I messed up everything in my head, hope you will help me to get on a right track.
i’m trying to use Stochastic, RSI and MACD on my graphs. I’m trading on a dayly basis and generally i revise 1 hour periodicity chart.
Can you please advise me which periods shall i use on stochastic in order to get more precise picture.
Also , which parametres ( slow EMA, fast EMA ) shall i put to get accurate view with my MACD indicator?
And finally, same thing about RSI , which value shall i put ?
Are you using mt4 platform? If you are I could send you SMI which is smooth stochastic and QQE which is RSI combined with MACD signal line only great for trading divergence though.
Knowing nothing about the rest of your trade parameters, that is an impossible question to answer.
Personally, I think you’re better off just leaving all of them off altogether. They are nothing but reflections of past occurrences on your chart and often conflict with each other.
You don’t need them to misguide you, can see what has already happened for yourself;)
If you must, pick one.
And the default settings are usually more than adequate.
In my opinion, indicators are not lagging or otherwise, they show a summary, just like if you had 10 pairs of shoes and wanted to know the average size, the same with indicators.
1 Indicator can tell you a little, any more and they tell you nothing.
LOL … I seriously read that as …‘only be used for confusion’
As master tang says just put them back to defaults, and clear the decks.
If you want to persist in following an indicator orientated strategy involving some of the ones you mentioned you could have a look here to see an example of how you might go about it.
Hope you get back on track but do have a look into styles of trading that are much less confusing…
Most of you traders think that Price action is a great way to trade I see price action as a great tool because thats what we as traders are “trading”. This is why most people now use price action along with indicators (I trade divergences alot and use japanese candlesticks and chart patterns along with it). If you want to use indicators just find a way to “speed up” the indicator. In simple terms find a good indicator for instance slow stochastic set to 15,5,5 and try to trade only by the fast stochastic line. I do this all the time its called “anticipating” now of course use your candlesticks to confirm the stochastic cross but this speeds up stochastic alot. I use MACD on 12,26,9 and it works great. If you need a faster stochastic try 10,4,4. For RSI, traders generally use 14 for the setting I think. Happy trading
… I seriously read that as …‘only be used for confusion’