During this step, we seek to find an agreement between what the Bollinger Bends is saying and the RSI own price reading. So, the breakout can be confirmed if the momentum is behind the move.
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The last step is to take the trend line and shift it 76 periods ahead. Once all of these lines are plotted together, you will have a wide-reaching view of the market. From here you will be able to decide whether there is a trend strong enough to justify opening a new position.
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The problem with using unfitting technical indicators is that you might actually think the trade signals are stronger if all indicators point in the same direction.
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However, if you follow our best combination of technical indicators you can improve your chances of winning more often than losing trading the market. You have to keep in mind that all indicators are based on the past price so only a multi indicator strategy can help you predict the future.
So the first trade confirmation we need is for the price to break and close above the middle Bollinger band. Once this trade condition is verified, we can check the other indicators for adding more confluence to our trade signal.
We choose these indicators because, as a group, they can help protect you from each other’s weaknesses while also maintaining each of their own strengths. If these indicators ever give contradicting buy or sell signals—something that does occasionally happen—it will be up to you to decide if you are willing to open a riskier position.
Many Forex traders assume there is no volume in the foreign exchange market. And they would be correct. There is no central exchange, not yet anyway. And even if there were, what would it report? What there is however is activity, and this is captured as tick volume. After all, volume is simply displaying activity, the buyers and sellers in the market. So for volume read activity, and for activity read volume – simple. The MT9 platform delivers tick data which the Quantum Tick Volumes indicator
We’re going to use a momentum indicator, trend-following indicator and a volume indicator that support and complement each other.