To have a successful career as a trader in Egypt, it doesn’t matter if you copy the strategies of other experienced traders. Especially if these indicators have proven to be successful in the field. Aside from that, you can also go to http://www.arabforex.pro/en/egypt/ if you need the best forex broker in Egypt.
So, what are the forex indicators that traders choose most often? Check out the summary below:
The Price Action
It is the price movement’s pattern. The Price Action is also often seen as a separate indicator. In this case, Egyptian forex traders must be smart in analyzing price trends, before using other indicators. After successfully reading the trend, then traders can try other indicators to detect the direction of the entry signal.
For example, a trader might notice that the EUR / GBP chart which is an hour long is decreasing. The longer time frame on the chart can be utilized to see this. Based on this information, the trader must sell the currency in order to get a chance to win more.
The Moving Average (MA)
It’s chosen by Egyptian traders often due to its effectiveness in forex trading. MA helps Egyptian forex traders to find the highest opportunities that are in tune with the general market trends.
The Relative Strength Index (RSI)
This is a very simple indicator in forex trading business. Through this indicator, Egyptian forex traders can immediately see the currency position in the market trend. If it is overbought, oversold, or price reversal, traders can immediately see it through the RSI indicator.
As an oscillator, Relative Strength Index raises from 0 up to 100. The number 100 indicates an overbought currency. 0 means oversold. This can be utilized for market ranges and trends
Even novice traders can read it easily. It is easy for traders to open their positions again after the market is up entirely.