Without proper analysis, no trading can be quite profitable. Until and unless one understands how to analyze market behavior, making a profit is very difficult. Therefore you need top notch analysis. Now not every trader can be capable of that kind of analysis. But then assistance is always available. And assistance is in the form of an indicator. There are elite Forex indicators that make the job much easier. With the help of these indicators, trading will be much simpler. Therefore it is imperative you know about these if you want to be a full-time trader.
Change is needed:
At times trading needs a change. Or else, like any other process, stagnation sets in. And that is what you want to avoid. So what is important is constant change and tweaking. Now there are ways to change trading. But not all of them will be effective. So suppose you want to change your analysis method.
There’s no way of knowing whether new ways will work. But then you don’t want change just for the sake of it. So when you are tired of the same old indicators like moving averages and MACD, you need new ones. And you need to make sure they are good enough.
Therefore you need to catch hold of some elite Forex indicators. These indicators are not just new indicators. They are quite effective as well.
1. Psych indicator:
Now, this is a unique indicator. It is an elite indicator Forex because it depends on market psychology. Any trader will know how vital psychology is. In fact, emotions rule market trading. People take decisions based on what they think and see in seconds. And that is literally what makes a market.
But that’s not all. This indicator also looks at cash flow. So you have a very useful indicator that works on all time frames. It is a bit similar to RSI. Thus if it moves above 80, it means market is in extreme condition. Also, below 20 shows the same. Therefore there is quite a bit of psychology dependence on the market.
2. Pin bar:
Now, this may seem fairly simple. But this indicator has amazing uses. Firstly, there’s hardly any indicator that has an easier visual aid. The simplicity of understanding makes this very popular. In fact, traders are often surprised at how a simple indicator is so useful.
The level of customization it allows too is amazing. You can turn this indicator into any tool that you can use. You may have any trading strategy. And you can use the parameters according to your own needs.
Therefore, pin bars make your trading very easy. This indicator displays bars that are bearish or bullish. Often it uses a red and green color coding. That makes it easier for a trader to understand various signals. You can easily get buy and sell signals from this chart.
Simple but elite Forex indicators:
So it isn’t necessary for elite Forex indicators to be complex. Anything that makes trading and profits simpler is suitable. That is how you become a good trader.
The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteForex. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC.