What indicators to use?

There's no simple answer to this query, some traders use both simple and complex ones, though personally, would prefer a mixture of both. It also depends on your preference and here's a tip: using all the indicators is not a good idea..not kidding!
You may want to research each indicator individually, settle on a select few and carry out a few demo trades with the selected indicators until you get the hang of it!

This indicator will put a line on your chart that will indicate trend in a little different way than a moving average.

If there is a good slope on the indicator. then you can know there is a trend...

I use this from time to time and there are several threads in ForexFactory that use this indicator

I hope that helps a bit

pivots!

I make good use of the % Williams indicator to show if something i overbought or oversold. It is quite a reliable indicator in how I use it, but like anything putting to much emphasis on one thing or another, leads to confusion and can end up making either the wrong decision or no decision at all.

Personally I think that you have it right trading simply. If you have found something that works for you - ie gets you lots of profitable trades over the long run, then you do not really need to improve it per say to earn more (although you may need to perfect it) you just ned to position size a little more or less!!!

Happy trading!

I use mainly MACD and RSI. They are working quite good so far.

u can experiment... find out which one u like.
but u can trade without them ok... (just use what u are currently using)

I like to keep a clean chart to help me see s/r levels and price action at those levels, but one indicator I will look at from time to time is bollinger bands. If you're outside the upper band, with some good price action and at a key supply level it just helps lower the risk for a short I think.

Hi,

I've only been trading for around 2 months (only about 6 weeks of that with a real account).

At first, I was piling indicators, etc on to my chart and getting to many conflicting signals / false signals.

Now, I've just gone back to identifying support and resistance. I pay particular attention to support/resistance on higher timeframes, in addition to areas where support/resistance converge (eg pivot points converging with S/R levels).. Also putting fibonacci levels on major swings, and looking for convergences with other lines.

In addition to support/resistance lines, I'll trade chart patterns. As mentioned, I'm only new to trading, but so far seem to be doing okay recognising patterns.. And they seem to work quite well, too. My aim, as a software engineer, is to create an EA incorporating these elements in order to remove subjectivity and emotions.. They seem to be my biggest problem at the moment.

I'll trade 0.4 lots on trades i'm confident about, and so far they've all worked out profitable. My biggest issue is I will sit at work in the day time (Australian/Asian session) and do stupid small 0.01 sized trades without really thinking and not being in the right mood.. I just need to become more disciplined and ditch these trades, whilst keeping the rest. So far on $250 account, I'm only about $10 in front.. As I said, I'm learning

All I really have is MACD on my chart in addition to the above.

Mark

What you are doing is fine. No need for any indicator. Keep charts as clean as possible. Indicators can cloud your judgement and analysis.

hi zerix,

I like using monthly opening point and put the line from Mth opening become your Trend line if pa break the open monthly line and TL

here the sample of the draw the line
GBPJPY - D1 Chart
Yellow line is opening point of month
Red is the line from turning point to the 2nd mth to the other month
trend to be valid till the next reversal month

cheers

Hi there guys - sorry in advance if somebody has already posted this but here's an indicator i use that shows the daily pivots / support and resistance lines.

I use it every day and it doesn't let me down - really hope this helps people

Moving average is the best indicator!

Sorry Oliver, i have to disagree with you on that. MA is the worst indicator of all time. simple reason being , its lagging.

Its best to trade on clean charts without ANY indicators.