Topic: A single trading tool is not enough - page 7. (Read 1215 times)
Support and resistance are among the most important tools of technical analysis, but in my opinion that is not enough because analysts differ a lot in their analyzes and often make mistakes, so in my opinion several types of analyzes must be mixed together to get a satisfactory result. It is also important to study the market situation in general and the big news Influencing the market because it can reverse the trend at any time, so it is necessary to use fundamental analysis along with technical analysis.
Based on my own experience this is what i do commonly use.
1. Support and Resistance
2. Trend Lines
3. MA
4. RSI
5. Sticks on hour timeframes and finding out some bias.
This is actually basing on your own preference on what suits you on.
This can be a good indicators to use every time you trade, it compliments the other indicators and you can get more effective result if you do follow these indicators. I've been using a lot of indicators lately because the market is not moving that much and its hard to get the correct data if you are just going to base on a single tool. Knowing the best indicators to use is a must, you should focus on that and learn how to create a good strategy using that indicators. 1. Support and Resistance
2. Trend Lines
3. MA
4. RSI
5. Sticks on hour timeframes and finding out some bias.
This is actually basing on your own preference on what suits you on.
If I may add, to learn more about the coin you are trading with, aside from those indicators, you can visit their social media threads or channels and read what is going on. In most cases, these devs won't publish on their official site about the updates, but they will post it within their social media groups. Because those indicators and other TAs are useless, if for example, the team is planning to do a pump and dump strategy. It may be too late for you to discard the coins you have on hand. But all along, they are giving hints to their social media community that they are about to exit this market.
Based on my own experience this is what i do commonly use.
1. Support and Resistance
2. Trend Lines
3. MA
4. RSI
5. Sticks on hour timeframes and finding out some bias.
This is actually basing on your own preference on what suits you on.
This can be a good indicators to use every time you trade, it compliments the other indicators and you can get more effective result if you do follow these indicators. I've been using a lot of indicators lately because the market is not moving that much and its hard to get the correct data if you are just going to base on a single tool. Knowing the best indicators to use is a must, you should focus on that and learn how to create a good strategy using that indicators. 1. Support and Resistance
2. Trend Lines
3. MA
4. RSI
5. Sticks on hour timeframes and finding out some bias.
This is actually basing on your own preference on what suits you on.
but with just using one tool like the Fib retracement, I think it is not enough.
Surely using just one tool in trading isn't the best either. We need at least two indicators or three for comparison and confirmation of trade. Doing just a single indicator trading is just a gambling exercise. Trading actually requires the use of indicators and chart but not to cluster your trading window. When I use many indicators, I get really confused.
What is the best thing is that we can perform better trade and profit as these trading tools are not all effective.
that it would vary on someone or person or trader on how many indicators that they would be using on.Each does have corresponding functions.So it would vary
because there are some who do make naked trading and there are some who do use lots of indicators to check out about price signals or patterns.
Do not forget about reading news. They can be useful indicators too for specific cryptos that you're holding or trading, they set a sign if there's going to be a shorting or if someone has to see that it should set a bullish pattern. Well, nothing beats having multiple tools and indicators in checking out the market.
But for those that don't like to look at the charts or don't know how to do it, there are still other ways just as I've said.
This is quite important for the crypto world, it is basically what you do in order to get better. I personally believe that if you know what you are doing then you should be making a profit, but if you do not follow news then even if you are a veteran of trading then you will not take advantage of the countless profits you could have made.But for those that don't like to look at the charts or don't know how to do it, there are still other ways just as I've said.
I use cryptopanic which is a crypto news channel where you see all of them and it gives you all the brand new things going on in the crypto world and that means you will be able to react as quickly as anyone else. Definitely a good way to trade if you follow news because crypto gets emotional at all times.
I look out for area of liquidity grab and break of structure coupled with 200 EMA, Fibonacci retracement and RSI.
Though the indicators lag , in that case of that I pay a lot of attention to the market structures and pattern.
In order not to get things too complicated ,Once this stuffs gives me the confluence I need, I'm in.
Though the indicators lag , in that case of that I pay a lot of attention to the market structures and pattern.
In order not to get things too complicated ,Once this stuffs gives me the confluence I need, I'm in.
To get the best out of any analysis confluence between multiple tools is best because it gives a clear picture of where to possibly set take profit and set a stop loss in case of reversals. For me i Iove support and resistance and so I combine trend lines, moving average, time frame and indicative candle stick making sure my chart is as neat as possible and any signal outside this i avoid it. This keeps my trading discipline in check.
What are your own it can be beneficial to someone else.
Making your chart as clean as possible but i do agree that no matter how many indicators or tools that you are putting on as long you couldWhat are your own it can be beneficial to someone else.
able to read and make analysis from it.
Based on my own experience this is what i do commonly use.
1. Support and Resistance
2. Trend Lines
3. MA
4. RSI
5. Sticks on hour timeframes and finding out some bias.
This is actually basing on your own preference on what suits you on.
but with just using one tool like the Fib retracement, I think it is not enough.
Surely using just one tool in trading isn't the best either. We need at least two indicators or three for comparison and confirmation of trade. Doing just a single indicator trading is just a gambling exercise. Trading actually requires the use of indicators and chart but not to cluster your trading window. When I use many indicators, I get really confused.
What is the best thing is that we can perform better trade and profit as these trading tools are not all effective.
Using Bollinger Bands and other default indicators that you can find on charts of exchange is the best indicators to use since its the common indicator that most traders viewing. In able for a TA to highly happened is when people see it and use it as there guide for there trading. Some Analyst use different strategy which is very hard to understand and sometimes they are just adjusting there lines just to make it look like it really happening.
I believe on the simplest and common indicators for TA is the most effective above all.
Bollinger Bands is a great indicator but tbh this isn't a newbie friendly indicator as it confusing and it requires a different indicator as well to be near perfect on execution of a trade. No tools are perfect so it's perfectly just fine if you're master of a few indicator the main thing is to record your accuracy and the percentage of the indicator/s you usually used. I believe on the simplest and common indicators for TA is the most effective above all.
What are your own it can be beneficial to someone else.
Not only you, but I also always make the support and resistance indicators mandatory when making purchase entries. With its easy-to-understand nature, it will always be mandatory for traders to implement it. Not only support and resistance, I also always combine it with Bollinger Bands and Zig Zag.
Trading is a thing that you have to decide for yourself during the trade. Most of the time I just follow the candle line and take entry accordingly, especially once the market dump. I don't trade regularly now due to being short of funds. So just take advantage of volatility and wait for the dump before taking entry. I have been following when the red candle becomes too long, which means it will be green in the next few hours or a day. Very rarely do red candles last longer. So that's how I am Trading lately. If there is news then it's a different matter. We may take risks sometimes.
What are your own it can be beneficial to someone else.
Not only you, but I also always make the support and resistance indicators mandatory when making purchase entries. With its easy-to-understand nature, it will always be mandatory for traders to implement it. Not only support and resistance, I also always combine it with Bollinger Bands and Zig Zag.
To get the best out of any analysis confluence between multiple tools is best because it gives a clear picture of where to possibly set take profit and set a stop loss in case of reversals. For me i Iove support and resistance and so I combine trend lines, moving average, time frame and indicative candle stick making sure my chart is as neat as possible and any signal outside this i avoid it. This keeps my trading discipline in check.
What are your own it can be beneficial to someone else.
Doesnt matter on what indicators or tools you would be using when you do make trades neither it would be combination or would be using a few ones to make your chart to look clean as possible.What are your own it can be beneficial to someone else.
When you are already experienced then you could eventually make some support and resistance lines on a on spot manner on where you arent putting it literally and im like that honestly.
If you dont like to miss out then its not wrong on putting how many indicators as much as you can as long you could able to read it then thats what matter the most.
Too many analysis tool box will make a messy chart and make interpreting coin moves cumbersome. A simple and single tool is enough to interpret a coin direction and if it's not clear enough the news is always there to add to the signal provided it goes in direction with the market moves at that particular time of trade. Too many tools is not good for a traders especially newbies
Using Bollinger Bands and other default indicators that you can find on charts of exchange is the best indicators to use since its the common indicator that most traders viewing. In able for a TA to highly happened is when people see it and use it as there guide for there trading. Some Analyst use different strategy which is very hard to understand and sometimes they are just adjusting there lines just to make it look like it really happening.
I believe on the simplest and common indicators for TA is the most effective above all.
I believe on the simplest and common indicators for TA is the most effective above all.
-snip-
The general indicators you mention also depend on the suitability of each trader. Every trader does have their own indicator guidelines. Using Bollinger Bands, MACD, Fibonacci etc can be combined. Every trader will find out what indicators really suit their trading style.Not only technical analysis, fundamental analysis is also important to balance the TA indicators that have been used.
What are your own it can be beneficial to someone else.
Not only you, but I also always make the support and resistance indicators mandatory when making purchase entries. With its easy-to-understand nature, it will always be mandatory for traders to implement it. Not only support and resistance, I also always combine it with Bollinger Bands and Zig Zag. but with just using one tool like the Fib retracement, I think it is not enough.
Surely using just one tool in trading isn't the best either. We need at least two indicators or three for comparison and confirmation of trade. Doing just a single indicator trading is just a gambling exercise. Trading actually requires the use of indicators and chart but not to cluster your trading window. When I use many indicators, I get really confused.
To get the best out of any analysis confluence between multiple tools is best because it gives a clear picture of where to possibly set take profit and set a stop loss in case of reversals. For me i Iove support and resistance and so I combine trend lines, moving average, time frame and indicative candle stick making sure my chart is as neat as possible and any signal outside this i avoid it. This keeps my trading discipline in check.
What are your own it can be beneficial to someone else.
Exactly yes, I feel anyone can easily identify patterns on chart, breakouts or reversals or even accumulations but one needs to have a set of indicators to ensure that these patterns are valid. If 2-3 indicators give you a signal while you are approaching a particular breakout the chances of that breakout being profitable would rise drastically, this is how everyone should actually trade not just by seeing a breakout and putting your money on it. What are your own it can be beneficial to someone else.
For me, I do types of trading. The thing to consider is that you have to have control over your money management. That's the essential part because that will be the control you need. Whether you have multiple indicators doesn't indicate that you will win in trades. It's nice to have a clean chart because it is simple to understand.
The best way to have consistency is to have a bot IMO. Get Gunbot.
The best way to have consistency is to have a bot IMO. Get Gunbot.
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