The purpose is to choose the best Forex indicator combination for strategy trading. The point is to combine best Forex indicators in a right way. Each indicator should provide different kind of signal about the forex market. If you have two or more indicators deliver the same signals , it would not help much for your trading.
So , how to choose the right Forex indicator combination ? First trader should know about general categories of indicators :
- Volatility forex indicator
- Momentum Forex indicator
- Trend Forex indicator
- Volume Forex indicator
Forex trader should using only one indicator from each category, If you plotted indicators on forex chart and you find the same pattern of indicators, it means you have the wrong indicator combination. This following combination showing same signals : RSI relative strength index and momentum indicator forex are give the same information.
Try to use RSI , MACD and Volume for your combination, each of this indicator give different information , MACD is trend indicator with RSI is momentum forex indicator and volume market indicator
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5 comments:
It is possible to make money using a countertrend approach to trading. However, for most traders the easier approach is to recognize the direction of the major trend and attempt to profit by trading in the trend's direction. This is where trend-following tools come into play. Many people misunderstand the purpose of trend-following tools and try to use them as separate trading systems. While this is possible, the real purpose of a trend-following tool is to suggest whether you should be looking to enter a long position or a short position.
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