Quote:
Originally Posted by Chuck Norris
Covered my short position on my POT position of 800 shares since Tuesday.
A bunch of friends have been trading using the MACD this last month and keep getting whipsawed due to tight stops only to find their trade reverse again $5 their direction.
If you're used to trading any type of support and resistance, you really need to change your game plan during times like this.
To all of you breaking even. Consider yourself lucky. I know some pros that are getting very shaky. It creates emotion and then the carnage starts this negative feedback loop.
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i have MACD on, but just as an indicator, nothing serious, and i don't 110% read it properly anyways, just as long as i can see the lines not crossing yet hah.
yeah, you totally get whipped around but it really depends, what time scale are you looking at?
I use support/resistance a lot on the 5minute chart. so far it's worked out pretty good, but i heavily integrate candle stick formations/patterns in, as well as slow stochastic (exponential, 14, 3, 3) and exponential moving averages 20 and 40 day. and like i said MACD, but i look at that least/last.