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.
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.
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
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?
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
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.
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 🙂
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 🙂
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!
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.
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.
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.
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.
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.
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
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