If trading were a canvas and indicators were your paintbrushes, which indicator would be your favorite stroke that you use to craft most of your successful trades?
PSAR balls set up at 0.09 - 0.50 followed by MACD histogram bars set up of 3 - 10 - 16.
20 Exponential moving average
Good answer @kyrkar
If your just trading price action, you don’t need all those other fancy indicators as they’re just unnecessary and distracting noise on your chart.
Remember KISS
Keep
It
Simple
Stupid
EMAs are the best indicators for me. they can help u in
- detecting trends
- measure trend strength
- detecting range market
- finding trading entries on value areas
- detecting dynamic SR levels
- setting initial Stop Loss
- setting trailing Stop Losses
- breakouts
- trend reversals
to be honest they are most useful TA tools I have ever used
That would be the exponential moving average for me, 100%
Can you tell me how to use this strategy?
I follow the combination of moving average and trend lines because they help me identify the market trend.
We have custom indicators as part of access to a platform that calculate down to 100ms, but off the shelf we still use Ichimoku and Parabolic SAR, to confirm entry dynamics for a trade, nothing more.
PSAR & MACD are only two of my TREND trade strategy set up.
I use PSAR balls to identify previous support and resistance zones, with the possibility that future chart price action would repeat the wave movement, thereby identifying a T/P place where price movement would reach.
I use MACD histogram bars to show the strength of price volume movement per candle - the larger the bars the stronger the trend.
Hope that helps.
Momentums is my PA bedrock. So I stick with the 20 RSI
mine also
(or one of mine, anyway: i have four PA bedrocks - haven’t changed them for decades; momentum, trend, volatility and volume)
but momentum is an important PA bedrock anyway, with or without the other three!
that’s the part of your post that surprises me so much!
maybe i misunderstood?
if you agree that momentum is a PA bedrock, then why are you monitoring it with an indicator, rather than by PA?
Not necessarily monitoring, yes I use the indicator as a clue in times when PA gets little bit clogged.
Moving average, Bollinger Bands, RSI in combinatio with trend lines are alll tiem my favorite indicators.
I also think MACD is one of the major indicators I do use that.
I see among indicators Bollinger Bands is one of frequently used indicator. I have not used it myself. I will give it try. thanks
yes, that’s right
do you think that makes it very likely, or very unlikely, to be a good one???
i wish you good luck with it, if you try
my own instincts would be (and are) the exact opposite
for me, its being widely used would make it one to avoid, for all the reasons explained in the link above
MA, without a doubt! I always vote for simplicity and my 10+ years of trading in Forex market says that it’s always your best bet to stay away from complicated charts and indicators, that’s why MA is my go-on indicator always.
Just wanted to give you my two cents
EMAs + RSI, so far it’s such good a combo to me. But I’m always wanting to improve my strategy, so who knows perhaps I’ll find some better indicator(s) in the future.
For a basic strategy I tend to recommend support and resistance and trade within range using the RSI indicator for confirmation of overbought / oversold for entry and exit signals.