BenNathanFX posted: 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?
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.
Interesting... just kidding!
Off course it exists... there are pleny to download for free on FF. They provide realtime data and they are very accurate. Don't tell me ignore this lol.
just a screenshot!
AUD strongest USD weakest
This tool usually called (Currency Strength Analyser or Pair Strength Analyser) provides this data.
JacoAF posted: 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:
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:
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
I'd just like to add that I've also done the workshop and went on to do their full course on harmonics and advanced patterns, one of the real courses I've done, meaning it's not a scam and they can really trade, I joined the trading room with Akil Stokes and watched him make over 900 pips in a month live on a real account, it was definitely worth the investment. Also like to add that I to have no affiliation with the company.
AVERTISSEMENT SUR LE RISQUE ÉLEVÉ : Le trading de devises comporte un niveau de risque élevé qui peut ne pas convenir à tous les investisseurs.
Leffet de levier crée un risque supplémentaire et une exposition aux pertes. Avant de décider de négocier des devises, examinez attentivement vos objectifs dinvestissement, votre niveau dexpérience et votre tolérance au risque.
Vous pourriez perdre une partie ou la totalité de votre investissement initial. Ninvestissez pas largent que vous ne pouvez pas vous permettre de perdre. Renseignez-vous sur les risques associés au trading de devises et demandez conseil à un conseiller financier ou fiscal indépendant si vous avez des questions.
Toutes les données et informations sont fournies "en létat", uniquement à titre dinformation, et ne sont pas destinées à des fins de trading ou de recommandation.
Les performances passées ne sont pas indicatives des résultats futurs.