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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.
Exported using NT Version 7.0.1000.10
This is a fast version of the MACD BB Lines indicator. The MACD settings and the band period, the multiplier for the standard deviation, the dotsize and all colors can be selected.
Different colors can be …
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!
