which is best technical indicator to give buy signal and which is best technical indicator to give sell signal on Intraday ?
RSI wont work in bullish an bearish market and moving averages wont work in sideway market.Is there any combination of indicators which works well in all market conditions ?
there is no best or worst indicator in trading. There is only ‘indicator working with high probability or low probability’.
In sideways market, use Stochastics on lower timeframe.
May I know why RSI does not work in trending market?
RSI works in both bullish as well as bearish market, I have been using it for long. As regards to your question there is no particular indicator which is best as such. You can use combination of 2-3 indicators, backtest it, and use as per your style or preference of trading.
Technical charts are based on statistical theories. Trading is all about psychology and not statistics. Statisticians are no good traders. Only plain chart studies like Price & volume action analysis are used by professinal traders. Use strategies based on plain chart analysis.
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I have tried in bullish and bearish market for intraday but i am not satisfied with RSI. I used 14 period candle sticks.
Ok. Then add some masala to it.
Overlap RSI with its own 5 period Moving Average and then try to derive strategy from it…
thanks sudesh. My question is which set of indicators works good ?
As for me, I use combination of RSI and MACD and Bollinger Bands