I prefer using Macci-D's vs. EMA's simply because it packs more info but is based on the same underlying assumptions. In my MACD below the red signal line is a medium-term momentum indicator and should be paid close attention to i.e. whether it's above or below the zero indicates the prevailing strength of the market. The blue line is a short term timing indicator.
So, I also would have looked to go short around 9:10 (my times below are UK times so 1 hour behind), with the blue timing indicator crossing down over the red momentum line. However, the red momentum line was still in positive territory so this indicates cross-current, choppy, sideways action.... better to sit on the sidelines. Around an hour later we get a nice cross upwards (blue line crossing up over red) and red is just inside positive territory still... would have gone long then. Another hour later we get a blue line crossing down over red, indicating more cross-current price action.... depending on your stop loss and take profit levels at that point, would have probably stuck with the long and rode out the bumpiness. Shortly afterwards we get another cross upwards to go concurrent to the upside... would have added to my long position etc.
Clearly it's easy to comment after the fact when you can see the resulting price action. However, I've found this combination of momentum and timing lines to be invaluable over the years. The key is to see how the red line is doing - positive or negative, and to not trade against that. Combine that with some basic resistance levels, bollinger bands to gauge market stretchiness / volatility, some basic and obvious trading mentality patterns such as bull and bear flags, and 50% retracements, and that's pretty much all I use these days.
Whatever edge you keep using, the key is that you stick to it and work on your discipline. Over the years I've found that is what will either make or break you as a trader. And not caring about what happens once you've traded, stopped out or taken a profit. Amazing things happen when you just trust, set your stops and go walk the dog.
