What is the most reliable and profitable technical tool? | Forex Factory

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What is the most reliable and profitable technical tool?

  • Poll

  • What is the most reliable and profitable technical method?
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  • #1
  • First Post: Edited Jan 31, 2010 7:53am Jan 29, 2010 6:59am | Edited Jan 31, 2010 7:53am
I am hosting a polling about the most reliable and profitable technical tool.

If you have used/observed/tested one of the above method successfully for months, feel free to vote. You may only choose one option for this polling, and so please choose the one most important to you.

There are lots of different trading methods on this thread, while not that much reliable comparison and evaluation across those methods is made. I hope this polling can shed light on the relative merits among them.

Best Wishes!
  • #2
  • Edited 10:01pm Jan 29, 2010 9:05pm | Edited 10:01pm
Look like S/R ranked the No.1 Technical Tool (up to now 4 out of 8 votes )
  • #3
  • Jan 31, 2010 7:50pm Jan 31, 2010 7:50pm
maybe u should've allowed 2 - 3 choices per voter
  • #4
  • Jan 31, 2010 7:53pm Jan 31, 2010 7:53pm
Quoting supremeChaos
maybe u should've allowed 2 - 3 choices per voter
Thanks supremeChaos, I have considered that in the beginning, but I don't like the fact that someone choose 1 option while some other choose 3 options. So, finally...
  • #5
  • Jan 31, 2010 8:05pm Jan 31, 2010 8:05pm
I see.

u have the option of revealing the voters for every choice/option, in case u were 'worried' if/which voters voted how many.
i think the statisticians here (if there are any) will agree that, since u are asking a question with potentially several answers, it would have been best/u will get a much better/realistic result if u allowed 2 or more choices per voter, as traders in general tend to use several tools.

u might wanna consider this in your next poll. just a small insight
  • #6
  • Edited Feb 1, 2010 4:08am Jan 31, 2010 9:27pm | Edited Feb 1, 2010 4:08am
Well then, here's all my choices.

Trendlines are made from price patterns, and horizontal lines (including "Round Number" and thus a couple of fib numbers, and the weekend break (vertical)) are incidental in being a type of trendline.
Candlesticks are second; they work if some good TL's are also there.
Volume is last to work; it's forex not futures (or...), so only extreme volume works, unless you're admirably good with a particular feed.

The rest average (ma), lag (momo) or are artificial (fib).

You left off news, which is third on my list, and session timing.
  • #7
  • Jan 31, 2010 9:51pm Jan 31, 2010 9:51pm
Quoting ha-pattern
Well then, here's all my choices.
...
yes Sir, i expect something like this


Quoting supremeChaos
...
u have the option of revealing the voters for every choice/option, in case u were 'worried' if/which voters voted how many.
...
kk007,
something like this. with this, u can see how many a trader chose among the options available..
  • #8
  • Feb 1, 2010 12:35am Feb 1, 2010 12:35am
Momentum. Support and Resistance/Trend Lines aren't even close to being the most reliable. Support and resistance mean nothing when you take a short position when its oversold or vice versa.
  • #9
  • Edited 3:57am Feb 1, 2010 3:36am | Edited 3:57am
Hi Supreme,

The current polling question is: What is the most reliable and profitable technical tool/method?

You may have overlooked the key phase "the most" in the polling question and looked for another question. It is simply logically wrong to ask for "the most" reliable and profitable technical method, while giving more than ONE option.

A question like "Which are reliable and profitable technical tools/methods?" may be something you are looking for, but it is not the question here. So, I don't think there is anything wrong to give only one option to choose.

I have came across the open-name style polling, and I just don't like my username left on the polling result. I believe anonynous polling is more popular. Also, the multi-option polling result are more complex to interpret and analyse, which goes against the keep-it-simple principle, and thus less powerful, I believe.



Quoting supremeChaos
yes Sir, i expect something like this



kk007,
something like this. with this, u can see how many a trader chose among the options available..
  • #10
  • Edited 10:26am Feb 1, 2010 7:10am | Edited 10:26am
Quoting ha-pattern
You left off news, which is third on my list, and session timing.
You said I left off (out?) "news" and "session timing". If you have read the thread title or polling question, you will know that it is "What is the most reliable and profitable technical tool?"

Personally, I find it is a bit hard for me to call "news" and "session timing" as technical tools, let alone imagining them may possibly be "the most reliable and profitable technical tools".

In case someone want to vote them, they can choose the "Others" option and perhaps explain here. I would be very interested in their explanations on how to use "news" or "session timing" as their "most reliable and profitable technical tool".
  • #11
  • Feb 1, 2010 7:25am Feb 1, 2010 7:25am
None of them, it all depends on you.
  • #12
  • Feb 1, 2010 11:58am Feb 1, 2010 11:58am
Quoting kk007
You said I left off (out?) "news" and "session timing". If you have read the thread title or polling question, you will know that it is "What is the most reliable and profitable technical tool?"

Personally, I find it is a bit hard for me to call "news" and "session timing" as technical tools, let alone imagining them may possibly be "the most reliable and profitable technical tools".

In case someone want to vote them, they can choose the "Others" option and perhaps explain here. I would be very interested in their explanations...
Thank you for asking, and yes, I meant for them to be with the "Others" option. Also, sorry I said "session timing", which makes no sense: 'Session times' is what I meant.

On news: You've heard of Time Lines, right? The minute news is announced is preset weeks or more in advance, and there's always a weekend gap, even if a very little trading does happen. So, replace Fibonacci-selected times with these news times of different flag colors.
News has a heavily qualitative factor to it, also, which I ignore in favor of the preset rating, which is standard, of the minute the news is announced.

On sessions: The weekend gap time lines have 100% consistency, even if the market, or perhaps only the broker, closes for a holiday. Thus, putting time lines between the different ones is moot; even so, the Time Lines' number replacement still applies. Interday sessions' times are preset, also, only I didn't include them in my list as I haven't found a standardized approach to using them.

midlines: I've always considered the midline dot when you highlight an MT4 trendline to be a separate technical indicator, considering how it's used differently and has different features -- it's a line segment used only between two places and includes a center dot, where a trendline by definition is unlimited except in apparent effect -- than a trendline. I didn't list this, however, because I've never used it in a separate technical method and it, like the others listed, goes with trendlines.
Midlines work reasonably well with news times and session, or at least weekend gap, times. If one draws a midline between two red-flag news-time minutes with a high spread to the bar, often the chart will pivot at that midline. Same between two weekend gaps.

The above use of news and sessions are unusual, of course, and I see your view readily. I primarily use trendlines, and included the rest of the list for edification.

Hope that helps. Good trading to you.
  • #13
  • Feb 2, 2010 2:56am Feb 2, 2010 2:56am
the most profitable tool is the application close button on the top right corner of whatever trading program being used.

*runs and hides*
Congratulations ScalaFX for coming out of the closet!
  • #14
  • Feb 2, 2010 4:47am Feb 2, 2010 4:47am
Thanks for your detailed explanation, although I may not agree to call "news" or "session timing/times" as technical tools. Anyway, you don't seem to suggest that they may possibly be the most reliable and profitable ones.

To get a beautiful distribution of votes across different options in this kind of polling, I don't want to see too many options left unvoted or too many votes go to "Others". I think it is looking good now.

Quoting ha-pattern
Thank you for asking, and yes, I meant for them to be with the "Others" option. Also, sorry I said "session timing", which makes no sense: 'Session times' is what I meant.

On news: You've heard of Time Lines, right? The minute news is announced is preset weeks or more in advance, and there's always a weekend gap, even if a very little trading does happen. So, replace Fibonacci-selected times with these news times of different flag colors.
News has a heavily qualitative factor to it, also, which I ignore in favor of the preset rating, which...
  • #15
  • Feb 2, 2010 4:48am Feb 2, 2010 4:48am
Let me take a screenshot for the polling result up to now!
Attached Image (click to enlarge)
Click to Enlarge Name: Clipboard02.gif Size: 13 KB
  • #16
  • Feb 2, 2010 5:16am Feb 2, 2010 5:16am
It strikes me that starting polls on a forum to obtain information about which trading methods are effective is a totally bizarre and completely useless methodology.

You have no control over the quality of the respondants. If 95% of your respondants claim that support and resistance is effective what possible use is that. You have no idea if those people are profitable knowledgable traders, or completely clueless losers.

Its hardly surprising that so many fail.
  • #17
  • Feb 2, 2010 5:36am Feb 2, 2010 5:36am
All polling is like this, the result is a collective opinion about something. This one has no difference. Readers should evaluate themselve how much they should trust the result. Neverthelss, you should read the first post about the requirement of polling.

Quoting Razzle
It strikes me that starting polls on a forum to obtain information about which trading methods are effective is a totally bizarre and completely useless methodology.

You have no control over the quality of the respondants. If 95% of your respondants claim that support and resistance is effective what possible use is that. You have no idea if those people are profitable knowledgable traders, or completely clueless losers.

Its hardly surprising that so many fail.
  • #18
  • Feb 4, 2010 1:31pm Feb 4, 2010 1:31pm
I use other pairs as indicators, to identify market movement.
{Promotion Removed}
  • #19
  • Feb 4, 2010 4:55pm Feb 4, 2010 4:55pm
Quoting nubcake
the most profitable tool is the application close button on the top right corner of whatever trading program being used.

*runs and hides*
the most brilliant post ever created.
  • #20
  • Edited 6:09pm Feb 4, 2010 5:37pm | Edited 6:09pm
The Wisdom to learn and choose the most effective and appropriate technical tools.

Understanding its usage to adapt its effectiveness in the different market conditions.

Discernment to use and manage them in the most effective and profitable manner.

Its not the Tools but the one who wields it.......

Eg; Horizontal S/R is good for Rangey/Consol market but not trending market... AND so on and on

Theres is no one size fit all for all market conditions....








GL and cheers..............
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