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Thread: Newbie Charts

  1. #1
    Rookie Member

    Lightbulb Newbie Charts !!!

    My first attempt to set some charts !!(been reading on various oscillators ,trends ....)
    I have decided to test bolinger and stochastic Oscillator .What parameters do i set for stochastic and what period do i set for Bollinger Band

    I have AUD/USD pair and propably looking at 15 min.

    Any guidelines,advice ??

    Thnx

  2. #2
    Specialist Member RCox's Avatar
    Very good questions, but unfortunately there is never a final answer. Even the most experienced trader is always finding ways to alter the viewpoint and get better trading signals. When starting, I think the best advice is to really keep it simple, and only use indicators that you understand. Eventually, the real answer to this is really going to come down to your trading strategy. Are you trading with a conservative or aggressive style? Contrarian or trend following? Breakouts or Range Trading? Things like that.

    As far as changing the parameters, I would recommend using the standard settings. You will get plenty of people that use some random set of numbers (and believe me they are ALL random), for example some people use Fib numbers for the number of periods. I use the standard settings because I think that is what the majority of the market is using, and I use charts to get an idea of what the consensus is thinking at the moment.

  3. #3
    M.J
    M.J is offline
    Veteran Member M.J's Avatar
    I agree with RCox. Usually default setting is used. Customized setting is only used when a traders knows what will be the impact of this change in settings. Change in settings is usually for testing purpose that maybe a customized setting work better by mixing it with another indicator. There can be countless options.
    You r a newbie so dun get into that in the start. I recommend to use those two indicators with default settings.

  4. #4
    Rookie Member
    I am using 20, 50, 100 and 200 EMA fan. This 4 lines and their cross points give me the best and at the same time very simple indication for dynamic support and resistance. They are popular among intraday traders and definitely helps a lot.

  5. #5
    Rookie Member
    Thnx guys...I made 2 profitable trades today on AUDUSD and EURUSD .Used Bollinger,Stochastic and 6,14 and 26 EMA ...Hopefully my winning trend continues..

  6. #6
    Junior Member
    I always use the 7, 20 and 200 EMA - the 200 EMA being a very strong resistance area.

  7. #7
    Legendry Member willyw's Avatar
    Quote Originally Posted by AainoMalso View Post
    I always use the 7, 20 and 200 EMA - the 200 EMA being a very strong resistance area.
    I fully agree with Rcox and M.J.'s view. As a newbie stick its advisable to use the default settings/parameters for the indicators. Being in the trade for so many years, I uses default settings for some of the indicators and I do also have some customize indicators some specific trading but I do always compare default settings with my customize indicators. An advise to newbies; until you have master & understand the theory behiind the indicators or you have acquire experience, stick to the default settings.
    AainoMalso, the 200 EMA you are using is a good long term support and resistance level but the 7 period have too much criss-cross. If you are you 7 period for scalping or intraday it might trigger many false signals especially in a tight range market, using 20 period or 50 period will provide less false signals.

  8. #8
    Rookie Member
    I WISH I HAD ALL THAT KNOWLEDGE YOU GUYS HAVE, I've decicded to go the easy way, trade with Vault Options they assigned me a personal coach for all my trades, which advise me and explain to me where are the good trades.

  9. #9
    Rookie Member
    One of the best things regarding VaultOptions is that you profit while training, so all the money get while "practicing" with an assign broker is actually profits, is money you can withdrawal....

  10. #10
    Junior Member
    Quote Originally Posted by willyw View Post
    AainoMalso, the 200 EMA you are using is a good long term support and resistance level but the 7 period have too much criss-cross. If you are you 7 period for scalping or intraday it might trigger many false signals especially in a tight range market, using 20 period or 50 period will provide less false signals.
    I don't take those EMAs as triggers when to trade, but just to structure the chart and as reminders when not to trade, while I trade price action (5 minute candles mostly).

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