If you could use only 1 Tool/Indicator for the rest of your life? which one?

Woodie

hero member

Activity: 1834

Merit: 879

Rollbit.com ⚔️Crypto Futures

Quote from: ashslm on February 08, 2023, 08:29:50 AM

Me personally would use Fibonacci retracement, how bout you?

Fibonacci is a good tool and if I were to use it, it would help me the the premium and discount levels and the alike , otherwise my trading strategy allows me to trade with a naked chart and I will do this with a smile on my face.
Btw I thought trading these days has moved away from support & resistance, moving averages and all these indicators and traders are more of the ICT and smart money concepts these days Huh

Zilon

sr. member

Activity: 966

Merit: 421

Bitcoindata.science

Fibonacci is a nice indicator but the market volatility will not permit me to use just indicators to get the best out of the trend. I have only tried a few indicators which include RSI, SMA and ECDA in which ECDA is my favourite indicator but one thing i don't do is using indicators alone i add candle stick chart patterns to my indicators and it gives me more advantage.

Johnyz

full member

Activity: 2086

Merit: 193

Quote from: ashslm on February 08, 2023, 08:29:50 AM

Me personally would use Fibonacci retracement, how bout you?

If you’re a good trader, by just looking at the plain chart you can know already where the market is heading and only need a few indicators to confirm that analysis. I personally used RSI a lot and this will be my choice if I only have 1 indicator to use. Since I’m a long term trader I think this can work perfectly for me, we’re still lucky to have other indicators available for us any time, that can be a big help for our analysis.

Franctoshi

hero member

Activity: 966

Merit: 588

Quote from: ashslm on February 08, 2023, 08:29:50 AM

Me personally would use Fibonacci retracement, how bout you?

Fibonacci makes sense when it comes to using only one indicator, but I prefer using RSI over Fibbo retracemet, especially when I set the RSI period this way-
15 period for oversold and 85 period for overbought, the accuracy is like 70-90 positive results and works best in higher times frames, 4HRS, D1, W1, and M. The only thing you need is patient until your indicator hits those levels.

sujonali1819

legendary

Activity: 2436

Merit: 1189

Need Campaign Manager?PM on telegram @sujonali1819

Personally I don't do much trade. But sometime for some reason I try it. And I always prefer to use MACD and RSI.

And what people are saying that only one indicators can not help enough. So you have to follow more than one to get more data to make a trade profitable.

Flexystar

full member

Activity: 1092

Merit: 227

Honestly this is for the advance traders and not for the average reader like me. I literally either hodl for very long period of time and do DCA so that I can keep my Trade Assets value to the minimum and gain profits out of it. Now, considering the indicators well I do not need them in such case because I’m simply hodling long time and would only rely on the real time information of the market. Also, it does not affect my portfolio if crypto is going down or up since I’m gonna be interested in the results after couple of years or so.
Definitely this question is valid, since it’s too technical I would just read through different opinions.

palle11

sr. member

Activity: 2366

Merit: 332

Quote from: tbct_mt2 on February 10, 2023, 05:27:19 AM

Quote from: palle11 on February 08, 2023, 01:16:59 PM

The indicator that I think I prefer is support and resistance. There are other indicators though that I can combine with for better trade. The reason for choosing support and resistance above all other indicators is because it doesn't move or lag behind, it is permanent at whatever point it is and doesn't repaint no matter the volatility of the market.

Support and resistance can change and flip each other when market changes its trend from bullish to bearish or from bearish to bullish.

At the spot when their is volatility or bull , support and resistance doesn't change. It still remains there and not change until the price hit. This is the point I'm making that it doesn't move from such point where you have calculated it unlike other lagging indicators.

Quote from: tbct_mt2 on February 10, 2023, 05:27:19 AM

Strong resistance will become strong support and strong support will become strong resistance after each trend change.

This is true and a fact because when the reversal happens then support and resistance also reverses, so you are correct on this

tbct_mt2

hero member

Activity: 2366

Merit: 838

Quote from: NicNacCoin on February 10, 2023, 01:23:47 AM

If you want to analyze the market condition properly then you must use multiple indicators.

It is not true. If you are not too actively trading with 5-min, 15-min or 30-min chart, you won't have to use too many indicators. Applying many indicators can mislead you to what actually is going on the market. Look at fundamentals is better and with fundamentals it means you should invest, not trade.

Quote from: palle11 on February 08, 2023, 01:16:59 PM

The indicator that I think I prefer is support and resistance. There are other indicators though that I can combine with for better trade. The reason for choosing support and resistance above all other indicators is because it doesn't move or lag behind, it is permanent at whatever point it is and doesn't repaint no matter the volatility of the market.

Support and resistance can change and flip each other when market changes its trend from bullish to bearish or from bearish to bullish. Strong resistance will become strong support and strong support will become strong resistance after each trend change.

NicNacCoin

sr. member

Activity: 1386

Merit: 451

If you want to analyze the market condition properly then you must use multiple indicators. You can never make accurate market predictions using only one indicator. However I can say based on your question if I was asked to use an indicator I would use the RSI indicator.

adaseb

legendary

Activity: 3808

Merit: 1723

I don’t think any regular technical analysis indicator will help you. You need market sentiment to trade. You need something to filter out bad signals.

Basically at any time there are indicators that say to go long and also to go short. Doesn’t matter what you are trading. You need a filter. I think with crypto the best filter would be a liquidation chart. Usually when there is massive liquidations there is a good chance of a reversal. That along with volume and you would filter out a lot of bad trades.

palle11

sr. member

Activity: 2366

Merit: 332

The indicator that I think I prefer is support and resistance. There are other indicators though that I can combine with for better trade. The reason for choosing support and resistance above all other indicators is because it doesn't move or lag behind, it is permanent at whatever point it is and doesn't repaint no matter the volatility of the market.

cabron

hero member

Activity: 2800

Merit: 595

https://www.betcoin.ag

The first indicator I would analyze is the RSI before anything else. I guess I depend on most of my analysis with RSI and the rest of the indicators are just for the verification of the signals I get.

I also use the fibo but not all the time. Mostly for the weekly chart, I look at where the support and resistance lines could be in the long run.

Danydee72

full member

Activity: 218

Merit: 206

Quote

Investment is better than trading and with investment, nothing is better than dollar cost averaging ....

For me this not true - first half of this sentence and second half too. It depends what goals you define. My first goal right now is learning and for this purpose trading is much better than investing on the long term.

What should I learn if I wouldn't try to earn in trading? I learn much more if I buy and sell on a daily basis, which I call trading. DCA is easy understandable. Not much to learn about it. So it's quite useless for me right now. Of course trading means learning to loose too. But what else does DCA? If you were able to find the best point to enter a trade, this will be much better than any DCA ... and there are some strategies inbetween ... DCA may help to reduce risks, but mathematically it's not the best solution to get maximal earnings. Don't misunderstand me please, I do not suggest to avoid DCA, it's a good thing for people without much money, to which I belong too. But if you are saying, nothing is better than that, you are wrong. What would you do, if you have 20'000 BTC and willing to get some more? DCA? Maybe not.

tbct_mt2

hero member

Activity: 2366

Merit: 838

Quote from: Edwardard on February 08, 2023, 10:53:53 AM

Quote from: tbct_mt2 on February 08, 2023, 10:33:32 AM

If it is for Bitcoin, the only one tool I would like to use for rest of my life is DCA Dollar Cost Averaging.

This strategy wont always work especially as bitcoin gets older and price action gets slower.

Investment is better than trading and with investment, nothing is better than dollar cost averaging. It is true for all investment, not for Bitcoin as it is not an exception. If you choose a good asset for investment, DCA can help you to invest successfully.

Hence if in future, Bitcoin has less volatility than now, it is still a good investment and DCA will still be helpful. I am discussing about Investment in Bitcoin, not trading with Bitcoin.

If you're discussing about trading with Bitcoin, I agree that DCA is not best but it can be helpful if you trade with spot. If your trades are wrong, DCA can help you in spot trading too.

Edwardard

hero member

Activity: 1050

Merit: 681

Quote from: tbct_mt2 on February 08, 2023, 10:33:32 AM

If it is for Bitcoin, the only one tool I would like to use for rest of my life is DCA Dollar Cost Averaging.

This strategy wont always work especially as bitcoin gets older and price action gets slower.

My best indicator (top tool) would be ichimoku with the following settings (which Im currently using as well):
Conversion line period: 20
Base line period: 60
Lagging span 2 periods: 120
Displacement: 30

Using the above settings since a few years already as a part of my trade entry/exit strategy. I have a hodl part aside too. Works well on all timeframes. You gotta google or search on youtube about how well ichimoku works with btc.

pixie85

hero member

Activity: 2184

Merit: 531

For bitcoin?

All you need to know is dates of halvings and watch moving averages although this bear market bitcoin went below the supporting 200 WMA for the first time and remains there so maybe MAs are also a bad indicator.

All those bullshits like a cup and handle, death crosses and such are a waste of time and effort. I remember how in 2018 and 2019 people were always wrong with these things. They'd say that there's a cross coming on 4h chart and it didn't do anything because how many people watch only 4h and decide what to do based on that?
Or people were saying there's a double bottom and there was a third bottom coming.

Danydee72

full member

Activity: 218

Merit: 206

My primary assumption is: Everything that falls will rise again. And everything that rises will fall again. Sooner or later.
So I would use MACD as single Indicator. I have a bot running with this single indicator and I am curious to see if it's working ....

tbct_mt2

hero member

Activity: 2366

Merit: 838

If it is for Bitcoin, the only one tool I would like to use for rest of my life is DCA Dollar Cost Averaging.

Furthermore, Bitcoin should be the only asset in your portfolio in rest of your life if you are not rich too much and can be able to invest into different assets.

If you agree with me about DCA, let's use this tool https://dcabtc.com/ for rest of your life until that site turns off. Even so there are other websites that can help you with calculations, estimations for DCA strategy.

hugeblack

legendary

Activity: 2688

Merit: 3983

Quote from: ashslm on February 08, 2023, 08:29:50 AM

Me personally would use Fibonacci retracement, how bout you?

What will you benefit from using one indicator when you can compare several indicators and then use them to obtain more accurate predictions?
Therefore, your question will not lead to useful discussions, or at least that is not how technical analysis indicators work
Anyway, will use RSI

Wapfika

hero member

Activity: 1288

Merit: 564

Bitcoin makes the world go 🔃

Quote from: ashslm on February 08, 2023, 08:29:50 AM

Me personally would use Fibonacci retracement, how bout you?

Choosing Fibonacci is not bad at all because you can clearly determine what’s the buy zone and sell zone for the current trend but your trades will highly reliable for a correction since Fibonacci is good on when there’s already change on the trend so you will always for the current trend to end before you can set a position unlike indicator like BB, MACD and RSI which gives you a sign if there will be a big movement that will be happened soon.

Chart pattern by using lines is still the best tool on trading even without indicators if I will be using 1 tool for my rest of my life.

Topic: If you could use only 1 Tool/Indicator for the rest of your life? which one? (Read 203 times)