What're the best tools for technical anaylsis? MACD + indicators vs Candles?

[thegoatiest]

Hey,
I'm just starting to learn the fundamentals and about all the analytical tools available.
Such as: MACD, Momentum, OBV, RSI

I recently stumbled onto a page on Investopedia which was highly critical of the MACD saying it was too slow and inaccurate. It instead proposed a different set of skills such as; analysing candles to be better.

It promoted these 3 things
1. The trendline
2. The pivot point
3. The candlestick

and said these 5 things won't be needed:
1. Moving averages
2. MACD
3. Stochastics
4. Parabolic SARs
5. Bollinger Bands

----------------

This has confused me. Now I don't know what to think..
What do you think about the information above? Are they mutually exclusive or can they be used in conjunction?
Also, which do you prefer? I don't have enough experience or knowledge to weigh in on this.
Here's the article if you're interested:
https://www.investopedia.com/articles/trading/06/againstmacd.asp

P.S - I looked back on a daily chart to before the 2017 bull-run and couldn't find a single hammer candle. (do they exist in crypto??)

Cheers,
G

[Awesomus Maximus]

No man, they are not exclusive. The more tools you can use the better. Unless all those tools overwhelm your judgment. If you can have a clear mind while using these tools, go for it. But if you are just starting, maybe you can use a more limited set of tools. The first 3 are a must. From the second set, use for example two of your chose. I would use Bollinger Bands together with some oscillator, for example, Stochastics is a good choice.

[thegoatiest]

Thanks,
Good to know. I'll continue reading about candle formations.

[bongiu]

The tools that I like to use when I do trading are are elder fisher transform emma and MACD I always use them in coinigy is a platform created for the cryptocurrency trade also exists tradingview they platform is easy to use too but sincerely I prefer more coinigy !! I hope you find it useful hehe