Advice on Technical Indicators for optimum Points of Entry

Hi Guys

I am a complete newbie at this sort of thing (well not a complete newbie as I have been paper trading for some time now) and wondered what other peoples best advice was for their favourite form of Technocal Analysis for optimising the best points to enter / leave a trade.

At the moment I am confining my activities to the FTSE100 and DOW and using a mixture of MACD / Bollinger (on price) and Stochastic Momentum indicators. It gives a fairly good response but obviously fails to catch the odd "twitch" or random activity that crops up from time to time.

Anyone got any other recomendations as to good TA indicators?

Cheers

Steve
(Great forum by the way. Learned loads just by "cruising" through the various topics)

I would focus on points of exit, I have a perfect entry for the Ftse but no exit plan so hence my entry technique means sqaut!!

OK and would you care to share (as in the spirit of this forum) what this perfect entry for the FTSE is and any pointers for exits?

Newbie seeking genuine advice here.

With all due respect entries are of low importance. Exit is everything. What few newbies realise is that you can make money by entering markets randomly long or short from the toss of a coin if you are good at trade management.

And to my question? Good exit pointers are?

Hi there, well those are tough questions; I like my technicals, but the reason I use them is to gauge price activity, the old adage "well they all lag" is true, they are all based on multiple units of price-that's fine by me, I want that "bigger picture", that's HOW I gauge price.

So, how to get finer entries, better exits? Rather than going for a better indicator, go for better value-get more ambitous with your orders, set stops&limit orders, once a set-up looks good, hunt for value. Eg, set an aggressive stop order, with a OCO limit at an even better price, If your right about the trade overall, you have just given yourself the best chance of squeezing the most points from your entry.
Exits are different, but staying in for the big return is where, imo, most profit comes from-sometimes strong momentum will build up after an entry, (macd is fine for that)for example, you would be obliged to stay in, even with a large retracement against your stop loss. This is where oscillator divergence helps, imo-I believe its a strong pointer to price strength/weakness, others don't. Stoch momo (maybe on a shorter than normal setting) and standard macd aren't to bad for divergence measures.

Price action contrary to your position at major support or resistance pivots.

Absolutely.

In the current volatile markets price action and TA are king.

Trading EURUSD this morning was a perfect example.

Observing the price action around these levels clearly pointed the way ahead.

A short from 1.337 was taken after failure of this support

Likewise the failure to sustaining support at the OPEN price 1.4294

The filling of the GAP at 1.4232

And finally the current support at the 50% retrace from Fridays low and todays high at 1.4181 served as an exit.

I'm off to the links for the rest of the day.

Good trading.