New mglider/trader

Submitted by cgravsha on Wed, 2006-02-15 07:02.

Hi,
I have been reading a lot about indicators and fibonacci numbers. What I cannot find is: What is the best combination to use. Many articles state; find 3-4 indicators and stick with them, but of course they don't suggest which ones to use. I can undersatand their global response. I was hoping some veteran trader would offer some in-sight to this?

I am sure I will have many questions in the future, as soon as I get a handle on this software!
Thanks....CG

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Greetings,

administrator | Mon, 2006-02-20 11:10

Greetings,

There is no an absolute best combination as per se. You just have to randomly pick an indicator or two and start following them on a daily basis. Over time you will notice that you're more in tune with one indicator than another. It doesn't mean that one indicator is better than another in absolute terms, it's only better for you as a trader.

As far as I'm concerned my favorite indicator is Volume. Some may argue this is not really an indicator but I refer to it as such because it's usually drawn where all other indicators are. Then I like to see what MACD is telling me and if the symbol is not trending I also look at RSI. But remember that RSI is pretty useless when the market is trending. For example, take a look at a Google (GOOG) daily chart and its RSI indicator - it was at the level of 60-80 for couple of months without going to the level of 40-20 as it "should have been".

Regards

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