What makes You decide which side of the fence to trade from?
1.) I watch the MACD and Stoch for when it turns, especially when the lines cross on the Stoch. That's why I jokingly make reference to watch the blue line. That's in reference to it crossing the red, especially on the Stoch.
2.) I primarily use the 60 min, but will use the 30 and daily for comparison of time. I may see a turn developing on the 30 but since it is such a short time frame, it may not indicate as strong on the 60, or may not even follow thorugh, consequently, I'll wait for a better indication on the 60.
Likewise, I've found the daily really helps for confirmation on opening or closing a position, probably closing more than opening. If you ponder that a bit, you'll see what I mean. For example, I may be long calls and think I need to hold, getting greedy, yet the daily is going down. That's like a reality check to remind me that I might just need to go ahead and close that position and not get greedy.
3.) I use a combo of settings. For example, one chart has MACD at 4,9,5 and the Stoch as 12,3,3. Another chart has the same MACD but Stoch 5,5,5, with Wms at 12,1.
4.) Lastly, I study charts every day, Clappy, every day. The last thing I do each night is pull up and study charts.
Hope that helps. What works for me may not for the next person, though. You've heard me say this before, and that is each person must find what best works for them, and that may come the hard way.
RR
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