Using oscillators correctly

[beamin]

I just signed up for trading view and see it has tons of different tools, it has a good definition of each one but I still have question about Using oscillators correctly.

Do some of the oscillators not apply to bitcoin or are useless because the price bounces around so much ie. I saw one where it looks at 20 day increments and from the description it seemed more like a stock you planned on holding onto in your mutual fund.

When add the oscillator to your price graph do you want your indicator timeline to be based on your timeline for your BTC price chart ie. 15 minutes? Or do you want it for around how long you plan on holding your position maybe 1-2 or more hours? I find myself trading cautiously make a lot of little trades and not going long like I used to, although it might be good to just stick money in bitcoin for a month and put a stop loss on it. I just dont like to gamble. I found a really good indicator and when it goes green and above a certain level I'll buy watch the chart closely on 5 min time scale and sell when it drops, but I'm wondering if I set my tool to too quick a time frame it will react as if I plan to trade every five minutes (something I hope to do once I figure out how to create a bot)


If this is in the wrong forum please send me a message if you delete it. I'm new to the forum legally blind and dont always know what goes where, that way I wont make the mistake again. Thanks mods.

 

[OcTradism]

Only oscillator is not enough for you to trade. You need to combine one oscillator with at least another indicator but it is not a type of oscillator indicator.

I mean the you can combine a pair of indicator: one is for oscillator, and the another is for the TA indicator with relation to that oscillator. If you use On Balance Volume (OBV) as TA indicator, you would combine it with OBV oscillator.

[beamin]

Only oscillator is not enough for you to trade. You need to combine one oscillator with at least another indicator but it is not a type of oscillator indicator.

I mean the you can combine a pair of indicator: one is for oscillator, and the another is for the TA indicator with relation to that oscillator. If you use On Balance Volume (OBV) as TA indicator, you would combine it with OBV oscillator.

So each oscillator has a indicator that goes with it? Do you use the OBV? Whats the relation between the two and what am I looking for? 

[Oshosondy]

While making professional trading, only oscillators can not do it but it can actually help while trading, oscillators help traders to know if to enter a market or not, it tells if the traders should enter in short time or long time. If for example, the market has increased, many people will fomo, but using oscillator Indicators can still determine if you should still enter a market, but in a short time or if you should not even try to enter market for price will begin to fall already. But during a long fall, oscillators will indicate a time to buy for long till certain price is reached. You can combine it will other indicators like

1. Relative moving average for shourt term purpose
2. Exponential moving avarage to predict long term
3. Bollinger bands that consist of three important lines

One of the best and most common oscillator is relative strength index, oscillatory momentum is also a good one.

While trading, you still need to be very careful, read news for fundamental analysis and also know that indicators can fail at times.

[palle11]

oscillators help traders to know if to enter a market or not, it tells if the traders should enter in short time or long time.

The major and basic role the oscillator do is to help traders determine when the market has been over bought level or over sold level. It also shows when the trend has been exhausted.
It may not be relevant too that the market is showing all that but it means a time to be careful incase to enter a wrong wave
Among all these it may not decide the direction of trend.

[OcTradism]

Only oscillator is not enough for you to trade. You need to combine one oscillator with at least another indicator but it is not a type of oscillator indicator.

I mean the you can combine a pair of indicator: one is for oscillator, and the another is for the TA indicator with relation to that oscillator. If you use On Balance Volume (OBV) as TA indicator, you would combine it with OBV oscillator.

So each oscillator has a indicator that goes with it? Do you use the OBV? Whats the relation between the two and what am I looking for? 

I use OBV in that post as an example of indicator pair. It is different on your trading view and plans, you can include each pairs and look at any overlaps on price chart and indicator charts and can get your conclusions.

Think of it and try with few pairs before you can choose a best pair from your view. Next step is practice with discipline and stays closely with indicator pair. Don't let your emotion and other things affect your orders. One week or one month of practice can help you to see how it works.

It is practice so you can use very small amount to test with every pair.

[beamin]

Only oscillator is not enough for you to trade. You need to combine one oscillator with at least another indicator but it is not a type of oscillator indicator.

I mean the you can combine a pair of indicator: one is for oscillator, and the another is for the TA indicator with relation to that oscillator. If you use On Balance Volume (OBV) as TA indicator, you would combine it with OBV oscillator.

So each oscillator has a indicator that goes with it? Do you use the OBV? Whats the relation between the two and what am I looking for? 

I use OBV in that post as an example of indicator pair. It is different on your trading view and plans, you can include each pairs and look at any overlaps on price chart and indicator charts and can get your conclusions.

Think of it and try with few pairs before you can choose a best pair from your view. Next step is practice with discipline and stays closely with indicator pair. Don't let your emotion and other things affect your orders. One week or one month of practice can help you to see how it works.

It is practice so you can use very small amount to test with every pair.

So one thing I found by chance really was called the "Awesome oscillator" When it went green above the line I bought and sold when it dipped. I made six trades with it and profited on each one. I was using 1k-2k USD on BTC . How do you know what to pair this with? I dont think theres an "awesome oscillator" TA, and what relationship do you look for? The trading view definitions are really helpful but dont give you the whole picture, or maybe they are geared to more experienced traders. I wish there was a class I could take at a community college on trading crypto. I have forgot almost everything from the series 7 book I studied a long time ago, and that was mainly the laws nothing of practical day to day value.