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The FX Bootcamp Guide to Strategic and Tactical Forex Trading by Wayne McDonell

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SUMMARY

The indicators in this chapter are visual representations of various mathematical studies of price and time. MACD is nothing like stochastics. Bollinger Bands don’t have much in common with EMAs. However, they all have one thing in common: They are all lagging indicators. They study what happened in the past. Therefore, they are slow and do not tell you what is happening right now, and they certainly do not tell you what will happen in the future.
Wouldn’t it be nice to have a crystal ball indicator that could predict the future? It’s every trader’s dream. Well, here’s your dream come true! In Chapter 2, I will review three leading indicators that help predict the future: support/resistance, Fibonacci retracements/extensions, and pivot points.

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