I have setup the stock screener to find stocks with MACD just crossing over and detecting a long position. I have several filters setup in the screener and this Friday the 9. September 2022 nothing showed up in the screener except when I tried 4 hours setting. Just Super Micro Computer passed the filters. For this experiment I will then stay on the 4 hour chart and see how this plays out in real live.
So the plan is to follow the rules regarding this strategy. For going long the buy signal should be below the MACD zero line. Buy signal is when the blue level line is crossing up the orange signal line. We also need to have the stock price over the 200 EMA and the 200 EMA needs a positive slope. So the plan is to take the trade on Monday and I hope to get in at a price about $67.
Stoploss is set to just below the support line at 60.65 and the risk to reward ratio to 1.5 %. Meaning a profit target set to price level $76.63.
Comment
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Got the stock as planned at $67.00. Could have got a better price but better luck next time.
Trade closed: stop reached
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We reached the SL today and got out at 56,25 USD. It went straight through the support and didn't say hallo. One down now.
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I am more or less just a price action based trader now but I had a mac d Strat that I was day trading stuff on and I believe it is one of the best indictors out there , but one con of it is that it misses to trade some strength , so I think that that being said , check out Donchian also because the signals from donchian and macd will often come around the same time but the donchian method will give you more signals when something is trending where the mac d is silent. For example a gap up to a new high is often a Donchian signal whereas a mac d rarely. Not trying to get you off MACD , I think its a great strategy , but Donchian is right up there with MACD and it allows you to have more entry opportunities if you want to trade stronger trends pushing and def worth learning about if you have not already . Good luck , hope you stick with it and have a positive expectancy going forward .
From mod @zAngus