For Forex
What are the top 5 most consistent and widely used indicators on The Forex?
Looking for an experienced or cited answer as to what the most consistent and widely used indicators are for the forex markets, and what the most popular time frame is. I usually trade the 1 hour, but I’m not sure if that is best or not.
here’s a straight forward answer:
- at least the 1hr chart, the larger the timeframe the more reliable signals become because it holds more (economic or not) information. 4hr and daily charts are also popular…
- The indicators: try to keep your mind off of mechanical systems since the market is an organic process. Price is the ultimate indicator and moves in waves but nonetheless in a direction. You therefore need indicators that approach the organic nature of the market as much as possible. Moving averages, bollinger bands and fibonacci are actually all you need directionwise and then you could use oscillators (stochastics, RSI, CCI, MACD) and/or candlepatterns for entries. Keep in mind that oscillators such as RSI, MACD and CCI can also serve as trend indicators.
The indicators i mentioned are the most popular ones.
Doesn’t have to be more than that, just don’t clutter the charts, gl….
TIP: never be afraid to use those indicators with your own common sense and logic. Doing a backtest will help find a setup that works best for you.
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