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What is your favourite Indicator?
The large number of indicators in any trading package can be overwhelming and sometimes confusing. If you are a discretionary trader like me, you may be using some form of indicator or a combination of indicators to analyse the market before making a decision.
An indicator should attempt to answer the following basic questions:
a) Where do I enter the trade?
b) Where should I place my stop loss?
c) Where should I exit and take profit?
d) When do I stand aside and do nothing?
It may be difficult to find one single indicator that would provide solution to the four questions above. The last one may be irrelevant to some, but I tell you, preservation of capital sometimes is better than losing your hard earned money.
I will be sharing some of the indicators I use to trade in this thread, and if you have some that you also want us to know about, please feel free to post and comment on them.
First of all it is important to know that whichever indicator you are using is derived from PRICE which means, the values of the indicator are calculated based on the open, high, low and close of prices. That is why most indicators are lagging indicators, they react after price action has already taken place.
Few years ago I saw a couple of zero lag indicators at a forum site on the net and tried them. To my surprise, they still lagged!
So which one is my favourite indicator? NO INDICATOR!
This does not mean that I do not use any indicators at all but my analysis of market direction, entries, etc always starts from price charts only. Indicators may be used as confirmation tools later when necessary.
One of the indicators I use occasionally is called Guppy Multiple Moving Average (GMMA) For more information about this indicator, you may read daryl guppy's book - Trend Trading
According to guppy, there are two groups of people trading the market, the short term traders and the investors who usually are long term oriented. These two groups are represented by moving averages, the faster moving averages representing traders while the slower averages represents the investors
In an uptrend, the faster moving averages will cross the slower averages from below and remain above the slower averages, the reverse is true for down trend.
This indicator is useful but should not be used alone
My best Forex indicator so far are bollinger bands and RSI, but to tell you the truth i don't believe in any indicators, using my eyes only in analyzing the direction, news and currency strength meter, and finally my fav. website for the sum of indicator analysis in different time frames.
Well, i have lots of favorite indicators. To be specific, those that belong to the Volatility Indicators section, like Moving average and Bollinger bands. These indicators help me to measure the overall price changes or fluctuations over a certain time.
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