How many theories and (or) indicators do you need?

[Twin butterfly]

Every trader has his own likes and dislikes according to his trading style. Few traders use so many indicator for single trade while few has powerful mind to get right trade with one or two indicators only.

 

[Gerrard Hank]

We have 4 easy to use indicators, but I have become familiar with using two, which I use in identifying trading entry and exit points. I use Parabolic SAR and MACD. Once you are trading a live account a simple plan with simple rules will be your best ally.

 

[Winjak]

Every trader has his own likes and dislikes according to his trading style. Few traders use so many indicator for single trade while few has powerful mind to get right trade with one or two indicators only.

In fact, you don't need too much indicators if you can cope with finding s&r levels and getting in the trend

 

[Hafizmd]

In fact, you don't need too much indicators if you can cope with finding s&r levels and getting in the trend

I think it's better to combine that levels with something else. Maybe moving averages or price action

 

[Twin butterfly]

Every trader has different mind, as i said in my post. As one like to have S & R levels while other having price action with moving averages...

 

[Hafizmd]

Every trader has different mind, as i said in my post. As one like to have S & R levels while other having price action with moving averages...

I agree, but if there is a chance to combine them to achieve better results.. Why not to do it?

 

[Mohdfx]

I agree, but if there is a chance to combine them to achieve better results.. Why not to do it?

Maybe it is a question of comfortability? I rarely use moving averages, but use other indicators. No, it's not what you could think about. I know how they work, but I like other indicators more Though , I use MA too if I need it badly

 

[Twin butterfly]

I agree, but if there is a chance to combine them to achieve better results.. Why not to do it?

That also depends on traders mind, If they think it is right and good for trading they will do. Not every trader accept new strategy easily until they see in demo for more results.

 

[{0v0}]

My first post here.
I trade on a discretionary basis based firstly on my reading of price movements and secondly using only a couple of MA's on multiple TFs to confirm my opinions before entering a position.

I guess in my early years I used far too many indicators and soon realised that (too) often there is at least one signal that disagrees with the others. So i have gradually pared them away until I settled on the minimum possible.

Being a short term trader, the only consideration I give to fundamentals is the timing and nature of various data releases, speeches, announcements, etc. I believe the majority reaction to these releases as manifest in the subsequent price movement is far more reliable than my own analysis could ever hope to be. Therefore I just try to interpret the price and not the clever stuff

 

[Martin Gaptil]

I need only Moving Average and RSI trading tool in my live trading chart, and my trading strength is my news trading knowledge! Basically, RSI trading tool helps to know market momentum and I get dynamic support and resistant levels by MA trading indicator! Interestingly, during high voltage news, I get swing points of market from MA!

 

[Michelle Yeoh]

I am with the same trading strategy and plan! I seem, PA trading is much workable than indicator based trading! BY the way, there is nothing like 100% in Forex business.

 

[willpower]

I am currently using only RSI on daily time frames and believe me it has done wonders with my trading. Now I feel very less pressure and can anticipate a clear move of market to take entry and exits.

 

[Kwasi Kisiedu]

I use strictly price action. I believe all the indicators are reflected on the charts. The only tools I normally use is the Fibonnacci and Moving Averages.

 

[norlizan]

I use strictly price action. I believe all the indicators are reflected on the charts. The only tools I normally use is the Fibonnacci and Moving Averages.

Yes. price action works well even with no indicators at all, i use it too

 

[Winjak]

Yes. price action works well even with no indicators at all, i use it too

better use it with indicators, it gives more precise information.. ema or macd

 

[Ronald Kuper]

It is best to be able and know how to use different strategies. But in order to become a professional, you need to take 2-3 indicators as a basis and this will be enough.

 

[James Williams]

I only use price action for my analysis. My charts are clean. Only some support and resistance line. Yes I use only one indicator that is Volume. Actually every person is different. So we can't say what is right or what is wrong. It's all about what works for you.

 

[Ary Barroso]

I spend a lot of analytical work before the opening of transactions, because I try to share my knowledge on the forums. The basis of the analysis I use the theory of Elliott. But I never guided by only one confirmation of the forecast. I believe that the way to forecast accuracy is through the correct combination of strategies and indicators. So often I use trend theory, candlestick patterns, Stochastic, Moving Average, Fibonacci.
How do you think? If you combine, how many and what methods you combine?
I will be glad to know your opinion.

Den

Not at all, because I know the reality! But till now I need to use EMA, since sometimes it works. But, my major is Price Action trading knowledge.

 

[AlexOZ]

I rarely combine two or more technical indicators to confirm a trading signal. Most of the indicators are based on the same price data - adding them together does not increase accuracy but instead adds lag to the combined signals.

Years later But I agree and valuable to acknowledge. Traders should at least have a basic understanding of the calculations behind indicators. Then they know if five indicators are actually saying the same thing five times. Not a confirmation