I've recently decided to simplify my trading. I had always looked for volume changes, complex patterns, and using fibs like Leonardo Pisano Bigolo. I work 80 hours per week while being a full time graduate student. I could no longer justify the countless hours eyeballing charts. So for now, I'm keeping it simple. Buying long when above EMA with MACD confirmation. And buying short when below EMA and MACD confirmation is present.
Actually, just the candlestick chart is your best indication of what's happening :)
Why look at another MACD for confirmation again when it's something that's made out of the few ingredients like Price, volume, time? Would you rather look at the source of the action or the product of the source?
Indicators are always lagging behind nevertheless.
legacyfighter
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Using only the candle sticks you get about 70-75% accuracy. By adding EMA its about to about 80% . With the addition of MACD its close to 85% . Yes all indicators are lagging, but they help to confirm the trend. Earlier when i said I work 80 hrs per week plus grad school, that didn't include trading. So I needed find something that would allow me to pull up a chart and know within 30 seconds whether to buy or sell.
Why look at another MACD for confirmation again when it's something that's made out of the few ingredients like Price, volume, time? Would you rather look at the source of the action or the product of the source?
Indicators are always lagging behind nevertheless.