That second video looks good too. I did put those indicators M15 and looks like it is working well.

Had a chat with GPT

What is best trading strategy with 1 indicator and settings for that?



Using only one indicator for a trading strategy can simplify your approach and focus your analysis on a specific aspect of the market. Here's an example of a trading strategy using a single indicator:

Indicator: Moving Average (MA)

50-period Simple Moving Average (SMA)
Moving averages help identify trends and potential support and resistance levels. The 50-period SMA can act as a key level to gauge the market's direction and potential entry and exit points.

Strategy:

Trend Identification: Determine the overall trend direction by observing the relationship between the price and the 50-period SMA. If the price is consistently above the 50-period SMA, it suggests an uptrend, and if the price is consistently below the 50-period SMA, it suggests a downtrend.

Entry Signal: Once the trend direction is established, look for potential entry signals based on the interaction between the price and the 50-period SMA. For example:

Uptrend: Wait for a pullback or a retest of the 50-period SMA where the price bounces off the moving average, indicating a potential buying opportunity.
Downtrend: Wait for a retracement or a retest of the 50-period SMA where the price fails to break above the moving average, indicating a potential selling opportunity.
Exit Signal: Consider exiting the trade when the price reaches a significant support or resistance level or when the price shows signs of reversing against the trend. You can also use trailing stop-loss orders to protect profits as the trade moves in your favor.

By focusing on the relationship between the price and the 50-period SMA, this strategy aims to capture trades aligned with the prevailing trend.

next


What is best trading strategy with 2 indicators and settings for those?


A trading strategy that incorporates two indicators can still be effective in providing valuable insights into the market. Here's an example of a simple and commonly used trading strategy using two indicators:

Moving Average (MA):
50-period Simple Moving Average (SMA)
200-period Simple Moving Average (SMA)
Moving averages help identify trends and potential support and resistance levels. The 50-period SMA can act as a shorter-term trend indicator, while the 200-period SMA can provide a longer-term trend perspective.

Relative Strength Index (RSI):
Period: 14
Overbought Level: 70
Oversold Level: 30
The RSI measures the strength and momentum of price movements. It can help identify overbought and oversold conditions, indicating potential trend reversals or corrections.

Here's a simplified example of how you could combine these two indicators into a trading strategy:

Trend Confirmation: Determine the overall trend direction by observing the relationship between the 50-period SMA and the 200-period SMA. If the 50-period SMA is above the 200-period SMA, it suggests an uptrend, and if the 50-period SMA is below the 200-period SMA, it suggests a downtrend. This step helps provide a directional bias for your trades.

Entry Signal: Once the trend direction is established, look for potential entry signals based on the RSI. If the market is in an uptrend, wait for the RSI to move below the oversold level (30) and then cross back above it, indicating a potential upward price reversal. Conversely, if the market is in a downtrend, wait for the RSI to move above the overbought level (70) and then cross back below it, indicating a potential downward price reversal.

Exit Signal: Consider exiting the trade when the price reaches a significant support or resistance level or when the RSI reaches the opposite extreme level (overbought for long trades or oversold for short trades). You can also use trailing stop-loss orders to protect profits as the trade moves in your favor.

What is best trading strategy with 3 indicators and settings for those?

Choosing the best trading strategy with three indicators and their settings depends on various factors, including your trading style, market conditions, and personal preferences. Here's an example of a trading strategy that combines three commonly used indicators:

Moving Average (MA):
50-period Simple Moving Average (SMA)
200-period Simple Moving Average (SMA)
Moving averages help identify trends and potential support and resistance levels. The 50-period SMA can act as a shorter-term trend indicator, while the 200-period SMA can provide a longer-term trend perspective.

Relative Strength Index (RSI):
Period: 14
Overbought Level: 70
Oversold Level: 30
The RSI measures the strength and momentum of price movements. It can help identify overbought and oversold conditions, indicating potential trend reversals or corrections.

Bollinger Bands:
Period: 20
Standard Deviation: 2
Bollinger Bands consist of a middle band (the 20-period SMA) and upper and lower bands representing two standard deviations away from the middle band. They help identify volatility and potential price reversals. Bollinger Bands can be used to identify overbought and oversold conditions and potential entry or exit points.

Here's a simplified example of how you could combine these indicators into a trading strategy:

Entry Signal: Look for a bullish signal when the price crosses above the 50-period SMA, the RSI is below the overbought level (70), and the price touches or slightly penetrates the lower Bollinger Band. Conversely, look for a bearish signal when the price crosses below the 50-period SMA, the RSI is above the oversold level (30), and the price touches or slightly penetrates the upper Bollinger Band.

Exit Signal: Consider exiting the trade when the price reaches the 200-period SMA or when the RSI reaches the overbought (70) or oversold (30) level in the opposite direction of your trade.

50-period Simple Moving Average (SMA)
200-period Simple Moving Average (SMA)

maybe those are most used indicators and that`s why robot is recommending those indicators

not bad 3 indicators

ChatGPT continues

What is best price action pattern for bullish and bearish signal and what can be used as a confirmation?


The "best" price action pattern for bullish and bearish signals can vary based on individual trading styles and preferences. However, two commonly used patterns are the bullish engulfing pattern for bullish signals and the bearish engulfing pattern for bearish signals. These patterns suggest a potential reversal in sentiment and can be used as initial signals for trading decisions.

To further enhance the reliability of these patterns, traders often use additional confirmation indicators or tools. Here are a few commonly employed confirmation techniques:

Confirmation for Bullish Signals:

Volume: High trading volume accompanying a bullish engulfing pattern can provide confirmation of increased buying interest and potential strength in the bullish move. Comparing the volume of the engulfing candle to the preceding candles can help validate the signal.

Trend Confirmation: If the bullish engulfing pattern occurs within an established uptrend, it can provide stronger confirmation. Traders often look for patterns that align with the overall trend direction to increase the probability of a successful trade.

Support Levels: If the bullish engulfing pattern forms near a significant support level, it can reinforce the potential bullish signal. The presence of support indicates buyers may be stepping in at that level, increasing the chances of a price reversal.

Confirmation for Bearish Signals:

Volume: Similar to bullish signals, increased trading volume accompanying a bearish engulfing pattern adds weight to the signal. Higher volume suggests stronger selling pressure and a higher probability of a bearish move.

Trend Confirmation: If the bearish engulfing pattern forms within an established downtrend, it strengthens the bearish signal. Combining the pattern with the prevailing trend direction increases the likelihood of a successful trade.

Resistance Levels: If the bearish engulfing pattern appears near a significant resistance level, it provides further confirmation. Resistance levels often act as barriers to price advances, and the pattern near such a level indicates potential selling pressure.

ROI wrote: Mon Jul 03, 2023 6:57 pm not bad 3 indicators

What are the 3 indicators in this picture and their settings?

EDIT: This is what happens when you write on forums before you've had your first cup of coffee for the day. Didn't even read the two posts before it. Ignore my mistake.

TransparentTrader wrote: Tue Jul 04, 2023 12:13 am What are the 3 indicators in this picture and their settings?

Thanks for the good laugh!

RplusT wrote: Tue Jul 04, 2023 12:23 am Thanks for the good laugh!