Using indicators in forex trading have been a normal practice to most forex traders. Trading software like Metatrader has included indicators in it, some are already inside and in fact you can place outside or commercial indicators to the software. You can add the outside indicators at anytime you like by just going to your program files then to your Metatrader then to expert and finally to indicator files to place your new indicators. For EA indicators you just put it in the expert file. If you are very good at metaqoute language and if you are very creative you should know what to do, right?
Even if you are totally alien with the language but if you are creative and have a good trading skill using Metatrader, I believe you can scrutinize the indicators and tools to create a very good and reliable trading system. I would like to tell you this, an ordinary forex trader like you and me with some forex trading skills will be able to create a simple but reliable forex trading system by utilizing ready made trading tools and indicators without spending any money. If we are a trend trader its best for us to use the trading tool that is EMA(Exponential Moving Average) as our basic tool. Another good thing about this software is that it allows us to set the parameters of the indicators according to our own use. EMA is a trend following tool, and is capable of giving a near to correct price direction. It is a very reliable tool when used in long term trading. It also can be used for short term trade but it is best to use with additional indicators to make sure that the prediction will be more powerful.
To pair with EMA, we need to find indicators that can match itself with the EMA. Indicator for a reversal and buy / sell indicators are most appropriate for me to work with EMA. And also you can get these indicators for free. Just type at Google in just a few seconds you will be brought where the indicators are located. There are many more indicators actually you can find in the market that can be tried with the EMA. It is also known as somewhat lagging a bit, but to work things well you can use the non lag Moving Average indicator to combine with EMA. You need to use a reversal indicator that can give early warning or indication before the occurrence of reversal. Some indicators can be pre-instructions before prices really make a reversal. To facilitate your reading of the system you need to use oscillator type of indicators such as MACD and Stochastic, but I prefer to use RSI modified as an additional indicator.
The list of indicators below can be combined with EMA to create a trading system. However it is up to you to determine which are better for you. To your knowledge of all these indicators can be obtained free of charge.
1. EMA 3 lines as basic tool.
2. Super Signal v3 – Reversal indicator.
3. GP Reverse – Reversal indicator.
4. NonLagMA v7.1 – Non lagging Moving Average.
5. AscTrend Signal – Trend signal and support reversal indicator.
6. Shi Silver – Supporting reversal indicator.
7. Fx SniperErgodic CCI – Can be used to detect trend and confirm reversal.
8. MACD Alert – Can be used to detect trend and confirm reversal.
9. RSI(10) level 50 – To check price movement and reversal.
Even if you are totally alien with the language but if you are creative and have a good trading skill using Metatrader, I believe you can scrutinize the indicators and tools to create a very good and reliable trading system. I would like to tell you this, an ordinary forex trader like you and me with some forex trading skills will be able to create a simple but reliable forex trading system by utilizing ready made trading tools and indicators without spending any money. If we are a trend trader its best for us to use the trading tool that is EMA(Exponential Moving Average) as our basic tool. Another good thing about this software is that it allows us to set the parameters of the indicators according to our own use. EMA is a trend following tool, and is capable of giving a near to correct price direction. It is a very reliable tool when used in long term trading. It also can be used for short term trade but it is best to use with additional indicators to make sure that the prediction will be more powerful.
To pair with EMA, we need to find indicators that can match itself with the EMA. Indicator for a reversal and buy / sell indicators are most appropriate for me to work with EMA. And also you can get these indicators for free. Just type at Google in just a few seconds you will be brought where the indicators are located. There are many more indicators actually you can find in the market that can be tried with the EMA. It is also known as somewhat lagging a bit, but to work things well you can use the non lag Moving Average indicator to combine with EMA. You need to use a reversal indicator that can give early warning or indication before the occurrence of reversal. Some indicators can be pre-instructions before prices really make a reversal. To facilitate your reading of the system you need to use oscillator type of indicators such as MACD and Stochastic, but I prefer to use RSI modified as an additional indicator.
The list of indicators below can be combined with EMA to create a trading system. However it is up to you to determine which are better for you. To your knowledge of all these indicators can be obtained free of charge.
1. EMA 3 lines as basic tool.
2. Super Signal v3 – Reversal indicator.
3. GP Reverse – Reversal indicator.
4. NonLagMA v7.1 – Non lagging Moving Average.
5. AscTrend Signal – Trend signal and support reversal indicator.
6. Shi Silver – Supporting reversal indicator.
7. Fx SniperErgodic CCI – Can be used to detect trend and confirm reversal.
8. MACD Alert – Can be used to detect trend and confirm reversal.
9. RSI(10) level 50 – To check price movement and reversal.
