Your opinion needed - Regarding my choice of indicators

[musshan]

Hello all,

I am considering trading on daily charts. For this purpose i am planning to use Stochastics Oscillator(default settings) for entry signals and ADX(default settings) for trend confirmation. Is it correct to use these indicator for the above purpose? If not can you suggest any alternative?

Your inputs much appreciated
Thanking you

[pablo101]

lol ... TRO, GET HIM!!!!!

[PINKPANTHER5]

Hi Muss,

Stochastics has a tendency to fail and cause big losses when they are losses. But it does seem to work for some people. If I were you I would get confirmation of support and ressistance price levels as well. They are the first thing you should be looking for. See how the market is reacting around support and ressistance levels and then follow the overall trend according to that. If you are trading Daily chart, then Support and Ressistance levels is a fantastic tool to use. Longer term trends are good for this.


If you don't know how to draw support and ressistance lines, you can download Barry S&R or Super Support and Ressistance.

[PINKPANTHER5]

sorry longer term "charts" are good for this.