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In this review, you will be introduced to several indicators such as Bollinger Bands, RSI, Moving Average, Candlestick and Chart Pattern. Get to know each forex indicator one by one which will be explained below so that you can better understand what forex indicators are and how to use them according to your needs.
Bollinger Bands
When starting trading, traders usually include indicators in the process. And the first accurate forex trading indicator that you can learn more about is Bollinger Bands. Don't worry, because this method is one of the simplest trading strategies but can generate profits. In addition, its simple nature makes this indicator quite easy to understand.
In this indicator, you will use the upperband and lowerband guides, namely the upper and lower limits of the Bollinger Bands while analyzing the market. In this position, you can place "sell" and "buy" positions. You can place a "sell position" when the position touches the upper line, while a "buy position" can be done when it touches the lower line. In theory it sounds simple, but the profit obtained from this trading technique is quite large and effective for traders.
The dynamics of prices going up and down when approaching the upper limit line and the lower limit line of the indicator will be used as a benchmark for doing "sell" and "buy." You just need to do a simulation for a few trials before finally practicing it, this trading technique is quite profitable.
Moving Average
Next, another accurate technical indicator that you can use to gain profit is by using the Moving Average (MA) indicator, which is generally known to have many types. Depending on the different periods and the character of the MA itself, which has its own characteristics. However, traders generally use two types of MA to see the intersection between the two. This MA intersection will be a meaningful indication in analyzing the market.
The momentum of this MA intersection itself occurs in certain positions. The MA intersection that points downward will indicate an indication of the possibility that the price will decrease. Meanwhile, if what happens is that the MA intersection points upward, then this is an indication that the price will increase. It is clear that in theory it is quite easy to understand and apply. Moreover, you can see this trading system on the screen where the trading process takes place.
RSI and SO indicators
The next technical indicator that is also widely used by traders is RSI and SO (Stochastic Oscillator). This strategy can be said to be quite different from the previous two, both Bollinger Bands or Moving Average itself. The RSI and SO indicators are indicators that are not found in the currency movement chart. However, this indicator occupies its own column which is outside the main chart.
To use these two indicators, the method can be said to be quite easy. Namely when the indicator line is above 70, this indicates that the price has moved too high and there is a possibility of a correction. Likewise, when the indicator line is below 30, this indicates that there is a possibility that the price will reverse direction, becoming stronger.
Candlestick
This simple but profitable trading strategy that does not involve indicators or tools can be done by learning to read various Candlestick patterns. The patterns that appear repeatedly and form a series of graphs then give rise to another branch of trading analysis called Price Action. You can use this as an effective strategy.
MUST KNOW!
Candlestick Pattern: Complete Explanation, Single, Dual, to Triple
For how to read Candlestick itself, in general traders only need to focus on two or three types of patterns that appear most often. The patterns that are most accurate in predicting prices. One example is the Engulfing Candlestick pattern, which is where one candle is longer than the previous candle but is in the opposite direction.
This indicates that there is a possibility that the price will reverse direction from the current trend. To use this simple strategy, the method is fairly easy. You need to know more about Candlestick charts. Especially each anatomy on this chart, because later it will make it easier for you to read price and market movements.
Chart Pattern
The best technical indicator that is no less often used by traders is Chart Pattern. You can do this strategy by applying analysis to the appearance and pattern of Candlesticks in a fairly wide scope, as previously mentioned above. It can be said that this is an advanced version of the indicator previously explained above.
If in the previous indicator where you analyze Candlesticks individually, then it is different from the method of this one indicator. In this technique, the approach is taken by analyzing Chart Patterns or also known as Harmonic Patterns. From this analysis, the possible direction of a forex pair will be seen. This is what makes it different, because analysis with this technique will feel like drawing animal patterns or constellations to predict prices.
MUST READ!
Learn to Read Forex Chart Patterns
Complete Forex Trading Chart Patterns, Get to Know Them!
5 Powerful Tips for Reading Forex Charts to Make a Profit
Complete Chart Patterns: Continuation, Reversal, to Bilateral
Those are the five best and accurate forex trading technical indicators that you can apply in trading activities for beginners. Stay focused on the rules and don't forget to continue evaluating the trading system and techniques that you do. Even if you then experience a loss, there is no need to rush to change the trading technique to a new one.
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