Forex Trading Style: 7 Essential Indicators You Need
When developing your own forex trading style, there is a danger in becoming fascinated with indicators. The newer trader experiments with one, finds it doesn’t work so well, then switches to another, then another, etc. The list below highlights 7 key indicators that can be woven into your forex trading style. You may not need to go any further than this. Stick with the 7, practice them, get to know them inside out, and get the satisfaction of developing your own successful forex trading style. #1 Candlesticks – watch for a hammer, doji, head and shoulders pattern, 1-2-3 formation, double top or bottom. # 2 Trendlines – draw common sense trendlines across the highs in a downtrend or lows in an uptrend. Watch for price to break the trendline and come back and test it. # 3 MACD – Watch for a difference between the highs and lows of MACD and price. When there is divergence watch closely for a good entry point once price has shifted in the direction of the divergence. # 4 200 EMA – this indicator is an all time favorite for traders across the board. On higher time frames (1 hour, 4 hour, daily) take note whether price is above or below the 200 EMA to give you the sense of price direction. # 5 Pivot points – take note of previous support and resistance lines as price will come back to retest these levels time and time again. # 6 Fibonacci – learn how to use this tool well and take particular note of the 50 and 62 retracement levels, especially when they coincide with trendlines or previous support/resistance. # 7 Price itself – let price prove to you where it wants to go by setting entry orders rather than market orders when entering a trade. By setting an entry order, price has to reach the target you specify before pulling you into the trade. No one indicator is enough to warrant entering a trade. Use a combination of these to get confirmation that the trade you are contemplating is high probability.
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