Support and Resistance Levels
To start your education on technical analysis, let's begin with the basics: support and resistance!
- Fibonacci Trading
- How to Use Fibonacci Retracement to Enter a Trade
- Fibonacci Retracements are NOT Foolproof
- How to Use Fibonacci Retracement with Support and Resistance
- How to Use Fibonacci Retracement with Trend Lines
- How to Use Fibonacci Retracement with Japanese Candlesticks
- Using Fibonacci Extensions to know when to take Profit
- Using Fibonacci Extensions to determine the stop to lose Less Money
- Summary: Fibonacci Trading
Popular Chart Indicators
- How to Use Bollinger Bands?
- HOW TO USE THE MACD INDICATOR
- How to Use Parabolic SAR
- How to Use the Stochastic Indicator
- How to Use RSI (Relative Strength Index)
- How to Use ADX (Average Directional Index)
- Ichimoku Kinko Hyo
- Trading with Multiple Chart Indicators
- What is the Best Technical Indicator in Forex?
- Summary: Popular Chart Indicators
Trading with Multiple Chart Indicators
Forex trading cannot be done by taking just one indicator in your hands. To get the
upper hand in Forex trading, always use multiple tools, whether it is trading charts
or indicators. We have discussed a few of the standard and popular chart
indicators, and each one of them has their drawbacks. Thus a smart trader should
use multiple symbols to screen out the faults and get most trusted forecasts. Let’s
discuss a few of the common pairs, used commonly in FX trading.
Stochastic and Bollinger Charts-
This pair uses its volatility measurements along the oversold and overbought areas
to get a perfect prediction for future values.
RSI (Relative Strength Index) and MACD (Moving Average Convergence
Both of these indicators when it reflects the same signs, it weighs the probability
with high-profit factors. For example, if RSI is in overbought signal and MACD is in
a downtrend, it means that selling at this time will be beneficial.
Various combinations can be designed by using these indicators, and it solely
depends on traders and their preferences, some would like to combine RSI with
MACD while others will want to trade with Stochastic and MACD. It is suggested to
study all of these indicators vigorously first and then only use them for trading.
Forex is a dynamic market place where many factors need to be examined and look
upon before coming to a conclusion and taking a decision. Trading at FX can
become easy when done by using the combinations of these indicators.