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Could you please say something how you use the indicator? Is that how MACD is used in general, or do have some tips and tricks? And are you using it in all time frames?
Thanks
Deetee
Can you help answer these questions from other members on NexusFi?
Thank you @SodyTexas. As per your request and generosity, I am donating your $100 to a charity of my choosing. I have seen in the news today how terrible COVID is in India right now, it is overwhelming them (the second wave) with 300,000 cases daily. They had it under control in first wave with daily cases just 10-15k, but the second wave has caught them hard.
"The great Traders have always been humbled by the market early on in their careers creating a deep respect for the market. Until one has this respect indelibly engraved in their makeup, the concept of money management and discipline will never be treated seriously."
You can follow the standard rules with MACD, with one key difference. Use shorter periods, the real power in momentum-based zero lag indicators is their ability to catch turns in small trends in a market, thus using this for a long period defeats the purpose. indicator settings I use are very very quick 3,5 and 3.
For time-frame, I use this on what I would consider being a quick chart like a 60-minute chart. While I believe charts can be fractal on longer charts, quick charts like 30 minutes or lower consist of too much noise and should not be traded. This is just a personal opinion, that not everyone agrees with. Just remember, the trend is your friend.
I usually combine this indicator with a long-term trend filter and when I am feeling frisky will add and remove extra size to a long-term trade using this indicator. Attached is one way I use this indicator. I have a custom (secret) ichimoku indicator indicating we are still on a long-term trend up, so I will only take long trades. There is two points I watch the cross and the signal line. The picture should explain it.
The first red arrow is usually a profit-taking signal, where I lighten up the trade, then the second red arrow I want to be out of the extra leg by that time.
There is a number of use case scenarios with such an indicator, so don't be afraid to adjust the settings and make them fit your style.
Cheers,
Sody
"The great Traders have always been humbled by the market early on in their careers creating a deep respect for the market. Until one has this respect indelibly engraved in their makeup, the concept of money management and discipline will never be treated seriously."
"The great Traders have always been humbled by the market early on in their careers creating a deep respect for the market. Until one has this respect indelibly engraved in their makeup, the concept of money management and discipline will never be treated seriously."
How about creating lines on the chart that show: ETH HI/LO RTH HI/LO
IB HI/LO
PREVIOUS DAY RTH HI/LO
RTH MID
RTH CLOSE
ETH MID
RTH OPEN
PREVIOUS WEEK HI/LO
Calculated on each tick and clearly marked with letters?
