1. "My work has gotten better due to simplifying my approach," John J. Murphy
2. Murphy said he relies heavily on five or six "useful" technical indicators, including relative strength indicators, trendlines, moving averages, Bollinger bands, classic chart patterns such as triangles and double tops, and Fibonacci retracement levels.
3. "You must trade a combination of technical signals, not just one" indicator, said Murphy
4. On moving averages for individual stocks, Murphy likes to use the 50-, 100-, and 200-day moving averages. If the 200-day moving average on an individual stock is broken on the downside, "big trouble" is in store for that stock. Also for stock sectors, he said if a 50-day moving average breaks down, "that sector is in trouble."
5. Another good technical indicator is the Moving Average Convergence Divergence (MACD), said Murphy. The MACD uses exponential moving averages, as opposed to the simple moving averages used with an oscillator.
6. Longer-term technical signals are more powerful than shorter-term signals, said Murphy. "Longer-term charts give you the value of perspective," he said.
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