Here are a couple more forex indicators that you may choose to use. In my complete forex trading system I do have Stochastics and Macd Indicators on my chart, but do not place too much emphasis on what they are trying to tell me.

macd_and_stochastics

The Macd indicator

I use Macd only in 1 specific way – for MACD divergence.

In the image on the left notice how price is going up at point A and the angle of the red line.

At (point B) (the Macd indicator – settings 5,13,1- observe how the red line is angled steeply downwards. This is known as MACD Divergence.

This was a “clue” that price was about to turn down at this point.

The Stochastic Indicator

Point C shows the stochastic indicator.

Without going in to too much detail, this forex indicator is used to show when price on a currency pair is said to be overbought above the top red line and oversold below the bottom red line.

In truth I don’t pay too much attention to it anymore. It can be hinting at a change in direction for days and weeks sometimes.

Take a look at the video below where I show the Stochastics and Macd Indicators in more detail.

If you would like to learn more about how to use Stochastics and Macd Indicators for entries, exits, stops and targets then consider joining my low cost forex mentor program.

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To find out more thoughts and inside tips on forex trading, take a look at some of our blogs.

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To Watch The Video CLICK HERE

 

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