What Is the best indicator?

[JEBTV]

Hello

I was just wondering what people think the best indicator is for trading forex. I use the MACD.

Thanks
JEBTV

[lecordier]

I use Stoch (14/3/3) on multiple time frames I think it's quite good.

Walter - France

[jpygbp]

You do not just use one indicator do you? I like to use several for confirmation. For example I might use a moving avg confirm with the sto dmi adx the position of the bollinger bs.

[lecordier]

Hi jpygbp

I know using only one indicator is quite dangerous... That's why I use others indicators for confirmation too (moving averages bollinger...).

I don't like MACD because I think he gives the signal too late for intraday speculation.

I've found (testing with Metastock) that one indicator (stoch) on multiple time frame (1';5'15' or 30') can be very helpful. For example I buy a currency when all stochs (on different time frame) are between 0 20 when the stoch on 1' gives a buy signal (crossing or above 25).

With this method I make generally 10 trades a day with an average of 5-10 pips/trade 2/3 losing trades/day.

I hope you underst my bad english... ;-)

Walter - France

[JEBTV]

I also use moving averages watch the charts for 2 hours 9pm pacific time until 11pm. I then draw a line across the highest close a line across the lowest close on a 5 min chart. If I get a break above or below I check an hourly chart to see what the mv macd are doing. It seems to work for 15 to 20 pips 7 out of 10 times. I also like to see 3 closes up or 3 closes down on the 5 minute chart to help confirm direction.

[munwaithong]

if you want the MACD to show the change in trend earlier you should configure it to 9/5/4. For stochastics I use 10/6/3.

However I would rather wait for stronger signals crossover of EMA 5/10 on the hourly charts.

Would appreciate other useful technical indicators. Cheers.

[cruise05]

There are several software to accomodate your request a simple search will reveal many to you. You need to use the one which is most suited to your trading style. The best forex leading indicators are those that you generate & analyze yourself. There are a couple of forex signal software out there in the market but most have monthly fees. The software that I use can be found here http://www.forexfreedownload.com You have to enter the price data yourself but it works with any trading platform has no monthly fees

Best Regards

[jeff15]

It's really not the indicator. It's the person using it. You can have the best indicator (or combination) but it doesn't matter if you don't use good money management.