MACD question

[T2GR8T]

Quote from Mr_Black:

I enjoy reading only 2 threads on ET Spydertrader's Iterative Refinement and ProfLogic's Method

Two morons that have never made a cent.. case closed

 

[WD40]

Quote from Mr_Black:

I am just trying to help a fellow trader with his MACD issues... troll.....Dominant Traverse trade is pure old fashioned SCT Beginner Level...don't be so excited....

Nice score Mr B !

 

[T2GR8T]

Quote from WD40:

Nice score Mr B !

Nice shill oily.. keep drawing those lines in hindsight paper traders

 

[GCSICLRBC]

Quote from retire45:

Hi everyone.. Please look at attached ES chart.. The declining MACD upper gray trendline.. what is the usual interpretation. I know price ultimately rules..

Did your precious MACD get you SHORT between 870 - 872 resistance area on Friday?

Exactly.

That's why pros don't use MACD. It doesn't work & is irrelevant. GL!

 

[retire45]

Quote from Mr_Black:

The Major Trend on 15 min time frame is Down...There was 2 possible trades today so far to enter in the Major Trend direction when Intermediate Trend Change....This is the Big Picture

Yes.. major 15 min TL broken overnight... I haven't seen anything newsworthy to have caused such a drop.. so YES the pros see these same TL's and MACD, at least on the hourly.. Maybe this thread caused the melt-down?... LOLLLL!... right.

 

[retire45]

Quote from GCSICLRBC:

Did your precious MACD get you SHORT between 870 - 872 resistance area on Friday?

Exactly.

That's why pros don't use MACD. It doesn't work & is irrelevant. GL!

Check the ES Greenhorn thread..

http://www.elitetrader.com/vb/showt...230#post2394230

Still getting to know ES trading, but the answer to your question is "yes".

 

[T2GR8T]

Price action is the only action

 

[retire45]

Quote from GCSICLRBC:

Did your precious MACD get you SHORT between 870 - 872 resistance area on Friday?

Exactly.

That's why pros don't use MACD. It doesn't work & is irrelevant. GL!

Let me add a bit to that... I took the trade MAINLY becasuse SP was close to 875.. The MACD was just a helper saying "there is next to no gas in the tank". I never trade even MACD crossovers until the price does something actionable... No wonder I am losing so much!! LOL..

 

[BT247]

I just signed up for this site, I wish I had seen your question earlier. More importantly than the MACD, which is part of this any way, you have an ascending wedge which is a bearish price pattern and it was coming to its apex. As you can see, it has broken down already and pulled a typical retest, which tries to rally to the the apex-usually falls short. Tht point is a great second chance shorting opportunity.

I just wrote a post about using MACD divergences on my site tonight ironically. Remember, wedges retrace their base, so your downside target here is around $7-$7.50.

I wrote some custom accumulation/distribution indicators and on the hourly chart they made huge negative divergences at the 4/9 highs. Anyway, it's already in the process of lower highs, lower lows-it's a short, even now and especially on any rally attempt, but I doubt it gets far.

http://farm4.static.flickr.com/3601/3475148998_9200143a77_o.png