richieforex
Member
- Messages
- 60
- Likes
- 5
Hi JeffD2112
Bollinger bands can be a good tool.
There are plenty of useful indicators but you must understand how they work and if they can be effective with your particular strategy.
Please let us know how you trade and we can recommend some indicators for you.
Bollinger bands can be a good tool.
There are plenty of useful indicators but you must understand how they work and if they can be effective with your particular strategy.
Please let us know how you trade and we can recommend some indicators for you.
There are many indicators to choose from. The most popular are Moving Averages, Bolligner Bands, MACD, RSI, CCI, Stochastic.
You will need to learn about the indicators you would like to use determine if they are leading or lagging. Find out if they will work well with your strategy and essentially increase your performance.
Don't be fooled into thinking you need to use indicators, you don't, and if you do I would advise using no more than 3.
You should first focus on price action as that tells you exactly what price is doing at that very moment!
If you are new to trading personally I would start with a trend following indicator like a moving average and an overbought/oversold indicator like the RSI.
Use the indicators as filters not for specific trade entry. For instance if a sell trade has presented itself according to your strategy you can use the MA and RSI for for further confirmation. A rule could be to only enter if price is below the MA and is showing a reading above 80 on the RSI.
As you trade you can refine your strategy and pick the right indicators that work for you.
You will need to learn about the indicators you would like to use determine if they are leading or lagging. Find out if they will work well with your strategy and essentially increase your performance.
Don't be fooled into thinking you need to use indicators, you don't, and if you do I would advise using no more than 3.
You should first focus on price action as that tells you exactly what price is doing at that very moment!
If you are new to trading personally I would start with a trend following indicator like a moving average and an overbought/oversold indicator like the RSI.
Use the indicators as filters not for specific trade entry. For instance if a sell trade has presented itself according to your strategy you can use the MA and RSI for for further confirmation. A rule could be to only enter if price is below the MA and is showing a reading above 80 on the RSI.
As you trade you can refine your strategy and pick the right indicators that work for you.
JeffD2112
Newbie
- Messages
- 3
- Likes
- 0
Fred Titmus
Junior member
- Messages
- 10
- Likes
- 0
Moving Average, Bollinger Band or RSI these are definitely top three indicators.
Konviction
Junior member
- Messages
- 30
- Likes
- 2
Personally I like the RSI and MACD histogram. But there is no best indicator.
pro4Xtrader
Active member
- Messages
- 107
- Likes
- 6
The best indicator for me is Fibonacci Retrenchment, you can use it in different ways and they seem to be very effective.
Most indicators are lagging and its hard to find something that is useful.
One of my colleges suggested Ichimoku indicator that works for him very well, but you need to learn how to use it correctly.
Most indicators are lagging and its hard to find something that is useful.
One of my colleges suggested Ichimoku indicator that works for him very well, but you need to learn how to use it correctly.
I just joined a few minutes ago, and have been trading for many years. I mainly used MA, Sto, and Fibs. I joined this group to find like minded people using Ichimoku. I am relatively new with Ichimoku, since I want to start trading Forex. I am absolutely amazed at Ichimoku especially for scanning purposes with equities, no longer do I need to sight patterns, consider retracements, etc.. Still learning, but so far have been very impressed since this isn't a lagging indicator, with a view toward a forward 26 periods.
At this time I can only suggest, since as usual the learning curve is high.
At this time I can only suggest, since as usual the learning curve is high.
alexaherself
Established member
- Messages
- 560
- Likes
- 149
If suggestions are welcome, I offer you the observation (as a forex-trader, myself) that you might gain by not being hide-bound by the periodocity of 26, but looking also at other settings.
The "26" originally came from daily charts for stock-trading, when there was an average of 26 trading days in a month (i.e. including Saturday trading). It doesn't have the same relevance to forex, to any faster charts than "daily", nor indeed even for daily charts to the modern 5-day week and 21/22-day month.
I'm "just saying" ...
rathcoole_exile
Guest Author
- Messages
- 3,925
- Likes
- 767
agree with Mark about Ichimoku for scanning & screening for stocks, currency pairs etc
but for trading ? No charts, no indicators........just pre-determined levels, and Order Flow
but for trading ? No charts, no indicators........just pre-determined levels, and Order Flow
Ichimoku
Thank you Alexa, I am well aware the 26 days is a problem, unfortunately all the research has been developed for the Japanese month. No idea what would happen without Saturday. I am visual in identifying patterns, and luckily my scanning with personal criteria formulas developed will allow me to cut my time for scanning. Also once scanned for above the cloud/or below for the week/daily, it looks at least than I can utilize the 26/9 period with 3/5/15 minute charts.
Since just starting with FX. unable to make any comment and I am learning Ichimoku hopefully to also gravitate to E-minis.
Any comments from the group would be most appreciated. I want to get up to speed, have been perusing the web for as much information, plus try out account with Forex to learn.
Thank you Alexa, I am well aware the 26 days is a problem, unfortunately all the research has been developed for the Japanese month. No idea what would happen without Saturday. I am visual in identifying patterns, and luckily my scanning with personal criteria formulas developed will allow me to cut my time for scanning. Also once scanned for above the cloud/or below for the week/daily, it looks at least than I can utilize the 26/9 period with 3/5/15 minute charts.
Since just starting with FX. unable to make any comment and I am learning Ichimoku hopefully to also gravitate to E-minis.
Any comments from the group would be most appreciated. I want to get up to speed, have been perusing the web for as much information, plus try out account with Forex to learn.
Appreciate, although have started with Forex.com . I am unfamiliar with MT4 although my experience over the past 12 years is with IB. My understanding is FX.com is more apt to handhold a newbie as IB would and possibly MT4? Having 5 accounts with IB I know that the customer support for the platform isn't very good, since they expect you to be knowledgeable, although price and execution cannot be understated.
victoriajensen
Established member
- Messages
- 648
- Likes
- 10
I have been using Bollinger Bands and Moving Average in combination with Japanese candlestick analysis for years and I am quite pleased with the results.
alexaherself
Established member
- Messages
- 560
- Likes
- 149
There hasn't been trading, even in Japan, on Saturdays for some decades, now. All you need to do is to adjust the settings accordingly. Many people are now using 7/22/44 rather than 9/26/52 as their standard Ichimoku settings on daily charts. If using intraday charts of 15 minutes, or whatever, those settings - naturally enough - aren't at all relevant anyway.
Please excuse the comment "Rather you than I". Sorry, Mark, but this simply makes no sense to me, at all.
:|If trying to use the Ichimoku indicator-complex on intraday forex charts, I strongly recommend you to set the Senkou Span A/B (for "kumo" formation) to different settings from those used for the Tenkan Sen, Kijun Sen and Chickou Span. If that's difficult to do, on your platform, you can normally get round it simply by setting up two simultaneous Ichimoku displays of different periodicities, making the components of each that you don't want to see the same colour as the background, so that they effectively "disappear".
Thank you, I will put the 7/22/44 info next to my 9/26 charts and view. My information on Ichimoku is mainly from bits and pcs in you tube, plus kumotrader.com has complete info and a few trading strategies, never a mention of 7/22/44 period, and as you stated no real difference in smaller time frame.
Similar threads
