How many indicators to converge before making a trade? | Forex Factory

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How many indicators to converge before making a trade?

  • #1
  • First Post: Aug 11, 2010 6:01pm Aug 11, 2010 6:01pm
Hi.
How many indicators do you use?
And how many of them do you want to converge before making a trade?
Personaly I tend to use:
- Resistance/support.
- Piviot.
- Fib.
-MACD

And I want atleast 3 of them to converge before making a trade.
I use 1h, and 4h chart.
What is you aproach?
  • #2
  • Aug 11, 2010 6:50pm Aug 11, 2010 6:50pm
I'm pretty much the same. I think it depends on what type of trader you are, as a bigger time frame trader I think less is more, due to the fact a MACD in a bigger timeframe will show you, in my opinion, clearly what momentum and the direction of the market. From there you just have to pick your indicators to get into the trade such as fib levels, ema's and trendline
  • #3
  • Aug 11, 2010 7:23pm Aug 11, 2010 7:23pm
looking for 3 or 4 reasons to take a trade isn't a bad idea. It'll filter out a lot of bad trades and leave a better win:lose ratio.

Would not be a bad idea to move out of indicators however, use price action

best of luck mate
  • #4
  • Aug 11, 2010 9:37pm Aug 11, 2010 9:37pm
Quoting scottyfromau
looking for 3 or 4 reasons to take a trade isn't a bad idea. It'll filter out a lot of bad trades and leave a better win:lose ratio.

Would not be a bad idea to move out of indicators however, use price action

best of luck mate
Trade by using price action? How would you then trade?
My trade are mostly based on indicators at the moment.
  • #5
  • Aug 11, 2010 11:05pm Aug 11, 2010 11:05pm
Quoting Sunsi
Trade by using price action? How would you then trade?
My trade are mostly based on indicators at the moment.
There are many examples of price action trading, pin bars are just one of them, as per the example...Platform shot to prove I'm not full of it

Hope this helps
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  • #6
  • Last Post: Aug 11, 2010 11:18pm Aug 11, 2010 11:18pm
Quoting Norman1
There are many examples of price action trading, pin bars are just one of them, as per the example...Platform shot to prove I'm not full of it

Hope this helps
Yeah, I am also using candlesticks in my trading!
Like to cominbe those I have mention in my posts. Any tools any of you think I should add? Or try to use ?
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