Best forex chart indicators
October 12, by Lee Kelvin Filed under Fx Indicator Comments It is very important for you to know when the price is going to reverse or retrace as it will be able to alert you to exit your current position before the market takes it back or it can also alert you to enter a trade to trade the reversal. Therefore in this post today, I will be sharing with you several indicators that I use to identify possible reversal or at least a retracement. When you are in an upward movement and you see the MACD histogram shortening, it is a sign that the buyers are losing strength and a possible reversal is coming. If you are in a downward movement and you see the histogram shortening below the water line, it is sign that the sellers are losing strength while the buyers are gaining strength CCI Indicator As for the CCI, I will usually use the mark as a sign of reversal. When the price crosses above the level, I will wait for it to move back down to the level before I enter a reversal trade. If it goes below the mark, I will wait for it to move up to the mark before I enter a trade. Besides the above 2 indicators, I also make use of some candlestick patterns to help me in the identification of possible reversal Spinning Top — The spinning top is made up of a short body with long wick at the top and bottom. This is usually a sign of indecision among the buyers and sellers Railway Track — I have written a post on this railway track candlestick pattern and you can read it here. The railway track is a sign of traders getting into the wrong position and the 2 long opposite candles are formed as traders quickly exit their wrong position forex enter the opposite side. If you happen to see the indicators showing the same reversal signal together with the formation of any reversal candlestick patterns, this will greatly increase the chance of the price making a reversal. If you have any recommendation for reversal indicators, do feel free to comment below as your input will be very useful for everyone here Tags: cci indicatorforex macd indicatorforex reversalforex reversal indicatorforex reversal indicators Thanx for the valuable information. What settings indicators best for the MACD? I have used 12, 26, 9 but I have been experimenting to get a better signal for entry. Before the new trend starts, it is usually trending in the opposite side. Therefore the best way to tell the formation of a new trend is by using reversal candlestick patterns. Chart is because they are able to tell you that a reversal is on the way. Thanks for updating me regularly on your postings. It has always been a pleasure and enriching time to read it. Would like to seek your advise on this, I have seen my friends having pending orders and not having to sit in front of the screen all the time, can I check if those are for longer term traders? I guess is through support and resistance… need your expert advise. You are right to say that your friends are using support and resistance. Once you have identified a level of strong support and resistance, you can then place a pending order for entry if the price actually hits that support or resistance. These is very handy if you do not like to sit in front of the computer all day long. Thank you for this information! Everything you say is simply explained and easy to remember. Thank you very much. I will subscribe on your newsletter! Greetings from the Croatia! Yes, it is very good. Once i notice a change of or more from a newly formed candle stick and its previous one while going long, i will close my position and start to sell. Also once i notice a difference of or more between a forex formed candle stick and chart previous while going short, i will close my position and start selling. Kelvin thanks so much. And pls, how do i adjust the input for a soscastic indicator so as to get a slow soscastic. When you said you wait for a trading opportunity on the 15mins and go to the 5mins for a better trade, do you mean once you just sight a trading opportunity on the 15mins you just go straight to the 5mins to place a trade? I use the macd to trade but in a different way. I make use of the macd values as a trade signal. Once i notice a difference of between the macd value of a candle stick and the next, i get ready to take my position. Yes, when I see a trading opportunity best the 15 min, I will move down to the 5 min and I will wait for chart good entry opportunity before I trigger a trade. Sir I am regularly reading your post,other than reading I have saved each and every explanations of your post for future reference Really you are JAMES BOND 007…… how are you?. I do not use any forex signal as I am able to read the chart on my own. However if you are still new, having a forex signal can be a great help. I hope that I have answered your question and do feel free to contact me if you have any further problem. Hi Kelvin, Please, can I know which time frame you used to trade since you use 5m and 15m to enter. Thanks for the time you are spending to attend to we the newbies. I use the best min to look for trading opportunity and then move down to 5 min to get a better entry. There is no such things as the forex indicator as different indicators suits different trading needs. As for the number of indicators to use, I will stick to a max of 2 Thank you very much for you post ,they have really been very great,unlike what we even have to indicators for and have paid for. In fact, a spinning-top is a small body with very short shadows. What you describe is considered an ideal spinning top in some books but the one with long shadows is considered as quasi spinning top in some books as it has the same effect as the one indicators short wick. Like U said, trading method will not complete if we did not have proper exit rules. Glad to view you website. I always make use of the 5 minutes and 15 minutes for entry. Ask Kelvin CLICK HERE best ask me about anything related to this Blog, my Course, my signal service and Trading in general Dun Be Shy af-form af-body.
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Reply Delete Anonymous October 12, 2012 at 10:17 PM Thank you for your honesty and humor (and fabulous before and after shots) during this journey.