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    Thread: What is the Best and most effective Forex indicator?

    1. #1
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      Default What is the Best and most effective Forex indicator?

      Indicators are quite important for the traders use in this Forex business, It forms a basic foundation of the system of analysis that a Forex trader should apply to their trading. This topics intention is to discuss in express terms about the various Indicators that exist in the Forex Markets and then find out which Indicato or sets of Indicators that will serve each trader as the best. Please which one is the best?
      Last edited by GhostMode; 03-22-2018 at 02:35 AM.


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      What is the Best and most effective Forex indicator?

      The best Forex indicator is volatility. However, measuring and forecasting volatility directly is quite difficult, hence traders resort to using proxy tools to measure volatility. Some of the tools used to measure volatility in retail forex trading include the Bollinger Bands and the Average True Range (these are not very accurate and give approximate, sometimes spurious results). These tools are so important that even their inability to give a perfect picture of volatility becomes an insignificant factor.

      Many retail traders do not understand the importance of volatility in the forex markets. Some traders who do are reaping immense benefits.


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      Default

      What is the Best and most effective Forex indicator?
      When it comes to indicators, they are seen as tools that can really help give us good trading signals we could follow in forex and see we could make profits in the best way. Truth be told indicators will never be right all the time and there are are some traders who have given up on them with the belief that is not effective. However with proper use of this indicators, I believe we can still have a quality signal to follow which will yield us profits.

      From my experience with different indicators I have come to seen one as the most effective of all. This is because the signals it brings tends to qualify for a good trade most times and that most effective indicator is the:

      ICHUMOKU KINKO HYO: In my trails of different indicators, I have come to choose this indicator as the most effective indicator I have seen and its reliability is something that can help a trader trade at the best time.


      It becomes ineffective in a ranging market but does very well in a trending market where traders tries to identify the cloud. This cloud helps traders to understand if really the market trend is on the uptrend or down trend process.
      If the price is above the cloud, we look in the direction of entering a buy trade whereas if the market price breaks below the cloud, we could take a sell trade.


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      One cannot just conclude that a particular indicator is the best because all of them work well depending on the understanding of the user.All you need to do is to choose about 2 or 3 and study them and become comfortable and at the end you will discover that the main thing is your understanding and personality


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      in my opinion, the indicator that makes you consistent profit for a long time is the best indicator to use in your trading process and also the indicator that you build by yourself is the best indicator ever you trade with, it's like that with indicators.


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      Default

      What is the Best and most effective Forex indicator?
      The most effective indicator, that is stochastic oscillator.

      It can show price pulses, which in my mind is the most important way to read it. I know that many people think it to be a "over bought/sold" indicator because when they first look at it they think it's magic and that they can follow that signal.



      Look at how i outline the indicator with close over the line and close under the line, the price moves are shown much more different and it lets me understand how price "feels" and moves. This in my opinion is the best way to use this indicator!

      Then there is the crowd that likes to use it for divergence, although this has some value, i do not think that's the best use of this indicator. I won't show you all the different divergences because it will be confusing. I just want to say that this is not what i really like about it.

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      Default

      What is the Best and most effective Forex indicator?
      According to me, the Best and Most Effective Indicator is Bollinger Bands.

      It's one of the most complete indicator or I can say this one Indicator is a complete system in itself.

      Things a Trader can do with Bollinger Band :-

      1. Can Trade Breakouts.
      2. Can Trade Reversals.
      3. Can Trade in Direction of Trend.
      4. Can Trade in Range.
      5. Can measure a Pair's Volatility, Strength & Momentum.
      6. Can spot consolidation areas.
      7. Can spot accumulation of PA before a major move.
      8. Can know if a Pair is Overbought or Oversold.
      9. One Indicator with which you can trade any market conditions.

      If you are talking about one of the best indicators then I will list Bollinger Band on TOP and after Bollinger Band, I will go with Stochastics.

      And, if combine them both then you have a strong system in your hand, only you need to know, all their secrets, to use them efficiently.
      I won't be available here, I am on vacation & will be back till 20-21 Dec, take care & trade safely.


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      One of the most easy, safe and reliable indicator I discovered in my forex trading life is the Alligator Indicator and can be found in your mt4 platform.


      Alligator Indicator in Uptrend



      @ As you can see with the indicator above, everytime the price is above the 3 alligators teeth, then that means strong bullish confirmation. Just buy set your TP and SL every time the price is above the 3 alligators teeth.

      Alligator Indicator in Downtrend



      @ Just wait for the price to cross below the 3 alligators teeth and you will have a more stable selling opportunity. Alligator indicator is much more reliable in higher Time Frames such as Daily, H4 and Hourly chart. Just in case you are wondering what is the "teeth" am talking about, that is the 3 colored lines: blue, green and red line you see in the chart, those 3 lines made up the Alligator Indicator.
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      Default

      Forex Indicators are important tools that some Forex traders apply in their trading as a way to get good analysis and make signals for their trading. There are hundreds or maybe even thousands of Forex Indicators in the Forex World, But at the end of the day, A Best indicator depends on the one a trader chooses, Learns and uses to trade.
      SOme examples of Indicators we can find in mt4 are Moving Average, MACD, CCI, ATR, ZigZag, Bollinger Bands, etc.


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      Just a simple horizontal line, I think that is the best tool a trader can have. However I also rate high fibonnaci levels because not always, but on large time frames they are worth noticing.

      Horizontal lines:
      These are mainly used to outline significant price points in the past. I draw horizontal line only at some certain price level if I find price stopping there multiple times. One is not enough, they are rarely strong and most often will be targeted by market to stop out all the stop losses.

      Fibonnaci:
      Take it as a tool for some of your trades to know when to take profit. Dont use it for stop losses because very often they will be hit, but as a take profit tool, very handy and actually very accurate. But keep it simple, draw them only on daily charts. 50 and 61,8% are important but you will find price more often stop at 50% than any other level so my suggestion, keep an eye on 38% and 50% more than on other levels.


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