What's your most favorite indicator you're currently using?

Beginner Questions
3

one of my startegy using MACD and Bollinger Bands

4

Thanks guys.

Just these two for the entire strategy?

I’d love to go clean chart like I’ve read some do here, but I need some price action skills I think, before ever trying to do that.

5

These are the indicators that generate the limit order setting signal. Of course, take profit and stop-loss orders are also set. Price action is very discretionary method of trading you need to practice :slight_smile: Regards Greg

6

Any suggestions where to learn more about it?

7

Ichimoku Kinko Hyo.

The basic structure of signal + confirmation + confirmation weeds out “low quality” trades, helping you focus on “high quality” trades. Dis kitty wuvs it and uses it all d time! :heart_eyes_cat:

1 Like
8

My favoured indicator would be moving averages. They do not give reliable entry and exit signals but they reliably indicate when price is in a trend, plus the strength and consistency of the trend. It is a matter of survival to not be long when price is in a downtrend and not to be short when price is in an uptrend.

3 Likes
9

I really like moving average the most as they are very useful when it comes in finding price movement and its trend.
I think MACD and RSI deserve an honorable mentions.

1 Like
10

Are there any indicators that you feel DO give reliable entry and exit signals?

Do you mean that though they are not 100% reliable (because indicators lag), they are more reliable than other indicators?

1 Like
11

Yeah. I’m expanding my knowledge of indicators, but the MACD has been my #1 favourite so far.

1 Like
12

I wouldn’t use any indicator for entries. They’re OK for confirming market direction and giving a rough idea of sentiment but there’s no precision, partly because they’re lagging of course. If confirmation of market conditions is required, then really only one or maybe two indicators would be necessary.

1 Like
13

If you don’t mind me asking, what do you use for entry?

As for me, I’m not doing any swing trading, strictly breakouts. I find a consolidation period, set my OCO and my TP. That’s it.

What do you use for entry, if you don’t like indicators?

2 Likes
14

For my regular long-term trades I use price breach of a prior high / low - if combined with D1 chart support / resistance so much the better. My entries are never live, always off a pre-set order at a given price.

2 Likes
15

I’m with the moving average crew. 8ema and 20sma on the 5min chart. Also being aware of trend, S/R, and pivots. The 8ema is not too lagging.
Of course, candles are king.
“Every candle tells a story” - Al Brooks.

1 Like
16

Not exactly not 100% reliable, they are good to give you an estimation but I wouldn’t use that for the entry. In fact, I wouldn’t use any indicator for the entries since there is no exact expectation in that.

17

@Thebeezneez I suggest taking a good look at the No Nonsense Forex Youtube channel. All videos that have a yellow title are about indicators… :stuck_out_tongue_winking_eye:

1 Like
18

And dis oder kitty wuvs it too.

1 Like
19

Pawesome! Keep it up, dear kitty trader! Let’s do our best! :heart_eyes_cat:

20

Bollinger bands and stochastic oscillator are the two I use for day trading.

21

Yea, I’ve taken a peek. Hear about it a lot, but need to go back. Cool tip on the yellow colors. Thanks!

22

Yup, I think a couple are great for beginners. Gives us better perspective on trend.