Is there really a best indicator for Forex technicals

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Since everyone has a different tolerance for r forexcashbackcalculatork, there is obviously no single indicator in the world cashback forex is best for everyone? One person may be very happy with a 2 to 1 profit/loss ratio cashbackforexbtc a 40% profit margin, while another person, regardless of the profit/loss ratio over time, still needs most traders to be profitable before entering the market By the way, those who need more profitable trades than losing trades are usually men Another problem with this query is that if you put ten traders in a If you put ten traders in a trading room and give them the same indicator and the same security, you will get ten different results at the end of the trading day and at the end of the week the results will be further skewed from each other because the indicator is only indicative and the traders use a lot of personal judgment in determining the exact timing of decisions based on the indicator and at least some of the ten refuse to trade the indicator. Third, it is foolish to trade on individual indicators. No indicator is always right. The best way to use indicators is to apply them multiple times through confirmation. Fourth, we always claim that Forex has fractal qualities, stating that if the chart is not labeled, you cannot tell whether it is a 10-minute chart or a daily chart that looks the same, so the indicators should play the same role This is true most of the time, but not entirely true For example, the daily close is always the most important value on the chart, while the 10-minute, 1-hour or even more Therefore, indicators that rely on closing price elements, such as the relationship between highs or lows and closing prices, are actually more applicable to daily charts than to 15-minute charts. The indicator will have the same value by the same formula, but the indicator is not measuring a physical object. The flow of water measured by an engineer can be exactly the same as the flow of water through a pipe per unit time period, but the price of a security is not water through a pipe. Many of the top indicators were invented by WellesWilder, Tushar Chande and George Lane who insisted on inventing indicators precisely because prices behave differently than objects. Given the qualifications, we can still list some of the top indicators. Support and resistance levels ADX RSI MACD Stochastic Oscillator Fibonacci retracement Ichimoku indicator When you look at the charts in the book or online, the bottom of the price chart may have at least one of the above indicators, and usually two (when we mention stock trading, we usually add the very useful volume indicator, but as we stated separately, Forex does not provide volume data) Note that the popularity of the indicator may increase or decrease 2014, the indicator may not be popular because ADX takes longer to interpret; in 1990, the MACD indicator was very popular; in 2000, the stochastic oscillator became the only indicator people talked about RSI never really went out of fashion, and the Ichimoku indicator (a special candlestick We have found that the most consistent and reliable forex indicator based on daily charts over the last 35 years is the MACD. However, although the MACD is a momentum indicator and a leader, it can sometimes be wrong or in some cases uncertain and not suitable for your time. If you decide to use all the top indicators, you will immediately find that the charts become very confusing and the signals conflict with each other You can only choose a few of the above indicators If you intend to use all the above indicators, plus moving averages, channels and bands, then one chart will not integrate everything and you will have to switch to multiple charts If you also use multiple time periods to confirm the data, then the work will be particularly heavy You can easily solve the problem with 12 charts (4 charts per time period, 3 time periods in total, 2 indicators per chart) and this does not count candlesticks and pattern analysis (maybe including pips or bricks) You often see people selling you some indicator online or in emails, claiming that it is never wrong and can generate The only way to find the best indicator for you is to backtest some of them together or individually, depending on the market conditions, in the shortest possible time period, as statisticians will tell you You dont need software to do a reasonable backtest (and in fact, backtesting software can lead you into the trap of spending too much time looking for the ideal indicator parameters) you just need a piece of paper with a chart of the indicators to record the buy/sell results and mark the wrong signals given by the indicators. An honest accounting will tell you if the indicator is right for you. To be really thorough, if manual backtesting is not hard enough, you need to add stop and target levels to the indicator; otherwise, you should use the stop-and-go concept; where the indicator signals a turn to exit from one position and enter another position of the opposite type. If, however, you find that you can easily reach the stop level, or that the target level is not worth pursuing, then you do not need to study every trade generated by the indicator

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