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What indicator you use for scalping?

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

rob559
Mar 25 2015 at 15:22
1916 posts
wpr ,sctochastic, macd ,rsi and some good ma

philippe (phil09)
Mar 25 2015 at 15:57
56 posts
I mean commercial indicators.

Jaco Ferreira (JacoAF)
Mar 25 2015 at 19:39
130 posts
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!
Rajiv (rajivzz)
Mar 25 2015 at 20:45
30 posts
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)
philippe (phil09)
Mar 25 2015 at 20:49
56 posts
@rajivzz

any link? I can't find in google.

davidcraigson
Apr 06 2015 at 20:08
67 posts
Ben Nathan (BenNathanFX)
Apr 07 2015 at 08:54
137 posts
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
Rajiv (rajivzz)
Apr 07 2015 at 11:08
30 posts
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)
Toby Horne
Tobyh
Jun 02 2015 at 14:18
4 posts
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