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What indicator you use for scalping?
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phil09

Member Since Oct 29, 2013  56 posts philippe (phil09) Mar 25 2015 at 15:11
I'm newbie here, and I would to know what indicator you use for manual trading (scalping).

rob559

Member Since Feb 11, 2011  1916 posts rob559 Mar 25 2015 at 15:22 (edited Mar 25 2015 at 15:22 )
wpr ,sctochastic, macd ,rsi and some good ma

phil09

Member Since Oct 29, 2013  56 posts philippe (phil09) Mar 25 2015 at 15:57
I mean commercial indicators.

JacoAF

Member Since Jun 14, 2013  130 posts Jaco Ferreira (JacoAF) Mar 25 2015 at 19:39
I agree with rob559, you can use a momentum indicator such as Stochastic, MACD or RSI. However these indicators (which is completely free) or any commercial indicator, in itself is useless unless you interpret them correctly in accordance with the movement of price action itself.

Basically, what I mean is that no technical indicator will help you unless you understand the concept of price action. I would recommend you first learn how to read and interpret the charts in terms of Candlestick Formations, Support and Resistance levels and Fibonacci ratios. Once you understand price action and the structure of markets and their behaviour around SR (Support and Resistance) Zones in terms of previous price action, you then use a technical indicator such as the RSI to confirm your entry or exit out of a position.

Many new traders fall into the 'trap' of using technical indicators as their only reason for entering or exiting a position. This will land you into more trouble in the long run.

If you are interested in learning about the basics of technical trading, then check out this link:

https://tradeempowered.us4.list-manage.com/track/click?u=5427bf57593195a7e5986680e&id=050dfd3ee3&e=05d904c05a

It is a Technical Trader Workshop hosted by a company in the USA called Trade Empowered and is completely free with no obligation whatsoever. I attended one of these workshops two years ago and it changed my perception of technical trading completely. I just like to emphasize that I am in no way affiliated to this company and neither have I enrolled in any of their formal trading courses, but the workshop opened my eyes completely.

If you wish to check out a video of what you can expect, then search for their YouTube videos presented by their founder Jason Stapleton at the link below:

https://www.youtube.com/channel/UCe3O5ZLxQzGz4-nfl6XLEHQ

Again, I have no affiliation to Jason, or Trade Empowered, but these guys are extremely good at what they do in teaching new traders the basics of technical trading and understanding how markets work and behave. I think this will be a good starting point for you. The only advice I can give you is to learn everything you can and then formulate your own Trading Plan, Trading Strategy and Trading Rules. Treat trading as a business and run it as one with great discipline. Success will follow.

Good luck!
Cheers

Keep it simple, be disciplined, get rich slowly and above all protect your equity!
rajivzz

Member Since Nov 14, 2012  30 posts Rajiv (rajivzz) Mar 25 2015 at 20:45
wow-ea

Its working No GRID, No MARG, No ARB, No HEDGE ,No HFT Open and Close single trade at a time Avg. Trade Length: 1 Hour Expectancy: 1.8 Pips Near 600 Pips Made in 2.5 months Verified Real Account (Double Green Ticks)
phil09

Member Since Oct 29, 2013  56 posts philippe (phil09) Mar 25 2015 at 20:49
@rajivzz

any link? I can't find in google.

davidcraigson

Member Since Jan 22, 2015  67 posts davidcraigson Apr 06 2015 at 20:08
Me neither!

BenNathanFX

Member Since Sep 06, 2013  137 posts Ben Nathan (BenNathanFX) Apr 07 2015 at 08:54 (edited Apr 07 2015 at 08:54 )
No indicators needed, just knowledge....

To make my point....

Can an indicator tell you that the AUD is strong today following the fact that RBA kept rates on hold when the markets expected a cut...?
and that the USD is weak because last weeks poor data and bad NFP figures have now caused the market to expect the FED to keep rates on hold a lot longer than expected, and that therefore the AUDUSD is a great pair to scalp up?

Nope.....

Fundamentals are what drives the market - use those as your indicator and the pips will flow.....

Trading without a basic fundamental outlook is basically gambling on chance - ie hoping that a pattern will win more than it loses, but trading based on fundamentals.... thats investing... you just need a technical way to consistently enter the markets based on the background fundamentals.... this is something EAs and Indicators cant provide.

HOLY GRAIL: Fundamental Analysis to chose your pairs/direction, Technical Entry/SL/TP for consistent Management of those decisions
rajivzz

Member Since Nov 14, 2012  30 posts Rajiv (rajivzz) Apr 07 2015 at 11:08
phil09 posted:
@rajivzz

any link? I can't find in google.
https://www.myfxbook.com/members/rajivzz/wow-ea/1193575

Its working No GRID, No MARG, No ARB, No HEDGE ,No HFT Open and Close single trade at a time Avg. Trade Length: 1 Hour Expectancy: 1.8 Pips Near 600 Pips Made in 2.5 months Verified Real Account (Double Green Ticks)
Tobyh

Member Since Jun 02, 2015  4 posts Toby Horne (Tobyh) Jun 02 2015 at 14:18
tick chart

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