Hello. I am a new trader currently going through The “School of Pipsology”. And I currently use MetraTrader4 and I use Trading View to look at charts. To my veteran traders especially those who use Trading View; what are your favorite Forex Indicator Combinations. I’m well aware there’s no “best combination”; I’m just curious as to what others use.
RSI, Mov, Move, ADX. We do have some in-house developed indicators as well which measure volatility index and trend volatility
I use the exponential moving average set to 20 bars (EMA 20). This is only because the institutions are still using it for reference, and therefore so should we. However, I often remove it so I can better see the overall price structure.
The ATR (average true range indicator). The ATR (5) tells me how quickly the market is moving right this minute. The Daily ATR (30) gives me an idea of how many pips I can expect per daily candle (daily range) for the currency pair I’m trading. For example, right now the EUR/NZD is offering about 100 pips per 24 hour daily candle candle. Very nice indeed!. On the other hand, the EUR/USD is only offering just under 40 pips per daily candle. Dismal at best! Which one would you rather trade?
All other indicators are a waste of time. For example, take the MACD (I pick on it a lot). By the time the prescribed moving averages cross each other, the trend is almost over!. The only Fibonacci level I pay attention to is the initial 50% pullback. The other levels are garbage.
The less indicators, the better. There’s no substitution for being able to read naked price action. It takes a long time to learn, but it’s well worth it.
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Moving average and Bollinger bands are my favorite indicator combination because they provide both trend and point-centric ideas.