BEST Indicators For Daytrading Forex in 2021 ( Difference Between PRO vs Newbies )

In this video I am going to be sharing the top 5 indicators that you should use in your trading today.

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With that being said, lets get into today's video.

The indicators shared in this video are in no particular order. This means that all the indicators shared are equally important. The only thing to keep in mind, is that each and every indicator will give you a different perspective of the price action.

So, the first indicator is the moving average. Now, a moving average is a technical indicator that calculates the average price of a stock over a particular period of time. This means that a 10 period moving average will show the average close price over the last 10 candles. If you have seen my previous videos, you know how much I love the moving average.

Moving averages are mainly used to identify the trend of the market. If the price is trading above the moving average and the moving average is sloped upwards. We can say that the price is in an uptrend.

On the other hand, if the price is below the moving average and the moving average is sloped downwards, the market is said to be in a downtrend.

Finally, if the price is moving around the moving average and the moving average is flat, we can conclude that the market is in a sideways range.

A moving average often acts as a dynamic area of support and resistance. For instance. In an uptrend, when the price makes pullbacks, it will often find support at the moving average and bounce upwards.

Similarly, in a downtrend, we can often see that the price pulls back to the moving average, and finds resistance.

Therefore, moving average can help us in catching pullbacks in a trending market.

Different moving averages are used to identify different trends of the market. For instance a 200 period moving average is used to identify the long term trend of the market. A 50 period moving average can be used to identify the medium term trend of the market. And lastly, a 20 period moving average can be used to identify the short term trend of the market.

We can use 2 or more moving averages to get a broader idea of the market structure and market trend.

Now, let us come to our second indicator, that is the RSI indicator.

The RSI stands for Relative Strength Index.

The RSI is a momentum indicator that measures the speed at which the price is moving. In other words, it measure the magnitude of the price change. The RSI indicator is an oscillator. This means that the value of the RSI revolves from 0 to 100.

According to many trading books, when the value of RSI is above 70, It is said to be in an overbought area. This means, that the price of the asset has become expensive. Hence, we can expect the prices to fall.

On the other hand, if the Value of the RSI goes below 30, it is said to be in an oversold are. In other words, the price of the asset has become cheaper. So, buyers will be attracted and they will push the price upwards.

The prices do not reverse ever time the RSI become overbought or oversold. In fact, in an uptrend, the RSI can remain overbought for a long time.
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