What Is Your Favorite Indicator for Entry Confirmation?
If any, please share with us. I stumbled on a write up that talked the use of moving averages (12, 5 &50)
Major support/Resistance levels, trend and some candlestick formations in higher timeframe and entry in the same direction in lower timeframe are my trade entry confirmation.
REALLY, THAT IS GOOD.
I will go for Bollinger bands and candlestick
My favorite indicator for entry confirmation is Bollinger bands
My favorite indicator for entries confirmation is bollinger band combined with a strong trade set up like bearish engulfing pattern break the bollinger upper band.
Only you trade a Stock in Play, your strategy got a chance to work out. See page 166 of “One Good Trade”by Mike Bellafiore.
I normally use the RSI or MACD for confirmation.
I still believe candle stick patters and formation are the best indicator to use to take positions. The other indicators work as supporting tool for your decision.
Bollingger bands and relative strength index are indicators I use for trade confirmation .
It has been a long time since the last time I trade forex. As I remember, I only use the 9- and 5-period moving average. If the 5MA crosses the 9MA from below, then I buy. And vice versa. I used it on EUR/USD 5-minute time frame. I use a five pips stop loss, and 15 points take profit. As I can remember, I was always right, only when I controlled my emotion.
When I got right on my first try, I was tempted to open the next position. And as you can predict, I was lost. And I got angrier at myself and opened another position and got lost again. Then I cannot control my emotion properly until I forgot all of my trading plans. And finally, I wiped out my account.
After then, I knew that unless I can master my emotion, I will never master the market. Then I stopped trading forex. And I founded the Luckscout website. Now I know what steps should I take before starting my trading again.
Thus, I believe that my controlled emotion is my favorite and most accurate indicator for entry confirmation.
YOU ARE RIGHT
I am inexperienced traders but whenever I analyzed the market, the indicators which tell me for entry confirmation are always candlestick and RSI. Macd is also very useful for entry.
I try not to use typical indicators anymore – I work off price action and key areas of support and resistance
As candlesticks are the real time indicators,I you candlestick pattern and wait for their confirmation to enter a trade. In additional of that I use bollinger band and RSI to confirm an entries.
Sometimes I use RSI and bollinger bands.
At the beginning I used to use Alligator.
I do use bollinger Bang more than RSI.
Alligator was the first one when I started trading.
Apart from Bolliger bands and RSI ,I use Alligator for confirmation. My favorite remain Bolliger bands.
Bollinger bands is the indicator I most prefer for entry signals in forex trading.
Bollinger Bands is certainly a consistent and popular one to use.
Each one has its preferency, there are those who like RSI, Fibonacci, MACD etc.
As i mentioned above i like Bollinger bands. Sometimes i use RSI and Alligator. The most important is to make profit,
Whichever indicator you prefer, try to master it properly and combine it with technical analysis.
Yes ,Mr Nnaemeka Victor you really spot on. Indicator works better if you make a good technical analyses and Master the indicator properly.