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Forex Trading - The Only Indicator You Will Ever Need To Know Your Entry And Exit Signals

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         Views: 1433
2007-01-30 23:56:47     
Article by Peter Lim

Is your charting interface of your forex trading platform all littered with indicators, and you are feeling the increasing stress of forex trading? Truth be told, many forex traders spent countless hours in front of their trading screens, awaiting the onset of a trading signal...to enter or to exit at the proper time and to make the best profits. No wonder, they continue to feel the stress that comes with trading the markets.

In the quest to ensure every single movement is tracked, many traders have put in indicator after indicator on their charts. I have seen trading charts that are full of indicators so that by the time the trader has gone through all those indicators, the price would have moved on, away from their entry price, and they would have missed the sweetest part of the move.

Depending on how you wish to trade, there are three major trading setups in forex trading that you can consider:

1. Trading the breakout of a consolidation trend or a trading pattern such as a rectangle, a pennant, a flag, an ascending triangle or a cup-with-a-handle pattern.

2. Trading with the trend - this occurs when you can put in a selling order when the trend has changed from uptrend to downtrend, and to reverse the order when the trend has changed from a downtrend to an uptrend. Many times, there are continuation moves where shorter trends occur within long uptrends and downtrends (called counter trends) where there are opportunities to trade with good prospects of profitablity.

3. Trading the tops and bottoms - this occurs after a trend is exhausted, and the forex trader will be watching his chart for W and V bottomming patterns, or a reverse head and shoulder pattern or an inverted hammer. or gravestone doji candlestick pattern and so on.

The question is, with the need to monitor all these moves, won't it be a forgone conclusion that the forex chart be invariably clutterred with indicators?

This is where trading systems come into play. A selection of the correct indicators acting together in synergy to tell you with a reasonable confidence the trend direction will be sufficient for most purposes of trading.

But the most powerful of these trading systems is a good understanding of price movement in forex trading.

Experience professional traders have been trading the forex markets by tracking essentially nothing else but PRICE, making price an indicator by itself.

Why, some argue, would you want to watch another indicator such as bollinger bands or stochastics when it is a mere representation of price in another form?

Indeed, if you wish to be free from the countless indicators and be an expert on price movement, then it is necessary to consider adopting a price driven forex trading method, where you are free from any type of indicators, support or resistance levels, moving averages, pivots, oscillators, fibonacci, trend lines or ANY other trading tool you can think of.

Won't it help you to only need to concentrate on the price of the currency pair and a time element?

The benefits are immense - and the chief among them all is the ability to know the best time of entering and exiting your trade, and to ride the sweetest part of the move to success in forex trading.

So, simplify your trading charts, adopt a price driven forex trading method and accelerate your winnings.

Specialized in: Indicator - Ever Need - Entry - Exit Signals
URL: http://1forex-trading.blogspot.com
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