Trader Rich
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I have to agree with Rhody Trader that there is no such thing as best indicator in fx currency trading. Indicators alone won't get you ahead in the game.
Forex - best indicators??
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TheBramble
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I’ve done significant work in this area jiggly and the reason some consider it ‘worthless’ is that using tick pressure as proxy does not work for the simple reason you’re not getting the full picture of activity. Whatever tick data your feed throws at you is not the true activity. Many would suggest that whichever data you get will at least be representative of the overall FX market action – I tend to disagree.
Having seen side-by-side the data provided through a number of feeds, what you get, even with their best endeavours, is a far cry from the aggregate reality ‘out there’.
The danger being that if you ascribe the same ‘sense’ to tick pressure as you might to pure volume on exchange traded markets and instruments, you may believe you have more information than you actually do.
In my view, and after considerable efforts in this area, you need to be stripping away everything that isn’t absolutely verifiable, accurate and pertinent.
mechtraderpro
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In reply ....It is an option of everytrader, in whatever market, to believe in the use of indicators if they so wish. It is an individual choice that they make. and some of those have stood the test of time. if it is not your choice then you have the right not to use them.
please could you post in english next time, so everone can benifit from your opinion.
this is a real old debate that keeps popping up every other month. what is interesting is people seem to rely more on a mathematical representation of price than price itself.
how can a mathematical formula represent a collective mindset of the guys that move the markets? if there was a best indicator wouldnt forex be an easy task of making $$$. if a simple moving average cross can make you money then why arent all the forex traders driving expensive sports cars?
i personally believe one of the reasons so many fail is because they are attracted to these magical formulas that "Tell then whats about to happen" and this is where they get stuck in a loop and eventually blow out and fail. if there was no such thing as indicators i wonder what the statistics would read then
how can a mathematical formula represent a collective mindset of the guys that move the markets? if there was a best indicator wouldnt forex be an easy task of making $$$. if a simple moving average cross can make you money then why arent all the forex traders driving expensive sports cars?
i personally believe one of the reasons so many fail is because they are attracted to these magical formulas that "Tell then whats about to happen" and this is where they get stuck in a loop and eventually blow out and fail. if there was no such thing as indicators i wonder what the statistics would read then
butterfly100
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Ok Forker...the Dow at 8300 or 8200 or 8100, what is tellign you? How do you read it? How can you say, time to long/short, wait till get this stage...no action for a week it is moving sideways....I know it is a matter of trading style, but as I am new I am just trying to get some thoughts untill I have my own trading style...Cheers
i have no idea as i dont trade that market or look at the charts
mechtraderpro
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Agreed in part.. but if you are swing trading as I do, indicators point to the correct direction (in interpretation). this is not seeking a magical formula ! it is seeking guidence of the next swing direction in the medium or long term direction. and to "ride" the swing untill indicators tell you to get off the ride. guidence only is the rule of thumb with indicators. But as always, it is up to the individual as to the need for indicators or not. everyone to there own !...as for sports cars...I have no comment
mechtraderpro
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And what Im saying is to let individuals decide for themselves if they need them..and just because you or I do, or do not, use indicators is irrelevant. it is up to the individual to decide if they have any worth or merit. and if they can earn a sports car or not from the proceeds then that is well and good...all power to them !
mechtraderpro
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yep.. that just about sums up my point !..
price777999
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i find Super Trend quite useful .
Mr.J-Arthur
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I found my indicator of choice that really works for me. Finally raking in profit more consistently, not that it's perfect, but it helps.
Sorry, won't share it. Well I guess I can...it's called HACO, and I set it to a large setting on a 1 min chart.
Sorry, won't share it. Well I guess I can...it's called HACO, and I set it to a large setting on a 1 min chart.
There are plenty of indicators that can be used to decide an entry point. As bbmac told you, you are currently using a lot of time frames each with a lot of indicators, just to make a single desition. Try to simplify, the easier for you to understand what indicators show, the easier will be for you to make a desition if an entry point is the best or not.
What matters after all, is that you feel good with the indicators you´re looking at. By the other hand the "best" entry point?, well i guess that depends on time.
What matters after all, is that you feel good with the indicators you´re looking at. By the other hand the "best" entry point?, well i guess that depends on time.
