I've stated many times.... "Buy support Sell Resistance Chase Breakouts Use Stops". Get a handle on that and you're ahead of 99% of traders. This is not magical or the holy grail... it's "Chapter 1" of "TA 101". Unfortunately new traders are in too much of a hurry to get past Chapter 1 and get onto "the good stuff". Indicators are not necessary. They don't "make" trades, but can often be "reinforcing". (Example... "I'm looking at a possible bottom, and the RSI is low in its range.") %R, CCI, Stochastic, RSI.... are all range indicators. Look into them if curious. Popular as it is, I don't care for MACD. It's a 2nd derivative price and waaayyyy too slow.
Thanks for sharing again. I finally have time to learn and i value others opinions. As for indicators, i had swore off of them, but recently am using Full Stochastics with settings of 3,5,2. I also keep a 50 SMA on.
Can you please recommend me an indicator for the small timeframe intraday chart for catching trend reversals when price touch some support or resistance? I was thinking RSI.
Hello, how do you identify support and resistance? During the day there are many support and resistances?
Best educational posts on the site are under Scat Man's old posts as "gnome". Read them all and take notes. He's talked about chapter one a few times: "Chapter 1 1. Pay attention. (You'd be surprised at how often THIS is a problem.) 2. Trade the charts. Look for correlations of market behavior where the risk is low and profit potential is high... at least 2:1 R/R, in your mind. 3. Be properly courageous. 4. Have stop discipline and NEVER abandon it. Markets are tricky. Stops are your best defense. That should do for a primer..."