Dear BP members,
I am new to Forex trading after completing BP tutorials.
Apart from the Fibbonachi retracement and extensions, I used MACD, Parabolic SAR and Relative Strength index to detect next trend directions to place orders.
Is this safe and sufficient or need any other indicators.
Appreciate your feedback
Thanks-Pani
If you exactly want to use indicators, then cci and macd is a pretty nice combination for detecting next trend directions.
No indicator can predict the next trend. The best they can do is illustrate recent past weakening or strengthening tendency to trend. There is nothing that will predict that price will then translate into a new trend.
I don’t use off-chart indicators, but I see many successful traders who do, but they more often use just one. Indicators are useful for helping you decide what you will do, they are not like having a bigger and better CSI team or crystal ball. In fact its more like having 3 or 4 crystal balls. And that’s a lot of balls.
Thanks Kriss and tommor
Pani
Can anybody take a look at GBPJPY on monthly chart and weekly chart. Price is in range created on july/august of 2015 and ocrober od 2016, but it is making HH and HL (especially on weekly tf), so should I consider GBPJPY bullish or bearish onn these two time frames?
I see GBP/JPY as bullish since last November and have labelled it “Super-Bullish” right now. I ignore resistance in uptrends and am long this pair.
I can’t say it is bullish on monthly.