Attention : Brainyforex visitors can now read about Brian's successful trading philosophy in our brainyforex interview here.
A brief detailed about the most widely used indicators
The Forex market is one the best source of income in today ’s world. If you know the perfect way to trade the market then you can easily make a huge amount of money simply by trading the live asset. But mastering the art of Forex trading is not as simple as it requires extensive practice and clear knowledge about the financial industry. In Australia, Forex trading is often considered to be the best alternative source of income. Many professional Aussie traders are now living their dream life simply by trading the live asset. But to place quality trades in the online market you need to have a solid trading system which will take care of your profit factors. This is where the term indicators come into action. Staring from the novice traders ending with the professional, every single one of the use indicators in their trading. Unlike the novice traders, the expert never uses more than two indicators in their trading chart. So let’s learn about the most popular indicators in today’s world.
The 100 day SMA
This 100 SMA is often known as the 100-period simple moving average. The professional traders use it to find the dynamic support and resistance level of the market. If you are new to this market then trading with dynamic support and resistance level will be extremely easy for you. You don ’t need to find the key support and resistance level using the horizontal lines. All you need to do is to place your indicators and you are all set. This also allows the traders to find the existing trend of the market. If the price trades above the 100 days SMA it is considered to be bullish trend and when it ’s below, we call the market trend as bearish. Some expert traders often use pending orders to scalp the market using dynamic support and resistance level. But if you are new to this market it's better for you to learn its use in demo account.