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i am looking for the best indicator which can give me fast 15 to 30 pips on FX. I mainly trading AudUSd and looking to make like 4 to 10 trades per day(trading day for me is like 14 hrs from Europe open to US close). Which indicator could help me on this target you believe? Regarding timeframes i use 130 tick charts 1 and 5 min and 4 tick meidan renko. Any help would be appreciated. thx in advance!
Can you help answer these questions from other members on NexusFi?
The best indicator is the one called 10,000 hours of experience trading the markets. There is also another fantastic indicator called start a journal here, record all your trades to it, and learn about how psychology and money management are far more important than any method or indicator. It's a really good one.
Not sure if you really asked the question you meant to ask. However, attempting to answer your question just as asked, there is NO indicator that can do what you ask and EVERY indicator can do what you ask. If there was a "best indicator for 15 pip trades" we would ALL be using it.
The serious answer, the short version, is no. No such indicator exists. If you want to know "how" to make money, if there is some "tangible" item or thing that makes that possible, the answer is within you completely, its all about your psychology and your make up, its all about experience, it is very little or nothing to do about the indicators you use.
ok probably i sounded too newbie here and you think i am looking for the holy grail! So the case is not what i actually mean is that i have been trading for last 2 years using a siple 5/34 cross ema system on the 15 min charts. i make like 100 -200 pips / week using this system and now i am looking to optimise it.
What i am exactly looking if you know of an indicator which can help me avoid choppy markets. Next step is to apply using same tecniques on smaller timeframes and instead of targeting to 50 pips per trade look for 15
!
Sounds like you have a pretty decent plan. Unfortunately, there are a number of techniques people use to identify chop. However, there really is no really good way imo to do that other than reallygetting to know the specific market you trade. YOu can do a search in this forum for chop and you will see numerous post on that very subject. So, i suggest you do that and see if anything strikes your fancy.
