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to gauge a retracement against your entry, use the MACD with Bollinger bands. I know it's another indicator but if it helps you to systematically better handle a scary retracement then it's worth it.
Regarding the settings, i have proposed mine which fits my tolerance but you may like to experiment with other values.
Mine can be one of these combos:
Fast = 8, slow = 18
or
Fast = 6, slow = 16
or
Fast = 12, slow 26 <-- standard settings
On a white background i like to use for the MACD Dots Rim parameter a light color such as LemonChiffon, it kinds of produces an anti-aliasing effect which makes the dots more clear.
Did anyone find any good trades they liked today? For me, I only saw 2 that occurred back to back, around 3:16 or so. The first long trade I entered, but got an unGodly fill way up near the top of the bar, I closed that immediately and lost a tic on that one.
Then we moved back down and created a DB right on the 13 again. Unfortunately I was in a sense lulled to sleep by the first trade and didn't get it. This happened to me last week as well.
I did not trade CL today, although it was trending like a beast!
Maybe we don't need the 377t chart if we place a pending order at a key location. This way we lower our overall risk and increase our chance to hit our target and still respect the long term chart... just an idea!