I use a Macd with a 0 level line only. I will use 8-17-9 or 12-26-9 as settings depending on the time frame. I like the 8-17-9 on 5m & 15m. I then overlay on top of the Macd a Stochastic indicator with only the 20/80 level lines with no signal lines. This helps me see when my Macd is over-extended below the 20 or above the 80 to let me know of a pending consolidation or reversal. The entry rules for my long are listed on the chart in green. This pair gave me a bearish reversal signal also. Whenever my RSI is above 80 (or below 20) and price closes outside the upper (lower for 20 level) Bollinger band it indicates a consolidation and/or reversal is pending. Then I watch for bearish candle patterns for the short.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.