Hi
Other than a MACD,RSI, Stochastic or Moving averages, what other indicators do you use?
Cheers
Andrew
Hi
Other than a MACD,RSI, Stochastic or Moving averages, what other indicators do you use?
Cheers
Andrew
Average True Range (ATR). It’s good to keep your stops out-with the expected fluctuations of price.
I occasionally use a combination of a MA with Fibonacci Levels, predominantly focusing on the major 0.00%, 50.00% and 100.0% marks.
I use mostly Bollinger Bands and Moving Averages. For a while I used MACD, but I gave up on it eventually.
Hi, I use Copykat and Guardian Angel. What do you think about it?
I have tried most of them and they have all lost me money, then I got rid of them all and started trading on pure price action and the losses stopped. I addition to price action I do use the 200 moving average on the Daily, 4hr and 1hr charts, price pulling back to one of these moving averages is a great place to take your entries. Another thing useful is horizontal lines at support and resistance levels.
Why do you need Fibonacci to identify the “major” 0% and 100% levels? Shouldn’t those be the most obvious?
Time and boxes bro. All that matters
Hi i am still new here and pretty new to forex trading. I am using price action. I have been following and reading the different price actions threads in this site and they are all very informative. Since price is price and that other or all indicators are lagging I chose to go the way of analysing the charts via price action since it makes sense logically… correct me if I am wrong, but imho we are interested in what price is doing right now than what happened. I just need to improve myself mentally, emotionally, etc…
I would recommend using basics indicators as price action is usually applied by experienced traders and can be confusing if you are new to trading.
I’m just curious, Andrew: why “other than” those?
Is it because you feel those “go without saying” (I don’t use any of them, myself), or because you feel that using more indicators is somehow going to be more successful than using few (I wouldn’t agree at all), or because you’ve dismissed those four as unhelpful to you (that’s my perspective, too) or just because those are the ones you already know about and you wanted to broaden your knowledge?
I think the [I]Ichimoku Kinko Hyo[/I] indicators are potentially [B]far[/B] more helpful and useful than any others. However, there are a couple of difficulties involved with learning about them: first, most of the standard information readily available about them online and even in books is really dreadfully misguided and inaccurate (much more so than is the case with other indicators, in my opinion); secondly, the standard settings were specifically designed for stock-trading back in the days of a 6-day trading week, and they’re totally inappropriate for forex trading.
ATR can also be a very useful general indicator of current/recent volatility, and that can be helpful to some traders for setting their stop-losses and targets, so I’d put that next on my list, after Ichimoku, as “worth knowing about”.
The things I find most helpful aren’t really indicators at all: previous/recent support and resistance lines (especially horizontal ones), bar-patterns and volume.
Generally, people are very quick to look for short-cuts to successful trading, and the state of the “trading education industry” is such that it predisposes to promoting the widespread belief that indicators have magical propoerties which are going to make learning to trade easier, whereas in general I think the exact opposite’s the case, and that anything that distracts from understanding price action should be avoided. The only [U]successful[/U] traders I know who use indicators at all are those who also have, primarily, a clear understanding of price action.
It’s all about “deciding what to learn first”, really. Be aware, given the extremely low overall success-rates among retail forex traders, that much of the information around and the general direction and approach of what many consider beneficial is highly likely, in principle, to be pretty misguided and misdirected. It pays to think for yourself, and instinctively to look askance at “what most people are doing”, because most people [B]aren’t[/B] making a living from it.
in price action It is all about trading in the direction that price is moving over a given time period ( that is the trend) This all comes down to Newton’s first law of motion, " an object will remain in it’s original state of motion until acted upon by an outside force". It takes a whole lot of deep pocket traders to apply enough “outside force” to change the trend of a market and that usually follows action by a central bank
If you are looking for other indicators than here you will find everything you need: Technical Indicators and Overlays [ChartSchool]
+1 on what lexys said. Given that 80% of traders will loose money, a contrarian approach might be to figure out what indicators are being used by the majority of traders and cross those off your list
Of course they are obvious as these are the levels where the Fibonacci tool is plotted from. The key word in my original comment being “predominantly” (meaning: for the most part, but not 100% inclusive). When looking at several price levels on the same chart, although I do like to keep it clear, it’s a useful tool for grouping together levels that relate to a single area of interest.
OsMa, fractals, thats it
IChimoku exclusively
Please excuse a dissenting voice …
I agree with you completely that price action is usually applied by experienced, successful traders. (In fact I’d probably even take that argument a little further than you and suggest that there’s an inverse proportionality, overall, between the degree of success they experience and the extent to which they use basic indicators; and there are reasons for that.)
In my opinion, the fact you’ve rightly observed leads to exactly the [B][U]opposite[/U][/B] conclusion to the one you seem to be drawing from it: if anything, that’s surely a reason for [I]avoiding[/I] “basic indicators” and concentrating on understanding price action from the start.
To me, “this is what works for people who become successful, but it’s hard to understand so let’s learn something else instead” is a fundamentally flawed argument.
The proportion of those venturing into trading who eventually go on to earn our livings from it is very low. One needs to take care to try to stack the deck [I]in one’s favour[/I] rather than [I]against[/I] oneself.
Sorry to express it so bluntly. :8:
The question asked in this thread is classic of the type of “early-stage trading education questions” commonly discussed in forums; and it’s also classic of questions with two radically different consensuses of opinion available to answer them: one from the enormous number of “aspiring traders” and the other from the far smaller group of “those making a living through trading”.
As ever, we all have to decide for ourselves by whom we want to be guided.
…I do not use any indicators…
Am I successful at trading?
I am not sure that I am, because it takes a while to figure this out.
As Lexy said, you can take or leave people’s opinions…
I just draw major levels, round-numbers (or ‘double zeros’)… that is it…
Oh, and the 100-day and 200-day simple moving averages…
I may also have the ATR below the chart, and the retail volume bars, but
the main chart itself is uncluttered… Sometimes I may draw major channel/trend lines
but on monthly charts… These kinds of levels take a long time to develop…
Trading is so personal, and we all have our ways…
Imagine Morgan Freeman speaking?
lol, Great Post tho,