Tuesday, February 20, 2007
Forex Day Trading System - Confusion over technical indicators?
Forex Day Trading System - Not sure which indicators to use in the analysis?
Its quite natural..With so many indicators in place, sometimes its overwelhming on which indicators to use..
Remember, your technical indicators are to help you predict how the forex trading market will behave on the basis of how it has worked earlier..Somtimes it will work just as you predicted and sometimes the day trading market may not cooperate..
In genral, don't use the more than 3 indicators..Atleast I don't..The more the indicators, the more complex the analysis will be and moreover you might miss the entry and exit opportunities that may hit your pips..
Also, don't use 2 indicators of the same type..For e.g. using MACD and Stochastics may not be advisable. Instead use MACD with your favourite set of moving averages.
Also, some indicators with different values work better for different time frames. For. e.g a 10 EMA will be more popular as a system for a trade which more of forex day trading..while EME50 is more suitable for currency swing trading.
Thats all in today's session..keep visiting more to learn more on the currency market..
Meanwhile, I came across one blog on technical analysis..and its mostly on the forex market.
Forex day trading.
Its quite natural..With so many indicators in place, sometimes its overwelhming on which indicators to use..
Remember, your technical indicators are to help you predict how the forex trading market will behave on the basis of how it has worked earlier..Somtimes it will work just as you predicted and sometimes the day trading market may not cooperate..
In genral, don't use the more than 3 indicators..Atleast I don't..The more the indicators, the more complex the analysis will be and moreover you might miss the entry and exit opportunities that may hit your pips..
Also, don't use 2 indicators of the same type..For e.g. using MACD and Stochastics may not be advisable. Instead use MACD with your favourite set of moving averages.
Also, some indicators with different values work better for different time frames. For. e.g a 10 EMA will be more popular as a system for a trade which more of forex day trading..while EME50 is more suitable for currency swing trading.
Thats all in today's session..keep visiting more to learn more on the currency market..
Meanwhile, I came across one blog on technical analysis..and its mostly on the forex market.
Forex day trading.
Labels: EMA, Forex day trading system, forex technical indicators, forex trading, MACD, stochastics
