(ask) what great indicator for you
I'm not a huge fan of indicators, even though alot of times you can mess around with one and find a use for it, I find that they distract me from what's happening for the most part. My setup uses a 60 period wma and a parabolic sar (just for back up s/l plotting and confirmation) on standard settings. I'd say get amongst it and find what works for you....just watch the charts, try MT4 out and go through a few years of data and see what the indicators do if you'd like to see them in action. I did, and came to realize I like my simple set up the best. Best of luck man.
I try to use price action,only!
This is an ad.....kinda offtopic!
The purpose of the is post is to help a new trader understand the importance of a good indicator.There are few useful indicators that are any goodOILFXPRO
How is it helpful to new trader? I don't see how your post helps anyone, seriously.
Are you discussing your indicators or advertising your indicators? Two members have already marked and reported your posts as advertisement. That's why I'm here.
In the atttached chart there are so many lagging and false signals from all the different indicators, but if you put them all in one great indicator, I'm sure a lot of those false signals would be eliminated or reduced ... OILFXPRO
Personally I feel that it's perhaps a rather naive and simplistic viewpoint, assuming that you can allocate some sort of "score" based on multiple indicators that may or may not be simultaneously giving a signal.
I'll point out a few problems with this approach, firstly, there's a fairly high degree of multi collinearity in the indicators that you've quoted, so combining two or more together gives you absolutely no advantage. The first job is to ensure that your playing with independent variables, and as most indicators are based on price.... well you either understand what this means or you don't, I ain't going to hand it to you on a plate.
The second problem of course is that the indicators that you combine are still lagging !
However all that said, IF your playing with independent variables, and you understand a bit of basic probability calculus, a probabilistic approach with standard indicators can be useful.
If new TRADERS are using indicators ,I suggest using only one or two indicators ....ones that are non lagging and predictive OILFXPRO
This statement pretty much gives the game away. I shall say this only once, There are NO predictive indicators. There are technical set ups that indicators can assist in identifying, but this is in no way predictive.
For what its worth I agree with you 100%
regards
zup
RSI is best, i use it and its work for me a lot.
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helow...im new here...
i want too ask in so many indicators what great indicator for forex trading...
thanx happy trading for anyone..