Want to get some feedback and see what others think about using MACD histogram. I'm about in highschool on the babypips course, but I've been reading a book called "Trading for a living" by Alexander Elder, and in it he talks pretty highly of the MACD histogram.
I'm wondering what pairs well with it? I was thinking RSI combined with other tools such as S&R, trend lines, and Fibonacci levels. Supposedly just watching MACD histogram can give you some whipsaws, maybe adding those can cut some of it out. Chart times I was thinking of using is the 4hr to get the general idea of the trend, and the 30min to get entry and exits.
Maybe combine Japanese candle stick patterns into the equation as well? I don't wanna overanalyze it with too much, so I wanna keep it as simple as I can, then go on to manually back test it to see if it would be profitable in the long run.If u say Keep it simple, than just use 1 to 2 indicator will do. But I won’t recommend macd.