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Most usefull and simple indicators

  • #1
  • First Post: Jan 23, 2007 6:56am Jan 23, 2007 6:56am
Hi,
Ive been interested in forex for some time. Looking forward to making real money soon, but Im still trading on a demo account.
I use the murrey math indicator - and I have to say that they can be helpfull.
But, are there any more simple but usefull indicators that could be helpfull in begginer trading ?

Btw: Does Fibonacci really work ? And is a "must read" If i want to get serious with forex ?

All comments welcome.
Thank you.
  • #2
  • Jan 23, 2007 7:59am Jan 23, 2007 7:59am
Hi and welcome,

My suggestions would be only lines, no oscillators and such, any kind of lines: trendlines, price S/R lines, fib lines, round numbers lines, time lines (very important), etc.
I see you use Murray math lines, stick to it as has some sound concepts behind it.
As for fib lines, for some people they work for some they don't. I for one use only the 50% level.
-soso
  • #3
  • Jan 23, 2007 8:27am Jan 23, 2007 8:27am
Quoting ShowMeZieMoney
Hi,
Ive been interested in forex for some time. Looking forward to making real money soon, but Im still trading on a demo account.
I use the murrey math indicator - and I have to say that they can be helpfull.
But, are there any more simple but usefull indicators that could be helpfull in begginer trading ?

Btw: Does Fibonacci really work ? And is a "must read" If i want to get serious with forex ?

All comments welcome.
Thank you.
This is a bit of a cliche where I am concerned, but in my limited experience I would encourage you to stick with what you have now.
My gut feeling is that MAs, oscillators (as SOSO said) can only be a guide, and unless you really understand what they're telling you, can do more harm than good.
I usually point all newcomers to this thread as, coupled with what you have on your screen now, the info can give useful insights in how price MAY move. It's a long read, but could help you, it certainly helped me; apart from one MA (365EMA) there is nothing apart from one trend indicator on my charts now.
There is a huge amount of good advice posted around here, and I'm glad for your sake you've ended up here, and I wish you all the best in your trading future.
  • #4
  • Jan 23, 2007 8:38am Jan 23, 2007 8:38am
The reason Im asking is becouse. I only use murrey - I dont have any other indicators - and I think that I might be missing something important.
Ive never suffered the so called "Indicatorsis" and Im thinking, maybe nows the time to get to know more about this.

My screen looks like this

http://www.fotosik.pl/pokaz_obrazek/...f57b1363d.html

I only trade cabble.
  • #5
  • Jan 23, 2007 8:52am Jan 23, 2007 8:52am
Quoting ShowMeZieMoney
The reason Im asking is becouse. I only use murrey - I dont have any other indicators - and I think that I might be missing something important.
Ive never suffered the so called "Indicatorsis" and Im thinking, maybe nows the time to get to know more about this.

My screen looks like this

http://www.fotosik.pl/pokaz_obrazek/...f57b1363d.html

I only trade cabble.
I doubt very much if you are missing anything, if Murray works you don't need anything else.
If your entry, and exit, rules are solid, then trade it until you understand it upside-down, inside-out, or whichever way but loose. Only then, if it doesn't seem to be working, should you look to add stuff.
I know there are others around here using Murray, I've seen the odd post, so maybe do a search and see if they have any insights that could help you.
Or start another thread, if your search doesn't give you any results, and try and build a Murray group here. I'm sure any new method will pick up adherents, and a good method may develop from there.
  • #6
  • Jan 23, 2007 8:53am Jan 23, 2007 8:53am
Thanks for the advice
  • #7
  • Jan 23, 2007 10:19am Jan 23, 2007 10:19am
Cable is the wild beast of currencies. That might not be a good choice for a newbie.
  • #8
  • Jan 23, 2007 10:45am Jan 23, 2007 10:45am
Quoting ShowMeZieMoney
The reason Im asking is becouse. I only use murrey - I dont have any other indicators - and I think that I might be missing something important.
Ive never suffered the so called "Indicatorsis" and Im thinking, maybe nows the time to get to know more about this.

My screen looks like this

http://www.fotosik.pl/pokaz_obrazek/...f57b1363d.html

I only trade cabble.
In the first and the second picture we see cable monthly and daily but in the third one - M1.

Do you use M and D as a direction and looking on M1 for a point of entry?

Chcąc walczyć z kablem powinieneś znać Fibo na D1 oraz na H4, dużo się wkoło nich zawsze dzieje. Linie trendów na D1 oraz H4 też Ci duzo pomogą, warto je znać bo tysiące ludzi tak gra.
Quidquid latine dictum sit altum viditur
  • #9
  • Jan 31, 2007 8:59am Jan 31, 2007 8:59am
I use only use the M1 really. I deleted the Monthly one from my screen, and when things are getting out of hand a bit ( Too much movement ) I try to get some information out of the Daily graph. When trading - I only look at the M1 - IMO it indicates the moment when to buy/sell the best.

A few days ago I got 123pips /15% income in 1 day - so I think it works and only needs a few modifications to be really successfull.

Ad. Cabble being the wild beast - Ive never thought about it that way. But on the other hand - Ive never payed too much attention to other pairs.
  • #10
  • Jan 31, 2007 9:12am Jan 31, 2007 9:12am
Hi,

I use EMAs and parabolic SAR only. I use fibo retracement and projection only for determining limits, and then not very often.

AFF
FOREX = 21st century alchemy.
  • #11
  • Jan 31, 2007 10:26am Jan 31, 2007 10:26am
Right now I stick to price action assisted by MACD and RSI. I went away from using MACD and RSI for weeks if not months because of the arguement that they're lagging and are not needed. To me they are needed. They can show divergences and other patterns that can help us determine if buying pressure is losing steam when it may not be so apparent to see in price action. All we see in price action is price continuing to rise. Right now I'm show USD/JPY. I saw a big divergence between price and both the MACD/RSI. I entered a trade that was against a trend that began on December 5th. If I was using price action alone I don't think I would have ever considered trading against that.

I may look for maybe one or two other indicators to add, but that probably won't be necessary. Don't bother using two different indicators when they both tell you the same story. Look for uncorrelated indicators. Matt
  • #12
  • Jan 31, 2007 11:47am Jan 31, 2007 11:47am
Trendlines and candles for entries. Pivot points and candles for exits. MAs can be helpful. I like 21,35,89,120. But its an art. Its all in the interpretation. If Murrey works for you, then why change? I'm guessing it doesn't work for you though, or you wouldn't have started this thread. ;-)

Liz
There's always money in the banana stand.
  • #13
  • Last Post: Jan 31, 2007 10:01pm Jan 31, 2007 10:01pm
Quoting ShowMeZieMoney
Hi,
Ive been interested in forex for some time. Looking forward to making real money soon, but Im still trading on a demo account.
I use the murrey math indicator - and I have to say that they can be helpfull.
But, are there any more simple but usefull indicators that could be helpfull in begginer trading ?

Btw: Does Fibonacci really work ? And is a "must read" If i want to get serious with forex ?

All comments welcome.
Thank you.
All I use to trade is support/resistance/trendlines and Fibonacci levels at 50%.
If you ask around you will see many people like the daily charts because the information is very well filtered. You can see trends easily in them.

The reason why daily charts is good in finding trends is because
1) daily charts concludes the results of the battle between buyer/seller.
Every day market open in the morning and close at night and you can clearly see who wins the battle at end of day. Like watching football game, you get conclusive result when the game ended. This is important to see trends.
2) its widely used by the banks and hedgers, they are the prime movers.
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