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Thread: The best indicator

  1. #91
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    Can anyone tell me please Is Bollinger band is best indicator in forex trading

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    Quote Originally Posted by dxrocket24 View Post
    Can anyone tell me please Is Bollinger band is best indicator in forex trading
    Bollinger Bands is a very useful indicator and I recommend everyone to use it.

    However, no such thing as 'the best indicator'. It depends on starting deposit, margin, risk tolerance, profit goals etc and indicators will need to be adjusted according to your requirements and trading style. For example, if you like to trade only once or twice a day, please use daily charts, MACD etc but since the intraday price fluctuation can be large, you must trade in small lotsize and keep plenty of margin.

    Hence, indicators need to be tried out for your settings. I strongly recommend using a demo account, fine tune the indicators.

    Also remember, it is nearly impossible to win all trades. You win some, you lose some, and you must try to reduce the amount you lose in losing trades. But as humans we are, we refuse to accept that we can go wrong in our predictions and sit out a losing trade that ultimately destroys the account. That habit must be fought. Again, Demo accounts or even the Fx Contest will help greatly in reducing those tendencies.

    Going back to Bollinger Bands, it represents the "standard deviation" of the price. It shows how wild the price swings in certain time frame. The way to trade using the indicator is, if the Bands are horizontal it represents "range trading interval". In "range trading interval" you can use oscillators like RSI, Stochastics etc to some good degree of success.

    If the Bands start widening both sides, it shows a breakout event about to occur. Again, with bands widening both sides is not sufficient to trade. After a while the bands will start flowing towards the same direction as price. This is the time to trade and follow the flow of the Bollinger bands.

    There are hundreds of other indicators to use along with Bollinger Bands. I encourage you to put up simple moving averages (SMA 100) etc and observe how the price hits 'resistance' levels before breaking through or reversing.

  3. #93
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    I just using the Momentum and RSI indicator, when the momentum indicator accross the 100 then is the entry of the market and RSI to detect the exit of the trade.

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    you can also include three time frames 5, 30, 4 make your entries on 5 min still using your RSI. 30 and 4 gives direction, unless trend agrees on all three then enter the market.

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    Hello Everyone

    I simply just love programming custom build indicators.


    My new venture involves the "Moving Averages" combined with the "teeth" of the "Alligator".

    Settings:

    MA_Period=8;
    MA_Shift=-4;
    MA_Method=0;
    TeethPeriod=8;
    TeethShift=-3;



    Each time the yellow line crosses the red it could signal a profit taking swing in that direction.

    Good luck
    ilearn2t

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    Quote Originally Posted by dxrocket24 View Post
    Can anyone tell me please Is Bollinger band is best indicator in forex trading
    As far as i know bollinger band isn't the best one, but it will surely help you to get an idea of where it might get support. I have seen many experienced traders using bollinger bands. Understand the way it works and use it, it will help you.

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    Quote Originally Posted by hytre View Post
    I prefer ZigZag as it gives you a great visual of waves. What's your fav indicator and why ?
    Bollimger band is my best indicator. I use it with candle stick ,it really gives good results. Its middle band is considerable all trade is depend on it .We can get good profit if with some hardwork are able to know this indicator well.

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    Quote Originally Posted by aun View Post
    Bollimger band is my best indicator. I use it with candle stick ,it really gives good results. Its middle band is considerable all trade is depend on it .We can get good profit if with some hardwork are able to know this indicator well.
    With proper money management, it indeed can help you. But the price movement within the bollinger band will be different when you have different trends. In a strong down trend, you can see that the lower line of bollinger band goes lower and lower and at that point decision making ain't easy. But in a ranging market, it can help you find good entry points.

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    that is a very good idea sheared on this thread. Truly MA is very ok to use along with other indicators, once the (ma) gives you a direction use any other indicator to confirm it and pull the trigger

  10. #100
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    Quote Originally Posted by ilearn2t View Post
    Hello Everyone

    I simply just love programming custom build indicators.


    My new venture involves the "Moving Averages" combined with the "teeth" of the "Alligator".

    Settings:

    MA_Period=8;
    MA_Shift=-4;
    MA_Method=0;
    TeethPeriod=8;
    TeethShift=-3;



    Each time the yellow line crosses the red it could signal a profit taking swing in that direction.

    Good luck
    ilearn2t
    I am pretty sure that it will be an effective indicator for trending markets, But in a ranging market one has to be careful in choosing the signals, because you can find many invalid ones. These indicators lag a bit. But nothing wrong in trying out different indicators on our own.

  11. #101
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    Zigzag is not the best indicator ,i think , it will change the state with market . bollin line is the best one
    it combine support resist ,trend feather in one indicator .

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