You should think a lot about your own trading style before you select indicators, since the set of indicators, which would be optimal in your situation, depends on your circumstances, abilities, experience and wishes.
We believe that there are 3 factors that influence selection of the trading style:
Let’s consider each of them in detail.
Factor 1. Time. This is the first thing you should think about. How much time can you devote to trading in real life?
It is important to understand that we do not speak here about trading 1-2 days or even 1-2 months. If you want trading to become your profession and main source of income, you will have to dedicate years and maybe even your whole life to it.
If you have some employment or do some business, most probably, you will not be able to find much time for trading. In such a case, the daily time-frame will fit you, since it requires only several minutes a day for analysis and trading.
If you have several free hours a day, you may think about intraday trading or scalping (what is scalping?).
You should also make an estimate of how much time you would like to dedicate to trading in the future and, taking it as a reference point, plan your development.
Factor 2. Experience. Your trading experience directly influences your decision on what style to select. The shorter the time-frame, the more difficult it will be.
For example, intraday trading or scalping is the task for an experienced trader, since the situation could change very fast and you should have real experience to make quick decisions frequently.
Factor 3. Abilities. Assess your physical and psychological abilities objectively. Execution of a big number of trades, which are connected with the risk of losing your capital, every day exerts pressure on the body and emotions.
You should increase your load in trading step by step, as you do it during physical training. Start from longer time-frames. After reaching a stable profit, you can start gradually reducing the time-frame and increasing a number of trades. By doing it, you will finally find your optimal trading style.
After you have started to understand what trading style you need, you can start to select an optimal indicator for your trading system.