A single trading tool is not enough
A single trading tool is not enough
To get the best out of any analysis confluence between multiple tools is best because it gives a clear picture of where to possibly set take profit and set a stop loss in case of reversals. For me i Iove support and resistance and so I combine trend lines, moving average, time frame and indicative candle stick making sure my chart is as neat as possible and any signal outside this i avoid it. This keeps my trading discipline in check.
What are your own it can be beneficial to someone else.
I too can say that using multiple indicators can get someone confused, I am not that sure about that but many traders have told me that before. Like me, I use only two or three indicators which is enough for me. I use Bollinga band to know when a market is over bought or oversold and this is very helpful, I joined it with relative Strength Index which also having similar function with Bollinga band but gives me in persentage the level of over bought or oversold market. I was not using indicators before, I have just started it and it is working than I thought. Maybe if I go further to use others, maybe trading will be better for me, but if I will have to be truthful, I have most positive results when I have been using Bollinga band and Relative Strength Index.