What indicators do you rely on that really work in different situations when buying or selling coins?
Right now, the market's kinda unsure, so a lot of indicators are giving mixed signals about whether to buy or sell. I'm curious to hear which ones have been effective for you, and don’t forget to mention the time frames you're using.
Just sharing your personal experience here, not looking for textbook answers.
Indicators can fail people which is the reason experience is also very important. But as you are looking for answers not from just indicators usage but from people's personal experience, I will say that the bull run is not yet over. If you are an holder or a swing trader, it is better you do not use all your money to buy bitcoin at once. When the price falls more, then you can buy more. Know that bitcoin will still rise again.
If I want to buy coins whether Bitcoin or altcoins, I don't use any indicator, the truth is, I have never used any indicator before to buy or sell coins. I just use the DCA strategy to buy some coins when ever I get some money that I want to spend on investment.
The other kind of trading is very risky and from the ideas I have got, some successful traders does not use indicators again but something they referred to as SMC liquidity.
Im aware that indicators sometimes create false signal. Experience is indeed the main goal of this thread because this proves that suggestion is tested and proven working.
Indicators confuse me since they do contradict to each other on some cases depending on the time frame.
I thinking the same way which is why Im looking forward for an entry. Im currently using DCA but its good to know what price to buy most of my holdings.
Honestly i never try to hit the complete bottoms when buying or complete tops when selling. My goal is to hit the top 20% or bottom 20%. Thats a win for me. And usually im always trying to dollar cost average in when buying and dca on the way out as well. In terms of when i think is a good buy or sell its the opposite of what the large majority of the crypto groups are doing. When people are doom and gloom then its time to buy. When everyone is pitching their bags its time to sell.
The best indicator is Bitcoin Fear and Greed Index or Crypto Fear and Greed Index.
Watching these indicators, you can see when the market is fearful or greedy and you can apply the famous advice "Be fearful when others are greedy, and be greedy when others are fearful".
https://www.bitcoinmagazinepro.com/charts/bitcoin-fear-and-greed-index/
https://coinmarketcap.com/charts/fear-and-greed-index/
No indicator is 100% accurate. Just imagine for a second if even one of the available indicators was so accurate in different time frames, everyone would be talking about it and trying to use it. The market's unpredictability is what gives traders an opportunity to make money or lose it all.
if the market was so predicatable, then it would be useless because every one would want to long at a certain time and short at another time.
I will prefer not to use any indicator as it's not my thing. Bitcoin price is unpredictable, likewise these indicators. They can never be 100% accurate, and I prefer using my experience in the market to purchase bitcoin. What I do is that, I buy low and sell high when the price has increased with some figures above my entry point. I do spot trading which is easy for you to buy and sell without losing by being patient with the market to pump.
Indicators can be accurate or inaccurate and their accuracy can be different with market phases too but something don't change in market participants. It's their emotion and psychology as humanly these traits are very common in the market crowd and they react nearly the same ways of past generations and also future generations.
If you can master the psychology of market cycles, you can have a best indicator than others.
If you don't trade, you don't need to use any indicator.
If you are trading, and don't use any indicator, you are a gambler but I don't advice to trade, let's invest in long term. It's easier, less stressful, and more profitable.
I tried many combinations of indicators in the past already.
RSI + ATR. Failed.
RSI combined with Fair Value Gap and Order Block. Failed
9 and 21 EMA. Failed
...and many more.
Right now, I'm trying to make another combination again. This time, I'm using RSI + MACD + 50 EMA and I'm scalping (more on 15M timeframe). That combination of mine isn't 100% accurate of course as like what others said, there is no 100% accurate indicator, but that combination with addition of Trendlines and Breakouts gave me higher percentage of winning compared to my winnings in the past.
Well, anybody especially those who want to do scalping can try it as well. Just don't expect too much because like what other experts are saying, "What works for me might not work for you."
That is a very good trading plan indicating a goal aiming future profitability.
So when you think the market is all good to wrap up your purchase, it Will be better to have reservoir in case of some more better trading opportunities comes in the nearest especially now that we have not been sure if the market has closed to the breaking of new Aths.
I think from my little knowledge in trading, different indicators will work differently for different traders that is why there are so many and if some traders take attempt to try and explain their own indicators to you, you may actually really never get it. Also with many traders here letting you know about indicators they use, you may become tempted to try utilizing all these indicators together to try get a more perfect entry and exit point. Taking that kind of action will complicate your trading decision and increase your chances of failure.
Simple moving averages and RSI indicators are working for me.
I am not a fan of any fancy indicators, because I believe some of them are just based on these basic indicators. And for me, I am not always aiming for "perfect" entry and exit because I believe this is the most difficult to do, but with help of some indicators, you can achieve it or able to position in good entry/exit.
Before adding and using MA and RSI, I would like to use Trading volume as a first and most important indicator. It shows capital flow in and out the market and without it, MA and RSI indicators will give less accurate visualization of market situation.
Trading volume is free indicator to use but it is very important. If you can buy a Premium account on Trading view, you can use Volume Profile (VPVR) that is better than simple trading volume.
Fancy indicators are useless and make you confusing. Overusing indicators make you confusing too.
Finding perfect entries and exists is a trap and people lose money because of this trap.
Maybe you will get lots of confusing opinion here.
But try to consider reading this https://www.altrady.com/crypto-trading/technical-analysis/entry-exit-signals-trend-traders since they have good article related to what you have seeking for. By reading that site for sure you would get lots of helpful idea on your future trades. So aside from considering the personal experience of people better grab an idea on articles since you would provably get more detailed explanation with this.
We do know that TA doesnt work 100% but we do know that when it comes to handle up this volatile space on which you would really be needing up for yourself to be knowledgeable with technical indicators on which this will really be that a very helpful tools for you to make yourself wary about into these technicals because it will really be the most common tools that you do need to handle yourself. For me then here's my list.
1. RSI - Looking for divergence
2. EMA
3. BB
4. Support and Resistance
5. Candle stick patterns
This might be too much or really that somewhat get messy with your chart, but if you do really know on how to look up into these tools or indicators
then you would be finding its relevance and its usage on which you wont really be caring that much if your chart is messy because once you do saw that
it is really that making that use when predicting prices then it will really be just that fine. Just learn up on how to make use at your advantage but just like
been said earlier that there's no TA that will 100% accurate.
The dumping and pumping of the market is been trigger by seasonal changes in the market, one of the reason that led to unconfined situations. I've my own methods of saving my own very head in the space, I think we should be more focused on looking out for each other in the market because we never might know what the market can bring and trust me, none of us can wishing for losses, rather we should be accounting for better shaping style and profits. I give you an advise for free, never gets your hopes high enough on these systems, there have been remarkably an open subject that will become more enormous and imperative.
Well from my little understanding I think technical analysis can be use as valuable for navigating the volatility in cryptocurrency markets but just as you have said even if it's not 100% reliable.
Well your list of essential technical is kind of spot on, some addition indicators you might also consider,
1. MACD
2. Stochastic Oscillator
3. Fibonacci Retracements
4. lchimoku cloud
Well this might be massive but remember they key to successful technical analysis is by combining multiple indicators to increase productivity accuracy, it also helps in this direction to manage risk and setting stop lost.
The indicator that I used to know when you are buying or selling is my feeling besides of other indicators such as MACD, RSI, Bollinger, MA, EMA and else. Before I execute, I will check all indicators that I know to see how good or bad the market.
Then, I will wait for some time and take a minute watching the market and wait for what my feeling say.
Usually, my feeling will tell to place an open or closed position on the market. My feeling also tell on what price I can place to execute the order buy or sell.
Then, I just need to wait and doing other things and not follow how the market move.