. I have a better then 80% win with my system.
Some people use one, some use more than one, and some don’t use any.
It all depends on your preference.